Profit warnings trigger sharpest drop in share prices since financial crisis October 22, 2018 Profit warnings have sparked dramatic share price drops not seen since the height of the financial crisis a decade ago, according to a report out today from accountancy firm EY. FTSE companies that have issued a profit warning in the third quarter of 2018 have suffered an average 21 per cent fall in the value [...]
Audit’s perfect storm: How bean counters found themselves at the centre of a public uproar October 21, 2018 On the the surface, there is little reason for audit to get the blood pumping. The reality, however, is quite different, and threatens to present the sector’s biggest players – sprawling multi-nationals used to finding that all news is good news when you count the beans – with the toughest challenge they have seen in [...]
World leaders push back against Saudi account of journalist’s death October 21, 2018 The backlash against Saudi Arabia over the death of Jamal Khashoggi stepped up again yesterday, with world leaders uniting to condemn the Gulf kingdom’s claims that the journalist and critic died in a “fist fight” at its consulate in Istanbul. German chancellor Angela Merkel described Khashoggi’s killing as “horrific”, saying events “still haven’t been cleared [...]
Focus On Borough: Huge change is coming to the ancient part of central London. Is it time to buy? October 19, 2018 In many ways, Borough is typical of London. Some parts of it are eye-wateringly old, like foodie haven Borough Market, which celebrated its 1,000th birthday this year. Other parts are tediously touristy, like London Dungeons. Other parts are so recharged, they’re unrecognisable, like Hays Galleria or anything within 100m of The Shard. It’s a muddle, [...]
Auditors face fresh headache as shareholder adviser eyes industry October 18, 2018 The world’s largest adviser to shareholders is to ramp up its scrutiny of auditors, in a move that will pile further pressure on the UK’s embattled beancounters amid a series of industry controversies. Auditors will be facing another headache at their shareholder meetings next year after the Institutional Shareholder Services (ISS) today unveiled plans to [...]
US Treasury secretary Steven Mnuchin withdraws from Saudi conference over missing journalist October 18, 2018 The US has joined the UK, France and the Netherlands in withdrawing from a high profile Saudi investor conference amid the disappearance and alleged murder of journalist Jamal Khashoggi. US Treasury secretary Steven Mnuchin said that following a meeting with Donald Trump and secretary of state Mike Pompeo, he would not be attending the Future [...]
Glencore chairman withdraws from dwindling Saudi investor conference October 17, 2018 Glencore chairman Tony Hayward has become the latest business leader to pull out of next week's Saudi investor conference as the backlash over the alleged murder of journalist Jamal Khashoggi intensifies. The mining and trading giant's chairman joins International Monetary Fund managing director Christine Lagarde and Societe Generale chief executive Frederic Oudea in withdrawing from [...]
London house prices dip as growth slows to five-year low October 17, 2018 House prices growth in August dropped to its slowest annual rate in more than five years, as London's subdued housing market dragged down average property prices. New Office for National Statistics (ONS) data out today show house prices climbed 3.2 per cent in the year to August, marking the slowest pace of growth since August 2013. [...]
IMF pulls out of Saudi investor summit as more details of journalist’s disappearance emerge October 17, 2018 International Monetary Fund managing director Christine Lagarde has become the latest global figure to withdraw from a high-profile Saudi investor conference next week following the disappearance of journalist Jamal Khashoggi. The chief executive of French bank Societe Generale, Frederic Oudea, also dropped out on Wednesday. But SoftBank, whose $93bn Vision Fund was half-funded by Saudi [...]
HSBC, Credit Suisse and Standard Chartered join boycott of Saudi conference over missing journalist October 16, 2018 The chief executives of HSBC, Credit Suisse and Standard Chartered have become the latest business leaders to withdraw from a high profile Saudi investor conference next week. The banking trio have joined a plethora of influential figures and businesses to pull out of the three-day event following the disappearance of journalist Jamal Khashoggi. The US [...]