so any response from kpmg themselves? yes, so in recent days, they have obviously been getting a lot of questions about their role in all of this. they previously said to newspapers the audits were done properly and responsibly and kpmg will co—operate with any inquiry. but as you see, frank field is very keen to put the spotlight on them here, because it was as a result of the sign off from kpmg that then the shareholders of the company carillion were continued to be paid big dividend, the bosses taking home big dividend, the bosses taking home big salaries and in light of that colla pse big salaries and in light of that collapse that looks like a very poor judgment. concern also about the pensions, the deficit, the hole that has appeared there. how worried are people about this? that is right. incredibly worried of course, because with that 600 million black hole in the pensions fund what that 110w hole in the pensions fund what that now means is that people who are members of these pension funds could see a cut to th

kpmg, who are working on the case. pension regulator could work out whether this was all being run fine? whether this was all being run fine? interests by the pension regulator and the auditors. and the auditors. get the right answers, kept persisting. it's fascinating, matthew. thank you very much for coming in. this story will run and run. it will keep you busy! time for a look at the weather now. quite a cold night in prospect for many parts of the british isles. many parts of the british isles. up relatively speaking across the northern quarter of scotland. northern quarter of scotland. widespread frost of the countryside to start the day on tuesday. to start the day on tuesday. the south—west later on in the afternoon. afternoon. bright winter sunshine and wintry showers as well. with me, christian fraser, in london. of the fbi steps down with immediate effect. it's believed andrew mccabe was forced out. he had faced repeated criticism from president trump. for the uk's transition period after brexit. britain will have to obey eu rules, but will have no say on them. therefore it

so any response from kpmg themselves? yes, so in recent days they've obviously been getting a lot of questions about their role in all of questions about their role in all of this. they've previously said to newspapers that the audits were done appropriately and responsibly and that kpmg will cooperate with any enquiry. but as you see, frank field is very keen to put the spotlight on them here, because it was as a result of the sign off from kpmg that then the shareholders of the company carillion were continued to paper big dividends, the bosses were taking big salaries, and in the light of the collapse it looks like a poorjudgment. concern also about the pensions, the deficit, the hole that has appeared there. how worried are people about this? yeah, that's right. incredibly worried, of course, because with that 600 million back hole in the pensions fund it means that people who are members of these pension funds could see a cut to their pensions, their pensions can increase much less than they were hoping. 0f pensions

presentation of audited financial statements for fiscal year 2016-2017 and 2016 and kpmg >> director levin good afternoon >> good afternoon, pamela levin financial officer, we had to make sure everything was set right. >> who do you have in your company? >> we have a presentation. >> i want to first turn the presentation over to the kpmg auditor, this is gi walee and we worked with them for several years and she'll talk about the audit process and i will quickly give a overview of the financial statement. >> you might find it for someone to sit in the chair and assist you so you can maintain eye contact with us here. >> ok, yeah. >> thank you. >> ok. >> good afternoon, everyone. my name is key wa lee and i'm an auto manager for kpmg so i'm here to present the financial statement auto results for the fiscal year-ending june 30th, 2017. so i have in front of us the presentation so let's go down the first slide. the most important slide is the auto results and you can see that there is a result of our audit and there are no uncorrected or corrected misstatements and we've issued a unqua

any response from kpmg? yes, they have been getting a lot of questions about their role in this. previously said the audit were done appropriately and responsibly, and kpmg will cooperate with any enquiry. but as you see, frank field is very keen to put the spotlight on them here, because it was as a result of the sign off from kpmg that the shareholders of the company we re that the shareholders of the company were continued to pay big dividends, the boss is taking on big salaries, and in light of the collapse that 110w and in light of the collapse that now looks in hindsight like very poorjudgment. concern also about the pensions, the deficits, the whole business appeared. how worried are people? that's right, incredibly worried. with that 600 million black hole in the pensions funds, what that now means is that people who are members of these pensions funds could see it cuts, consider pensions increase much less than they were coping. that's going to have a huge impact on people's futures. it rarely undermines confidence numbers of pension schemes like this. the numbers look l

