House of Fraser appoints administrators EY after talks fail | City A.M. August 10, 2018 House of Fraser is calling in EY as administrators after talks with investors and creditors had “not concluded in a solvent solution”. In a statement to the Luxembourg Stock Exchange the department store said administrators had confirmed that the business would continue trading, including all stores and offices, while they attempted to complete a sale. [...]
Turf war: Law firm bosses see Big Four as ‘threat’ as they aggressively expand into legal sector | City A.M. August 8, 2018 The City’s top law firms are keeping a wary eye on the Big Four accountancy giants as the beancounters expand into the $600bn (£465bn) global legal services market. Managing partner of City law firm Fieldfisher Michael Chissick said: “They have very ambitious plans, that isn’t in doubt, audit is in decline and it is low [...]
London’s audit giants are muscling in on law firms August 8, 2018 The City's top law firms are keeping a wary eye on the Big Four accountancy giants as the beancounters expand into the $600bn (£465bn) global legal services market. Managing partner of City law firm Fieldfisher Michael Chissick said: “They have very ambitious plans, that isn’t in doubt, audit is in decline and it is low [...]
UK services PMI slides in July following ‘disappointing’ business growth and job creation | City A.M. August 3, 2018 The IHS Markit/CIPS UK Services Purchasing Managers’ Index (PMI), seen as a barometer of economic health, fell in July to 54.3 from June’s 54.9. The index signalled the slowest expansion of service sector output for three months, raising questions over the Bank of England’s (BoE) decision to raise interest rates yesterday from 0.5 per cent [...]
Mortgage approvals jump to five-month high as subdued market picks up | City A.M. July 30, 2018 Mortgage approvals hit a five-month high in June as Britain’s housing market shows signs of recovery from a slowdown earlier this year. British lenders approved 65,619 mortgages in June, rising 1.5 per cent from 64,684 in May and reaching the highest level since January, according to data from the Bank of England (BoE). Meanwhile, the [...]
Retailers under pressure as the online revolution causes profit warnings to double to seven-year high | City A.M. July 22, 2018 The number of FTSE-listed companies issuing profit warnings rose by 13 to 58 in the second quarter, an increase of 29 per cent compared to the same period last year, according to an EY report published today. The rise was led by the retail sector of the FTSE index, where profit warnings for the first [...]
UK keeps crown as best in Europe for financial services investment July 9, 2018 The UK has kept its crown as the top location in Europe for financial services investment, despite Brexit uncertainty causing projects to decline. In 2017, UK financial services brought in 78 foreign direct investment (FDI) projects, higher than any other country in Europe, although it was down from record levels of 106 the year before. [...]
Big Four firm KPMG has been slammed by Britain’s accountancy watchdog June 18, 2018 Big four accountancy firm KPMG was slammed this afternoon for the “unacceptable deterioration” in the quality of its audit work. The industry’s watchdog, the Financial Reporting Council (FRC), said the firm, which audited Carillion before its collapse in January, will now face increased scrutiny. Half of KPMG’s FTSE 350 audits are “in need of more [...]
Pound sterling falls as ONS data shows UK construction lift as trade deficit spikes June 11, 2018 The UK’s construction output saw a minor lift of 0.5 per cent in April following three consecutive months of contraction, according to data released today by the Office for National Statistics (ONS). However, on a quarterly basis, construction in the UK continued its recent decline falling by 3.4 per cent in April 2018, the biggest [...]
UK house prices edge up in May after April slump – Halifax June 7, 2018 The UK housing market remains subdued, however, house prices in the three months to May were 1.9 per cent higher than the same period a year earlier, according to survey by UK bank Halifax. On a monthly basis, prices rose by 1.5 per cent in May, partially reversing the 3.1 per cent decline in April. [...]