kpmg's all about? with only got four lines on it. kpmg's uk all about?s uk staff face a fine if they submit important paperwork late. employees are annoyed and say this patronizing. on the one hand, i think it is patronizing and i think that the bus should be able to motivate you to do yourjob without fining you. if you don't do it, there should be other sanctions, and if you really don't do it, you should be fired. there is clearly a discipline problem at kpmg of this is what they can come up with. also, get on with yourjob! file important paperwork! do the job you're paid to do. it could be important to a company, if they are waiting to have a board meeting or waiting to do an audit. my feeling is that, we got to wa ke audit. my feeling is that, we got to wake up and smell the coffee. nobody in america would think of doing this. the book at their paperwork in on time. —— people get their paperwork in. certainly an organisation like kpmg. here we are, whirring about people being of late. people should not be rude, but frankly, if you are hired to do a j

a radical shakeup for kpmg, the wire, deloitte and pwc, they dominate the audience it auditing industrynies. the suggest that if they haven't been taken up in their situation. they make a lot of money selling consultancy services to companies. this way they would have to split of the consultancy —— consultancy and it would force the biggest 350 companies in the uk to have to orders you to check on each other, one of them would be outside the big four. it would be quite a big shakeup. painful for them the big four. it would be quite a big shakeup. painfulfor them but what's happened at korean and other organisations is pretty painful, given the fact that the likes of kpmg and others have not been good. we are certainly in an economic slowdown and possibly worse in the uk. that means auditing becomes ever more important because as companies face trouble, they need to be properly audited so there is transparency. indeed, this is it. fashion talks —— fashion stocks take a tumble. asos, as seen on screen. the story of the years has been, on line is doing well, the high street isn't. drivers

i am speaking with a supply expert from kpmg.oncerns do you have with what mps are deciding, what they are debating, what you saw yesterday? businesses we work with spend most of their time worrying about uncertainty and trying to make sure they have enough product in place in they have enough product in place in the uk so that, if there are disruptions, if we have difficulties as we come out of the eu, at least we have products in place to satisfy customers. how do you put that contingency planning into place, when there is so much uncertainty? many businesses have been working at this for a little while, and they have taken the view that there will not be enough certainty, and it will be too late when there is, so they have created plans based on forecasting for the future and some businesses have a programme, we are creating our on certainty, that is the name they are giving it. do you feel that businesses when you speak with fellow colleagues, are they confident in terms of the political circles ? confident in terms of the po

the regulator said at present the so—called big four, the late, e white, kpmg and pwm see conduct 97%ile also providing them other services as well. france has said it will introduce its own tax on big technology firms from the start of january. it comes as efforts to do something similar has stalled. the french finance minister said he accepted it to bring in 500 million euros in 2019. i mentioned the santa rally, so traditionally in the run—up to christmas, you see a rally on the share markets. the volumes are already always been that if some of year, but as you can see, serious concerns expressed on wall street and it has filtered through to the day in asia. as a rural reserve start its two—day meeting today and tomorrow. —— the federal reserve. here in the uk, returnable deposit scheme for bottles, cans and cups is outlined in the plan from a new waste strategy in england. every home would be a weekly food waste collection and recycling would be less confusing. there is more details. the way we deal with waste is about to change. new rule is well aimed to end confusion over what c

administrators from kpmg say they'll try to keep all 125 stores open while they're looking for a buyervernment's spending more than £100 million to charter extra ferries to ensure the delivery of essential supplies in the event of a no deal brexit. the plans would allow for almost 4000 lorries a week to take goods to ports like dover, plymouth, poole, and portsmouth. the department for transport says the arrangements are an important part of its preparations, but insists the government still wants to strike a deal with brussels. three vietnamese tourists and a tour guide have been killed after a bus in egypt was hit by an explosion as it made its way to the pyramids. ten other passengers and the bus driver were injured. two of them are said to be in a critical condition. it's the first deadly attack against foreign tourists in egypt in more than a year. new images of the volcano which erupted last week triggering a tsunami in indonesia, show the event was so powerful that it destroyed two thirds of its height and volume. researchers have been using satellite images of anak krakatoa to

