Government drops probe into Saudi investments in Evening Standard and Independent September 16, 2019 The government has decided not to pursue a probe into Saudi investments in the Evening Standard and the Independent, despite concerns they could harm freedom of expression. Culture secretary Nicky Morgan today said she will not appeal a court ruling that blocked the government from forcing a full public interest inquiry. Read more: Independent and [...]
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 [...]
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 [...]
Senior KPMG restructuring partners set for 25 per cent pay rise to stave-off break up September 15, 2019 Senior partners in KPMG’s restructuring division have received a 25 per cent pay rise as the accountancy giant tries to prevent a potential break-up, it was reported this weekend. The Big Four accountancy firm, which has been involved in high-profile business failures, including the collapse of outsourcer Carillion in January 2018, had been holding talks [...]
Why Vestager’s legacy is about to catch up with her September 14, 2019 It was a week full of surprises in the world of tech antitrust regulation. On Monday, Google found itself at the centre of a 50-state investigation by the US attorneys general into a range of anti-competitive practices. By the end of the week, publishers had hit out en masse at Google and Facebook for “unscrupulous [...]
Audit bigwigs say lack of timetable for reform of troubled regulator is ‘a concern’ September 11, 2019 The heads of two leading audit bodies have expressed concern about perceived government inaction on the reform of the troubled accountancy regulator. Chief executive of the Institute of Chartered Accountants in England and Wales, Michael Izza, said slow progress on the reform of the Financial Regulatory Council (FRC) “is something of a concern”. Ian Peters, [...]
Publishers hit out at ‘unscrupulous’ tech giants over digital ad market domination September 11, 2019 British news publishers have clashed with Silicon Valley tech giants amid a government probe into anti-competitive behaviour in the digital advertising market. Media organisations including the Daily Mail’s parent company and Channel 4 have launched blistering attacks on Facebook and Google over their monopoly power and “unscrupulous behaviour”. Read more: Competition watchdog launches probe into [...]
Facebook seeks Swiss licence for Libra cryptocurrency September 11, 2019 Facebook’s cryptocurrency project Libra has applied for a payment licence from Switzerland’s financial watchdog, following a widespread backlash from politicians and regulators. The Libra Association announced today that it intended to apply for a licence from Switzerland’s Financial Market Supervisory Authority (FINMA) to be regulated as a payment systems operator and had “submitted a request [...]
Vestager’s re-hire leaves the UK on the back foot September 11, 2019 Apple last night launched its latest shiny thing to come out of Cupertino, the iPhone 11 Pro, at its now-to-be-expected “high achiever” price tag. The company has forged a reputation of late for putting its hardware products further out of reach of the masses, while placing its services at the more affordable end of the [...]
Margrethe Vestager stays on in beefed up EU competition role in blow for tech giants September 10, 2019 Margrethe Vestager has retained her role as EU competition commissioner in a blow for Silicon Valley tech giants. Vestager, known for her formidable crackdown on tech firms, has also been appointed executive vice president tasked with making Europe “fit for the digital age”. Read more: EU antitrust chief Margrethe Vestager signals decision on Google Adsense [...]