Britain still top dog in Europe for financial services investment June 22, 2020 Britain remains by far and away the most attractive country in Europe for financial services investment, despite foreign direct investment (FDI) projects falling by more than 10 per cent in 2019. According to EY research, the UK recorded more than double the number of projects of any other European country, with 99 recorded last year. [...]
How do you solve a problem like Wirecard? June 19, 2020 It’s been a wild ride for Wirecard. When the German payments firm premiered on the prestigious blue-chip Dax index just two years ago, shares were priced at €200 apiece. Today, prices hit as low as €20 per share, forcing out chief executive Markus Braun and leaving the future of the digital payments firm in question. [...]
Wirecard chief quits as shares plummet over missing €1.9bn June 19, 2020 Wirecard chief executive Markus Braun has resigned with immediate effect after the German payments firm’s disclosure of a €1.9bn (£1.7bn) accounting black hole sent shares into a tailspin. Shares have plunged more than 80 per cent since Wednesday’s close after auditor EY yesterday refused to sign off Wirecard’s financial accounts after discovering that €1.9bn of [...]
Wirecard shares continue to nosedive as boss claims it is victim of ‘considerable fraud’ June 19, 2020 Shares in Wirecard continued to plummet today as its chief executive said it may be the victim of “considerable fraud” after auditors yesterday found a cash hole of almost €2bn in the company’s financial accounts. In-house auditor EY yesterday refused to sign off the German payments firm’s annual accounts, saying it could not confirm the [...]
Wirecard shares plummet as firm admits €1.9bn of cash is missing June 18, 2020 Wirecard shares plummeted more than 66 per cent this morning after the payments group announced its auditor could not confirm the existence of €1.9bn (£1.71bn) in cash. The German firm today said there were indications that a trustee of Wirecard bank accounts had tried to “deceive the auditor and create a wrong perception of the [...]
Wirecard short sellers make ‘a fortune’ as shares nosedive on missing €1.9bn June 18, 2020 Wirecard short sellers hit the jackpot today as shares in the German fintech plummeted following reports of a €1.9bn (£1.7bn) accounting black hole. Short sellers have piled bets against the payments firm, which offers customers electronic payment transaction services and risk management, amid mounting questions over its accounting accuracy. Wirecard’s announcement this morning that auditor [...]
EY’s UK offices to close for one day to force staff to take holiday June 17, 2020 EY is set to shut most of its offices for a day this summer to encourage staff to use up their annual leave, as employees remain reluctant to take holiday during lockdown. The accountancy firm told its employees about the scheduled day off in a memo this week, first reported by Financial News. It came [...]
UK unemployment: 612,000 workers lose jobs as vacancies crash to record low in lockdown June 16, 2020 The UK unemployment rate unexpectedly remained unchanged in the three months to April, but workers on company payrolls fell 612,000 between March and May while job vacancies plunged to a record low. The unemployment rate remained unchanged at 3.9 per cent between February and April, new data from the Office for National Statistics (ONS) showed. [...]
Record contraction expected for UK economy in second quarter June 15, 2020 The UK economy is forecast to contract by 15 per cent in the second quarter of 2020, a fresh report has said, setting a new record as businesses struggle to operate during lockdown. The EY Item Club had previously forecast the contraction at 13 per cent, but adjusted the figures to reflect poor economic performance [...]
Oxford Street braces for just 20 per cent of usual footfall when shops reopen June 13, 2020 Shops on London’s usually bustling Oxford Street are bracing themselves for as little as one-sixth of their usual footfall when they reopen on Monday. Coronavirus lockdown restrictions ease on 15 June, allowing retailers on Oxford Street, Regent Street, and others to fling open their doors for the first time since March. However, Jace Tyrrell, chief [...]