Every London borough ranked by house price growth in the next three years November 3, 2017 Despite doomsday predictions for house price growth in the capital, prices in Hackney will continue to keep growth strongly over the next three years, new research has suggested. Prices in Hackney are expected to grow more than five per cent in the years to 2020, followed by Westminster and Lewisham, which will both experience growth [...]
Asset managers are hugely underestimating the amount of capital they must hold to cover risk compared with watchdog expectations October 27, 2017 The amount of money which asset managers are holding to cover potential risks is falling well below the financial watchdog's expectations, according to a new report from KPMG. On average, asset managers in the UK are being told by the Financial Conduct Authority (FCA) to hold 82 per cent more capital than they have already [...]
London tech startups head on Brexit trade mission to France with Mayor of London Sadiq Khan October 23, 2017 The Mayor of London is leading a delegation of top tech startups to Paris to rustle up investment interest from across the channel and bolster innovation ties between the two cities. Entrepeneurs from Smartzer, a platform which can make online video shoppable, pregnancy health app Baby2Body and Realeyes, which uses technology to read emotional reactions [...]
City of London calls for a fintech sector deal to ensure UK remains leading hub after Brexit October 12, 2017 Fintech must get its own sector deal in order for the UK to remain a world leading centre after Brexit, City leaders have signalled. The industry has been urged to come together to urge the government to come up with a deal for the sector, which contributed £6.6bn to the economy last year, to ensure [...]
City grandee John Connolly reveals Cogital’s rapid expansion, a £1bn target and plans for an IPO October 3, 2017 A rapidly expanding challenger to Britain’s biggest accounting firms will soon be beyond the reach of its Big Four rivals, its founder, the former head of Deloitte, said this morning. John Connolly, also the chair of G4S and Amec Foster Wheeler, told City A.M. Cogital is targeting more than £1bn of revenues and a potential [...]
Monarch dethroned: Rival budget airlines’ shares take off as firm collapses and Greybull gets set to lose £170m October 3, 2017 Monarch collapsed into administration yesterday, affecting the journeys of 860,000 passengers in the largest UK airline failure in history. The failure of the Luton-based company led to transport secretary Chris Grayling ordering the “country’s biggest ever peacetime repatriation” to fly back 110,000 passengers stranded abroad. The rescue operation will cost around £60m, the Civil Aviation [...]
Monarch Airlines collapses prompting “biggest ever peacetime repatriation” of 110,000 stranded passengers October 2, 2017 Monarch has ceased operations with immediate effect having collapsed into administration this morning. Around 110,000 passengers have been left stranded overseas. Authorities are promising to ensure they are flown back home in what transport secretary Chris Grayling called “the country’s biggest ever peacetime repatriation”. All flights have been cancelled and authorities are urging passengers with [...]
Carillion Middle East suitor plots takeover attempt and prized London listing September 26, 2017 At least one Middle Eastern construction firm is eyeing Carillion’s update this Friday ahead of a potential takeover bid for the struggling builder. Final touches are being put to an offer from a new suitor to buy up Carillion’s shares and give the operator access to the firm’s London listing, City A.M. understands. The bidder [...]
KPMG has been cleared of wrongdoing over its 2007 HBOS audit September 19, 2017 KPMG has been absolved of responsibility by the accounting watchdog over its auditing of HBOS in the run-up to the bank’s collapse in 2008, saying at the time there was no evidence market conditions would take such a dramatic turn. The Financial Reporting Council (FRC) said today after a detailed investigation, it had decided it [...]
EY heads off competition and snares BHP Billiton audit from 2019 August 22, 2017 Big Four accountant EY has snared a lucrative victory, replacing KPMG as mining giant BHP Billiton’s auditor. BHP conducted an audit tendering process during the year in the wake of regulations forcing firms to rotate their statutory accountants. As a result, incumbent KPMG did not bid to continue its role. EY will take over from [...]