Serco shares jump to 14-month high as government awards decade-long asylum seeker housing contracts worth billions January 8, 2019 Outsourcers Serco and Mears have been tasked with providing a decades-worth of accommodation and support for asylum seekers across the UK, in a string of billion-pound contract awards. The 10-year contracts, worth £1.9bn for Serco and £1bn for Mears, bumped both companies’ share prices up around seven per cent today. Home Office minister Baroness Susan [...]
Watchdog plans for audit sector shake-up set to draw backlash from businesses January 6, 2019 Finance bosses at some of Britain’s largest FTSE companies are set to hit out at new proposals put forward by the UK’s competition regulator, it emerged this evening. Plans by the Competition and Markets Authority (CMA) to make publicly listed firms appoint two sets of auditors are expected to receive a harsh backlash from a [...]
Sainsbury’s begins search for new banking chief as Peter Griffiths prepares to retire January 3, 2019 Sainsbury’s has begun the search for a new chief executive of its banking division after confirming Peter Griffiths will step down next year. Griffiths, who has been in charge of Sainsbury’s Bank since 2012, will step down in 2020, Sky News first reported. The supermarket chain confirmed it was in the “early stages” of finding [...]
From Brexit to tariffs, brace yourself for an uncertain 2019 January 3, 2019 Get ready for a 2019 full of uncertainty. On the political scene, headline events range from Brexit to the US-China trade tensions to EU reforms – all coming at a vulnerable stage in the business cycle, with half of US chief financial officers expecting a recession in 2019, and over 80 per cent by 2020. [...]
Why cryptocurrencies are here to stay December 21, 2018 If common perception is to be believed, we’re currently watching the death of cryptocurrencies. Without doubt, there is cause for some concern. This year has been terrible for speculators, with a deeply entrenched bear market taking hold, and the price of bitcoin falling by around 80 per cent. The year also hasn’t resulted in the envisaged uptake [...]
UK watchdog calls for new powers on tackling £4bn ‘loyalty penalty’ after super-complaint December 19, 2018 The UK's Competition and Markets Authority has said it will seek new powers to fight the so-called loyalty penalty faced by consumers across multiple industries, including insurance, mobile phones, broadband, savings accounts and mortgages. The challenge comes off the back of a super-complaint made by consumer body Citizens Advice in September, a practice designed to end [...]
DEBATE: Will the new recommendations from the CMA help rebuild trust in the audit sector? December 19, 2018 Will the new recommendations from the CMA help rebuild trust in the audit sector? Michael Izza, chief executive of ICAEW, says YES. The proposals from the Competition and Markets Authority (CMA), alongside the Kingman Review, are the kind of bold intervention in audit that we have been calling for. Breaking up the larger firms was unlikely [...]
The Kingman review, digested: Five key points from today’s report December 18, 2018 Today saw the release of two big reports into the audit sector: Sir John Kingman’s review of the Financial Reporting Council (FRC), and the Competition and Markets Authority’s (CMA) interim report into competition in the audit sector. The CMA – which has opened a can of worms by putting a radical split of professional services [...]
Audit sector faces huge shake-up as new reports make radical recommendations December 18, 2018 The stage has been set for a radical shake-up of the UK’s audit sector, following the release of two highly-anticipated reports. Britain’s audit watchdog, the Financial Reporting Council (FRC), should be scrapped and replaced with a new statutory body, Sir John Kingman’s review of the Financial Reporting Council (FRC) has said. Meanwhile, the Competition and Markets [...]
TP Icap takes legal action over Nex Group deal December 16, 2018 Broker TP Icap is taking legal action against trading business Nex Group over claims that it broke the terms of a deal. TP Icap was formed in 2016 when Tullett Prebon took over Icap’s voice broking business. The rest of the company was renamed Nex Group. TP Icap has accused Nex of breaking a warranty [...]