the accountancy firm kpmg has quit its advisor role on the grenfell inquiry here in the uk. campaigners had called its appointment to be reversed, saying the firm had failed to disclose a conflict of interest. kpmg is the auditor of three firms under scrutiny by the inquiry into the blaze, which killed 71 people last year. and now, what's trending in the business news this morning. the wall streetjournal reports an activist investor and pension fund are urging apple to be more socially responsible. they're telling the tech giant it needs to address mobile phone addiction among young people. britain is pushing to be part of the european medicines agency following brexit — that's according to the ft, which says three government figures say the uk hopes to be regulated by the agency, even as it moves from london to amsterdam. the new york times says intel will face scrutiny at the consumer electronics show in las vegas this week. it's all over those two chip vulnerabilities, dubbed meltdown and spectre. that is look at financial markets really quickly. you have a record close

kpmg note add clean audit with no material in the financial statements. in summary, the awe to objectives were to obtain reasonable assurance that the financial statements were free of material misstatement, but not to express opinion on the effectiveness of said internal control. they evaluated appropriateness of accounting policies and reasonableness of significant accounting estimates used as well as those presented in the statements. notable highlights include, again, this is the first year for clean power s.f. to present their operating results separately and there were no material misstatements and no internal control deficiencies for the nineth con >>tive year. we think that all p.u.c. staff that provided financial and operating information to auditors in a timely manner, especially the financial reporting and ledger team in finance and the entire clean power s.f. team. we also thank kpmg for the courtesy of their audit team and timely completion. add this time, i'd like to introduce lisa avis, managing director of kpmg who will deliver the present

kpmg, which audits three of the firms being investigated, also works with the royal borough of kensington and chelsea, where the tower is located. the firm said it had "mutually agreed" to step down from the inquiry. a ten—year study has found women are three times more likely to die in the year following a heart attack than men because they're not given the same treatment. analysis of more than 180,000 patients over a decade by leeds university researchers found women were less likely to receive recommended treatments including bypass surgery or statins. when they did, the gap in mortality decreased dramatically. new measures to tackle the sale of unsafe laser pens which can cause blindness have been announced by the government. it comes after an increase in incidents targeting pilots and train drivers. the new powers would include better labelling, as daniela relph reports. and increased checks at borders to ensure that the devices do not enter the country in the first place. there are growing fears of an environmental disaster in the east china sea after a tanker continues to leak oi

have we heard back from kpmg, have they reacted? they said to newspapers that the audits were done properly, they were done responsibly, but they will co—operate with any inquiries, so we can expect to see their decisions and thousand the audits were carried are out scoot nighed more carefully in future. are out scoot nighed more carefully infuture. —— are out scoot nighed more carefully in future. —— scrutinised. what frank field was raising, is he wants regulators to be proactive rather than reactive, to spot problems down the tracts rather than acting when things are starting to collapse very quickly. it carries on, doesn't it. more revelation i am sure. theresa may has done an interview where she says there won't be a second brexit referendum, she assures germans living in the uk and brits in germany their status is secure, and they can stay, earlier oui’ secure, and they can stay, earlier our berlin correspondent said mrs may was trying to provide confidence and stability to the germans. may was trying to provide co

the accountancy firm kpmg has quit its advisor role on the grenfell inquiry. campaigners had called its appointment to be reversed, saying the firm had failed to disclose a conflict of interest. kpmg is the auditor of three firms under scrutiny by the inquiry into the blaze which killed 71 people last year. last week, the chinese government announced that it's introducing a ten—year visa scheme to attract highly—skilled talent from across the globe. china has now named the first high—end executive to receive the certificate for foreign high—end talent as microsoft executive saju george. leisha santorelli is following the story from our asia business hub in singapore. usually it is difficult to get a visa for china, but this is a 10—year multiple entries up till it is notoriously difficult to get tvs for china and currently foreigners have renewed their visa what ever —— every one 01’ have renewed their visa what ever —— every one or two years. if you are a top athlete or a nobel prize winner, you are in luck, you can get a special visa for

