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

 

Stock markets fall as investors sell off tech stock amid US job fears

Stock markets have lost some of their gains made over the past several months, as investors sold of high-flying tech companies and worried about the continuing crisis in the US jobs market.

UK sees just 30%-40% chance of Brexit trade deal: The Times

Senior officials in British Prime Minister Boris Johnson’s office see only 30%-40% chance that there will be a Brexit trade agreement with the European Union due to an impasse over state aid rules, The Times reported.

UK economy unlikely to recover until 2023, KPMG says

The UK economy is unlikely to reach its pre-Covid level until early 2023, according the new forecasts. KPMG’s latest quarterly economic outlook forecasts UK GDP will plunge 10.3% for the year, downgraded from the 7.2% predicted in June.

DWS abandons auditor EY in wake of Wirecard scandal

Deutsche Bank’s asset management arm DWS has abandoned EY as its auditor as a result of the scandal at payments processor Wirecard, which collapsed in June following a €1.9bn fraud.

Grant Thornton loses appeal over £22.6m damages

The Court of Appeal has dismissed any attempt by Grant Thornton to overturn a record £22.6m claim for damages brought by former client AssetCo over the firm’s failure to spot a fraud at the AIM listed company, which nearly collapsed as a result of an accounting scandal.

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