Audit reforms: IoD call for caution in plans to break Big Four dominance July 8, 2021 The government should approach its plans for an audit and corporate governance reform with greater caution, said the Institute of Directors (IoD). A government white paper aimed at breaking up the concentration of the Big Four auditing firms – Deloitte, PwC, KPMG and EY has stirred criticism from the business group, who said that the [...]
Cairn Energy wins freeze on India-owned assets worth €20m in Paris July 8, 2021 UK-listed Cairn Energy wins a freeze on some of India’s state-owned assets in Paris, worth over €20m (£17m), as the company dials up the pressure on the government of India to pay an arbitration award that it won last year. Cairn said the freeze was ordered by a French tribunal on around 20 centrally located [...]
BlackRock raises $250m for climate funds in emerging markets July 8, 2021 BlackRock raised over $250m (£181m) for its climate finance fund to invest in a selection of countries in Asia, Latin America, and Africa, the company announced today. Through its Climate Finance Partnership, the world’s biggest asset manager will focus on investing in renewable power generation, energy storage solutions and electrified transportation services. Blackrock said it aims [...]
Business growth returns across financial services sector in second quarter July 8, 2021 Business volumes across the financial services sector in the second quarter grew at its fastest pace since June 2017, after stalling in the previous quarter. Growth in business volumes across the financial sector in the second quarter was at 40 per cent, its fastest pace since June 2017, and is expected to continue in the [...]
Former trader at JP Morgan wins case against investment bank over spoofing July 7, 2021 Former trader at JP Morgan wins case against investment bank over spoofing
Wag vs Wag: Coleen Rooney claims dismissed in libel battle against Rebekah Vardy July 7, 2021 London’s High Court threw out parts of Coleen Rooney’s defence in her ongoing libel battle against Rebekah Vardy this morning. Rooney, 35, accused Vardy, 39, of leaking “false stories” about her private life in October 2019 after carrying out a months-long “sting operation” which saw her dubbed “Wagatha Christie”. Vardy, who is married to Leicester [...]
Page Group shares rise as labour market improves and recruiter predicts £135m profit July 7, 2021 Page Group shares rise as labour market improves and recruiter predicts £135m profit
Support jobs at risk at Deloitte as firm moves to flexible working July 5, 2021 A total 150 employees at Deloitte are at risk of losing their job, as the firm’s decision to pivot to permanent flexible working has reduced the number of admin tasks at the company. Around a quarter of the 560 secretaries employed by the Big Four firm could lose their jobs, saving Deloitte some £4m annually [...]
EY creates independent audit board ahead of operational separation July 5, 2021 EY has appointed two independent non-executive directors to its newly created UK Audit Board, ahead of plans to operationally separate its UK audit practice from its consultancy business. Last summer the accounting watchdog asked the Big Four firms to separate their audit units from the rest of their business by 2024. Auditors have come under increased regulatory [...]
UK management consultancy industry smashes forecasts with £12bn revenue July 5, 2021 The UK’s management consultancy industry has grown at double the rate expected for this year, with revenue hitting £12bn, according to the industry’s representative body. The report by the Management Consultancies Association (MCA) found exports have doubled, despite working from home orders across the UK. “The global attractiveness of the UK consulting sector, the second biggest in [...]