kpmg, absolutely right, what was it doing? equally, what were the owners and shareholders of carillion doing? what was the system of stewardship for this company? why were they allowing the kinds of things that had gone on to go on. although mccluskey quite correctly talks about the business culture. he talks about the business culture. he talks about directors paying themselves. the advancement of money. actually it was a remuneration committee from the board that will have given the big tech to money being paid over such a short period of time. —— big tick. the purposeful company task force, one of the things we argue is that pay for executives should be over five to seven years. not these immediate bonuses. so many questions to ask. pay. what the shareholders we re to ask. pay. what the shareholders were doing. what the auditors were doing. what the managers were doing. what the government was doing about giving contracts. this is a real witch ‘s brew of problems. giving contracts. this is a real witch 's brew of prob

kpmg prepared the financial reports that directors used to give carillion a clean bill of health four months before a massive profit warning. we also find from this document a witness statement from the acting chief executive — they were updating the government every week on the financial condition of the company and, by the end, pwc refused to become administrators for fear there wasn't enough cash to pay their fees. earlier in the day, the government promised a fast track investigation into the compa ny‘s collapse. it's also vital that we look back and find out what went wrong. i know that the business secretary, greg clarke, is going to make sure that no stone is left unturned in order to establish just where responsibility lies for the collapse of the company. union bosses met with the business secretary tonight to turn over a few stones of their own, so what did they find? there are a lack of confidence not only amongst workers, indeed amongst many medium, small family businesses, who rely on these contracts and, frankly, don't know whether they're going to get paid from one

employees are accused of leaking information to kpmg to improve their results. an oversight board was meant to restore public confidence in the audit profession after enron and the world com scandal. also charging employees with conspireing to defraud federal regulators. >>> the largest oil refinery on the east coast has filed for bankruptcy. philadelphia energy solutions is blaming the skyrocketing costs of complying with environmental rules. new regulations are aimed at lowering pollution. the company has been hurt by shrinking margins and regulations. >>> the global inequality gap is rising. most of the wealth last year went to the richest 1%. according to a new report from oxfam, the poorest half of poor people saw no increase at all. they cite a number of reasons for the disparity, including tax evasion, the erosion of workers rights and businesses influence on policy decisions. the report comes as business leaders and heads of state gather in davos. >>> the company that helped move shopping online is now trying to get people back in to physical stores. tod

claims he downloaded confidential information he believed would help him at his new job at kpmg. cynthia holder and jeffrey wada tipped off the firm about upcoming audits. in 2013 nearly half of their audits were found deficient according to investigators holder got a job at kpmg and wada was looking for a job when it was uncovered the pcao adding it's disturbing and will not be tolerated. the accused have all been terminated or placed on leave. sweet pleaded guilty earlier this month. >>> time for "trading nation," let's trade general electric, falling again. that stock at its lowest level since late 2011. ari wall does it show any stop, any supported for ge >> no hope how we see it, brian. this is classic falling knife. we recommend staying away. a view we've had since february of last year it's been on our sell list here are the longer term support levels to watch as we get down there. you have to go back to the lows from 2010 to 2011, right around $14. could be on the lookout for stabilization there. it comes down to a basic formula for us, bearish trend equals bearish outloo

