Watchdog slaps PwC with record fine for Connaught audit ‘misconduct’
The UK’s accounting industry watchdog has fined professional services firm PwC £5m for “misconduct” in relation to the audit of Connaught, a FTSE 250 company put into administration in 2010. This is the biggest fine ever administered by the Financial Reporting Council, the independent investigative and disciplinary body for accountants and actuaries in the UK. PwC was also ordered to pay the FRC’s legal costs and to make an interim payment of £1.5m. Stephen Harrison, a retired PwC audit partner, was also fined £150,000 in relation to the case. PwC had suggested a £2m-£2.5m penalty for the firm and £50,000 for Mr Harrison. The FRC said the findings related to three audit areas – mobilisation costs, long term contracts and intangible assets. (Financial Times)*
FIFA reform is ‘dead,’ says man who helped bring down Sepp Blatter
One of the men who played a leading role in bringing down former FIFA president Sepp Blatter says reform of world football’s governing body is “dead.” Hans-Joachim Eckert, the ethics judge of FIFA‘s adjudicatory chamber, told CNN that the decision to remove him and investigator Cornel Borbely from their roles was a “political decision.” Both men played an integral role in the banning of Blatter, who resigned from his position in October 2015 after 17 years in charge in the midst of corruption allegations. According to a statement issued by the ethics committee, the investigatory chamber has carried out 194 investigations since 2015 while the adjudicatory wing has sentenced more than 70 officials during the same time frame. The non-reappointment of the two judges leaves a question mark over what will happen to the dozens of existing investigations still under way. (CNN)
Sustainable Development
World Bank approves $32.80 million project to improve livelihoods in Zambia
A $32.80 million grant has been approved by the World Bank‘s Board of Executive Directors which will help improve livelihoods in the Eastern Province of Zambia. It is estimated it will improve the lives of an estimated 214,955 people through a focus on reducing deforestation and unsustainable agricultural practices. The project will also support capacity-strengthening activities that will emphasise multi-sector coordination and transition to low carbon development. Ina Ruthenberg, World Bank Country Manager for Zambia, said: “The project will create an enabling environment for Zambia to benefit from future emissions reduction payments, through a BioCarbon Fund.” It will include $17 million International Development Association (IDA) credit, a Global Environment Facility (GEF) grant of $8.05 million, and a BioCarbon Fund (BioCF) grant of $7.75 million – the World Bank said. (Climate Action Programme)
Renewables
France preps 17GW renewables surge
Just days before he secured victory in France’s presidential election, President-Elect Emmanuel Macron’s plans to double France’s wind and solar capacity by 2022 received a major boost. Late last week the European Commission granted State Aid approval to three French schemes designed to deliver more than 17GW of renewable energy through small scale onshore wind, solar, and sewage gas projects. The centrepiece of the new investment push will see €1bn a year of financial support provided to new onshore wind projects. It will separately see a new €190m a year solar scheme that will offer 20 year of feed-in tariff payments to building-mounted solar systems. It will be backed by a a new €58m a year sewage gas support scheme that will generate renewable power. (BusinessGreen)
Waste
Unilever breakthrough technology set to tackle plastic sachet waste
Consumer goods giant Unilever has today (11th May) unveiled a breakthrough technology which aims to address the systemic global issue of multilayer plastic sachet waste, which allows low-income consumers, particularly in developing countries, to buy small amounts of otherwise unaffordable products. But the increasing adoption of sachet products is leading to a problematic rise of landfill waste. In a bid to tackle the issue, Unilever has developed a technology which recovers plastics from the sachet which can then be used to create packaging for new products, as it hopes to empower waste pickers to help them gain a long-term income that benefits the mainstream economy. The latest announcement forms part of Unilever’s overall goal to ensure that 100% of its plastic packaging is fully re-usable, recyclable or compostable by 2025. (Edie)
Image source: Fifa World Cup 2014 at Flickr. Creative Commons: Attribution 2.0 Generic(CC BY 2.0)
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