Treasury’s U-turn plugs brain drain fears: City bosses welcome “reverse burden of proof” retreat October 16, 2015 City bosses have welcomed the Treasury’s U-turn on controversial plans for a so-called “reverse burden of proof” for senior bankers, saying that the reversal will help the Square Mile retain and attract top talent. A leading City head-hunter told City A.M. that the Treasury’s initial proposals, which would have required bankers to prove they were unaware [...]
Tesco profit overstatement: PwC faces double investigation by accountancy watchdog FRC December 22, 2014 The Financial Reporting Council (FRC), the regulator for the UK’s accountancy industry, yesterday announced it was launching two separate investigations into the activities of professional services giant PwC. The probes will look into the book-keeping role played by the Big Four accountant in recent scandals involving UK supermarket chain Tesco and banking monolith Barclays. In [...]
UK is investing more in India than any other G20 country September 2, 2015 BRITAIN is investing more in India than any other country in the G20, according to a new report out today from the Confederation of British Industry (CBI). The CBI, with PwC and the UK India Business Council, found that in the past five years, the UK had invested $22.2bn (£14.5bn) in India, making up nine per cent [...]
Mind the skills gap: Talent shortage costs UK economy £10bn a year September 18, 2015 The economy is losing billions of pounds a year because firms cannot access the skills they need, one of the country’s top economists has warned. There are currently 170,000 more unfilled job vacancies compared with the average for the 2001-14 period, PwC senior economic adviser Andrew Sentance writes in City A.M. today – a [...]
City Moves for 26 August 2015 | Who’s switching jobs August 25, 2015 Close Brothers Asset Management Nicholas Cliffe has been appointed investment director at the investment management firm. He joins from HSBC Global Asset Management, where he spent five years as a discretionary wealth manager. Ashurst The law firm has appointed Shaun Lascelles as a partner in its global private equity team. He joins from the London [...]
Transport for London offers £10,000 grant for cycling safety programmes August 24, 2015 Cycling enthusiasts can apply for up to £10,000 in funding from Transport for London (TfL), under a new scheme announced today. TfL said it will give community groups and not-for-profit organisations money for cycle safety training, bike maintenance and guided rides throughout the capital. Applications for grants will close on 21 September. Ben Plowden, TfL’s director [...]
City looks to end of year float flurry as companies prepare IPOs October 15, 2015 London flotations are bouncing back as investor confidence returns to the market, with a pipeline of new listings expected before Christmas. Initial public offerings (IPOs) were in short supply during the summer, with China’s slowing economy triggering global stock market mayhem and a sharp downturn in investor morale. But yesterday, McCarthy and Stone, which builds [...]
City heavyweights including L&G’s Nigel Wilson, Sainsbury’s David Tyler and BNY Mellon’s Helena Morrissey join working group to overhaul executive pay September 8, 2015 A new panel of city executives is exploring whether to scrap long-term share awards as part of a radial overhaul of city boardroom culture. The Executive Remuneration Working Group was set up by the Investment Association, which represents the UK's £5.5 trillion asset-management industry, to examine how to simplify executive pay. Daniel Godfrey, chief executive [...]
UK government finances back on track as George Osborne tries to balance the books October 21, 2015 The government borrowed £1.6bn less in September than it did in the same month in 2014, according to figures published by the Office for National Statistics yesterday. Government borrowing since April, which tends to be a better indicator of state finances than single monthly figures that can be volatile, is down £7.5bn to £46.3bn. Chancellor George [...]
Cyber security talent shortage: Business is struggling to keep up with sophisticated criminals October 26, 2015 Concerns about cyber security are growing in prominence, but companies and law enforcement agencies are still playing catch-up in their attempts to counter ever more sophisticated cyber criminals. While the cyber attacks on TalkTalk and Ashley Madison have made headlines around the world, the day-to-day business of protecting a company against attack goes largely unnoticed. [...]