CMA chair Tyrie was ‘forced to step down’ after row with directors June 28, 2020 The chairman of the UK’s competition watchdog was forced to step down three years early after a stand-off with the firm’s chief executive, according to reports. Lord Tyrie, who last week announced he would stand down as chairman of the Competition and Markets authority (CMA) in September three years earlier than planned, had fallen out [...]
Rent day: Landlords braced for as little as one-sixth of quarterly payments June 24, 2020 Commercial property owners are braced to receive as little as 15 per cent of the rent they are owed today, with quarterly payments due by the end of today. Experts have warned of an impending crisis on both the landlord and tenant side without further government support, with businesses across the spectrum unable to pay [...]
FRC tells Big Four auditors to accelerate break-up plan February 27, 2020 The Financial Reporting Council (FRC) has told the Big Four to accelerate the ring-fencing of their audit businesses by strengthening independent governance and improving financial transparency. The regulator wrote to Deloitte, EY, KPMG and PwC this week to set out details of the ‘operational separation’ blueprint, according to Sky News. The FRC is reported to [...]
Industry reacts as Boris Johnson lays out ‘New Deal’ recovery plan June 30, 2020 Boris Johnson has today laid out his vision for rebuilding the UK after the coronavirus pandemic, pledging to “build build build” to get Britain back on its feet. Citing US president Franklin D Roosevelt’s “New Deal” as a model for the plan, the prime minister unveiled £5bn in infrastructure investment and promised to “scythe through [...]
Wirecard shares plummet as firm admits €1.9bn of cash is missing June 18, 2020 Wirecard shares plummeted more than 66 per cent this morning after the payments group announced its auditor could not confirm the existence of €1.9bn (£1.71bn) in cash. The German firm today said there were indications that a trustee of Wirecard bank accounts had tried to “deceive the auditor and create a wrong perception of the [...]
Wirecard short sellers make ‘a fortune’ as shares nosedive on missing €1.9bn June 18, 2020 Wirecard short sellers hit the jackpot today as shares in the German fintech plummeted following reports of a €1.9bn (£1.7bn) accounting black hole. Short sellers have piled bets against the payments firm, which offers customers electronic payment transaction services and risk management, amid mounting questions over its accounting accuracy. Wirecard’s announcement this morning that auditor [...]
Prince Andrew’s former private secretary quits troubled Pitch@Palace April 7, 2020 The Duke of York’s former private secretary is said to have quit her role as chief executive of his embattled Pitch@Palace initiative. Amanda Thirsk, who served as Prince Andrew’s aide for 15 years, has resigned to take up an undisclosed role in the private sector, Sky News reported. It comes as the initiative, which offers [...]
Coronavirus pandemic ‘worse than financial crisis’ for UK retail sector April 28, 2020 The impact of the coronavirus pandemic on the high street has been worse than the aftermath of the financial crisis, experts said as UK retail health plunged to record lows. The retail health index by KPMG and Ipsos fell three points to 71 in the first quarter of the year – a new record low. [...]
Deal or no deal? How coronavirus is impacting M&A March 22, 2020 Deal advisers say they fear the coronavirus crisis could stop M&A in its tracks in the UK, but predict a wave of distressed deals in the coming weeks as struggling businesses are picked up and companies band together to try and ride out the economic shutdown. KPMG’s head of deal advisory in the UK Liz [...]
Signs of a positive Q4 despite lingering crisis September 9, 2020 Going into Q4 2020, we’re seeing EMEA starting to peek its head over the crest of the global pandemic. The just-released SS&C Intralinks Deal Flow Predictor for Q4 2020 forecasts that M&A announcements may see a YOY uptick of +6 percent, within a range of +15 percent to -2 percent. Distressed M&A deals have risen slightly here, but [...]