Business

Insight / Danish bank chief quits over €200bn money laundering

The chief executive of Denmark’s biggest bank has resigned after an internal investigation revealed most of some €200bn (£178bn) of payments moved through its Estonian branch was down to money laundering of cash from Russia, the UK and the British Virgin Islands

Insight / 'Motherhood penalty’ creates financial services gender gap

Motherhood is a key driver behind the lack of women in top roles in financial services, according to research commissioned by the Association of British Insurers (ABI), which says more evidence of ‘what works’ is needed to tackle the disparity

Insight / Treasury investigates barriers for women in business

The Treasury has launched a review into barriers for women in business after research found that they are half as likely as men to be involved in starting a business, and only a third of entrepreneurs are female

Insight / Millennial employees prepared to delegate to robots

Research involving 1,200 finance employees in the UK found millennials plan to use robots to avoid human interaction at work, while older workers only intend to use them to tackle tasks such as online filing

Audit / Venus: artificial intelligence in the boardroom

The gathering pace of technology means that machine learning and blockchain will soon make their presence felt at the top level of business, but there will still be a need for someone to hold the reins, argues David Venus FCIS

Insight / Rural communities left behind by Scottish broadband plan

Audit Scotland has warned that the Scottish government’s plans to provide fibre broadband access to 100% of premises in Scotland by 2021 will be ‘difficult to realise’ as geographical constraints and technology limitations slow progress

Insight / Expert panel to investigate digital economy competition

The Chancellor, Philip Hammond, has hosted the inaugural meeting of a new independent expert panel looking at competition in the digital economy which will be examining the potential legal and regulatory impact

Insight / Equifax hit with maximum UK data breach fine

Credit ratings agency Equifax has been fined £500,000, the maximum possible at the time, by the Information Commissioner’s Office (ICO) for failing to protect the personal and financial information of up to 15m UK citizens during a cyber-attack in 2017

Insight / Deloitte’s global revenues hit $43.2bn

Deloitte has reported an 11.3% rise in global revenues, which hit $43.2bn (£323.7bn) for the fiscal year ended 31 May 2018, making the firm the current leader of the Big Four worldwide

Insight / 'Queen of prints' enters liquidation

Orla Kiely, the 1970s-inspired fashion designer, has closed its UK and Irish stores and called in administrators following a period of difficult trading

Insight / SKS in acquisition bid to create national network

Surrey-based SKS Business Services has begun spending a £10m ‘war chest’ with the aim of creating a national network and has acquired four accountancy practices in recent weeks, with more in the pipeline for the autumn

Insight / MPs call for regulation of ‘Wild West’ crypto-currencies

The Treasury select committee is calling for greater regulation of what it describes as the ‘Wild West’ crypto-asset market, to address problems including hacking vulnerabilities, minimal consumer protection, and anonymity in their trading and use, which MPs say aids money laundering

Insight / US regulator’s $5m fine for SeaWorld fraud

SeaWorld Entertainment and its former CEO have agreed to pay more than $5m (£3.8m) to settle fraud charges brought by the Securities and Exchange Commission (SEC) over claims of misleading investors about the impact of a documentary about its treatment of killer whales on the company’s reputation and business

Insight / Business losses from mandate fraud double

Losses to business from mandate fraud have more than doubled in the last year to reach £77m, according to analysis by RSM

Insight / PwC revenues grow 5% to hit £3.8bn

PwC UK has reported a 5% increase in revenues for the year ended 30 June 2018, at £3.764bn, up from £3.6bn, and has reversed the trend of the last two years which saw reductions to partners’ distributable profits
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