Last Week in the City: Trade wars begin July 6, 2018 Garry White, chief investment commentator, looks at the market-moving events that have shaped the UK equity markets this week (2 to 6 July 2018). The World Cup is “distracting” for participants in global markets, according to Citigroup. "We find that football is indeed distracting, subtly impacting market depth, traded volumes and execution cost,” the US [...]
BCC and City of London urge government to come together and deliver on Brexit July 3, 2018 Pressure is building on Theresa May to bring her Cabinet together and sign off the UK's position on Brexit after divisions were laid bare again yesterday. Yesterday three ministers publicly slapped down Jacob Rees-Mogg for threatening to rebel if May did not stick to her existing positions of leaving the Single Market and customs union [...]
Bank of England’s Mark Carney adds voice to criticisms of EU for lack of movement on Brexit risks June 27, 2018 The City’s fightback against the EU’s Brexit warnings stepped up a gear today as Bank of England governor Mark Carney took to the field, warning that EU officials are not putting in sufficient effort to preserve financial stability post-Brexit. The EU has not matched commitments by the UK government to allow European firms to continue [...]
Draft Project Lord Turnbull Report: MPs call on Serious Fraud Office and National Crime Agency to investigate Lloyd’s-Hbos fraud further June 22, 2018 MPs are calling for an investigation into potential criminality regarding the handling by Lloyds Banking Group of a fraud at its Hbos Reading unit more than a decade ago and into the role of auditor KPMG. The All Party Parliamentary Group on Fair Business Banking, which is chaired by Kevin Hollinrake MP, has urged the [...]
Brexiters slam Single Market for goods proposal June 21, 2018 Brexiters have slammed suggestions that Number 10 could be poised to push for a Single Market for goods, claiming it would bind the UK's hands on future trade deals. Reports this morning suggested the idea – put forward by think tanks including Open Europe and the Centre for European Reform – was gaining traction in [...]
Brexiters slam Single Market for goods suggestion as reports suggest it’s “100 per cent the direction of travel” June 21, 2018 Brexiters have slammed suggestions that Number 10 could be poised to push for a Single Market for goods, claiming it would bind the UK’s hands on future trade deals. Reports this morning suggested the idea – put forward by think tanks including Open Europe and the Centre for European Reform – was gaining traction in [...]
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 [...]
Financial regulator publishes new principles for private companies in wake of high-profile collapses such as BHS June 13, 2018 The Financial Reporting Council (FRC) has today published a set of principles intended to improve governance at private companies in the wake of scandals such as the BHS collapse. The FRC, which regulates accountants, has published the proposed principles today after an extensive review led by construction boss James Wates. Read more: BHS and Carillion [...]
PwC faces record-breaking £10m fine over poor BHS audit June 12, 2018 Big Four accountancy giant PwC has been slapped with a record £10m fine from the Financial Reporting Council (FRC) for its work auditing retailer BHS prior to its sale for £1. The PwC partner who conducted the audit, Steve Denison, is also facing a personal fine of £500,000 from the FRC relating to his work [...]
PwC faces record-breaking £10m fine over poor BHS audit June 12, 2018 Big Four accountancy giant PwC has been slapped with a record £10m fine from the Financial Reporting Council (FRC) for its work auditing high street retailer BHS, prior to the chain's sale for just £1. The PwC partner who conducted the audit, Steve Denison, is also facing a personal fine of £500,000 from the FRC relating [...]