My Local formally collapses into administration putting 1,658 jobs at risk June 29, 2016 Convenience chain My Local has formally gone into administration putting 1,658 jobs at risk. The embattled retailer, which is set to shut 90 shops, has appointed KPMG to act as administrators. Formerly owned by Morrisons and called M Local, the supermarket chain was snapped up by Greybull Capital in a deal reportedly worth £25m last year. Morrisons has confirmed [...]
Brexit blues: Consumers say they’ll be saving in the coming months as analysts predict a spending squeeze for Brexit Britain June 29, 2016 Brexit is already starting to bite for consumers, with the some of the first insights into post-referendum attitudes showing that Brits are convinced their livelihoods will be hit and predictions that UK spending will be squeezed. Sixty-one per cent of consumers are worried about the future of the UK economy and think Brexit will negatively impact their [...]
Accounting watchdog announces investigation into KPMG over HBOS June 27, 2016 The accountancy watchdog has launched an investigation into KPMG over its audit of HBOS. Specifically, the Financial Reporting Council (FRC) is looking into the conduct of KPMG Audit relating to its audit of HBOS for the year ended 31 December 2007. In 2008, HBOS collapsed and needed to be bailed out by Lloyds, shortly after the [...]
Slim cyber silver lining for Barclays as the lender’s techies flee Brexit all-nighter for the Cyber Security Awards June 27, 2016 Not everyone at Barclays is having a bad start to the week. Suffice it to say, things aren't going well for the lender right now. It was suspended from trading on Monday after share prices fell more than 18 per cent as the fallout from last week's Brexit vote continues. As most financial services firms watched the results come in on Thursday with baited [...]
Accounting watchdog set to announce verdict of probe into KPMG’s HBOS audit June 26, 2016 The accounting watchdog is set to announce the verdict of its probe into KPMG’s audit of collapsed bank HBOS on Monday. The Financial Reporting Council (FRC) met last week to consider the outcome of preliminary enquiries. Read more: FCA confirms it will investigate former HBOS bosses The body said on Thursday that its conduct committee [...]
Brexit vote gives defined benefit pensions yet another battering, as markets swing wildly after Leave decision is revealed June 26, 2016 The vote for Brexit may have driven another nail into the coffin of defined benefit (DB) pension schemes, after the markets went into meltdown on Friday. Figures from Hargreaves Lansdown show that around 33 per cent of UK scheme investments consist of shares, 25 per cent of which are UK shares, which will have come as [...]
What Brexit means for your pension June 24, 2016 The UK went to the polls yesterday to make the historic decision to leave the EU, a result the markets had not exactly geared themselves up for. More than £100bn was wiped off the FTSE 100 this morning, while the pound dropped to its lowest point against the dollar in over 30 years, so many people [...]
Another corporate finance firm is launching a fintech venture arm June 21, 2016 German exchange owner Deutsche Boerse is wrapping up its investments in financial technology companies into a standalone venture capital fund and will ramp up its funding in fintech firms, joining the rush of corporates eyeing a slice of disruptive startups. DB1 Ventures will include a handful of existing investments, including a stake in Blythe Masters' blockchain startup Digital Asset Holdings, some [...]
Do you work for one of the UK’s 25 most attractive employers? June 21, 2016 It's causing fevered debate in offices. Politicians are clashing over it. The cats of social media are up in arms about it. Yep, LinkedIn's list of the UK's top 25 most sought-after employers is out – and the good news is that City institutions are faring pretty well. The list, based on analysis of the site's 20m members, [...]
What will happen to UK equities if we leave the European Union? June 21, 2016 The pound and the FTSE soared yesterday, as the Remain camp wrestled back its lead in the polls. But the outcome of Thursday’s EU referendum is far from clear, with pundits saying that voter turnout will be pivotal in determining whether the UK stays or leaves. If Article 50 is triggered and sterling dives, what should [...]