PwC partner profits jump to £765,000 despite criticism for poor quality of audit work September 16, 2019 Partner profits at PwC UK increased 7.4 per cent to £765,000 this year, despite the firm receiving a dressing down from the regulator for the decline in the quality of its audit work. Profit for the year to 30 June increased to £1.016bn, up from £935m the previous year. Revenue leapt 12 per cent to [...]
Brexit: Sterling falls as Boris Johnson and Jean-Claude Juncker remain at loggerheads September 16, 2019 The pound has shed half a per cent against the dollar this morning as worries grow that Britain and the European Union are no closer to reaching a new Brexit deal. Read more: PM Johnson tips deal in ‘weeks’ ahead of Juncker meeting Prime Minister Boris Johnson is in Luxembourg this morning to meet European [...]
PPI costs account for over half of all conduct and litigation charges at UK banks September 16, 2019 Costs from the mis-selling of payment protection insurance (PPI) has accounted for more than half of all litigation and conduct charges faced by Britain’s biggest banks in recent years. Moody’s Investors Service has said that PPI was the largest single source of conduct and litigation charges from 2011 to the first half of 2019, as [...]
Overlapping UK and EU regulations post-Brexit would hurt markets, FCA warns September 16, 2019 The head of the UK’s financial regulator has warned that overlaps between UK and EU share trading regulations post-Brexit would damage markets “to no good end”. Brussels has warned that in the event of a no-deal Brexit, EU investment firms must trade euro-denominated shares within the bloc – many of which are currently traded in [...]
MJ Gleeson shrugs off Brexit fears as profits rise September 16, 2019 Low-cost housebuilder MJ Gleeson posted a double-digit rise in earnings for last year as it shrugged off Brexit uncertainties and enjoyed continued demand in the north of England. Read more: MJ Gleeson boss: Our customers don’t give a damn about Brexit The developer reported £41.2m of pre-tax profits during 2019, rising 11 per cent from [...]
Can you Brexit-proof your investment portfolio? September 16, 2019 The future of Brexit is unknown, but investors and traders need to be proactive if they are to avoid any sudden shocks. Here’s how you might Brexit-proof your investment portfolio. The UK hasn’t left the EU yet, but Brexit is already wielding its influence over the financial markets. For the past three years, investors and traders [...]
Housebuilder stocks facing a Brexit wrecking ball? September 16, 2019 The construction sector seems to be freezing ahead of a potential Brexit. Are investors right to be fleeing housebuilder stocks? The housing sector has been affected throughout the Brexit process, with demand, supply, prices and overall transactions shaken up in the wake of the 2016 referendum. It has not been a straight path for the [...]
PM Johnson tips deal ‘in weeks’ ahead of Juncker meeting September 16, 2019 Boris Johnson has said he is confident of striking a Brexit deal “within weeks” as he travels to Luxembourg to meet Jean-Claude Juncker today. The lunch of “snails, salmon and cheese” is not being billed as a “breakthrough moment” by sources within Number 10 – but the Prime Minister is expected to put forward his [...]
Liberal Democrats split over new Revoke A50 position September 16, 2019 The Liberal Democrats are fracturing over the party’s new position to revoke Article 50, less than a day after it was agreed as formal policy. Yesterday afternoon members overwhelmingly voted for MPs to stand on a manifesto promise to revoke Brexit without a referendum. Under the plan, the Liberal Democrats would still support a second Brexit referendum [...]
Petra Diamonds loses its sparkle as annual profits plunge September 16, 2019 Petra Diamonds suffered a double-digit fall in annual profits during the last year as weak diamond prices dragged down the South African mining giant. London’s largest quoted diamond mining group reported adjusted core profits of $153m (£122.8m) in the 12 months to 30 June 2019, plunging 22 per cent from the previous year. Read more: [...]