FirstFT: PwC’s UK partners earn record compensation

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PwC’s UK partners have won record compensation this year after the company’s profits rose by a quarter to a high of almost £ 1.2bn thanks to the boom in corporate transactions.

Average profit per partner for the year at the end of June was the highest on record at £ 868,000, up from £ 685,000 in 2020 and £ 765,000 in 2019. The company’s 22,000 UK employees shared a bonus. total of £ 128million, compared to £ 83million per year. one year earlier.

Major legal and accounting firms have performed well during the pandemic, given the high demand for advice on acquisitions. Private equity firms announced deals worth $ 513 billion globally in the first six months of 2021. Reducing travel and entertainment costs for customers also helped.

Five other articles in the news

1. United States calls on OPEC to increase oil production The Biden administration has urged Opec to increase oil production in an effort to curb high oil prices which US officials say “threaten to hurt the ongoing global recovery.” The intervention marked a change from last year, when Donald Trump urged Opec to raise prices to help U.S. shale companies weather one of the worst market downturns in decades.

2. Germany arrests a Briton suspected of spying for Russia A Briton working at the British Embassy in Berlin has been arrested on suspicion of passing information on to Russian intelligence services in exchange for cash. The suspect, a local employee rather than a diplomat, had been followed for months before his arrest.

3. Taliban capture three other provincial capitals Islamist insurgents have taken control of three other provincial capitals, giving them control over more than a quarter of the seats in Afghan provinces. Joe Biden has reaffirmed his decision to withdraw US troops, but critics argue Washington’s efforts to provide security have been based on a flawed assessment by the Taliban.

4. Poland adopts media law that divides The country’s lower house of parliament has passed a controversial bill that could force an American media group to sell its controlling stake in Poland’s leading independent broadcaster, which often provides critical government coverage.

5. The pace of US inflation stabilizes The rapid pace of consumer price increases stabilized at a 13-year high in July, rising 5.4% from a year ago, as inflationary pressures persisted due to constraints supply chain and surging demand.

  • Opinion: At what point in the inflationary spectrum is the economic bureaucracy playing with fire? This is the most important question in macro, writes Claire Jones.

Coronavirus digest

  • United States Centers for Disaster Control and Prevention recommended Covid-19 vaccinations for pregnant women, saying the data indicated that Moderna and Pfizer injections did not increase the risk of miscarriage.

  • the gender pension gap rose to nearly £ 200,000 this year as the pandemic took a heavy toll on women’s finances.

  • The coronavirus caused the greatest disruption to expedition in 65 years: more than 300 container ships are stranded in front of ports around the world.

  • Europe Covid passport protesters have found unity in freedom. The motley crew includes right wingers, Communists, vaccinated and refusnik jabs.

Graph showing disruptions in container transport, by number of ships waiting for a berth at port around the world

Lockdowns and high infection rates have turned Ireland from a pandemic hotspot to a vaccine poster child, writes Laura Noonan. Register now for our Coronavirus Business Update newsletter and follow our live blog for the last one.

The day to come

UK GDP Investors will be watching how quickly the economy has rebounded from a contraction at the start of the year, with bottlenecks eased when a second quarter GDP estimate is released today.

  • Across the Atlantic: Unemployment claims in the United States almost doubled from the pre-pandemic average. But economists are forecasting a small weekly drop. (FT, WSJ)

Presidential election in Zambia The South African nation is bracing for a close race that will test the health of democracy and may further delay talks on a vital IMF bailout. President Edgar Lungu has already sent the army to the streets before the election.

Opioid epidemic in the United States Purdue Pharma’s bankruptcy lawsuit to settle its opioid litigation is taking place in New York City. Members of the Sackler family will pay $ 4.5 billion in exchange for protection against future financial liability.

Earnings Toshiba, Walt Disney, Foxconn, Deutsche Telekom, Airbnb and Hapag-Lloyd announce their results. Read the full list here.

What else do we read

The £ 6.4bn dispute that will reshape shopping streets As coronavirus cases have declined in the UK over the past 18 months, the amount of unpaid rents thanks to mandatory business closures has risen. Tenants are heavily in debt and call on landlords and lenders to share the pain.

Urban struggle over post-Brexit regulations In the sunny Brexit highlands, there are opportunities and arguments to be seized, including looming tensions between corporate hopes, regulators’ concerns and political pressure for ‘competitiveness’ for Global Britain. The test case concerns insurance reform, writes Helen Thomas.

Opinion: English football, in triumph and misery Every time Tomiwa Owolade sees a young footballer break into a team, he thinks to himself “it could have been me”, but also, “of course not”. He writes: “Support for England was often driven not by arrogance, but by something more open. . . It is the reflection of domestic memories, good and bad.

Tomiwa Owolade: “Football was my strongest childhood sweetheart;  the fact that my dream didn't come true was more bitter than my first romantic rejection '

Tomiwa Owolade: “Football was my strongest childhood sweetheart; the fact that my dream didn’t come true was more bitter than my first romantic rejection ‘

Why central bankers keep their cool in the face of rising house prices Inflation-obsessed central bankers are increasingly sensitive to the plight of millions of people forced from housing markets by soaring prices. But acting is another matter. Read the fifth installment in our series on global house prices.

The Olympic disappointment of the Japanese Prime Minister Yoshihide Suga had a plan: organize the Tokyo Games despite the pandemic, ignite the public and ride a wave of medals to electoral victory. But there was no sign of an Olympic rebound, plunging Japan into political turmoil.

visual arts

Six international art exhibitions Tyler Mitchell in New York, Rachel Kneebone in London and Arthur Timothy in Accra – here are some shows to mark for the end of summer.

‘Riverside Scene’, 2021, by Tyler Mitchell, who looks back on his roots in the American South © Tyler Mitchell

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