administrators from kpmg say they'll try to keep all 125 stores open while they're looking for a buyerthe government's spending more than £100 million to charter extra ferries to ensure the delivery of essential supplies in the event of a no deal brexit. the plans would allow for almost 4000 lorries a week to take goods to ports like dover, plymouth, poole, and portsmouth. the department for transport says the arrangements are an important part of its preparations, but insists the government still wants to strike a deal with brussels. virgin trains is deploying staff wearing pink hi—viz vests who are trained in conflict resolution to deal with football fans using its services. the scheme has been trialled since the start of the season, and is now being rolled out on a more permanent basis. the company says it chose pink because it's known to have a calming effect on crowds. that may seem an amusing story, but the passengers travelling on trains... and you travel on trains a lot. a lot. the footballers get very happy, but it can be a bit intimidating. so a good idea. yes, well, if they

the regulator says at present, the "big four" accountancy firms — deloitte, ey, kpmg and pwc — conducthuawei once again. we have already mentioned this chinese technology giant. it remains a leader in 56 technology despite coming under attack in several countries around the world. the company said it secured the most sg contracts in the world and expects its profits to reach $100 billion this year. first, sarah toms is in singapore. nice to see you, sarah. so, huawei on the march despite opposition around the world. the chinese technology giant is claiming world dominance in 56 after winning 25 commercial contracts. it is interesting timing that huawei is saying this now. the company makes smartphones and equipment for the lead with —— telecommunications networks and has had some countries blocking carriers from using its products because of concerns over national security. countries like the uk, us, australia, are worried that huawei technology could be used by the chinese government to divert it -- by the chinese government to divert it —— to gather intelligence. these are accusation

acan rgd to a study by kpmg, almost one-third have people still have about half of their holiday shoppingemember, it's just five days before christmas. many more still have up to a quarter of their shopping list to do, according to the same survey, and you won't be alone. if you procrastinate until the 24th, the national retail federation says 7% of holiday shopping is done on christmas eve. on monday they call it panic monday. >> panic saturday, sunday, and monday. >> yeah. >> thank goodness for those 24-hour pharmacy stores. >>> if you're friends with your boss, it may cost you. a new study out with the journal of experimental social psychology says the closer you are to your boss, the less likely you are to receive a bonus. kind of counter intuitive there, right? the reason? it's perception. if office bonuses are -- they found that boss says would decline a bonus for a deserving friend and granting it tie lower performing non-friend instead. it's all in an effort to appear unbiassed. when it's private, those bonuses almost always go to the deserving friend. >> not a problem. sometimes

administrators from kpmg say they'll try to keep all 125 stores open while they're looking for a buyergovernment's spending more than £100 million to charter extra ferries to ensure the delivery of essential supplies in the event of a no deal brexit. the plans would allow for almost 4000 lorries a week to take goods to ports like dover, plymouth, poole, and portsmouth. the department for transport says the arrangements are an important part of its preparations, but insists the government still wants to strike a deal with brussels. three vietnamese tourist and a tour guide have been hit by an explosion in egypt. it is the first deadly attack against foreign tourist in egyptin attack against foreign tourist in egypt in more than a year. virgin trains is deploying staff wearing pink high visibility vest trained in conflict resolution to deal with that fans using its services. the scheme has been trialled since the start of the football season and is 110w start of the football season and is now being rolled out on a more permanent basis. company says it chose the colour pink because it is

the market is dominated by four main firms, pwc, kpmg, deloitte, and ey.aying energy regulator 0fgem has tabled proposals to "re—wire" britain's energy system in a move it says could save consumers £16 per year. it says limits will be placed on how much energy network firms can pay to their shareholders. but national grid said 0fgem's plan does not reflect the risks of operating such networks and that the new framework needs to ensure fair returns to shareholders as well as consumers. let's talk to laura suter, personal finance analyst. do you think what is being proposed here strikes a fair balance between the needs of shareholders and of customers? at the moment, it has helped that 0fgem feels that it has gone too far towards shareholders. they have benefited from the low cost of borrowing which has pushed up cost of borrowing which has pushed up the profits and gone to shareholders. what the regulator is going to try to do today is due it back towards consumers so they have cheaper deals. we are talking of cost savings up to £16 per year, how much of a

