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

 

Thousands of firms may fail if rescue schemes not expanded, says CBI

Business leaders have urged the government to expand its Covid-1 rescue schemes to prevent thousands of businesses from going bust, as figures showed lenders have approved fewer than half of the applications for state-backed loans made to date.

UK retailers suffer record sales plunge on COVID-19 hit

British retail sales fell by the most on record in March as a surge in food buying for the coronavirus lockdown was dwarfed by a plunge in sales of clothing and most other goods, official figures showed on Friday.

Coronavirus: KPMG chair warns ‘economic disaster’ toll

One of the City’s most prominent bosses has warned that the “economic disaster” caused by the coronavirus pandemic risks surpassing its human toll, arguing that “a vaccine is the only known exit strategy”.

Scandal-hit Hin Leong seeks to cede control to PwC

Hin Leong, the distressed Singapore oil trader that has admitted to $800m of undisclosed losses, is seeking to appoint PwC as an independent manager to run the business as it pursues a debt restructuring of almost $4bn.

RSM elects new chief executive as Grant Thornton cuts wages

Challenger accountancy firm RSM last night elected a new chief executive after a marathon virtual general meeting while rival Grant Thornton slashed wages to help the coronavirus crisis.

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