Mothercare subsidiary Childrens World fails to get CVA approval June 4, 2018 Part of Mothercare's restructuring plans has been put to a halt after it emerged that it did not get full support from creditors. Shares in the company fell 6.5 per cent after lunchtime when the announcement was made. Last week creditors voted to approve Mothercare's company voluntary arrangement (CVA), which is likely to result in [...]
UK inflation dips to 13-Month low in April, adding to Mark Carney’s interest rate puzzle May 23, 2018 Inflation in the UK dropped to its lowest levels since March 2017 last month, according to the latest figures from the Office for National Statistics (ONS). Consumer price inflation cooled to 2.4 percent in April, down from 2.5 percent this March. The drop in consumer prices has once again dampened expectations of a Bank of [...]
The top threat to global business: protectionism May 22, 2018 Barely a day goes by without consultants and politicians urging businesses to embrace innovation or be left behind in the AI apocalypse. But while it is never a good idea to take your eye of the technology ball, there is a greater threat to the world of business: the rising tide of protectionism. KPMG’s 2018 [...]
EY, KPMG, PwC, Deloitte: After Carillion, breaking up the Big Four accountancy firms is not the answer May 21, 2018 Breaking up, as Neil Sedaka has said on more than one occasion, is hard to do. Saying you want to break up, though? Well, that’s a heck of a lot easier. When delivering their findings into Carillion’s demise last week, MPs realised that bayoneting the dead firm’s carcass was hardly a valuable exercise. Instead, they [...]
Labour shadow chancellor John McDonnell attacks audit firms for ‘lining their pockets’ and blames Carillion’s demise on regulator failings May 19, 2018 Labour has pledged to smash Britain’s accountancy firm “cartel” and today demanded a “complete overhaul” of the way company finances are policed. Shadow chancellor John McDonnell attacked larger audit firms, which “operate with impunity whilst lining their pockets”. Speaking at a Labour conference in London this afternoon, McDonnell launched a review of both the accountancy [...]
Carillion collapse: Fail to learn and ‘I don’t think we’ll have a profession in 20 years time’, says accounting chief May 16, 2018 Big Four giants Deloitte, PwC, EY and KPMG face extinction if they fail to learn the lessons from the failure of contracting giant Carillion, the head of Britain’s leading accountancy institution warned this morning. Carillion’s mid-January collapse is a “watershed moment” for accountants both big and small, Institute of Chartered Accountants in England & Wales [...]
MPs slam Carillion’s ‘rotten’ corporate culture and call for break up of the big four audit firms May 16, 2018 MPs today slammed Carillion’s “rotten” corporate culture and called for a break up of big four audit firms. A report published today by the Work and Pensions and Business, Energy and Industrial Strategy (BEIS) Committees said that Carillion’s collapse was a “story of recklessness, hubris and greed”. Read more: Failed outsourcer Carillion hid true level [...]
Barclays Africa sacks KPMG amid allegations of links to South African corruption scandal May 3, 2018 Barclays Africa today withdrew its recommendation to reappoint KPMG as one of two joint auditors. The move is the latest chapter in a saga which has seen the Big Four accountant’s South African arm become embroiled in a conduct scandal. In mid-April South Africa’s auditor general stripped KPMG of all its central contracts amid allegations [...]
City of London Police launch Cyber Griffin initiative to fight online crime in Square Mile May 2, 2018 The City of London Police have launched a new initiative to help protect businesses in the Square Mile from cyber attacks. Called ‘Cyber Griffin,’ the new programme will see specially-trained officers lead a series exercises which will include threat briefings, incident response training and more. The initiative is aimed at businesses within the City and [...]
Investment Association and KPMG team up to warn asset managers on threats of cyber breaches May 1, 2018 The Investment Association is teaming up with big four auditor KPMG to launch a report into cyber resilience for asset management as it launches a key conference in the City today. The trade body for asset managers will bring together law enforcement experts and government agencies to launch the joint report, titled “Building Cyber Resilience [...]