FirstFT: KPMG threatens to ban bids for British government contracts

Good morning.This article is our live version First FT communication.Register our Asia, Europe/Africa or America A version sent directly to your inbox every working day morning

Click on here Listen to the latest news in less than three minutes. Today’s headline news is an audio news summary that allows you to quickly understand the day’s headlines.

KPMG is at risk Prohibition of bidding on public contracts If the recent scandal of the Big Four advisers repeats itself, the Cabinet Office has issued a warning.

People familiar with the matter told the Financial Times that in a letter they threatened one of the UK government’s largest consulting service providers, the letter asked to ensure that the company would not conduct any further misconduct.

In recent years, KPMG’s reputation has been affected after a series of fines for misconduct. It is also investigating other allegations of misconduct.

In the fiscal year ending March 2021, the company is the third-largest winner of public sector consulting contracts in terms of value, second only to Deloitte and PricewaterhouseCoopers. According to data provider Tussell, KPMG received a government work award worth 244 million pounds during this period. In the 12 months ending September 2020, its total revenue in the UK was £2.3 billion.

Thank you for reading FirstFT Europe/Africa.This is the rest of the news today-Jennifer

1. U.S. junk bonds suffered the worst sell-off in more than a year High yield bond November down Fears that the spread of Omicron coronavirus variants will hinder the ability of low-rated companies to repay debt, which is the highest level in more than a year.

2. Meta orders the sale of Giphy The UK Competition and Markets Authority has forced the company to become Facebook Selling online image platform Giphy, This is the first time that a regulator has lifted a large-scale technology transaction that has been completed. If it continues, the transaction will be worth US$315 million.

3. The Fed Chairman expressed his support for faster “reduction” Jay Powell expressed support Faster withdrawal Comments on the Fed’s large-scale asset purchase plan have raised concerns about interest rate hikes early next year and exacerbated Stock market sell-off Tuesday.

4. The head of MI6 warns of Chinese security threats Beijing’s overconfidence and belief in its own anti-Western propaganda has taken it Face the risk of “misjudgment”, This may threaten international security, the director of the British Secret Intelligence Service warned in his first public speech in the position.

5. Holmes defends the response to Theranos report Prosecutor Interrogation of Elizabeth Holmes When the founder of Theranos testified in her criminal fraud trial in 2015, her response to an investigative article that broke her optimistic image.

Coronavirus Digest

  • Scientists are racing pressure test existing COVID-19 vaccine For the new Omicron variant.

  • Early tests indicate that Omicron’s mutation may Hinder effectiveness of Regenerating element The company said that Covid antibody drugs.

  • Boris Johnson Commit to provide for all eligible adults in England Booster Poke before the end of January.but Seth BerkeleyThe CEO of the Gavi Vaccine Alliance urges rich countries to give priority Vaccinate people all over the world.

  • The UK National Spending Regulator warns that NHS England The waiting list for patients seeking elective care may be 2025 is longer than today.

  • European populists More and more shaping yourself into Vaccine skepticism And anti-blockade liberalism.

Thank you for your answer to yesterday’s question about your travel plans. Some readers are already rescheduling their itineraries, such as getting Turmel to return to Canada from the United States 10 days earlier than originally planned.

However, a reader in London plans to visit clients in various cities in the United States with two colleagues. “As an example of the overall response to the virus in different countries, especially the latest mutation, yesterday I did not receive any calls or concerns from American customers. At the same time, I received multiple e-mails from colleagues in London. Think this trip will be cancelled,” the reader said.

Continue to comment [email protected].

Graphic showing Omicron mutation

the day before

UK cuts General Credit’s cut interest rate The amount withdrawn per pound earned by someone will be Reduced from 63p to 55p, Chancellor of the Exchequer Rishi Sunak (Rishi Sunak) announced a controversial move after he took office. Cut the 20 pound increase Payments made at the beginning of the pandemic.

The EU has set an infrastructure expenditure of 300 billion euros The European Commission will elaborate Draft proposal Mobilize spending on global infrastructure and other projects in response to China’s “One Belt, One Road” initiative.

Purchasing Managers Index Results IHS Markit PMI will Provide insight The state of manufacturing in the Eurozone, France, Germany, Italy, the United Kingdom and the United States. The OECD will also release its latest economic outlook, and the Federal Reserve will release its final 2021 Beige Book.

U.S. Supreme Court hears abortion case The judge will Hear the challenge A law in Mississippi prohibits abortion from the 15th week of pregnancy. A ruling is expected in June 2022.

FT and McKinsey’s best business book of the year The winners of the 17th Annual Awards will be announced at the awards ceremony in it is Short list of titles Selected by the distinguished group. Winner of £15,000 Brackenbauer Prize The list of young authors will also be announced.

Join more than 100 influential leaders from the United States and around the world and top reporters from the British Financial Times to participate in global board meetings. They will discuss how to build a resilient, sustainable, and sustainable world in a crisis-changed world. Inclusive economy and business.sign up for free here.

What are we still reading

“Upgrade” courses from the Basque Country How to revitalize declining regions? This problem arises where the heavy industrial fortresses of high-income countries collapsed. The Basque Country in Spain has successfully revived. How Martin Wolf Research.

Russia’s Arctic ambitions In a remote Siberian port is the world’s first floating nuclear power plant, which is a sign of Vladimir Putin’s open ambitions The main waterway across the ArcticCan it provide an alternative to the Suez Canal?

The UK stock market may become a global backwater As the US and Chinese markets continue to progress, and fund managers focus on dividends rather than growth, the UK is falling behind. London basically did not participate in the global rally that started in 2015. Paul Marshall wrote, Chairman Marshall Weiss.

Inflation always punishes the American left Edward Luce believes that inflation hawks tend to gobble up. Since they predicted hyperinflation that never happened after 2008, it is not surprising that when they issued the same warning last year, almost no one sat down.The hawks are right now-but For the wrong reason.

The promise of more sustainable seafood About an hour’s drive south of Oslo, hundreds of thousands of salmon swim in the cold, dark depths.But they are Not in the ocean or riverInstead, they live in huge circular ponds in land-based fish farms, a practice that may herald a green revolution.

Water filtration system

Fredrikstad’s RAS (Circulating Aquaculture System) is custom-designed by Danish engineers. The system allows continuous filtration of water © Esan Swan/FT


High-end hot chocolate Can be as subtle as coffee or wine. Cartografie, a single-origin expert, produces four sustainably sourced hot chocolates, highlighting different terroirs. Its Venezuelan is soft and creamy, with the taste of Earl Grey. Tanzania has more fruity flavors: caramelized bananas, pineapple and espresso.

Cup of hot chocolate

Thank you for reading and remember that you can Add FirstFT To my FT.Send your suggestions and feedback to [email protected]

Britain after Brexit — As the UK economy adapts to life outside the EU, keep abreast of the latest developments.register here

Next week — Start every week, preview the content on the agenda.register here

Source link