Construction industry Headlines

  • UK should get behind EU's radical tax plan for tech firms

    The proposed local revenue tax, intended to operate until an international solution can be agreed, deserves support Radical stuff from the European commission: it is proposing a tax on the revenues of large digital companies operating in the EU, to be levied at 3%. The idea breaches the basic principle that corporate taxes should be charged on profits, not turnover, and thus will cause conflict with the US and probably a few EU countries too. But Brussels deserves support. No measure to date has...

    the Guardian
  • Interserve agrees refinancing deal to ease fears over its future

    Shares rise almost 26% as government contractor reaches agreement with lenders The struggling construction and support services firm Interserve, a major government contractor, has struck a refinancing deal with its banks. The news pushed its shares up nearly 26% to 87.9p. Continue reading...

    the Guardian
  • PwC charges more than £20m for first eight weeks of Carillion collapse

    MPs call fees ‘superhuman’ as accounting firm admits it won’t know final bill until June MPs have accused the accountancy firm tasked with salvaging money from Carillion on behalf of its creditors and pensioners of charging “superhuman” fees, after racking up a bill for £20.4m in eight weeks. Partners from PricewaterhouseCoopers told the Commons work and pensions committee on Wednesday that they had no idea how much they would ultimately charge, admitting it would be at least June before they...

    the Guardian
  • Bellway on track to build more than 10,000 homes this year

    UK housebuilder defies industry-wide material shortage and weaker pound to deliver record number of homes UK house builder Bellway said it was on track to build more than 10,000 homes this year for the first time, despite an industry-wide shortage of materials such as bricks and roof tiles. Jason Honeyman, Bellway’s chief operating officer, said the shortage was exacerbated by a higher demand for bricks in the wake of the Grenfell Tower fire, as construction firms sought alternatives to...

    the Guardian
  • PwC faces MPs over accusations of ‘milking the Carillion cow dry’

    Commons committee to focus on pensions advice as accountants are questioned over role in collapse Partners from PricewaterhouseCoopers will be questioned by the work and pensions committee on Wednesday about the accounting firm’s role in the collapse of Carillion, with PwC accused of attempting to “milk the Carillion cow dry”. The committee said the correspondence between the Pensions Regulator and Carillion exposed the regulator’s weak position and the key role played by PwC. Most of the...

    the Guardian
  • Persimmon paid three executives a combined £104m in 2017

    Big payouts unaffected by housebuilder’s move to cut bonuses following backlash The housebuilder Persimmon paid its chief executive, Jeff Fairburn, and two other executives a combined £104m last year. The news follows a political and shareholder backlash against pay at the top of the FTSE 100 company, which prompted it to slash bonus payouts to the three executives by more than £50m in February. Continue reading...

    the Guardian
  • FRC investigates ex-Carillion directors over financial reporting

    Accounting watchdog scrutinise statements prepared by Richard Adam and Zafar Khan from 2014 to 2017 Britain’s accounting watchdog has started an investigation into two former finance directors of Carillion, the construction firm that collapsed in January, confirming last week’s Guardian report. The Financial Reporting Council said is investigating the conduct of Richard Adam and Zafar Khan, in relation to their reporting of financial statements of the failed government contractor and other...

    the Guardian
  • Former Carillion finance directors expected to face investigation

    FRC understood to have agreed there are sufficient grounds for probe conduct of Richard Adam and Zafar Khan The accounting watchdog is expected to announce an investigation into potential misconduct by two former finance directors at Carillion, the failed government contractor. The Financial Reporting Council’s conduct committee is understood to have agreed that there are sufficient grounds for a probe into the conduct of Richard Adam and Zafar Khan. An announcement is expected early next week....

    the Guardian
  • Profits up at Balfour Beatty as construction giant rebuilds after ‘near-death experience’

    Construction group Balfour Beatty has shrugged off woes in the sector which led to the implosion of Carillion, reporting a surge in profits.

    The Telegraph
  • Human vs. Machine: Blue Collar Tech Startups Side With Humans

    As automation continues to threaten jobs, can technology help human workers outperform robots?

  • Persimmon chief's £75m bonus 'almost unfathomable' – Raab

    Housing minister says he is ‘not comfortable’ with effects of help to buy on housebuilders’ pay Housebuilder Persimmon’s award of a £75m bonus to its chief executive, Jeff Fairburn, was “almost unfathomable”, the housing minister, Dominic Raab, has told MPs. Persimmon faced fierce criticism earlier this year after it emerged that a rise in profits, which has been attributed to the taxpayer-backed help-to-buy scheme, would trigger more than £2oom in bonuses for three executives. The company...

    the Guardian
  • Manufacturing breaks records as construction slumps

    The construction sector started the year in recession as commercial building work slumped and private housebuilding slowed, while manufacturing has had its longest run of growth since records began, official data has confirmed.

    The Telegraph
  • SIG sacks a number of staff over accounting irregularities

    Building supplies company SIG has sacked "a number" of members of staff over accounting irregularities which were revealed by a whistleblower earlier this year.

    The Telegraph