Local Government Pension Scheme under pressure to drop active fund managers September 14, 2019 The Local Government Pension Scheme (LGPS) has said it is under pressure from government officials to switch to passive management after the suspension of the Woodford Equity Income fund in June. LGPS, which is the largest public-sector pension scheme in the UK with almost 6m members, has 60 per cent of its holdings in active [...]
Barnier rejects Brexit extension without ‘concrete’ proposals September 12, 2019 A number of leading European figures have said there is “no reason” to extend the Brexit process, with little sign of any change to the UK’s position. The EU’s chief negotiator Michel Barnier held a closed-door meeting with members of the European Parliament today. Ahead of that meeting, Barnier told reporters: “We are still ready [...]
Audit bigwigs say lack of timetable for reform of troubled regulator is ‘a concern’ September 11, 2019 The heads of two leading audit bodies have expressed concern about perceived government inaction on the reform of the troubled accountancy regulator. Chief executive of the Institute of Chartered Accountants in England and Wales, Michael Izza, said slow progress on the reform of the Financial Regulatory Council (FRC) “is something of a concern”. Ian Peters, [...]
Sports Direct pleads with big four auditors to check its books September 10, 2019 Sports Direct, the retailer founded by Mike Ashley, is pleading with the big four accountancy firms to audit its books as it worries smaller accountants would not be up to the task. Over the last fortnight the company has sent overtures to the auditors ahead of its annual general meeting tomorrow, Sky News reported. Grant [...]
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 [...]