administrators from kpmg say they'll try to keep all 125 stores open while they're looking for a buyer are bearing the brunt ofjob losses because of automation. the charity the rsa found women had lost almost 400,000 jobs in the public sector, banking and retail since 2011, while the best paid newjobs are going to men. anisa kadri has more. technology has been replacing somejobs for years. but as robots get increasingly clever, new research suggests women are being impacted more. jobs that involve repetitive movements in retail and other sectors are more likely to become automated. machines can help employees with their work. but they can also take jobs from people. the royal society for the encouragement of arts, manufactures and commerce say its findings show that women are being affected. some of the areas that are being most affected by technology — administration, clerical work and retail work, these are areas where there is a lot of women's employment, so women are being adversely affected. the bad news, really, is that the good jobs that are being created, the high—status and hi

yael selfin, chief uk economist at kpmg explains what the figures mean for business as well as for the the inactivity rate, so people out of work or not seeking work also at a record high. that indicates the labour market is red—hot. unemployment is slightly, in terms of rate, is slightly higher than what we saw in the summer but it is still well below what we have seen it is still well below what we have seen earlier and below what the bank of england considers to be a neutral rate of unemployment. so businesses are hiring and they do want labour but they are not investing and business investment is very weak. potentially they are using labour as a substitute at this stage. but overall the labour market is very very tight. earnings are high and rising and because inflation is falling as well, the money we have too spent is higher than earlier so household should have a little bit more room for spending over the christmas period. however, with the falling pound we could see inflation surging a little bit ahead and backward squeeze household real purchasing power later on and will also

yes, kpmg has been nominated as administrator of the business after an extremely weak christmas footfallbut other retailers are suffering as well. its core business it is also selling dvds. a sense of deja vu because they have had trouble before? they went into administration six years ago. a company stepped in and bought the most profitable stores and introduced a restructuring programme, changed the products they sold and make them profitable for a while. but the market has been changing, sales of physical dvds and cds have been declining and have been very bad in the run—up to christmas and as a result the business model still does not work. thank you very much for the latest on the difficulties at hmv. time for a look at the weather with sarah keith lucas. the weather is looking settled for most of us as we had through the final days of 2019. we do have a bit of rain on the cards. this is the scene out there taken by one of our weather watchers earlier on with beautiful low light. through the rest of the day it is looking dry and settled with decent spells of sunshine developing this

administrators from kpmg say they'll try to keep all 125 stores open while they're looking for a buyers: the immigration minister is to visit dover later amid mounting concern about the number of migrants crossing the channel in small boats. more than £100 million is to be spent chartering extra ferries to bring in vital supplies in the event of a no deal brexit. named in the new year honours list — the british divers who rescued a boys' football team from a cave in thailand. also on the list, alistair cook, twiggy is made a dame, and michael palin is knighted. an army officer has become the first british person to trek solo unaided across antarctica. captain lou rudd finished his mammoth 925—mile journey yesterday after 56 days. he's only the second person in history to complete the expedition without any assistance. he undertook the challenge in memory of fellow explorer and close friend henry worsley, who died from exhaustion just 30 miles short of completing the record solo crossing in 2016. speaking to me a little earlier captain rudd said he was surpried how quickly he completed