regulators are to investigate the audit of carillion, carried out by kpmg. they say the move follows inquiries made since a profit warning in july, move follows inquiries made since a profit warning injuly, and you will know there's a lot of criticism over why carillion was still awarded contracts even though it had issued profit warnings. there's lots of detail on that story and also more on the business live page about companies impacted by the carillion collapse. you're watching business live — our top story: another brexit milestone — the eu decides on what it wants, and what its willing to be flexible on, in negotiation with the uk. that could have an effect on markets in europe too so let's have a look. we have seen weakness with the pound as the uncertainty continues. now we are going to talk about something that is very controversial and most people have strong opinions about this. we are talking about burgeoning of a very lucrative industry of marijuana. but first we are going to talk about artificial intelligence and augmented reality. technolo

kpmg prepared the financial reports the directors used to give carillion a clean bill of health four months before a massive profit warning. we also find from this document a witness statement from the acting chief executive — they were updating on the financial condition of the company and by the end, pwc refused to become administrators for fear there wasn't enough cash to pay their fees. earlier in the day, the government promised a fast track investigation into the compa ny‘s collapse. it's also vital that we look back and find out what went wrong. i know that the business secretary, greg clarke, is going to make sure that no stone is left unturned in order to establish just where responsibility lies for the collapse of the company. union bosses met with the business secretary tonight to turn over a few stones of their own, so what did they find? there are a lack of confidence not only amongst workers, indeed amongst many medium, small family businesses, who rely on these contracts and frankly, don't know whether they're going to get paid from one week to the next. so we'll s

three employees have been charged about telling kpmg bout upcoming inspections. first-degree murder said businesses should compensate publishers. that follows facebook push to on gnize trusted publishers its. it defense digital graduate courses for nuffers, inudokaing nyu and yale. they will be able to stud from 200 offices where they can join in-person study groups. that is your business flash update. >> it is digital stuff. you know they can't spell things properly. >> i know. >> amazon is making a big play for the struggling $550 billion u.s. conference story industry. the company is launching its cashierless story calls amazon go in salley today. joining us now to discuss from outside the story in seattle. spencer, we were knowing in the shot ahead of time, there are a lot of people waiting to go into that story. obviously people curious about it. break it down. ow exactly does this go? >> there are people lined around the corner behind me. what you have to do is download an app on your smartphone, and then you use a code from the app to scan, which opens a t

yael selfin is the chief economist at kpmg. we need to bear in mind that november increase month on month was relatively strong, so it is encouraging to see that december wasn't as strong as it could've been. but, overall, there is also the higher oil prices environment and the earlier fault of the exchange rate that will still take some time to pass through the numbers, so we are expecting the fall in inflation to be relatively gradual. it is interesting that we have a relatively tight labour market here, yet wages haven't really peak up despite that increase in inflation, although we are seeing a little bit of movement with some of the wage numbers and what may happen is later on this year we will see further increases in wages which would put upward pressure on inflation, but will also believe households a little bit. self—driving or autonomous cars have been a big focus for every major auto maker around the world. yogita limaye is at the detroit auto show and she's been checking out what's on offer. this is a self—drivi

kpmg, which audits three of the firms being investigated, also works with the royal borough of kensington and chelsea, where the tower is located. the firm said it had mutually agreed to step down from the inquiry. there are growing fears of an environmental disaster in the east china sea as a huge tanker continues to leak oil two days after colliding with a cargo ship. the iranian vessel, carrying around 1 million barrels of oil to south korea, is still on fire. rescue efforts are being hampered by a large oil slick and dense clouds of smoke. 32 iranian crewmembers are still missing. sydney in australia is experiencing its hottest weather in nearly 80 years as temperatures reached over 47 degrees celsius yesterday. not really cricket weather but they have been playing their! there have been several major bushfires and a total fire ban has been put in place across the city. the fire service says there has been no significant loss of property. extremely hot temperatures, isn't it? talking about cricket, that is where... talking about cricket, that is where. .. joe talking about cricket, th

