Audit resignations jump as sector faces regulatory pressure February 3, 2020 The number of audit firms to resign from jobs jumped last year as the sector comes under increasing regulatory pressure. Resignations have risen 21 per cent to 229 in 2018/19, up from 190 the previous year, according to the latest research by Thomson Reuters. The spike in resignations comes as audit companies are increasingly in [...]
AIM and FTSE Small Cap firms ‘falling behind’ on board diversity February 3, 2020 London’s FTSE Small Cap (SMC) and AIM exchanges are lagging behind their larger peers when it comes to diversity on company boards, according to a new report. A mere 15 per cent of AIM directors are women, while over a third of companies listed on the market have all-male boards, according to a study by [...]
London retains crown as top renminbi hub as trading hits record levels February 3, 2020 London has retained its position as the leading hub for trading the renminbi outside of greater China, with cross-border trading of the Chinese currency hitting record levels. Nearly 3 trillion yuan (£328bn) was cleared by the UK’s designated renminbi clearing bank between September and November last year. This represents a year-on-year increase of almost 23 [...]
Johnson says Australian model on the cards for UK–EU trade deal February 2, 2020 Boris Johnson will today fire the starting gun on trade negotiations with the European Union, with the government floating the idea of a looser Australian-style deal if a more comprehensive arrangement cannot be agreed. In a speech today the prime minister will say the UK is aiming to negotiate a Canada-style free trade deal, “but [...]
Sky urges Ofcom to take action against public service broadcasters February 2, 2020 Sky has urged the broadcasting regulator to take action against ITV and Channel 5, saying the channels benefit from too much “government support”. Ofcom, the communications regulator, allows public service broadcasters – the BBC, ITV, Channel 4 and Channel 5 – certain benefits in return for them making programmes that benefit the public. However, paid-for [...]
Airbus agrees to pay record €991m UK fine in €3.6bn global bribery settlement January 31, 2020 A London court today approved a record €991m (£833m) fine for Airbus in exchange for suspending the prosecution of alleged bribery. The deferred prosecution agreement (DPA) was part of a €3.6bn global deal agreed with prosecutors in the UK, US and France. Airbus has agreed to pay France €2.08bn and the US €525m to bring [...]
British Steel rescue under threat as French government opposes Jingye deal January 31, 2020 The Chinese takeover of embattled British Steel is hanging in the balance after the French government said it would oppose the deal. According to Sky News, French finance minister Bruno Le Maire last week told his counterpart Sajid Javid that it would veto Jingye’s £50m takeover of the UK’s second largest steel manufacturer. A source [...]
FCA opens probe into M&C Saatchi’s £12m accounting blunder January 31, 2020 The City watchdog has launched a probe into M&C Saatchi’s accounts after the advertising giant admitted an £11.6m accounting error in December. The Financial Conduct Authority (FCA) has opened its own investigation into the issue, which saw M&C Saatchi shares implode. M&C Saatchi also issued a profit warning at the same time, admitting earnings could [...]
Listed firms need public flogging January 31, 2020 The £18.5 trillion in assets managed by members of the Investor Forum would cover a fair few shopping trips to Poundland, and buy its parent’s shares hundreds of times over — but will public market shareholders get the chance? That’s one of the questions indirectly prompted by the forum’s latest annual review, which highlights the [...]
Watch out for IR35, the tax rule that could ruin your business January 31, 2020 If you haven’t yet heard of IR35, the controversial tax rule, it’s time to start learning. The rule, designed to limit tax avoidance through “disguised employment”, already means that off-payroll workers who would otherwise be deemed directly employed are taxed at the same rate as employees. But from April the law changes: it will be [...]