administrators from kpmg say they'll try to keep all 125 stores open while they're looking for a buyerh hub, but with cheap power, conditions in the remote russian region are ideal for crypto—currency mining. 0ur moscow correspondent sarah rainsford travelled to irkutsk to find out more. when there, she discovered some surprising characters involved in mining for the virtual currency bitcoins — russian grandmothers. meet marina — a babushka who mines for bitcoins on her siberian porch. "here's the machines that make a noise and make me money," she tells me. as those machines whirr and mine for virtual currency, marina has been converting that to real cash to top up her pension. it's no wonder she takes care of the things, she's travelled all over europe on the money. translation: they said to me, "marina, why don't you buy some mining machines?" i said "ok", and i don't regret it. the machines paid for themselves in eight or nine months. and marina's been putting the hot air from the machines to good use. "you can dry the washing here and make dry tomatoes, like in italy," she says. "t

vonnie: thank you, constance hunter, chief economist at kpmg. the fedial coverage of conference starts at 2:00 p.m. eastern, 7:00 p.m. london time. everyone will still be at their desks in london. here is katie lyons. katie: the president trump -- president trump says the u.s. has defeated isis in syria. he has ordered a full withdrawal of american forces. about 2000 u.s. troops are in syria. the house will take up a bill to overhaul criminal sentencing procedures. the senate passed the measure. the bill would curtail jail sentences for nonviolent offenders and help ex convicts adjust. china and the u.s. discussed their trade dispute in advance of formal negotiation's next month. treasury secretary steven mnuchin told bloomberg negotiation are's want to come want to-- negotiators come up with -- on tariffs when they run out. according to the new york times, the social network allowed more than 150 companies to obtain personal data. amazon was permitted to obtain names and contact information while netflix and spotify could read private messages.

administrators from kpmg say they'll try to keep all 125 stores open while they're looking for a buyer brexit. the plans would allow for almost a,000 lorries a week to take goods to ports like dover, plymouth, poole and portsmouth. the department for transport says the arrangements are an important part of its preparations, but insists the government still wants to strike a deal with brussels. three vietnamese tourists and a tour guide have been killed after a bus in egypt was hit by an explosion as it made its way to the pyramids. ten other passengers and the bus driver were injured — two of them are said to be in a critical condition. it's the first deadly attack against foreign tourists in egypt in more than a year. there's a warning that women are bearing the brunt ofjob losses because of automation. the charity the rsa found women had lost almost a00,000 jobs in the public sector, in banking and in retail since 2011, while the best—paid newjobs are going to men. anisa kadri has more. technology has been replacing somejobs for years. but as robots get increasingly clever, new resea

administrators from kpmg say they'll try to keep all 125 stores open while they're looking for a buyert british women won the vote. and it was more than 100 years ago, that the dick kerr ladies played their first game of football, going on to become the most successful women's football team ever, playing in front of record crowds. but it's likely you've never heard of them, because in the 1920s, women were banned by the football association. jayne mccubbin has to been find out more about their impact. why is it nobody knows their name? you tell me, because they're the best that has ever been. this is the story of the dick kerr ladies and this — this is where the story starts. 100 years ago, this was a munitions factory in preston and home to a group of women who loved football. on christmas day in 1917, they played their first game at the preston north end ground, deepdale. 10,000 came to watch and their following quickly grew. they started it as a patriotic thing to raise money for wounded soldiers during the first world war, but, on top of that, they became the best that there was as

notice, there is a facebook, i should have mention t ed of that he noticed of the change in orders >> kpmgre they going to do that >> we should talk about goldman sachs. we mentioned it at the top of the show the stock is down 2% let's call it another percent or so at least more of the overall group, bigger and larger cap ex. $63 billion market value the latest news is malasian authorities -- the goldmgoldmand about $6.5 million of bonds and enormous fund. the guy that stole $2.7 billion is in china and nowhere to be found. >> what's interesting is a few things malaysia authorities are saying they're not going to go after goldman for $600 million fee who gets a 10% fee on a bond >> i did a lot of work on that fee. it is obvious that should have been a red flag. although there were man many -- that's a lot of points so to speak that they took is goldman bottoming today >> when you see an enindictmein could the malaysia company >> it can't. >> these are the concerns that you raise exactly that is there a way that asian authorities can prevent them doing business in malaysia and other countri

