Are we heading back towards single-use plastic because of coronavirus? May 7, 2020 The battle against plastic pollution has rapidly gained momentum in recent years. Our 2018 report – Plastics phase-out: exposure through the value chain – analysed the challenges across sectors beyond the use of carrier bags, microbeads and straws. We concluded that the issue was not just a point of public concern but either an opportunity for forward-thinking [...]
Smith & Nephew revenue slumps as Covid-19 hits elective surgeries May 6, 2020 Medical equipment firm Smith & Nephew saw its revenue almost halve in April as elective surgeries were put on hold due to the coronavirus outbreak. Revenue fell 7.6 per cent to $1.1bn (£885m) in the first quarter as the Covid-19 crisis took its toll in all three of the firm’s global franchises. Smith & Nephew [...]
Regulator calls for early interventions in poor audits to help stop scandals May 6, 2020 The audit regulator today called for accountancy firms to flag poor quality audits sooner to help prevent corporate scandals. The Financial Reporting Council (FRC) said tools for spotting signs of poor quality audits should be used more effectively, following a major review of their use. Last year all of the UK’s leading accounting firms failed [...]
EY investigated over audit of scandal-hit NMC Health May 4, 2020 Regulator the Financial Reporting Council (FRC) said today it had opened an investigation into Big Four firm EY’s audit of scandal-ridden NMC Health. The audit watchdog said it was probing EY’s audit of NMC for the year ended 2018. It said the investigation, which launched on 15 April, is being carried out by its enforcement [...]
Profit warnings issued by UK businesses hits record high May 3, 2020 Profit warnings issued by UK-listed businesses reached a record-breaking high in the first three months of 2020 according to analysis published today. Big Four audit firm EY said there were 301 profit warnings between 1 January and 31 March, almost equal to the entire number issued in the whole of 2019 (313) and five per [...]
FTSE 100 extends losses after worst daily drop in a month May 1, 2020 The FTSE 100 extended its losses today after suffering its worst daily drop in a month yesterday as dire economic reports and weak earnings weighed on traders. London’s blue-chip index was down roughly 2.3 per cent at 5,762 points by around 10.20am today. By the mid-afternoon the FTSE 100 had trimmed its drop to just [...]
Coronavirus: UK manufacturing sector books record drops in ‘ruinous’ April May 1, 2020 UK manufacturing sector activity plunged at a record pace in April during lockdown, a closely followed measure of industrial output showed today. Factories saw output slump to 32.6 in April, according to IHS Markit’s Purchasing Managers’ Index (PMI) data. Anything below 50 represents a contraction. Output, new orders and employment all plummeted at the fastest [...]
The CEO Perspective: How is COVID-19 defining business purpose? May 1, 2020 When the dust settles, will business emerge having played its part and who will have stayed true to their purpose? As leaders strive to steer their corporate ships through unimaginably stormy waters, there’s an understandable need to focus solely on the management of immediate, operational and financial issues. But in the midst of uncertainty, companies [...]
Is your business model fit for purpose to support critical scenario planning during COVID-19? May 1, 2020 The deep and broad implications of COVID-19 are forcing businesses to make significant decisions under extreme time pressure and substantial uncertainty. With so much unknown, are those businesses confident that they have sufficient and reliable information to support their judgements? If not, what can be done to help businesses to make more informed decisions? In [...]
German economy to shrink by 6.6 per cent this year, economists say April 28, 2020 Germany’s economy will shrink by 6.6 per cent this year, one of the country’s leading think tanks has predicted, as tumbling global demand amid coronavirus takes a heavy toll on the exporting powerhouse. The Ifo Institute also said it will take until the end of 2021 for Germany’s output to reach pre-coronavirus. The analysis comes [...]