Clothing and footwear sales boomed in May as social events influenced shopping June 8, 2021 Retail sales enjoyed a buoyant May, with clothing and footwear performing particularly well as the easing of coronavirus restrictions allowed social events to influence how consumers shopped. UK retail sales were up 23.7 per cent on a like-for-like basis from May 2019, according to the latest figures from the British Retail Consortium (BRC), suggesting a [...]
G7: Building back better will need a truly global approach to finance June 7, 2021 Over the weekend G7 finance ministers and financial leaders from across the world came together in London for arguably their most important meeting since the 2008 financial crisis. Top of their packed agenda was of course the recovery from COVID, against the backdrop of environmental issues and the challenges of reaching net zero emissions. Much [...]
London sees record rise in permanent jobs as the capital re-opens for business June 4, 2021 The number of permanent available jobs was at a record high in London last month, marking an improved confidence among businesses as coronavirus restrictions in the capital ease. Recruitment consultancies in London indicated a third successive rise in permanent placement during May, as firms stepped up hiring in response to an easing of lockdown measures, [...]
UK car sales up eightfold as market recovers from last year’s skid June 4, 2021 UK car sales increased eightfold last month compared to a year ago as customers continued to return to showrooms and garages. There were 156,737 new cars sold in May, up from a mere 20,247 in the same month in the previous year, when showrooms were closed due to lockdown. However, the statistics, which are compiled [...]
IRSG sets out financial services priorities for UK’s G7 presidency to aid post-pandemic recovery June 3, 2021 G7 leaders are being urged to ensure the economic recovery from COVID is green, sustainable and equitable in a new report by the International Regulatory Strategy Group (IRSG), which is co-sponsored by the City of London Corporation and TheCityUK. Financial Services Priorities for the UK’s G7 Presidency calls on G7 finance ministers meetings in London from [...]
City Moves: Who’s switching jobs in the Square Mile this week? June 2, 2021 City A.M.‘s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Brown Advisory expands London office with senior hires Investment management firm Brown Advisory has bolstered its London office this week with two senior hires as its collection of assets hits $15bn. [...]
Deutshe Bank mulls ditching EY as auditor following Wirecard scandal May 28, 2021 Deutshe Bank is inviting firms to compete for its 2020 audit just two years after hiring EY to replace KPMG, in a move that could see EY ditched in favour of another company. The chair of Germany’s biggest lender Paul Achleitner told shareholders that the company wants “to keep all its options open” when it [...]
Challengers turn their backs on ‘shared audits’ of the largest companies May 27, 2021 So-called ‘challenger’ audit firms BDO and Grant Thornton are reportedly considering not pitching for shared audits of FTSE 100 companies, in a move that could jeopardise the government’s plans to water down Big Four dominance. The two challengers are instead considering focusing on increasing the number of FTSE 250 companies they audit on a solo [...]
Audit watchdog admits it was not up to the job amid major company collapse May 27, 2021 The boss of the Financial Reporting Council (FRC) has admitted the audit regulator was asleep at the wheel following large scale business collapses that shook confidence in the sector. Sir Jon Thompson, chief executive of the FRC, said he agreed with criticism of the regulator following the collapse of Carillion and Patisserie Valerie. Speaking to [...]
An increase in Professional Services M&A May 26, 2021 In recent years, there has been a noticeable increase in M&A and corporate transactions involving professional services firms, for instance law firms, accountancy practices and consultancy businesses. This has been driven by a number of factors, including the growing revenues and earnings in certain sub-sectors of professional services; the increasing appetite of certain private equity [...]