Will the Bank of England cut interest rates? December 18, 2019 UK inflation data came out today, leaving economists to ponder whether the Bank of England would consider cutting or raising interest rates before the end of 2019 or even early into 2020. The Consumer Prices Index stood at 1.5 per cent in November, flat on October and half a per cent below the Bank of [...]
Financial Reporting Council unveils plans to beef up enforcement in audit cases February 5, 2020 Audit watchdog the Financial Reporting Council (FRC) today announced plans to create a “more forceful regulator”. The FRC has been heavily criticised for the slow pace of its investigations into matters such as the audit of Hbos shortly before its collapse. It has also been criticised for its perceived toothlessness and its cosy relationship with [...]
City Moves for 5 February – Who’s switching jobs at Dechert, Just Group and Clearcourse? February 5, 2020 Today’s City Moves includes Dechert, Just Group and Clearcourse Dechert Global law firm Dechert has announced that Solomon J. Noh has joined the company’s financial restructuring practice as a partner based in London. Solomon represents sophisticated investment managers in financial restructurings, financings, and mergers and acquisitions. Recently, he represented a consortium of hedge funds in [...]
Shares in M&C Saatchi plunge after it announces £6.4m charge following accounting errors August 12, 2019 Shares in M&C Saatchi fell more than 20 per cent this morning after it announced a £6.4m charge after discovering accounting errors. The advertising agency network said that following an internal accounting review it had set aside £4.9m related to specific issues identified within its accounts and £1.5m “as a conservative measure to provide for [...]
Beales on the brink of collapse in difficult weekend for high street January 12, 2020 Department store chain Beales was on the brink of collapse today in what has been a torrid period for the high street. The Bournemouth-based company is set to go into administration if it is unable to complete a sale, according to reports. In December, Beales appointed KPMG to launch a strategic review including assessing a potential sale. [...]
City Moves for 30 January – Who’s switching jobs at Digital UK, Aspen and Optilan? January 30, 2020 Today’s City Moves includes Digital UK, Aspen and Optilan Digital UK Freeview platform operator, Digital UK has appointed Sarah Milton as chief operating officer. Her remit will incorporate the day-to-day running of the Freeview service as well as customer support and experience. Sarah spent 15 years at Channel 4, where she was at the forefront [...]
Star stockpicker apologises for ‘having too much’ Wirecard stock January 28, 2020 Former Jupiter fund manager Alexander Darwall has apologised to investors for making too large a bet on fintech Wirecard, which is facing scrutiny over its accounting practices. At one point Darwall, who left Jupiter in July to establish his own fund management business, had over 17 per cent of his £1bn investment trust in the [...]
City Moves for 28 June – Who’s switching jobs? June 28, 2019 Today’s City Moves includes Nomura, KPMG and City A.M. Nomura Nomura Asset Management has announced Ben Sackitey has joined the Europe, Middle East and Africa (EMEA) distribution team as business development director, focusing on UK wholesale, having previously spent seven years at Jupiter Asset Management. He will be supporting Nomura UK’s strategy to develop its [...]
Goals Soccer Centres bought by Soccerworld and private equity firm Inflexion after accounting fiasco October 31, 2019 Five-a-side football operator Goals Soccer Centres has been acquired today by rival Soccerworld and private equity firm Inflexion. Goals has been hit by an accounting scandal after its auditor BDO discovered it had mis-declared VAT amounting to at least £13.2m. The company delisted its shares from Aim in August after it declared it was unable [...]
FTSE 100 sinks into red as China virus scare hits shares January 21, 2020 The FTSE 100 was on track for its biggest fall since early December this morning as investors were rattled by an outbreak of a new strain of coronavirus in China. The London blue-chip index slipped more than one per cent in early trading, with luxury and travel stocks leading the slide. Burberry fell more than [...]