Deloitte starts audit split – the first of the Big Four to do so September 11, 2020 Deloitte will set up an audit governance board, making it the first of the Big Four accounting firms to make headway with demands from the UK regulator. The audit governance board will be effective from 1 January 2021. It will be chaired by Baroness Margaret Ford, who currently chairs Scottish media group STV and real [...]
UK economy grows 6.6 per cent in July as recovery continues September 11, 2020 The UK economy grew 6.6 per cent in July as it bounced back from the coronavirus lockdown of the spring, setting the stage for rapid GDP growth in the third quarter, official figures showed. The growth was slower than the 8.7 per cent expansion seen in June, however, and was from a low base after [...]
Signs of a positive Q4 despite lingering crisis September 9, 2020 Going into Q4 2020, we’re seeing EMEA starting to peek its head over the crest of the global pandemic. The just-released SS&C Intralinks Deal Flow Predictor for Q4 2020 forecasts that M&A announcements may see a YOY uptick of +6 percent, within a range of +15 percent to -2 percent. Distressed M&A deals have risen slightly here, but [...]
UK retail sector shows ‘promising’ signs of recovery in August September 8, 2020 UK retailers showed “promising” signs of recovery last month as sales jumped, the latest research showed. Retail sales increased 4.7 per cent on a like-for-like basis compared to August last year, when they had decreased 0.8 per cent. Total sales were up 3.9 per cent last month, against a decline of 0.4 per cent last [...]
Brits ignore PM’s diet plea as spending on takeaways surges September 8, 2020 Worried about the nation’s weight, Prime Minister Boris Johnson launched an anti-obesity drive in July. But the latest spending data suggests Britons resoundingly ignored his advice. Spending on takeaways and fast food jumped 20.7 per cent year on year in August, according to Barclaycard data released today. That was the biggest rise since the measure [...]
FTSE 100 reshuffle: ITV set to tumble from the big league September 1, 2020 The FTSE 100 is set for another dramatic reshuffle as the blue-chip index adapts to life during the coronavirus pandemic, with telly stalwart ITV almost certain to drop from the list and bargain retailer B&M likely to rise. FTSE Russell, which runs the index, will decide who’s up and who’s down according to prices at [...]
UK factories grow at fastest pace in six years but continue to slash jobs September 1, 2020 The UK manufacturing sector’s output grew at the fastest pace in more than six years in August as factories continued to recover from the coronavirus lockdown, a survey has shown. However, the sector was far from its pre-coronavirus size and firms laid off workers at a rapid rate as they adapted to the new economic [...]
Asian markets rise after strong Chinese manufacturing data September 1, 2020 Asian markets rose today after strong readings on China’s vast manufacturing sector offset the weak lead from a softer Wall Street session. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent, to regain some ground it had lost on Monday. The Hang Seng Index in Hong Kong traded 0.18 per cent higher [...]
UK economy unlikely to recover until 2023, KPMG says September 1, 2020 The UK economy is unlikely to reach its pre-Covid level until early 2023, according to new forecasts. KPMG’s latest quarterly economic outlook forecasts UK GDP will plunge 10.3 per cent for the year, downgraded from the 7.2 per cent predicted in June. However, a second lockdown of even just four weeks could leave GDP dropping [...]
UK consultants paid £100m to advise government on coronavirus August 31, 2020 Some of the UK’s largest consulting firms have reportedly been paid more than £100m to advise the government on its response to coronavirus. Delayed disclosures reveal a total of 106 contracts worth £109m have been agreed between various government departments and consulting firms such as PwC, Deloitte and McKinsey since the pandemic took hold in [...]