EY drops $11m case against whistleblower who alleged gold smuggling cover-up March 29, 2021 EY UK has dropped its appeal against a High Court case that saw a former partner awarded $10.8m in compensation. The Big Four firm was due to begin an appeal this year against a High Court ruling in favour of Amjad Rihan, who said he was forced to flee Dubai after alleging EY helped cover [...]
Gambling firms hail ‘huge’ economic contribution ahead of sector reform March 29, 2021 The UK gambling sector has doubled down on its “huge contribution” to the UK economy as it braces for the biggest shake-up of betting laws in the last 15 years. Betting shops, casinos and the online gaming sector contributed £7.7bn in gross value added to the UK economy in 2019, according to figures released today. [...]
Retail sales recover slightly in February driven by DIY purchases March 26, 2021 Retail sales ticked up slightly in February compared to the previous month, as purchases of DIY and household goods offset a steep drop in demand for new shoes and clothing. Sales volumes increased 2.1 per cent following a 8.2 per cent drop in January, with the strongest growth seen in department stores and household goods [...]
Majority of at-risk listed firms claimed government Covid support even as some neared collapse March 25, 2021 More than half of listed firms most at-risk of going bust claimed Covid support from government
City Moves: Who is switching jobs in the Square Mile this week? March 24, 2021 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. BDBF lands former Slater & Gordon’s head Employment law firm BDBF has hired former national head of employment at Slater & Gordon’s as its new equity partner. Most recently a partner at employment [...]
Manufacturing output on track for spring surge March 23, 2021 Manufacturing output hit its highest level in nearly two years in the three months to March in the clearest sign that a revival could be on the cards for the sector. Although still flat, the CBI’s monthly order book balance rose to -5 in March, the highest reading since April 2019 and up from -24 [...]
Financial services firms admit they do not have carbon neutral targets in place March 19, 2021 Financial services firms are struggling with net zero targets, with more than half (51%) of firms saying they do not yet have a target in place to achieve carbon neutral status. Just 18 per cent of financial services firms have a plan to achieve carbon neutral status by 2025, and 16 per cent claim they [...]
In a face off against FinTech, traditional face-to-face banks must become more bespoke than ever March 19, 2021 There’s no doubt digital banking is in demand. Last year, $4.1bn was invested into FinTech in the UK, accounting for just under half of Europe’s FinTech investment. Since lockdown began this has continued to grow, with a 72 per cent rise in the use of FinTech apps in Europe as a result of pandemic restrictions. [...]
Sarbanes-Oxley-style audit reform ‘to cost business more than £430m a year’ March 18, 2021 Businesses face paying hundreds of millions of pounds more every year under plans to reform the audit sector and crack down on shoddy practices at the UK’s largest firms. More than £430m could be added to businesses costs as a result of the proposals, according to analyses carried out by the Financial Times. This morning [...]
Consumers to splash cash on haircuts and holidays – but retailers might have to wait longer for post-lockdown boom March 18, 2021 Consumers have big plans to spend when coronavirus restrictions are lifted, although retailers may have to wait until more vaccinations are rolled out before they benefit from a bounce back in trade. Brits are planning to spend more on holidays, haircuts and days out when the latest lockdown rules are eased, according to the latest [...]