Keep up to date with the latest accountancy and business news in our weekly round-up…

 

Coronavirus fears trigger biggest one-day fall on US stock market

Fears over the spread of coronavirus have prompted a record plunge in the US stock market, as analysts warned the outbreak could wreak economic havoc on a scale not seen since the 2008 financial crisis.

Global corporate earnings to stagnate at best in 2020 – Citigroup analysts

Major global companies will see no growth in earnings in 2020, analysts from US bank Citigroup have predicted, the latest sign of reining in of expectations for commercial performance this year as the coronavirus continues to spread.

Regulator tells big four auditors to accelerate break-up plan

The big four accountancy firms have been told by watchdogs to accelerate the ring-fencing of their audit businesses by bolstering independent governance and improving financial transparency.

Boux Avenue hires Deloitte advisers to consider store closures

Boux Avenue has appointed restructuring experts to begin a strategic review of the business. The lingerie retailer has drafted in advisers from Deloitte as it mulls a launch of an insolvency process to close stores.

Banking watchdog calls in PwC for Goldman Sachs reporting probe

The UK’s banking watchdog has reportedly called in a Big Four accountancy firm to examine Goldman Sachs’ regulatory reporting in its London operation.

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