Pressure mounts on the CMA to break up accountancy’s Big Four October 1, 2018 The UK’s competition body has been told to “bare its teeth” and investigate breaking up the Big Four accountancy firms, as it prepares to announce a decision on whether it will investigate the sector. Three senior politicians from across the main parties have called on the Competition and Markets Authority (CMA) to find ways to [...]
Could this pro-Brexit economist be what Threadneedle Street needs? September 24, 2019 Gerard Lyons’ candidacy for governor of the Bank of England may look like a pro-Brexit ploy, a way to sneak Boris Johnson’s optimism into a pessimistic institution. But Lyons – who has never worked in a central bank, served as Johnson’s chief economic adviser when the now-Prime Minister was mayor of London, and was previously [...]
These are the London boroughs where first-time buyers are getting the biggest discounts October 18, 2019 Recent reports of lagging London house prices have generally been met with a groan, as the mortgaged majority fret over the value of their property investment. This is not the case for would-be first-time buyers, though, who might find that they can snap up a home for less than they initially expected, or be able [...]
Uber under investigation by US and foreign tax authorities June 4, 2019 Uber has revealed it is under investigation by a string of tax authorities in the US and abroad. The ride-hailing firm said in a filing today that the Internal Revenue Service (IRS) has launched a probe into its taxes for 2013 and 2014. Read more: Uber loses $1bn in first quarterly results since stock market [...]
PwC global chair says firm ‘cannot rest on laurels’ as global revenues pass $40bn October 2, 2018 The global chairman of PricewaterhouseCoopers (PwC) has said audit remains “at the heart of what we do”, after global revenues at the professional services giant rose above $40bn (£30.66bn) for the first time despite a series of accounting scandals. Total revenue across PwC’s international network of firms hit $41.3bn, a seven per cent rise in [...]
Is oil’s relationship with energy stocks slipping? October 21, 2019 Our chart of the month shows that the link between energy stocks and oil appears to be on the slide. What’s happening? Typically, the US energy sector trades in tandem with oil prices. The sector is largely made up of household names like Exxon and Chevron, involved in exploration and production. They are known as [...]
Indivior shares soar as Suboxone posts slower market share decline July 11, 2019 Indivior soared on the markets this morning as it raised full-year guidance after its Suboxone lost less market share than was expected. Shares had jumped nearly 40 per cent by around 9am, as the company raised net revenue guidance to between $670m (£495m) and $720m. It had previously forecast revenues of $525m to $575m. They [...]
City watchdog launches crackdown on ‘buy now pay later’ deals June 12, 2019 The City watchdog has launched a crackdown on ‘buy now pay later’ deals in a bid to save consumers up to £60m a year. The Financial Conduct Authority has announced plans to ban retailers from charging backdated interest rates on loans repaid during the offer period. Read more: Financial Conduct Authority issues warning to high [...]
Financial Conduct Authority launches review into competitiveness of London’s £68bn insurance broker market November 8, 2017 Financial regulators are to probe whether the City’s prized insurance broker network is delivering value for money amid concerns it is skewed towards larger players, allowing them to squirrel away bigger profits. The Financial Conduct Authority (FCA) wants to know whether London’s £68bn insurance market is fostering sufficient innovation and competition and today launched a [...]
Regulator steps up scrutiny of fintech banks June 26, 2019 Applications to become the next Monzo or Revolut are falling under greater scrutiny, as regulators act on concerns about risk management. The Prudential Regulation Authority (PRA) only approved four applications for banking licences in the 12 months to the end of February, down from 14 in the previous year. However the number of applications remained [...]