Pound sterling (GBP) drops to five-month low after UK GDP slumps May 25, 2018 The pound eased in afternoon trading today, following a disappointing second estimate of first-quarter GDP growth from the Office for National Statistics (ONS). Sterling was down 0.31 per cent to trade at $1.3339 against the dollar, its lowest level since mid-December last year. Read more: UK GDP: Economy suffers worst rate of growth in six [...]
London tech organisations unite with JP Morgan Chase to double founder diversity by 2020 June 19, 2018 An initiative to boost access to investment for tech startups founded by women and people from minority ethnicity backgrounds has launched today, backed by JP Morgan Chase. Spearheaded by Capital Enterprise, a consortium including Tech Nation, Diversity VC and Your Startup, Your Story, are aiming to double the diversity of founders in London tech startups [...]
Quebec halts energy approvals for crypto miners after surge in applications threatens supply June 8, 2018 The Quebec province in Canada said yesterday that it would temporarily halt energy approvals for new cryptocurrency mining projects to be able to supply the whole province with electricity. After booming demand in electricity from cryptocurrency miners, state-owned Hydro-Quebec will submit an application to Quebec’s energy regulator Regie de l’energie proposing a strategy to select [...]
Poundland owner Steinhoff tells angry shareholders it is renegotiating debt April 20, 2018 Steinhoff, the South African retailer, said today that it is renegotiating its debt as it faced shareholders for the first time since its shares plunged on the emergence of an accounting scandal. An investigation into the scandal is making “good progress”, the acting chairman told investors, and is expected to be completed by the end [...]
UK unemployment falls as number of people in work at record high as wage growth slows June 12, 2018 Unemployment fell by 38,000 between February and April with the employment rate at a record high, according to figures out today from the Office for National Statistics (ONS). But average earnings, excluding bonuses, rose by 2.8 per cent in the three months to April – a slight dip on the 2.9 per cent growth rate [...]
Legal & General boss Sir John Kingman in line to spearhead audit watchdog probe April 4, 2018 The chairman of Legal & General is on the shortlist to lead an investigation into Britain’s top accounting regulator, according to reports. Sir John Kingman, previously a prominent figure in Whitehall as Treasury second permanent secretary, is among those being considered to spearhead a review of the Financial Reporting Council (FRC). The candidate could be [...]
DEBATE: In the wake of the Carillion scandal, is it time to break up the Big Four accountancy firms? May 17, 2018 In the wake of the Carillion scandal, is it time to break up the Big Four accountancy firms? Rachel Reeves MP, chair of the Business, Energy and Industrial Strategy Committee, says YES. Virtually all the FTSE 250 are audited by the Big Four. This cosy and complacent club has long, lucrative relationships with these companies. [...]
PwC’s partnering with tech startup incubator Codebase March 13, 2017 PwC is putting its weight behind technology startups, partnering with the UK's biggest incubator. The professional services giant will support Scotland's Codebase, which is home to more than 80 startups in Edinburgh and will soon launch a second location in Stirling. Read more: Google parent Alphabet is backing London fintech startup Currencycloud It will offer [...]
Sovereign wealth funds’ increasing hunger for alternative assets shows no sign of slowing in the UK January 30, 2018 Sovereign wealth funds (SWFs) are ploughing an increasing amount of their cash into alternative assets, and Brexit is doing little to deter them from the UK, according to a new report. PwC has found that SWFs, the largest of which is Norway’s £772bn government pension fund, are now allocating 23 per cent of their assets [...]
Labour shadow chancellor John McDonnell attacks audit firms for ‘lining their pockets’ and blames Carillion’s demise on regulator failings May 19, 2018 Labour has pledged to smash Britain’s accountancy firm “cartel” and today demanded a “complete overhaul” of the way company finances are policed. Shadow chancellor John McDonnell attacked larger audit firms, which “operate with impunity whilst lining their pockets”. Speaking at a Labour conference in London this afternoon, McDonnell launched a review of both the accountancy [...]