i have to assume that kpmg did its audit in '15, '16, '17 and there was no issue or if there was an issue-- that's part of this the key part of this whole thing. and you have to, you really have to understand that i see the other thing is cash flow i think larry, the guy in there right now is cash flow guy he's an operating guy and that is what is needed. what is happening here the one thing that goes through all all those years is lack of attention to cash flow versus book income. we end up with a situation where the book income is significant and the cash flow is terrible. that has to all get fixed. but so many bad decisions that -- it's just hard to list them all >> when you say that bad management is not fraud. i mean, are you essentially saying that even when you were there as vice chairman that you were a party to this bad management and decisions that were terrible? >> well, when i was there as the vice chairman, unfortunately, that's when the markets collapsed. the dotcom market collapsed. we had enron collapsing and we had 9/11 so, most of that time we were in a fight for our liv

the market is dominated by four main firms, pwc, kpmg, deloitte and ey.ll be deciding on where to put the cost of borrowing in the us. they have been under a lot of pressure. where from? the president of the united states. donald trump has been tweeting pretty furiously about the federal reserve. they should stay independent but he's been pressuring them because he doesn't like the fa ct them because he doesn't like the fact that they are raising the cost of borrowing and he is worried that higher cost of borrowing will slow down the markets and economic growth. he has tweeted yesterday it is incredible that with a very strong dollar and virtually no inflation the outside world blowing up inflation the outside world blowing up around us, paris is burning, china way down the fed is even considering it another interest rate hike. interesting to see if they reply or answer any of his criticism. let's talk about this with our north american business correspondent. explain what we expect from the federal reserve when we speak to them later on. a quick reminder

let‘s get more on this from yael selfin, chief uk economist, kpmg nice to see you.gh. that indicated the labour market is red hot. unemployment is slightly, in terms of rate is higher than we saw in the summer but it is still below what we have seen earlier and below what the bank of england considers to be a neutral rate of unemployment.“ bank of england considers to be a neutral rate of unemployment. if we look at the headlines, we are told there is so much uncertainty, businesses are putting off hiring and not making any investment or expansion decisions until we know what is happening with brexit, but these figures suggest business is sort of getting on with things? businesses are hiring but what they are not doing is investing and business investment is very weak. potentially they are using labour as a substitute at this stage. but overall, the labour market is very, very tight. what is stopping them using the labour to make up the shortfall, hiring more staff to do things machines could do, is that wages are still going up and the latest figures, real earnings

the market is dominated by four main firms — pwc, kpmg, deloitte, and ey. big banks charging higher fees for unarranged overd rafts. the financial watchdog says banks earned more than £2.11 billion from overdraft charges last year, with around 30% of that from unarranged overdrafts — where customers become overdrawn without agreeing it first with the bank. it also includes going over your overdraft limit. but critics of the move say that's one of the few ways that banks can make money from current accounts, which allows them to offer accounts to customers for free. let's talk to guy anker, deputy editor at moneysavingexpert.com. morning to you. it is interesting this, we also didn't like the sleaze but that is where the banks make their money and that is what lets us have free current accounts. they make a lot of money as you just said. it can't be right that the poorest in society are paying such high amounts. we welcome these proposals, with further to go further with a cap on charges. nevertheless, it should hopefully bring the cost up and make it easier

national sector leader of energy and natural resources at kpmg.r pre-enter view notes, it's interesting, gina, because you say they'll do at least 1 million. and it would be great if they came out for plans for a million and a half not everyone thinks that higher prices will be good, but in this world where we're such a big oil producer, we do feel for our oil producer e producers, and we're not sure if we want slow or add least medium we don't want it to go into the 30s, right >> that's exactly right. what the industry really needs is prices in the 50 to 60 range to continue to be profitable and robust and drive the supply that we need. i think there's three things i would offer for your consideration. number one, i really believe that the media and analysts are overplaying the u.s. influence in this conversation yes, the u.s. wants lower prices you mentioned the president tweeting about it, but i don't think that's a big factor in the decisionmaking today the second is, the short-term opportunism that's taking place. the runups do not support wh