Chancellor Philip Hammond gets good news as lowest borrowing since 2007 boosts Treasury ahead of squeezed Budget October 20, 2017 Government borrowing has fallen to its lowest level year-to-date since before the financial crisis, delivering some welcome relief to chancellor Philip Hammond, who is otherwise expected to have limited room for manoeuvre in the upcoming Budget. Public sector net borrowing (excluding state-owned banks) decreased by £2.5bn to £32.5bn in the financial year from April to [...]
UK M&A deals tail off as post-Brexit vote reality causes sentiment to weaken according to EY October 9, 2017 After a post-Brexit spike, the number of mergers and acquisitions (M&A) in the UK has begun to tail off as deal sentiment weakens. According to EY, the volume of M&A deals completed in the first nine months of this year slipped by 11 per cent compared to 2016 to 2,316. On the flip side, the [...]
Carillion Middle East suitor plots takeover attempt and prized London listing September 26, 2017 At least one Middle Eastern construction firm is eyeing Carillion’s update this Friday ahead of a potential takeover bid for the struggling builder. Final touches are being put to an offer from a new suitor to buy up Carillion’s shares and give the operator access to the firm’s London listing, City A.M. understands. The bidder [...]
EY, Maersk, Microsoft, startup Guardtime and insurers are putting boats on the blockchain with marine insurance tech platform | City A.M. September 6, 2017 EY, shipping giant mersk and Microsoft are among the companies planning to get boats on the blockchain, or their insurance, at least. The professional services firm is building a blockchain-based platform that can streamline marine insurance for the shipping industry. It is working with Estonian enterprise blockchain startup Guardtime and Microsoft to build the technology [...]
Bell Pottinger faces client exodus: Top firms seek to distance themselves from disgraced PR firm | City A.M. September 5, 2017 Bell Pottinger is facing an exodus of clients as companies seek to distance themselves from the disgraced PR firm. The iconic company, which was kicked out of the Public Relations and Communications Association (PRCA) on Monday, is now scrambling to regroup. City A.M. understands Bell Pottinger wants to name a new boss this week, following [...]
Mortgage approvals jump to 16-month high while consumer credit growth slows, Bank of England figures show August 30, 2017 Mortgage approvals for house purchases jumped to a 16-month high in July, new figures from the Bank of England released today show. Last month, some 68,689 mortgages were approved, up from 65,318 in June and a seven-month low of 65,140 in April. Howard Archer, chief economic adviser for the EY Item Club, noted that July’s [...]
Global professional services firm EY grows its UK footprint with Edinburgh expansion August 30, 2017 Professional services firm EY is expanding its presence in Edinburgh by taking 32,000 sqft. in the prestigious Atria development. EY is the largest professional services firm in Scotland, employing 1,000 people across four offices in Aberdeen, Edinburgh, Glasgow and Inverness. In total, there are 34 partners in Scotland, 15 of them working in the financial [...]
Initiatives focused on ESG reporting are making progress, but there is more to do August 29, 2017 It is frequently acknowledged that investors should identify and analyse any environmental, social, and governance (ESG) factors that could impact the value creation and risk profile of companies and integrate these factors into their investment process. Evidence supporting the relevance of this type of information for investors continues to grow — see, for example, [...]
Deloitte’s profits flatline after six month ban from UK government contracts August 29, 2017 Deloitte’s profits flatlined last year as the accountancy firm navigated a six-month ban from pitching for UK government contracts. The figures Revenue for the year ended 31 May rose 11.2 per cent to £3.4bn, with consultancy revenue up 13.6 per cent to £859m and revenue from Deloitte’s audit and risk advisory business up 13.1 per [...]
EY heads off competition and snares BHP Billiton audit from 2019 August 22, 2017 Big Four accountant EY has snared a lucrative victory, replacing KPMG as mining giant BHP Billiton’s auditor. BHP conducted an audit tendering process during the year in the wake of regulations forcing firms to rotate their statutory accountants. As a result, incumbent KPMG did not bid to continue its role. EY will take over from [...]