Post Office draws up plan to share profits with postmasters April 12, 2021 The Post Office is said to be considering plans that would enable postmasters to receive a share of the group’s profits. In a speech to senior executives last week, boss Nick Read said he wants ministers to approve a restructuring of the network that would create a “partnership of equals” by 2025. The plans would [...]
To qualify or not to qualify? Auditors move to ditch risky clients November 30, 2020 Qualifying an audit could lead to unhappy clients and litigation risks, so it is safer to ditch clients instead, an expert has told City A.M., after several auditors dropped clients in October. Last month three separate auditors terminated contracts with clients in compromising circumstances. At the time the reputational risk of being associated with the [...]
A fifth of FTSE 100 firms changed CEO during pandemic March 1, 2021 A fifth of FTSE 100 bosses have left their roles over the past year as the pandemic ravaged corporates and triggered an overhaul of boardrooms. The outbreak of coronavirus saw a number of FTSE 100 tap shareholders for emergency funding as lockdown restrictions affected cashflow. As a result of this, there were 20 chief executive [...]
Wise valued at £8bn in London’s biggest ever tech float July 7, 2021 Wise, one of Britain’s biggest fintech firms, has seen its valuation hit £8bn after listing on the London Exchange this morning, marking a major boost for the capital’s tech scene. Shares in the payments group, formerly known as Transferwise, began trading at £8 each in its eagerly-awaited stock market float. It follows an auction process [...]
Analysts: Inflation in focus as BoE delivers monetary policy verdict March 18, 2021 The Bank of England is expected to focus on inflation when it publishes its latest monetary policy decisions at noon, according to analysts. Barret Kupelian, senior economist at PwC, said that vaccine rollouts, GDP data and positive Budget measures will “tilt the balance of risks to the UK economy towards the upside”. “As a result, [...]
PwC fined £4.5m for ‘lack of competence’ in Redcentric audit June 13, 2019 The audit watchdog has fined PwC more than £4.5m for a “serious lack of competence” in its audit of IT services firm Redcentric. The Financial Reporting Council (FRC) slammed the auditors’ failure to exercise professional scepticism following an investigation after a £20m black hole was found in Redcentric’s accounts in 2016. Read more: PwC invests [...]
London’s IPO market proves resilient despite choppy conditions December 17, 2020 Despite rocky conditions caused by Covid-19 and Brexit-related uncertainties, the London Stock Exchange (LSE) retained its title as Europe’s most active market this year. LSE proceeds have accounted for almost a third of total European proceeds in 2020. So far there have been 26 London IPOs this year, which is in line with 2019’s 27. [...]
PwC UK unveils bumper partner promotions round as it shakes up top team July 1, 2019 Audit firm PwC UK has promoted 69 to its equity partnership and shaken up its top management team, it said today. The number of promotions mark a 27 per cent increase on the previous year when the firm elevated 54 to its equity ranks. The firm also hired 13 partners during the course of the [...]
West Coast wildfires rage across record areas in the United States, but Silicon Valley thinks it has the answer August 4, 2021 Wildfire season in the United States has devastated swathes of the West Coast in a way not seen since the disastrous summer of 2017. The problem is getting worse across numerous states. This year, 37,803 fires have raged, burning more than 3.4 million acres, both significantly up on last year. As of August 1, there [...]
Treasury to move forward with recommendations set out in listings review April 19, 2021 The Treasury will move forward with recommendations made by Lord Hill to encourage more fintechs to list in the UK. Last month the former EU commissioner published a set of recommendations which called for a range of deregulatory measures. Among the recommendations was the use of dual class shares, which allow company founders to maintain [...]