Manchester United named most valuable club in the world but must win trophies with Jose Mourinho to stay at the top May 26, 2016 Manchester United have been named the joint-most valuable football club in the world, but have been warned that incoming manager Jose Mourinho will need to improve results if they want to remain top of the pile. Both United and Real Madrid are estimated to be worth £2.1bn in a report published today by accountancy giant KPMG [...]
Fraud reaching “epidemic” levels, costing the UK economy more than £6,000 per second or almost £200bn a year May 25, 2016 Fraud is costing the UK economy nearly £200bn per year – or more than £6,000 per second – with businesses being the biggest targets, a report out today has discovered. The study discovered that the private sector was losing roughly £144bn of the £193bn total lost to fraud every year. In particular, procurement fraud, such as issuing fake invoices and [...]
Brexit wouldn’t be that bad, says property boss May 24, 2016 The incoming chief executive of property firm Helical Bar has said that the idea of Brexit is not as catastrophic as some are claiming. Speaking to City AM, Gerald Kaye said: "It's causing some uncertainty in the market, but Brexit may not be quite as bad as some people suggest. "But the money is on us remaining." Property [...]
Chairman of BIS select committee unimpressed by evidence given on BHS so far May 23, 2016 As the inquiry into the collapse of BHS continues today, chairman of the Business, Innovation and Skills Select Committee has said he is "not impressed" by the people who have given evidence so far. Iain Wright, Labour chair of the committee looking into the sale and acquisition of BHS, told BBC 5live's Wake up to [...]
London companies lost £16bn in 2015 due to risks within their control – KPMG Enterprise May 23, 2016 Businesses in London lost around £16bn last year due to risks within their control, according to new research out today. Firms suffered particularly from an over-reliance on a small number of suppliers and customers, which left them vulnerable to "costly fractures in their supply chain and a loss of vital revenues", according to KPMG Enterprise. [...]
Now it’s the advisers’ turn to be grilled by MPs over BHS collapse May 22, 2016 The topic of the BHS collapse will be heading back into parliament tomorrow, with a string of advisers from top law and accountancy firms due to be grilled by MPs. Ian Greenstreet, partner at Nabarro, Tony Clare, partner at Deloitte, David Clarke, partner at KPMG, Richard Cousins and Steve Denison, both partners at PwC, Emma King, partner at Eversheds and Owen [...]
City Moves for 19 May 2016 | Who’s switching jobs May 19, 2016 Bryan Cave LLP International law firm Bryan Cave LLP has expanded its banking and finance practice in Germany with the addition of Sandra Pfister, who joins as a partner. Sandra is known internationally for her banking and finance work. Joining with Sandra is associate Reinhard Bunjes. Sandra’s expertise is in the area of banking and finance [...]
City A.M. Unregulated podcast: How to be badass in business May 18, 2016 Have we smashed the glass ceiling, or merely created a couple of cracks? In this week's podcast Emma Haslett and Zak Mir are joined by social entrepreneur and A Very Good Company founder Natalie Campbell, and Yael Selfin, KPMG's chief macroeconomic adviser, to discuss City A.M.'s Power 100 list – and ask if the path [...]
The break-up plan: It’s high time to end Britain’s banking oligopoly May 17, 2016 It has been called a near banking "oligopoly". The Big Four banks enjoy such market dominance that they reportedly hold more than three quarters of all active current accounts. According to the FCA, the largest six banks also control 80 per cent of the mortgage market. The Competition and Markets Authority (CMA) grew sufficiently concerned [...]
Royal Bank of Canada kicks off the financial sports day season at Queen Elizabeth Olympic Park May 15, 2016 Summer is just around the corner, and London's well-heeled parents are doubtless parking their 4x4s on school athletics pitches ahead of the sports day season. Kicking things off with a bang, the Royal Bank of Canada hosted its very own sports day for the capital's students at Queen Elizabeth Olympic Park on Sunday. The bank's seventh annual [...]