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The Financial Reporting Council (FRC), the regulator that is responsible for auditors, accountants and actuaries in the UK, has taken control of inquiries into BDO regarding its work on Manchester City’s accounts, responsibility for which had initially fallen to the Institute of Chartered Accountants in England and Wales (ICAEW). Dame Jayne-Anne Gadhia, chair of the FRC, said it had exercised its powers to take over inquiries the day after an independent commission published its findings that the football club artificially inflated its financial position by more than £900m. Gadhia revealed the move in a letter to Liam Byrne, chair of parliament’s business committee, after he called on the FRC to investigate. Gadhia noted in her letter that the FRC does not have the power to directly compel non-public interest entities, which would include Manchester City, to provide information to it. On Tuesday, Byrne called on the government to explain why reforms to close such gaps in enforcement were abandoned.

 

Bloomberg Tax

Accountancy Daily

Financial Times

BBC News

Ahold Delhaize has reported a cybersecurity incident to Dutch police after detecting malicious activity in its IT infrastructure, prompting precautionary system shutdowns across its European and US operations. Online deliveries at Dutch supermarket chain Albert Heijn, which generates approximately 10% of its sales online, will not resume before Thursday, while US e-commerce services are expected to restart in the coming days. The company has previously stated there is no evidence of customer data being stolen.

 

Reuters

Louis Vuitton, Hermès, and other luxury retailers have been targeted by widespread rioting and looting across France. Stores belonging to Kenzo and Burberry have also been affected. At least 3,000 businesses have suffered damage, including approximately 20 Sephora stores and branches of JD Sports, while insured losses are estimated at between €1bn and €1.2bn, exceeding the €730m recorded during the 2023 riots. Meanwhile, Vinted has removed listings suspected of containing goods stolen during widespread riots in France and increased monitoring of suspicious adverts, warning that accounts breaching its rules could face permanent bans. The second-hand clothing marketplace, valued at €8bn following a share transaction earlier this year, has also confirmed it is working with French authorities and law enforcement to prevent the resale of looted goods.

 

Financial Times

Le Monde

Reuters

Chanel, Dior and Tiffany have been among luxury retailers taking precautionary measures in Milan following two days of violent protests, with stores closing early, boarding up windows and removing merchandise amid fears of further unrest. Retailers including Decathlon, Arc'teryx, and Vodafone have suffered looting, while Levi's and Under Armour have secured their storefronts. Italian authorities have detained 271 people following the disturbances, with the government announcing plans to deploy 500 additional troops to Milan and introduce further security measures to protect businesses and prevent renewed violence.

 

Reuters

A slew of UK businesses, including Lloyds Bank, HSBC, Bank of Scotland, NatWest, Halifax and Revolut, were hit by a disruption to Google Cloud’s services in London on Tuesday. The outages were resolved by mid-afternoon, but the Bank of England is demanding answers amid calls from MPs for regulators to explain how they will "strengthen the resilience of the UK’s financial system" in the wake of the problems.

 

Financial Times

The Daily Telegraph

The Guardian

The Times

SpaceX and Tesla are exploring a multi-trillion-dollar merger that would unite their businesses, in what would be potentially the largest deal ever. Elon Musk said combining his two public companies had considerable merit. Tesla shares rose around 1.5% in after-hours trading, while SpaceX gained 5% after reporting strong earnings.

 

Financial Times

Reuters

The UK's Competition and Markets Authority (CMA) is urging Apple to reduce fees for alternative contactless payment systems in the UK. The CMA claims high fees and technical restrictions hinder competition, preventing rivals from launching their systems. Sarah Cardell, CMA's chief executive, said: “These proposals open the door to more innovation, more choice and economic growth.” The CMA said it aims to foster fintech growth by lowering barriers for challengers. The consultation period ends on 17 November.

 

The Daily Telegraph

City AM

Global food inflation is expected to accelerate and persist into 2027 as geopolitical conflicts, shipping disruptions, rising fertiliser costs and El Niño-related droughts constrain agricultural supplies. The UN Food and Agriculture Organization’s Food Price Index reached 136 points in September, its highest level since November 2022, while wheat prices have risen more than 30% this year and rice prices across key Asian exporters have increased by 10–13%. Food prices are already reaching record highs in Indonesia and India, while Egyptian bread prices have risen 25%. Economists warn that shrinking grain inventories, higher freight costs and renewed demand from major importers could drive further price increases, placing additional pressure on household budgets and food manufacturers, particularly in emerging markets.

 

Reuters

Employers in white-collar sectors in the UK warn that graduates lack essential communication and teamwork skills. A report, commissioned by the government, highlights that while graduates may possess technical expertise, they often lack the "human skills" necessary for roles in law, accountancy, and consultancy. The skills gap is said to be hindering recruitment and productivity, particularly as AI transforms entry-level jobs. The report said the problem "highlights the importance of schools, colleges and universities working together with employers to develop employability skills and provide exposure to workplace experience." PwC is among the companies introducing training programmes to address these deficiencies.

 

The Daily Telegraph

Reuters reports on the many jobless Chinese who are hiding their ‌employment status from family and relatives. The Instagram-like RedNote app, X-like Weibo and Douyin, China's TikTok analogue, are host to much-viewed posts advising unemployed people on where to spend the day, how to avoid relatives' questions about ​work, and chronicling the experiences of these phantom-employees. Diana Fu, an associate professor of Chinese politics at Cornell University, says pretend-work potentially defuses collective discontent. "Pretend-workers are helping the ​Chinese government to stave off the hard choice between leaping ahead in automation and protecting job security, which is so essential to the social contract," she said.

 

Reuters