Insolvencies surge to highest rates since financial crash as voluntary bankruptcies hit record levels August 2, 2022 The UK government’s Insolvency Service today said it recorded a higher number of insolvencies over the past three months than at any other point in more than a decade, after the numbers of companies declaring voluntary bankruptcies hit their highest levels since records began. The past three months saw a total of 5,629 English and [...]
EY’s split could have ‘distinct benefits,’ FRC chief says August 2, 2022 EY’s plans to split its business would have “distinct benefits,” the head of the UK’s accounting watchdog has said. The Big Four accounting firm’s plans to separate its advisory arm from its consulting division could let EY “grow further” by removing “significant conflicts of interest,” Financial Reporting Council (FRC) chief executive Sir Jon Thompson told [...]
Britain’s sporting success will help economic growth August 1, 2022 Sport has had a busy summer in the UK as we marked England’s victory at the UEFA Women’s Euro and the start of the Commonwealth Games last week. It was with great pride that people across the country watched the Lionesses’ incredible performance and did us all proud. For many, it has brought back fond [...]
Letters: Data-first green plans July 25, 2022 [RE: ESG faces reckoning after being ‘hijacked’ by marketeers, EY sustainability chief warns] ESG faces reputational risk, following several cases of marketers making unsubstantiated claims. But most organisations truly want to do good. The problem isn’t just deceptive markets, it’s companies lacking the data tools. It’s not hijacking, it’s inability. Take third-party ESG ratings. One [...]
EY calls in Rothschild to advise on break-up plans July 22, 2022 EY has drafted in Rothschild to advise on its $80bn break-up, City sources have suggested. As first reported by Mark Kleinman for Sky News, the British arm of the accountancy behemoth has brought in Rothschild to advise on the implications of a splitting its audit and consulting businesses. Sources have suggested that the move could [...]
Kurt Vonnegut: Unstuck In Time review: A fascinating portrait of genius July 21, 2022 Fascination with the life and work of Kurt Vonnegut, the celebrated author of science-fiction novel Slaughterhouse-Five, lives on well past his death fifteen years ago. And duly, new documentary Unstuck In Time feels like it was conceived through adulation. A culmination of decades of work, filmmaker Robert B Weide was initially approached by Vonnegut to [...]
City Moves: Who’s switching jobs in the Square Mile this week? July 21, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Knight Frank Property consultancy Knight Frank has named its new head of farms a real estate, after Clive Hopkins retired after more than three decades with the firm. Will ‘Stan’ Matthews will oversee day-to-day management of [...]
Exclusive: UK financial dealmaking slumps in value as recessionary fears take hold July 21, 2022 The volume of deals in the UK’s financial services sector rose to a seven-year high in the first half of the year but a looming recession and economic uncertainty caused the value of transactions to plunge, new figures have revealed.
Brexit: UK lays foundation to scrap hundreds of EU financial services rules July 20, 2022 Ministers have today tabled landmark post-Brexit legislation in parliament that will lay the foundation to scrap hundreds of retained EU rules on financial services. The long-awaited Financial Services and Markets Bill sets up a mechanism to bin EU financial services regulations one-at-a-time and either replace them with completely new rules or with none at all. [...]
Global split could let EY bring in extra $10bn in Silicon Valley advisory fees, firm chief says July 20, 2022 A global split could let EY bring in an extra $10bn in advisory fees from the world’s major tech companies, by freeing it from rules that block the Big Four firm from both auditing and selling advice to Silicon Valley’s largest firms, EY’s global chief executive has said. EY’s plans to separate out its audit [...]