Exclusive: UK named world’s third best regulatory base, ahead of US and EU September 8, 2021 The UK is the world’s third best jurisdiction for multinational companies to base subsidiaries or ‘entities’ from a governance and regulatory standpoint, according to new research shared exclusively with City PM this morning. Singapore takes the top spot, followed by Australia while Kazakhstan came out as the most complex country out of over 160 jurisdictions [...]
KPMG boss intervenes in dispute with FRC over poor auditing standards September 7, 2021 The global head of KPMG has written to the UK’s Financial Reporting Council (FRC) over the its threats to publish further criticism of the auditor’s repeated failings, the Financial Times first reported. Bill Thomas, KPMG’s global chair and chief executive, entered the increasingly public dispute between the big four auditor and the FRC, after executives [...]
EY hit with $1bn claim for one of the largest bankruptcies in Swiss history September 7, 2021 EY’s Swiss practice is facing investor claims for giving clean audits to opaque conglomerate Zeromax for years before it collapsed, according to the Financial Times who first reported the news. Zeromax, whose crash in 2010 made it the second-largest bankruptcy in Swiss history, made multimillion-dollar jewellery purchases and made irregular offshore payments – which the [...]
EU vs Astrazeneca: Vaccine legal battle over as UK pharma pledges jab deliveries September 3, 2021 The legal stand-off between the European Union (EU) and FTSE-listed Covid-19 vaccine maker Astrazeneca appears to be over. Astrazeneca and the European Commission have reached a settlement on the delivery of 200m vaccine doses still to be delivered by the drug com[any, ending a row about shortages that had heightened reputational damage on Astra and weighed [...]
Workplace race discrimination claims surge nearly 50 per cent in one year September 3, 2021 The number of discrimination claims leading to employment tribunals in the UK soared 48 per cent last year, according to the latest figures. The surge in cases in 2020 came amid both the global Black Lives Matter movement and the height of the pandemic which hit ethnic minorities hardest. There were a total of 3,641 [...]
Simply the best: Oxford named best-performing university in the world September 3, 2021 The University of Oxford has been named the best-performing university globally, ahead of California Institute of Technology and Harvard University in the United States, which both took second place. Oxford has become the first institution to retain top place in an international league table for the sixth year in a row. A number of UK [...]
Exclusive: Half of all UK businesses currently unable to run at full capacity September 2, 2021 Half of all UK businesses are still unable to run at full operational capacity, according to new research shared with City PM this afternoon. Global logistics firm One World Express commissioned a survey of more than 350 decision-makers within UK businesses. It found that 50 per cent had not seen improvements in business performance since lockdown restrictions began [...]
Data breach: Names and home addresses of 111,000 UK gun owners dumped online September 2, 2021 Authorities are investigating after a map claiming to show the addresses of thousands of firearms owners in the UK was published online. Gun-selling site Guntrader confirmed a data breach affecting more than 100,000 customers, and now it appears that the names and home addresses of 111,000 British firearm owners have been dumped online as a [...]
Accounting body urges government to scrap tax reform plans September 1, 2021 The Institute of Chartered Accountants in England and Wales (ICAEW) has today called for the government to drop tax reform plans which, the accounting body says, “will likely to create as many problems as it might solve”. The ICAEW today published a response to the UK government’s consultation on basis period reform. It reiterated the [...]
KPMG and ex-partner accused of misconduct in FRC’s investigation into Carillion audit September 1, 2021 KPMG, ex-partner Peter Meehan and current and former staff at the Big Four accountant are alleged to provided false and misleading information to a City watchdog investigating its audit of collapsed construction giant Carillion. The allegations are part of a Formal Complaint issued this morning by the Financial Reporting Council (FRC) in connection with the [...]
