West End classic Angus Steakhouse ‘on brink of administration’ March 9, 2021 West End staple Angus Steakhouse is reportedly on the edge of collapse unless it can secure rent concessions from its landlords. The restaurant chain, which was founded in the 1960s, has hired KPMG in a bid to strike a last-minute deal with landlords, the Telegraph reported. The Big Four auditor has written to letters to [...]
Global mining trade group picks sustainability expert as new CEO March 9, 2021 The International Council on Mining and Metals (ICMM) said today that it has appointed Rohitesh Dhawan, a managing director at Eurasia Group with expertise in climate change and sustainability, as the trade group’s new chief executive. The appointment of Dhawan, effective from April, reflects increased pressure on the mining industry to put environmental, social and [...]
Mastercard vice chair: We can’t let Covid crisis hold back female entrepreneurs March 8, 2021 In Q3 of 2020, venture funding for female founders hit its lowest quarterly total in three years. Whilst the current Covid-19 pandemic stands as one of the greatest disruptors to our way of life in living memory, when we have disruption and crisis we also have opportunity to do more, and to do better. There [...]
Deloitte diversity chief ‘facing internal investigation over bullying claims’ March 5, 2021 Deloitte’s deputy chief executive and diversity champion Dimple Agarwal is facing an internal probe over allegations of bullying. Agarwal, head of “people and purpose” at the Big Four auditor, is facing complaints from staff over inappropriate working practices such as communicating aggressively and making employees attend extremely early meetings, the Telegraph first reported. Having joined [...]
Wall Street slips despite better than expected US jobs data March 4, 2021 US stocks opened lower on Thursday as Wall Street reckoned with yesterday’s technology-led selloff, despite new data showing an improved US employment market. The tech-heavy Nasdaq slid 2.4 per cent this afternoon, with carpet company Dixie Group pulling the index down with a 48 per cent drop. Tesla shares extended yesterday’s loss of more than [...]
PwC and EY: Our restructuring arms are not for sale March 4, 2021 Big Four firms PwC and EY have insisted they have no plans to follow in the footsteps of rivals KPMG and Deloitte and sell the restructuring units of their businesses. Selling restructuring units is in vogue at Big Four firms. This morning KPMG announced it had signed an unconditional agreement with private equity firm HIG [...]
KPMG unit sale creates new restructuring behemoth Interpath Advisory March 4, 2021 KPMG has signed an unconditional agreement to sell its restructuring practice to Interpath Advisory, a newly-formed company backed by private equity firm HIG Europe. The sale will see 22 partners and around 528 staff currently employed in KPMG’s restructuring practice transfer to Interpath Advisory, making it the largest independent restructuring and turnaround business in the [...]
Budget 2021: How does the new tax ‘super-deduction’ work? March 3, 2021 This afternoon Chancellor Rishi Sunak announced a new tax “super-deduction” policy to encourage investment into the UK and boost its recovery from the pandemic. The new form of relief will come into effect next month and last until the end of March 2023, and should be especially popular with manufacturing, construction and utilities firms. Shares [...]
German regulator ‘files criminal complaint’ over manipulation at Greensill Bank March 3, 2021 The German financial regulator has reportedly filed a criminal complaint against Greensill Bank for suspected balance sheet manipulation. Bafin filed the complaint earlier today with prosecutors in Bremen where the bank’s headquarters are based, according to the Financial Times. It comes as part of an investigation into the firm’s balance sheet by KPMG which started [...]
Budget 2021: Pubs, restaurants and retailers toast Sunak’s announcement but warn of gaps in support March 3, 2021 The hospitality and retail sectors have welcomed the Chancellor’s extended support for pubs, restaurants, shops and salons, but said more could be done to encourage consumers back to the high street after lockdown. Rishi Sunak this afternoon announced measures including a business rates holiday extension, new “restart” grants, a VAT cut extension and a beer [...]