UK tech firms suffer worst quarter in seven years as uncertainty weighs February 10, 2020 The UK’s thriving tech sector suffered its worst quarter since 2012 at the end of last year as political uncertainty took its toll on growth. Staff hiring declined and new business activity flatlined in the final three months of 2019, according to figures published today by KPMG. UK tech firms reported that overall business was [...]
Coronavirus recovery stalls as UK economy grows just 2.1 per cent in August October 9, 2020 The UK economy grew at just 2.1 per cent in August as the country’s economic recovery showed signs of stalling. Although the figure marked the fourth straight month of growth, it was considerably lower than had been expected. As a result, GDP remains 9.2 per cent lower than it was before the pandemic struck in [...]
Klarna restricts lending rules during lockdown July 20, 2020 Fintech lender Klarna said it has tightened its lending criteria during the coronavirus pandemic. Its vice president Luke Griffiths said Klarna is only accepting new customers that it believes will repay on time, and is increasing the frequency with which it reviews its acceptance criteria. “[Klarna’s] default rate is less than one per cent and [...]
All Beales stores set for closure as no buyer found February 18, 2020 Department store chain Beales is preparing to shutter all of its stores after administrators were unable to find a buyer for the business, putting hundreds of jobs at risk. KPMG said it will “continue discussions with a number of interested parties for a sale of the business as a going concern” but has begun preparing [...]
Softbank plans to sue EY over its role in Wirecard scandal June 26, 2020 Softbank is looking to sue EY over its role in the Wirecard scandal after investing in the embattled German firm last year. The Japanese company is looking to file a complaint against the accounting firm after Wirecard collapsed on Thursday owing creditors nearly $4bn, according to German newspaper Der Spiegel. Wirecard’s longtime auditor EY blamed [...]
Munich prosecutors arrest head of Wirecard’s Dubai unit July 6, 2020 Munich prosecutors have arrested the head of a Dubai-based subsidiary of Wirecard on suspicion of aggravated fraud. Oliver Bellenhaus is the second senior Wirecard employee to be arrested after the former chief executive Markus Braun last month, who has since been released on bail. The firm Bellenhaus ran, CardSystems Middle East, was the largest individual [...]
Accenture to cut up to 900 UK jobs as coronavirus bites July 1, 2020 Consultancy firm Accenture is planning to axe up to 900 jobs in the UK as the firm tries to cut costs to deal with the coronavirus crisis and an uncertain future. Accenture is a US firm headquartered in New York, but it employs more than 10,000 people in the UK. The job cuts are part [...]
Mulberry looks to cut a quarter of workforce June 8, 2020 Mulberry is looking to cut 25 per cent of its global workforce as the British luxury brand looks to reduce its costs after demand for its products was dented by the coronavirus pandemic. Mulberry, which employs around 1,500 people globally, said it expected the recovery of its sales levels in the medium term to be [...]
Coronavirus: How is business in Italy coping with the crisis? March 15, 2020 Milan. City of the Sforzas, La Scala, Internazionale, Giorgio Armani and Dario Fo. The Lombard capital is also the beating heart of the Italian economy; home to the stock exchange; Italian business success stories such as Unicredit, Versace and Pirelli; and outposts of overseas financial institutions, multinationals, law firms and consultancy giants. Sadly, Milan is [...]
KPMG South Africa appoints new boss as it tries to put scandals behind it November 28, 2018 The troubled South African arm of audit giant KPMG today announced a new chief executive from outside the firm. It appointed the deputy chief executive of PwC’s South African arm, Ignatius Sehoole, as its new boss, taking over from Nhlamulo Dlomu, who is stepping down after a year. KPMG has been rocked by a series [...]