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