Accounting watchdog to investigate audits of outsourcer Interserve’s financials by Grant Thornton April 11, 2019 Britain’s accounting watchdog has started investigating the audits of Interserve by Grant Thornton, weeks after the outsourcer collapsed into administration. The Financial Reporting Council (FRC) said this morning it is looking into Interserve’s accounts in 2015, 2016 and 2017. Read more: Interserve begins its new life as a private company Last month, Interserve finally collapsed into [...]
Central banks glimmer as gold buying reaches highs not seen since 2008 April 8, 2019 Central banks are turning to gold at a much higher rate than last year as global uncertainty has driven them to diversify portfolios. Around the world the banks bought nearly 90 tonnes of gold in January and February, up from 56 tonnes year-on-year, the World Gold Council reported. Read more: Avesero shares lay flat despite [...]
Premiership Rugby’s relegation battle is set to go down to the wire, so why ring-fence the league? April 8, 2019 English top-flight rugby has rarely been more competitive than it has this season yet talk of ring-fencing the competition continues to loom large. Premiership Rugby is set to provide an update to its board on Tuesday regarding the proposal to ring-fence the league, despite the fiercest relegation battle for many years currently raging on. The [...]
Poll: Sterling set to rise three per cent if Brexit deal looks likely April 5, 2019 Sterling will jump three per cent if it looks likely the government will secure a Brexit deal, but will drop five per cent if talks fail, according to a Reuters poll. The pound plummeted following the 2016 referendum and has been volatile ever since as the market reacts to every development in the Brexit negotiations. [...]
May called business chiefs to reassure over latest change in Brexit negotiation plan April 3, 2019 Theresa May last night tried to reassure bosses at some of Britain’s biggest firms, including Rolls-Royce, BT and GlaxoSmithKline, about her latest change in direction on Brexit negotiations. The PM hosted a call with the co-chairs of her business councils last night, shortly after announcing she would look for another extension to Article 50 so [...]
DEBATE: Should the audit and consultancy arms of the Big Four firms be divided, as proposed by MPs? April 3, 2019 Should the audit and consultancy arms of the Big Four firms be divided, as proposed by MPs? YES, says Rachel Reeves MP, chair of the Business, Energy and Industrial Strategy Committee. We have two major problems in the audit market today: a lack of competition and quality. The Big Four’s dominance has led to a precarious [...]
The European Union is on the backfoot, but few seem to notice April 2, 2019 There is a very bad habit that many of our broadcasters have of focusing on what might befall us. It reminds me of Frankie Howerd in Up Pompeii bemoaning “woe is me, woe is me” – as if he might warn his master against leaving the Empire without a deal. It would be refreshing were there [...]
MPs call for full breakup of audit’s Big Four in wake of scandals April 2, 2019 MPs have triggered a war of words in the City after calling for a radical breakup of accountancy’s Big Four firms. A highly-anticipated report by the Business, Energy and Industrial Strategy (Beis) Committee, released today, said the audit and consultancy arms of Deloitte, EY, KPMG and PwC should be forcibly divided to drive up competition [...]
Regulator left Co-operative Bank ‘defenceless’ by regulator in Britannia merger, long-awaited report finds March 27, 2019 The Co-operative Bank was left “relatively defenceless” by the City watchdog in its merger with Britannia, a report into the bank’s near-collapse in 2013 has found. An independent review into the now-defunct Financial Services Authority’s (FSA) supervision of the bank in the five years leading up to the crisis has finally been published today. Read [...]
MPs call for crackdown on ‘excessive’ bonuses after Persimmon pay row and Royal Mail boss’ ‘golden hello’ March 26, 2019 MPs have called for a crackdown on excessive bonuses in a bid to avoid repeats of “shaming” pay packets, such as the £75m given to former Persimmon boss Jeff Fairburn. The Business, Energy and Industrial Strategy committee called for companies to introduce an “absolute cap” on remuneration to avoid unpredictable long term incentive awards. It [...]