22.11 - News Briefing

HSBC will next year release a tender for their audit worth almost £1bn over a decade. However, no one wants it. Due to the increase in fines should things go wrong, (risk increases with complex audits), possible conflicts with highly paid consulting contracts and the sheer amount of resources needed, it is becoming a less attractive opportunity.

 

 

CEO pay has fallen by nearly a tenth this year due to the pandemic causing uncertainty. This drop is pay is primarily driven by bonus's not being paid/waived.

 

 

In one of the largest PE buyouts of a European company, KKR has bid 33bn Euros for Telecom Italia. This represents a 45% premium on the Friday share price. KKR is already a 37.5% owner in Telecom Italia's last mile network and Telecom Italia has having some struggles putting them in a vulnerable position.

 

 

Demand for office space is decreasing as more companies employ a hybrid way of working. This means there is more office space than demand. Average occupancy in the UK was 21% to the week to the 5th November, (according to the Financial Times).