impact of the tax overhaul which citi last month warned would result in a 20 billion one-time charge >>> kpmg could be in the cross hairs of an investigation after giving carillion a strong bill of health ten months ahead of its collapse the financial reporting council signaled it may launch an inquiry into the accounting of the construction company. >>> thousands of employees of carillion will face cuts in their pension benefits nearly 30,000 employee also see benefits shift to to the pension protection fund. the fund is still assessing the size of the hit it will take from covering carillion's promises, but initial estimates are between 800 million and 900 million pounds we are joined by tom mcphail companies like these run with a significant deaf kit is that because of lax enforcement by the regulator is it number fudging by the companies or wishful thinking? >> it's a combination of circumstances. the deficits swung quite a lot over the last few years, driven by interest rates, so low interest rates drive up the liabilities, which increase deficits they're not as bad today as a couple yea

yael selfin is the chief economist at kpmg. good morning to you. your take on these figures, because many people watching will think 3.1% to 3% sounds like a lot but it is significant? absolutely. n's increase month on month was relatively strong, so it is encouraging to see that december wasn't as strong as it could've been. 0verall, wasn't as strong as it could've been. overall, the higher oil prices, the environment and the earlierfault in the prices, the environment and the earlier fault in the exchange rate that will still take some time to pass through the numbers, so we are expecting the fall in inflation to be relatively gradual. the bank of england has said that it expects prices to have beaten them start falling back to that 2% target by the end of the year. all of these figures are important in relation to others, aren't they? particularly to wages. absolutely. it is interesting that we have a relatively tight labour market, yet we just have now picked up despite that increase in inflation, although we are seeing a bit of movement with t

kpmg also works with the royal borough of kensington and chelsea for the tower is located. the firm said it had mutually agreed to step down from the enquiry. some pharmacists at boots are worried that work pressures mean patients could be being put at risk. a former manager blew the whistle to the industry regulator about his understaffing concerns before he resigned in 2015. he's now spoken publicly for the first time to the bbc‘s inside out programme. boots says it's confident its pharmacies have enough staff. marie ashby reports. boots is one of the country's best known high—street names and the largest pharmacy chain in the uk. it has almost 2,a00 stores and provides a crucial nhs service. but some pharmacists at boots are worried that the work pressure they are under could lead to mistakes. two of the pharmacists we spoke to were prepared to be interviewed as long as their identity was protected. their words are spoken by actors. some days you would easily describe the team as being at breaking point. that is because simply the amount of work that has to be done c

insurance firms which are the focus. which are the focus. the big four, pwc, deloitte, you why and kpmg. and kpmg. accountancy companies need to be broken up and are too big. broken up and are too big. backed up, another suggesting there needs to be more competition. needs to be more competition. figures in march four months before the profit warning. the profit warning. how far the government investigation could go. it will need to be comprehensive. comprehensive. it will not avoid the fact that businesses sometimes fail. fact that businesses sometimes fail. that's a fact of life, whether the government is a counterparty or not. government is a counterparty or not. events move against them men away that makes them unsustainable. that makes them unsustainable. now, the markets. the markets. profit—taking at the moment which is why the ftse is down. why the ftse is down. down almost 2% and rbs down just over two and a half percent. over two and a half percent. at home and ordering and more than eating out. eating out. branches as the restaurant trade is suffering. suffering. you cannot

yael selfin is the chief economist at kpmg. we need to remember that november increase or strong so it is encouraging that the december increase was not quite as strong. also there are the higher oil prices, the environment and the earlier falls in the exchange rate which will still take some time to pass through a number, so we are expecting the fall in inflation to be relatively gradual. it is interesting that we have a relatively tight labour market here. wages have not really picked up despite that increase in inflation, although we have seen a little bit of movement with some of the wage numbers, and what may happen is later on this year we will see further increases in wages which would put upward pressure on inflation, but will also relieve household a little bit. now let's have a look at the markets. we are looking at some of the companies which have been affected by the fallout from carillion. the royal bank of scotland lent them money so their shares have taken a hit and they are down 1.5%. bp have reached they are do