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Tuesday Papers: Big four UK accountancy firms face radical shake-up

Tuesday Papers: Big four UK accountancy firms face radical shake-up

Top stories

  • Financial Times: The 'Big Four' accountancy firms face one of the strictest regulatory regimes after the Competition and Markets Authority published two landmark reports that found 'deep-seated problems' and called for twin audits, more oversight and a new regulator.
  • The Times: Retail stocks saw just under £1.4 billion wiped off their market value yesterday after Asos issued a profit warning, raising new fears about consumer spending in the run-up to Christmas.
  • The Daily Telegraph: UK Prime Minister Theresa May has effectively challenged Jeremy Corbyn to call a Commons vote of no confidence in her government.
  • Financial Times: US hedge fund Cat Rock Capital has criticised Just Eat for underperformance and urged it to shed assets, change pay incentives and announce three-year financial targets.
  • The Times: Russians waged web campaign to divide and polarise American society, aimed at electing Donald Trump, that has grown across Facebook, Google and Twitter since the 2016 vote, according to analysis for the US Senate.
  • Financial Times: Goldman Sachs and two of its bankers have been accused of embezzling billions of dollars from 1MDB in criminal charges filed by Malaysian prosecutors.

Business and economics

  • Daily Mail: Wall Street plummeted again on Monday as another day of big losses took the market to its lowest level in more than a year.
  • Financial Times: Google announced it will build a $1 billion office campus in lower Manhattan in New York just weeks after Amazon unveiled a similar plan in Queens.
  • The Guardian: House prices will come to a standstill in 2019 amid falling sales due to Brexit concerns and affordability constraints, according to Britain’s surveyors and valuers.
  • The Guardian: Johnson & Johnson continued its slide, falling 2% on Monday, following an investigation by the Reuters news agency alleging that the company knew for decades that cancer-causing asbestos lurked in its bestselling Baby Powder talc.
  • The Daily Telegraph: UK technology start-up Blippar has fallen into administration after dispute between investors over a deal that could have given it a funding lifeline amid heavy losses.
  • Daily Mail: Victoria Beckham's fashion empire has plunged further into the red as losses at her luxury brand widened to £10.5 million last year compared with £8.5 million a year earlier.
  • The Daily Telegraph: Mark Zuckerberg is on track to end the year $16 billion poorer than he was when it began, after Facebook's toughest year to date sent shares in the company plunging.
  • The Times: Plain tobacco packaging has led to an increase in prices rather than the decline predicted by manufacturers, a study has found.
  • The Times: Mark Hodges, chief executive of Centrica’s consumer division, will leave at the end of February to lead Reassure, Swiss Re’s closed book business, before its planned stock market listing.

Share tips, comment and bids

  • The Times (Tempus share tips): Cheap doesn’t necessarily mean cheerful after a market sell-off.
  • The Daily Telegraph: SSE said it would not set up a new listed energy supplier with its rival Npower, scuppering plans for the biggest energy company merger since privatisation.
  • The Daily Telegraph: Norway’s central bank, Norges Bank, has raised its stake in West End landlord Shaftesbury to almost a quarter, intensifying its battle with rival shareholder Sammy Tak Lee to dominate central London’s retail property.
  • Financial Times: Hitachi is buying 80% stake in ABB’s power grids division for $6.4 billion in its largest-ever overseas acquisition.
  • Financial Times: The engineering arm of Monarch Airlines, the holiday carrier that collapsed last year, has been put up for sale by its majority owner, private equity group Greybull Capital.
  • Daily Mail: Giggling Squid, the Thai restaurant chain, is considering a float as it seeks to expand.
  • The Daily Telegraph (Comment): How trade wars could easily get out of control?
  • The Times (Comment): Two inquiries, the same conclusion.

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