Companies

PwC lost dozens big clients in China, as Beijing officials pressed state-owned companies to cut ties with the auditing firm over its work with Evergrande. Reuters reports that the Chinese Ministry of Finance has been giving "window…

Asda's chief Mohsin Issa announced an emergency cash injection of £30m amid an alarming drop in sales at the troubled grocery chain. The investment package will be implemented by the end of this year. It will increase staffing hours,…

Jaguar Land Rover is one of a number of luxury carmakers that have been severely affected by the flooding in Switzerland, which paralyzed a leading aluminium manufacturer. After Novelis - an Indian manufacturer with a mill located in the…

Shell, a London-listed competitor of BP, has reported better-than-expected profits and extended its multi-billion dollar share buyback program. The adjusted profits of Europe's largest oil and gas company increased by 24 per cent during…

BDO and Forvis Mazars were warned they could be banned from signing the accounts of their largest clients if their quality of audit work doesn't improve. The Financial Reporting Council has once again scolded the two accounting firms…

Prada, the Italian luxury fashion company, defied the slowdown in the luxury sector by reporting double-digit revenue increases in the first six months of the year. This was fueled by the booming sales of its Miu Miu brand and an increase…

Spotify, the world's largest music streaming service, has seen its shares rise sharply after it announced that it had more paying subscribers in the second quarter than expected. After the results were announced, shares of the Swedish…

Tesla's second quarter profit dropped 45 percent compared to a year earlier as global electric car sales continued their decline despite price reductions and low-interest finance. The Texas-based firm said Tuesday that its net income…

Informa agreed to purchase the rival event specialist Ascential, for £1.16 billion. This deal has given a boost to the City's dealmaking. Ascential’s board has approved the cash offer of 568p per share from the FTSE 100 company that owns…

The Italian Financial Police seized €121mn (about $113m) from an Amazon unit in Milan after the ecommerce company was accused of tax fraud and labor malpractices within its logistics network. In an order authorizing the seizure on…

Lockheed Martin's sales target has been raised for the entire year due to strong demand for fighter jets and its missiles, which helped the performance in the second quarter exceed expectations. The US Defence Group said that it expects…

Abu Dhabi's sovereign fund has taken control of Bugaboo - a designer pushchair company - from its private equity owners. Mubadala Capital - which is headed by Manchester City owner Sheikh Mansour - announced on Monday that it had…

Cohere, an artificial intelligence company, has raised $500mn through a new round of funding, making it the most valuable start-up in the world. This will help the Canadian firm to compete with rivals such as OpenAI and Anthropic. The…

Evelyn Partners is one of Britain's biggest wealth management firms. The private equity company that owns it, Evelyn Partners PLC, is looking at options to reduce its £1.5 billion investment. Permira has begun contacting advisers in…

Rentokil Initial, a FTSE 100 pest-control empire owned by Rentokil Initial's former boss at BT, is being targeted for a takeover bid backed by private equity. Philip Jansen has been in discussions with private equity firms about a plan…

Grant Thornton’s US business is in talks to buy the UK and Irish affiliates of the accounting group. This would be the largest M&A transaction in the industry to date. Grant Thornton US announced a transatlantic merger after selling…

Facebook's Meta explored the possibility of investing multi-billions in EssilorLuxottica as it intensifies its efforts to develop smart eyewear. Multiple people familiar with the company's thinking have confirmed that it has considered a…

Netflix's second-quarter revenue and earnings exceeded Wall Street expectations thanks to the success of shows like Bridgerton and Baby Reindeer . The number of new subscribers was the highest in a quarter two since 2020 when Netflix…