Star stockpicker apologises for ‘having too much’ Wirecard stock January 28, 2020 Former Jupiter fund manager Alexander Darwall has apologised to investors for making too large a bet on fintech Wirecard, which is facing scrutiny over its accounting practices. At one point Darwall, who left Jupiter in July to establish his own fund management business, had over 17 per cent of his £1bn investment trust in the [...]
Audit regulator proposes challenger firms get larger share of the work January 25, 2020 The Financial Reporting Council (FRC) has proposed a regime to the government that would see challenger firms outside the so-called big four auditors be given a substantial proportion of the audit work of major British companies. The accounting regulator has drawn up plans behind closed doors that would require all but the very biggest FTSE-350 [...]
Not as easy as 1,2,3: Seven accounting errors that rocked FTSE firms January 22, 2020 Ted Baker today experienced the dubious honour of joining a list of FTSE firms that have been shaken by accounting errors in the past year. The fashion retailer revealed an accounting error was more than twice as bad as it previously thought, knocking shares down seven per cent. But it is by no means the [...]
FTSE 100 sinks into red as China virus scare hits shares January 21, 2020 The FTSE 100 was on track for its biggest fall since early December this morning as investors were rattled by an outbreak of a new strain of coronavirus in China. The London blue-chip index slipped more than one per cent in early trading, with luxury and travel stocks leading the slide. Burberry fell more than [...]
Department store chain Beales falls into administration January 20, 2020 Department store chain Beales has entered administration this morning, putting more than 1,000 jobs at risk. The retailer had been in crisis talks with potential buyers in a bid to stave off a collapse, however the company was unable to secure a deal. Professional services firm KPMG has been appointed as administrator, and the firm’s [...]
Flybe rescue secrecy is absurd January 17, 2020 So much for open government. It shouldn’t be too much to expect the ministry responsible for the public finances to disclose the potential liability to taxpayers of a private company bailout. Yet in the Treasury’s statement about the government-backed rescue of the regional airline Flybe this week, there was scant detail and even fewer numbers. [...]
Retail health hits record low in 2019 January 16, 2020 Retail health hit a record low last year as high street stores battled weak consumer demand and faced pressure to slash prices. The latest Retail Health Index published by a KPMG and Ipsos think tank hit a record low of 74 in 2019 – the worst result since the tracker was established in 2006. The [...]
British tech startups beat £10bn funding to top global growth January 15, 2020 Investment into the UK’s burgeoning scene of tech startups grew more than anywhere else in the world last year, leaving previous records in the dust as investors sought private markets. Venture capital funding for UK tech firms reached £10.1bn in 2019, rising 44 per cent year on year and breaking the all-time high set two [...]
Department store Beales in crisis talks to stave off collapse January 13, 2020 Struggling department store chain Beales is in crisis talks with potential buyers in an effort to stave of a collapse that could cost hundreds of jobs. The talks come after the Bournemouth-based firm yesterday filed notice of its intention to appoint administrators to step in as a last resort if the firm cannot cannot be [...]
Beales on the brink of collapse in difficult weekend for high street January 12, 2020 Department store chain Beales was on the brink of collapse today in what has been a torrid period for the high street. The Bournemouth-based company is set to go into administration if it is unable to complete a sale, according to reports. In December, Beales appointed KPMG to launch a strategic review including assessing a potential sale. [...]