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Wednesday Papers: PwC auditor faces record fine over BHS

Wednesday Papers: PwC auditor faces record fine over BHS

by Himanshu Singh Jun 13, 2018 at 05:01

Top stories

  • The Guardian: Financial Reporting Council might slap a 15-year ban and a hefty fine on the senior PricewaterhouseCoopers accountant who audited BHS’s accounts ahead of its sale for £1 just a year before the department store chain collapsed.
  • The Independent: AT&T’s $85 billion purchase of Time Warner has been approved by a judge, rejecting the federal government’s argument that the deal would disadvantage customers.
  • The Guardian: The electronic car company Tesla is cutting thousands of jobs, which will affect about 9% of the company’s more than 40,000 employees, in a bid to hit production targets and reach profitability.
  • The Times: Inflation in the US surged to its highest level in six years on Tuesday, giving additional motivation to Federal Reserve officials to raise interest rates today.
  • Financial Times: Theresa May was yesterday forced by pro-European Conservative rebels into a dramatic concession in the House of Commons that all but ruled out Britain crashing out of the EU without an exit deal.

Business and economics

  • The Guardian: The Information Commissioner’s Office has slapped £250,000 fine on Yahoo over a hack from 2014 that affected more than 515,000 UK email accounts co-branded with Sky.
  • The Daily Telegraph: WPP is reviewing its whistleblowing policies after allegations that former chief executive Sir Martin Sorrell had bullied employees while at the helm of the advertising giant.
  • The Times: The future of 5.5 million WPP shares worth nearly £68 million held by Sir Martin Sorrell’s family charitable trust has been thrown into uncertainty after Sorrell’s acrimonious exit from the company.
  • The Independent: New figures have revealed that World Cup sponsorship plunged by more than 10% for the upcoming tournament in Russia from the 2014 event in Brazil.
  • Daily Express: The dollar surged to three-week high against the yen amid investor optimism after North Korea’s leader Kim Jong-un agreed to denuclearisation of the Korean Peninsula in a meeting with US President Donald Trump on Tuesday.
  • The Independent: UK fisheries are losing nearly £62 million per year as catering firms purchase sustainable fish from overseas, according to new research.
  • The Times: Crest Nicholson shares fell 4% yesterday after the struggling housebuilder announced the closure of its central London office.
  • The Daily Telegraph: Ted Baker and Boohoo have registered soaring sales, flashing a bright light into the retail gloom despite New Look enduring bitter trading on the high street.
  • Financial Times: UK and Turkish ministers are battling to save a flagship partnership between Roll-Royce and Turkish industrial giant Kale to develop a fifth generation fighter jet.
  • The Guardian: Deliveroo is directly challenging Just Eat by planning to expand in the UK this year by roping in 5,000 eateries, which use their own delivery fleets.
  • Financial Times: Unlockd, an Australian tech start-up backed by Lachlan Murdoch, fell into administration following a legal clash with Google.
  • The Daily Telegraph: Domino's Pizza finance chief Rachel Osborne has made a sudden exit after serving less than two years in the role; this is a sudden departure of the chain’s third chief financial officer in three years.
  • Financial Times: Rio Tinto on Tuesday announced that Jakob Stausholm, the chief financial officer of AP Moller Maersk, will join the company as new finance chief, ending a nine-month search.
  • Financial Times: Abraaj, the struggling Dubai-based private equity fund, is trying to head off two winding-up petitions from creditors by filing for provisional liquidation.
  • Daily Mail: Britain’s housebuilders lost more than £1 billion in market value yesterday as the slowdown in the property market continues to bite.
  • The Guardian: The latest official figures showed a decline in the UK wage inflation despite a fresh drop in unemployment, dimming the prospect of a summer increase in interest rates from the Bank of England.
  • Financial Times: Surging fuel prices, triggered by near-70% jump in global oil prices in the past year, have led to mass protests in Brazil, Jordan and Morocco.
  • Daily Mail: Salesforce, an American internet group, is leading a £2.2 billion spending spree in to the UK tech industry, creating 900 jobs.
  • The Guardian: Christian Louboutin has won a key long-running trademark battle against a Dutch firm to protect its signature red soles from copycats.
  • The Guardian: The UK government is planning to introduce a new startup visa, which it said would begin welcoming people without a university education and improve the application process.
  • Financial Times: French retailer Casino has announced a disposal plan of €1.5 billion in ‘non-core’ assets to help reduce the debt pile of the group and shore up investor support.
  • Financial Times: AstraZeneca and Eli Lilly will stop a global trial of a drug meant to treat mild form of Alzheimer’s disease after it was found that the treatment was unlikely to meet its goal.

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