Audit watchdog should be scrapped ‘as swiftly as possible’ says Legal & General chair January 23, 2019 The government should act “as swiftly as possible” to abolish and replace the UK’s audit watchdog, MPs were told today. Sir John Kingman, who chaired a review into the operation of the Financial Reporting Council (FRC), said the regulator’s senior leadership should be overhauled in the meantime. “I would like to see the government get [...]
Patisserie Valerie shareholders consider legal action after company collapses January 23, 2019 Patisserie Valerie shareholders are planning to take legal action against the company after the high street chain collapsed into administration last night. Fundamental Asset Management co-founder Chris Boxhall told City A.M. that there is an “appetite” for action among investors after Patisserie Valerie chairman Luke Johnson failed to secure a cash lifeline from banks yesterday [...]
Patisserie Valerie enters administration after bank talks fail January 22, 2019 Patisserie Valerie collapsed into administration this evening after discussions with its lenders fell apart following the shock revelation of “significant fraud” at the high street cafe chain. Chairman Luke Johnson had been scrambling to come to an agreement with creditors to secure a cash lifeline after posting an update to the market last week admitting [...]
Government refusal to extend pay gap reporting rules to Big Four branded ‘disappointing’ January 22, 2019 The government has been accused of letting the Big Four audit firms “evade reporting on their pay ratios” by excluding firms with their business model from new legislation. The government’s small business minister refused to say whether new rules on executive pay transparency would be extended to partnerships during a grilling by MPs today. Members [...]
Watchdog investigation into KPMG’s Carillion audit at ‘critical stage’ January 22, 2019 The UK’s audit watchdog said its investigation into KPMG’s audit work for collapsed construction giant Carillion is at a “critical stage”. The Financial Reporting Council (FRC) issued an update this morning on its probe into the Big Four firm following “significant public interest” in the case. Carillion’s collapse in January last year has become a [...]
Employment rate hits record high as wages reach new post-financial crisis peak January 22, 2019 Employment rose to a record high in the three months to November as wage growth hit a 10-year peak, according to official data released today. The number of people in paid work rose by 141,000 people to 32.53m, the Office for National Statistics said, giving a record employment rate of 75.8 per cent. Sterling surged [...]
DEBATE: Is there any point to the annual WEF summit in Davos? January 22, 2019 Is there any point to the annual WEF summit in Davos? Bill Michael, chairman and senior partner of KPMG in the UK, says YES. Elements of the World Economic Forum (WEF) do raise an eyebrow. From the setting in the Swiss Alps to the A-listers in attendance, it can seem like the last bastion of global [...]
Patisserie Valerie keeps shareholders in the dark on future as last ditch talks with banks continue January 21, 2019 Patisserie Valerie’s holding company has failed to shed further light on the future of the troubled bakery chain after announcing this morning talks were still ongoing with its creditors to save the company. The firm was expected to provide an update this morning, after speculation the last week of talks with its banks could spell [...]
UK tech sector growth cools to slowest pace since 2015 amid political uncertainty January 21, 2019 Growth in the UK tech sector cooled to its slowest pace in three years in the final quarter of 2018 as political uncertainty and global trade frictions dented industry confidence. Tech companies also reported the sharpest fall for seven years in backlogs of work, suggesting a lack of new work to replace completed projects at [...]
Mike Ashley enters talks to buy struggling music store chain HMV and eyes new PR team January 20, 2019 Mike Ashley is looking to strengthen his grip on the high street by entering talks to buy struggling music store HMV while searching for a new communications firm to oversee his expanding retail empire. The ambitious business tycoon, who has bought House of Fraser and Evans Cycles in the past six months, is bidding to [...]