BP CFO’s challenges
In an interview with Finance Director, BP’s CFO Brian Gilvary sets out the hugely complex set of issues he faces leading finance at one of the world’s biggest energy companies. Gilvary reveals his role in defining strategy and his involvement in some of the biggest business stories of the last 20 years including the Macondo oil spill, working with Russian partners and climate change.
Grocer Tesco reveals an alliance with Carrefour of France, complete with a three-year “operational framework” to guard against corporate secrets falling into the wrong hands. Its a combination that combines buying clout to demand lower prices from suppliers- but it is also a model that may prove critical for addressing the challenge of the Sainsbury’s-Asda deal and the threat of behemoth Amazon to the food retail space.
The Financial Reporting Council (FRC) says it is looking into KPMG’s audit of ex-Bargain Booze owner Conviviality, which went into administration in April. The watchdog is investigating the preparation of the company’s financial statements for the year to April 2017.
JLR Brexit warning
Car maker JaguarLandRover (JLR) warns that a “bad” Brexit deal would hit its profits and threaten its £80bn investment plans. The UK’s biggest carmaker, owned by India’s Tata Motors, said its “heart and soul is in the UK”. But it said that without frictionless trade its UK investment plans would be in “jeopardy”.
A crunch meeting of the Cabinet takes place to define the UK’s future relationship with the EU, in which a compromise deal is sought between the factions representing Remainers and Brexiteers, Theresa May says it is a “a great opportunity – and a duty” to agree a blueprint for an agreement “in the best interests of the UK and the EU”. The Prime Minister presents a proposal for UK-EU customs arrangements that would see the UK set its own tariffs on goods arriving into the country.