KPMG could face questions from auditor watchdog after Conviviality’s downfall April 22, 2018 The auditor of wine retailer and supplier Conviviality could face questions over its role in the company’s collapse. The Financial Reporting Council (FRC) confirmed to City A.M. that it was “looking closely at the reported accounting issues at Conviviality”. “If the relevant threshold tests are met in relation to accountants at the company and/or its [...]
Friends disunited: US imposes sanctions on Russian oligarchs including Oleg Deripaska April 6, 2018 The US has imposed sweeping sanctions against Russian oligarchs, as the Trump administration continues its assault against friends of President Vladimir Putin. Billionaires Oleg Deripaska, Viktor Vekselberg, Suleiman Kerimov and Kirill Shamalov, who the US said is married to one of Putin’s daughters, are on the hit list revealed by the US Treasury this afternoon. [...]
Legal & General boss Sir John Kingman in line to spearhead audit watchdog probe April 4, 2018 The chairman of Legal & General is on the shortlist to lead an investigation into Britain’s top accounting regulator, according to reports. Sir John Kingman, previously a prominent figure in Whitehall as Treasury second permanent secretary, is among those being considered to spearhead a review of the Financial Reporting Council (FRC). The candidate could be [...]
Carillion finance chiefs investigated by top accounting regulator the Financial Reporting Council March 19, 2018 Britain’s top accounting regulator has launched a probe into the actions of two of Carillion’s former finance chiefs. In a widely expected move, Richard Adam and Zafar Khan are being investigated by the Financial Reporting Council (FRC). Carillion’s 2014, 2015 and 2016 annual accounts are to be probed as well as its figures for the [...]
Proxy adviser Manifest has just collapsed into administration March 16, 2018 Shareholder advisory group Manifest has today crashed into administration. Moore Stephens has been appointed as administrator of the lead proxy advisor. According to March 2017 accounts – Manifest’s latest filing with Companies House – the firm had £1.3m of debts payable within the next 12 months. Representatives for the administrators were unable to comment on [...]
Editor’s Notes: Jeremy Corbyn’s Russia position is the latest in a shameful line-up, the IoD strides on and City AM bucks the industry trend March 16, 2018 Jeremy Corbyn’s refusal to recognise the hand of the Russian state in the Salisbury attack puts him at odds with the British government and its intelligence services, Nato, the United Nations Security Council, France, America, Germany and a host of other allies. It also serves as a reminder that if the British label you an [...]
Last Week in the City: Trump signs order for tariffs March 9, 2018 This week US President Donald Trump signed off on new tariffs on steel and aluminium imports, Trinity Mirror revealed plans to rebrand, and the European Central Bank took a further step towards ending stimulus measures. The FTSE 100 rose 1.9 per cent over the week by mid-session on Friday. Economics China will pursue annual growth [...]
Mifid II was a compromise, but the UK will lead the way with Mifid III says politician Kay Swinburne January 30, 2018 The UK’s voice of the City in the European parliament, Conservative politician Kay Swinburne, has said that legislators are already planning to overhaul a massive new piece of regulation which came into force earlier this month. The second Markets in Financial Instruments Directive, or Mifid II, aims to increase transparency across all areas of financial [...]
MPs haul Carillion directors in for grilling over firm’s collapse January 24, 2018 Two of the Commons’ most powerful committees have ordered former Carillion directors – including ex-chairman Philip Green – to give evidence as part of a joint inquiry into the construction giant’s collapse. The Work and Pensions Committee, headed by Labour’s Frank Field, and the BEIS Committee, headed by his colleague Rachel Reeves, have launched a [...]
Tech predictions for 2018: Drones, crypto, and the rise of the robots January 15, 2018 The pace of technological change can seem exciting and daunting in equal measure. 2017, while seeing continued financial growth in the tech sector, brought even more sharply into focus the challenges inherent with the inexorable march of progress. From Amazon to Uber, tech giants saw their practices and business models scrutinised more deeply than ever [...]