Problems mount for BT as US lawsuits are filed and Italian prosecutors kick-off investigation January 25, 2017 Telecoms giant BT has been hit by at least two US lawsuits after admitting to a £530m black hole in the accounts of its Italian arm. The lawsuits have been filed on behalf of shareholders, Reuters reported tonight, accusing BT and three executives of securities fraud. Earlier today Italian prosecutors confirmed they had opened a [...]
BT’s accounting black hole to be investigated by Italian prosecutors January 25, 2017 Italian prosecutors have launched an investigation into BT’s £530m accounting black hole, according to reports. The scale of the scandal today wiped £7bn off the telecom giant’s market capitalisation. BT’s shares fell over 20 per cent yesterday, closing at 303p. And after markets closed, Reuters cited two sources saying Milan prosecutors have started a probe into the [...]
BT says overstatement of earnings in its Italian business over several years will cost the group £530m January 24, 2017 BT revealed this morning that the financial impact of problems in its Italian business has inflated to £530m, from initial estimates of £145m. Shares in the group plunged 16 per cent at the open as the company said third quarter revenue would be reduced by £120m as a result, and a £100m decline in free cash [...]
City Moves for 24 January 2017 – who’s switching jobs? January 24, 2017 Today's City Moves cover online businesses, the legal sector and property development. While Mark Whitburn has joined peer-to-peer lender Saving Stream as its new head of credit, former KPMG partner Jane Moriarty has joined Chelsea-focused London property group Martin's Properties as a non-executive director. Take a look at these movers and shakers: Saving Stream Mark [...]
Here’s what UK tech thinks of Theresa May’s modern industrial strategy January 23, 2017 The UK's tech industry has tentatively welcomed promises by Theresa May to put the sector at the heart of Britain's modern industrial strategy, with funding promised for top artificial intelligence, robotics, 5G and smart energy technologies. “In today’s economy, the tech sector is driving innovation and boosting productivity across all industries. In tomorrow’s economy, every sector [...]
Cycling firm Velusso offers premium biking trips in the Balearics. We geared up to take them for a spin January 20, 2017 Cycling holiday firm Velusso has grand designs on satisfying the needs of City cycling enthusiasts. Its aim: to combine a luxurious break with a darn good workout while providing snippets of what it’s like to be a member of the Olympic cycling team. The post-London Olympic cycling boom led to increasing numbers of cycling holiday [...]
Opec output cuts are in a “probation period” as the market tightens, IEA says January 19, 2017 Demand for oil is rising while investors await news of whether Opec's agreed production cuts will take shape, the International Energy Agency (IEA) has said. A report today by the IEA said the cuts agreed on by the Organisation of the Petroleum Exporting Countries (Opec) and 11 non-Opec producers are in a "probation period" as the market tightens. Opec said it would cut oil [...]
Lloyds Banking Group takes the top spot on Stonewall’s top 100 LGBT employers as banking and legal dominate the list January 19, 2017 Lloyds Banking Group has taken the top spot of Stonewall's top 100 LGBT employers list. Banking and legal dominated the list of the charity's most inclusive employers. Lloyds, which came second to MI5 last year, launched a new colleague volunteering programme and formed official partnership with lesbian, gay, bi and trans (LGBT) charities. Law firm [...]
Saga picks KPMG as its new auditor, replacing EY after a 10-year relationship January 17, 2017 Saga has ditched Ernst & Young (EY) as auditors in favour of KPMG, the company announced this morning. EY has been the FTSE 250 firm's group auditor since September 2014, having previously been appointed auditor across the Saga's principal trading subsidiaries in 2007. Read more: Over 50 per cent growth to Saga profits Under audit directives, listed [...]
UK retail scores “solid yet unspectacular” end to 2016 January 10, 2017 Retailers are bracing themselves for a possible slowdown in consumer spending this year, but the sector ended 2016 in (relatively) good health, thanks to a strong performance on Christmas week. Like-for-like sales in UK retail increased one per cent year-on-year in December 2016, according to figures from the British Retail Consortium (BRC) and KPMG, improving from a [...]