Audit regulator proposes challenger firms get larger share of the work January 25, 2020 The Financial Reporting Council (FRC) has proposed a regime to the government that would see challenger firms outside the so-called big four auditors be given a substantial proportion of the audit work of major British companies. The accounting regulator has drawn up plans behind closed doors that would require all but the very biggest FTSE-350 [...]
World’s biggest banks pushing for £4bn post-Brexit tax cuts to boost the City January 25, 2020 Some of the biggest banks in the world are set to demand tax cuts of up to £4bn per year following Brexit, having paid the Treasury tens of billions in additional levies since the financial crisis. Banks want the government to show its support for its “Global Britain” slogan by convincing global financial giants to [...]
Australian Dollar to GBP – Could this be one to watch? January 24, 2020 Singapore Dollar Fears of the coronavirus which has been spreading from China have affected global market sentiment. This week in Singapore December consumer price inflation results beat expectations; with food, transport, communication, and education costs the highlights. Beating November’s 0.6 per cent and the prediction of 0.7 per cent, December’s 0.8 per cent result is in line with the Monetary Authority of Singapore [...]
Virgin Money begins the search for a new chairman January 24, 2020 Virgin Money today announced that its chairman, Jim Pettigrew, will be stepping down from his role. Pettigrew will retire in September 2021 – when his tenure on the board will hit the new nine-year limit for chairmen. Virgin Money said that Pettigrew’s departure is “in line with the board succession plan and good corporate governance [...]
Boris can lead a Conservative council housing revolution January 24, 2020 With Boris Johnson now undisputed world king of the post-Brexit scene, the only relevant policy debates are those going on inside the government itself. These are yielding unusual fruit. Esther McVey, a deep-dyed Thatcherite and an advocate of blue-collar Conservatism, has been arguing for more council housing. The housing minister wants to help those “left [...]
Culture secretary Nicky Morgan warns BBC not to ignore licence fee row January 23, 2020 The culture secretary has warned the BBC it would be making a “big mistake” if it thought the row over the licence fee was not an issue of public concern. Baroness Nicky Morgan dismissed the notion that the broadcaster’s funding model was only relevant to those in Westminster, arguing instead that it affect the wider [...]
Ex-HSBC executive sues top managers including former boss John Flint January 23, 2020 HSBC’s ex-global head of currencies and commodities is suing its former chief executive and three senior managers as part of an unfair dismissal claim. Frederic Boillereau, who left the bank in 2018, is bringing a whistleblowing case against HSBC next week, according to Bloomberg reports. It is thought that Boillereau’s departure came as a result [...]
New London hotel drives revenue up for Park Plaza owner PPHE January 23, 2020 Park Plaza hotel operator PPHE reported a jump in revenue following the opening of a new London venue. Like-for-like group room revenue for the year grew 6.3 per cent to £249m, from £234m the previous year, while reported room revenue was up 5.9 per cent to £250m. The FTSE 250 real estate group said revenue [...]
Mothercare replaces senior leadership as firm gets to grips with new life January 23, 2020 After closing all 79 of its stores last weekend, collapsed retailer Mothercare has this morning announced wholesale changes to its leadership. Following on from November’s transformation plan, when the group announced plans to become an international franchise operation, the firm today said that chief executive Mark Newton-Jones would step down. He will remain as an [...]
The world has changed, but Davos has failed to keep up January 23, 2020 As the fiftieth World Economic Forum’s annual Davos meet-up continues, “grounded” British ministers are, according to Boris Johnson, focusing on priorities at home — or forging stronger relationships with African states at the UK-Africa Investment Summit. It’s a shrewd move, not only because of the way it looks in the press for the Prime Minister’s [...]