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PwC boss warns auditing is harder than ever during pandemic

The chairman of PwC has warned that auditors will find it “harder than ever” to judge that companies can continue to trade and that their accounts are free from fraud or errors as businesses face tougher restrictions this winter amid rising coronavirus infections. Kevin Ellis, who has run PwC in the UK and Middle East… Continue reading PwC boss warns auditing is harder than ever during pandemic

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Apple warns of ‘material’ risk from App Store legal challenges

Apple has for the first time warned investors that it faces a “material” financial risk from the regulatory pressure on its App Store, a sum that could potentially run into billions of dollars. The iPhone maker’s latest annual report, published on Friday, is peppered with new warnings and disclosures about the legal risks rising up… Continue reading Apple warns of ‘material’ risk from App Store legal challenges

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Samsung warns of weaker earnings as chip prices set to fall

Samsung Electronics has cautioned that its earnings could weaken in the fourth quarter due to lower chip prices and stiffer competition in smartphones following the launch of Apple’s 5G iPhone. The South Korean technology group’s warning on Thursday came as it recorded its biggest third-quarter operating profit in two years, with its smartphone and chip… Continue reading Samsung warns of weaker earnings as chip prices set to fall

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England’s water regulator warns of higher bills over profit proposal

England’s water regulator has warned that a proposal by the Competition and Markets Authority to allow investors to make higher returns will raise bills for customers. The CMA surprised the industry last month by supporting four water companies that challenged an Ofwat ruling on how much profit companies could make. It said returns should be… Continue reading England’s water regulator warns of higher bills over profit proposal

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UK pensions regulator warns trustees over signs of employer distress

The UK pensions regulator is to warn trustees of thousands of company final salary-style pension plans to be more alert for signs of employer distress as it fears scheme members risk getting a raw deal from any hastily arranged business rescue. The action comes as government and regulatory bodies become increasingly concerned that the winding… Continue reading UK pensions regulator warns trustees over signs of employer distress

Business news

BP returns to profit but warns of volatile outlook

BP returned to profit in the third quarter as crude prices and energy demand recovered, but warned the outlook remained volatile. Underlying profit on a replacement cost basis – the measure of income closely followed by analysts – fell 96% to $ 86 million, from $ 2.3 billion in the same period last year ,… Continue reading BP returns to profit but warns of volatile outlook

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Libyan minister warns ceasefire will not survive foreign meddling

A senior Libyan official has warned that the fragile ceasefire to end the civil war in the oil-rich north African country will only survive if rival foreign countries stop meddling in the conflict. Fathi Bashagha, interior minister in the UN-backed government in Tripoli, told the Financial Times that the biggest challenge would be foreign “interference”,… Continue reading Libyan minister warns ceasefire will not survive foreign meddling

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European mall owners face grim 12 months, Moody’s warns

Europe’s biggest shopping centre landlords face a gruelling 12 months, as coronavirus and a boom in online shopping push more retailers towards collapse. Moody’s Investors Service has warned that a perfect storm unleashed by the pandemic will hit the credit quality of mall owners including Hammerson, Unibail-Rodamco-Westfield and Klépierre.  “We expect a significant deterioration in… Continue reading European mall owners face grim 12 months, Moody’s warns

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UK government warns restaurants against exploiting Covid-19 loophole

The government on Monday warned restaurants not to abuse coronavirus restrictions by exploiting a loophole for “business lunches” to fill their tables during the Covid-19 pandemic. Downing Street said that where possible it wanted people to conduct business meetings by phone call or video conference rather than in restaurants, in order to reduce the chains of… Continue reading UK government warns restaurants against exploiting Covid-19 loophole

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European markets drop after SAP warns on lockdown hit to demand

European shares fell on Monday after SAP, one of the region’s biggest tech groups, warned that the new coronavirus lockdowns have hit demand for its services and as oil prices declined. German markets led the broad fall across the region’s equities bourses, with Frankfurt’s Dax index down 2.4 per cent in early dealings. SAP tumbled… Continue reading European markets drop after SAP warns on lockdown hit to demand