Markets roundup: Speculation lifts Paddy Power, while Carillion continues to struggle November 24, 2017 Black Friday is drawing to an end. The day has seen record spending on Barclaycard and all-time-high numbers on Argos’s website, though KPMG today warned of the impact discounting could have on retailers. Read more: Black Friday 2017: Purchases hit a record high this lunchtime, according to Barclaycard Although they may have been in the [...]
Coincidence? Retailers’ profit margins have been squeezed since Black Friday hit UK shores, KPMG reveals November 24, 2017 The Black Friday phenomenon seems to be sticking around in the UK, as more and more retailers have extended offers on both sides of the big day. But there could be a darker side to the shopaholic frenzy, according to KPMG. Data compiled by the accountancy firm has found that profit margins of the UK’s [...]
Builders and headhunters under financial pressure as insolvencies edge up – but there could be hope for retailers November 10, 2017 The number of firms collapsing into administration rose in the third quarter, according to notices filed with the Britain’s official public record. Analysis of the London Gazette revealed some 302 companies appointed administrators during the third quarter, up from 297 in the second quarter and 295 in the same period 12 months ago. The steady [...]
Monarch Airlines administrator KPMG vows to appeal “disappointing” lost High Court ruling over £60m airport slots November 8, 2017 KPMG, the administrator of doomed airline Monarch, has vowed to fight on after today losing a legal battle to sell take-off and landing slots believed to be worth as much as £60m. High Court judges this morning supported an earlier decision by Airport Coordination Limited – an independent slot coordinator – that the airline did [...]
Rivals PwC Deloitte and EY circle KPMG’s position as Bank of England auditor November 4, 2017 The Bank of England is reportedly seeking a new auditor, in a move which could see it part company with KPMG. Rivals are gearing up to take the role from KPMG according to Sky News. The firm has been the auditor for the central bank for a decade, having been brought in just before the [...]
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 [...]