City Moves for 10 September – Who’s switching jobs at HSBC Global Asset Management, Sia Partners and FXD Capital? September 10, 2019 Today’s City Moves includes HSBC Global Asset Management, Sia Partners and FXD Capital. HSBC Global Asset Management Joanna Munro has been appointed global chief investment officer of HSBC Global Asset Management. Based in London, Joanna will take over from Chris Cheetham at the end of September, reporting directly to Nicolas Moreau, global chief executive officer. [...]
Grant Thornton set for scrutiny as Patisserie Valerie handed to liquidators September 5, 2019 Embattled auditor Grant Thornton is set to face renewed scrutiny as Patisserie Valerie’s liquidators prepare to pursue claims against third parties connected to a multi-million pound hole in the cafe chain’s finances. Administrators KPMG will pass the case on to FRP Advisory later this month. Read more: Patisserie Valerie appoints administrators for Grant Thornton probe [...]
Hong Kong leader: China ‘respects and supports’ withdrawal of extradition bill September 5, 2019 Hong Kong chief executive Carrie Lam has said Beijing supports her decision to withdraw the extradition bill that sparked months of unrest, part of measures she hopes will “address the discontent” in the territory. In a press conference on Thursday, Lam was repeatedly asked why it took her so long to withdraw the bill, which [...]
London mayor Sadiq Khan calls for more devolution August 30, 2019 London mayor Sadiq Khan has renewed calls for more devolution of power from Westminster to City Hall. The mayor’s office today will release a report calling on “wholesale reform” of council tax and business rates so revenues from each stay with local authorities to spend on public services, education and housing. Read more: Mayor power: [...]
China announces measures to tackle trade war-driven slowdown August 27, 2019 The Chinese government has announced measures to boost consumption in the country as its economy slows under the weight of its raging trade war with the US. Read more: Donald Trump announces tariff hikes as US-China trade war escalates As part of the drive to increase consumption the Chinese state council, equivalent to its cabinet, [...]
Grant Thornton quits as Sports Direct auditor August 14, 2019 Sports Direct faces being left without an auditor after Grant Thornton told the retailer it would not apply for reappointment. The decision threatens to leave Sports Direct high and dry as all of the Big Four firms have indicated they are reluctant to take on the role. The Financial Times reported that Sports Direct has [...]
Neil Woodford offloads stake in Eurocell amid fire sale August 6, 2019 Neil Woodford has sold off his entire stake in Eurocell as the under-fire stockpicker battles to shore up the health of his own troubled equity income fund. The former star investor dropped his 16 per cent holding in the plastic window and door firm Eurocell last week, ramping up his fire sale after a torrid [...]
KPMG fined £3.5m for BNY Mellon report misconduct August 1, 2019 Big Four firm KPMG has been fined £3.5m and one of its directors £52,000 for misconduct related to a client asset report for Bank of New York Mellon in 2011. Watchdog the Financial Reporting Council (FRC) levied a fine of £5m against KPMG which was discounted by 30 per cent for admissions of misconduct. It [...]
City Moves for 1 August – Who’s switching jobs at JBP, Mullenlowe Group and Future Thinking? August 1, 2019 Today’s City Moves includes JBP, Mullenlowe Group and Future Thinking. JBP National communications consultancy JBP has appointed three new directors. Julie Williams originally joined JBP’s Bristol office more than 20 years ago and has helped to transform the company’s financial function. As operations director, she leads the accounts, HR and operations departments. James Hinchcliffe is [...]
Grant Thornton due to quit Sports Direct after €674m Belgian tax bill July 30, 2019 Grant Thornton is reportedly set to quit as Sports Direct’s auditor following unprecedented delays to the publication of the retailer’s annual results on Friday. The auditor will abandon billionaire Mike Ashley after only learning shortly before it was set to sign off on his company’s accounts that Sports Direct owed Belgian tax authorities €674m (£605m), [...]