Keep up with the latest finance and accountancy news in our weekly round-up…
China on Thursday urged the World Bank to allow its poorest borrowers to suspend debt payments while they deal with the coronavirus pandemic, saying the world’s biggest multilateral development bank should “lead by example”.
The FTSE 100 has surged at the open despite dire Chinese economic data as investors are cheered by hopes of a medical breakthrough and signs that the US is on its way to reopening parts of its economy.
BDO has furloughed 470 first-year trainees and 230 support staff in a bid to mitigate the financial impact of coronavirus. The firm’s partners will also have quarterly dividend payments frozen until January 2021, alongside a monthly pay cut up to 25%.
The UK accounting industry was plunged into its worst crisis in more than a decade as the “Big Four” firms slashed partners’ pay by up to a quarter and their mid-tier rivals furloughed junior staff to cope with the coronavirus fallout.
Barclays chief executive Jes Staley will avoid a potentially embarrassing vote against his re-election over his ties to the sex offender Jeffery Epstein, after activist investor Ed Bramson eased up on demands for his removal in light of the Covd-19 outbreak.