Chinese billionaire sentenced to 18 years in prison for ‘picking quarrels’ July 29, 2021 A Chinese billionaire has been sentenced to 18 years in prison after being charged with “picking quarrels and provoking trouble” in China, according to reports. Pig farming mogul Sun Dawu, a prominent figure in China, was also fined nearly $500,000 under the charge that has previously been used against activists and dissidents. Around 20 family [...]
KPMG may rebuild restructuring arm one year after selling it for over £350m July 29, 2021 KPMG is reportedly creating a new division to advise on corporate restructurings, less than a year after it sold its UK insolvency advisory business for over £350m. The big four auditor made the move as a result of new competition laws which made achieving profits from its non-auditing services harder, according to the report in [...]
Green with envy: companies around the world have pledged to go net zero without a plan to get there July 29, 2021 There has been an avalanche of commitments to reduce emissions, from private companies to governments around the world. More than 20 per cent of the world’s largest corporations have set net zero targets and most major economies have committed to achieving net zero by the mid century. Yet, with the existing policies, we are currently [...]
Coronavirus and the impact on UK insolvencies July 29, 2021 We’ve spoken to insolvency expert, David McGinness, Insolvency Practitioner at French Duncan Restructuring & Debt Advisory, on how the coronavirus pandemic has impacted businesses across UK and what the future holds for them. David McGinness has more than 15 years experience in all types of personal and corporate insolvency. Through the course of his insolvency [...]
Corruption in the City: Pinning down companies’ criminal accountability July 28, 2021 This summer marked 10 years since the UK Bribery Act 2010 came into force. Amongst many new powers granted under the law, a particularly significant one was that of the ‘failure to prevent’ corruption or bribery, under which businesses could be held liable and responsible for the actions of their subordinate, unless they had sufficiently [...]
C-suite diversity credentials to be laid bare under new FCA rules July 28, 2021 The UK’s financial watchdog is seeking to implement new rules that will force listed companies to disclose their c-suite diversity credentials, it announced today. The Financial Conduct Authority is seeking feedback from firms on proposed rules that will see listed companies publish a “comply or explain” statement breaking down whether they have reached proposed diversity [...]
City Corporation urges firms to support its socio-economic diversity task force July 28, 2021 The City of London Corporation is calling on financial and professional services firms to encourage their networks and employees to support its socio-economic diversity task force. At a virtual meeting, City Corporation policy chair Catherine McGuinness asked individuals and organisations to get involved by being informed and using their influence to raise awareness of the [...]
City Moves: Who’s switching jobs in the Square Mile this week? July 28, 2021 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Environmental Agency chair joins Green Finance Institute board The Green Finance Institute (GFI) has posted the chair of the UK’s Environmental Agency as its new interim chair, following the death of its founding chairman Sir Roger [...]
Sheffield Forgemasters nationalised amid fears of collapse July 28, 2021 The Ministry of Defence (MoD) has bought out Sheffield Forgemasters, a key supplier to the UK’s nuclear programmes, it was confirmed today. The firm said that the £2.6bn investment would “secure Sheffield Forgemasters’ role as a critical supplier to the next generation of UK Defence programmes, while continuing our independent commercial activities.” After increasing concerns [...]
Music Magpie posts rise in profit after London IPO July 28, 2021 Tech resale site Music Magpie has posted a rise in revenue and profit in its first interim results since floating on the London Stock Exchange earlier this year. The online retailer, which allows consumers to exchange old devices such as phones and game consoles for cash, reported adjusted pre-tax profit of £4m in the six [...]