08.11 - News Briefing
Elon Musk's latest twitter move votes for him to sell one tenth of his Tesla stock. A new tax on unrealised capital gains are being threatened on the super wealthy in the US. Musk's latest move would result in him selling $20bn of his Tesla shares and incurring a tax bill of $4bn.
Sanjeev Gupta's business empire is under investigation by French authorities over allegations of misuse of corporate assets and money laundering. The allegations relate to Gupta's attempts to retain control of an aluminium smelter in Dunkirk according to the financial times when fending off a takeover attempt by American Firm Industrial Partners - https://www.ft.com/content/b9debac5-bf40-4392-ab9f-2bdb70dcae28
Grant Thornton has broken into the 'big fours' monopoly of FTSE 100 companies for the first time in 2 years despite a number of failings such as in Patisserie Valerie, who went into administration in 2019, and Interserve. However, Grant Thornton is not the only 'challenger' auditor to have experienced difficulty - BDO and Mazar and Crowe has also had investigations launched into them by the Financial Reporting Council.
Not that the big four are free of issues, the FRC has fined the big four £42m over the last 3 years with a number of high profile failure still being investigated.
A regulation change is coming a new, more powerful regulator is coming to replace the FRC, but as the article by the FT shows, they have a lot of issues to resolve https://www.ft.com/content/1ba64658-fb86-4ff5-9075-07d0edef2954
In Brexit news, Irelands foreign minister has warned the entire Brexit agreement could be abandon by the EU if London goes through with its threat to suspend parts of the withdrawal deal. London are expected to trigger article 16 of the withdrawal agreement, (which puts the deal or part of it on hold) but the EU think London is trying to collapse negotiations to get the protocol re-written.
Business schools have boomed during the pandemic in contrast to the higher university sector - in part due to the low cost of teaching and higher fees.