Tabby Kinder
@Tabby_Kinder
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West Coast Financial Editor at the @FT in San Francisco. Leading the FT's coverage of finance in Silicon Valley // Via Hong Kong and London
San Francisco
Joined March 2009
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Consultants at McKinsey were paid £19k *a day* at the peak of the pandemic to advise the UK government on the "vision and narrative" of its chaotic test and trace programme
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SVB’s equity when adjusted for unrealised losses in its portfolio of securities, compared to its peers…
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HSBC has become the first global bank to install a Chinese Communist party committee inside its investment bank, allowing CCP "activities" to be carried out inside the group's China business
Scoop with
@sjhmorris
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🚨Job news🚨Really excited to say that I have been appointed Asia financial correspondent of the
@FinancialTimes
and will be based in Hong Kong as soon as visa processes allow. It's been a great first year with excellent colleagues at the FT and I am excited for the next chapter!
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It's messages like this from my dad that let me know it's all worth it 🙃
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The UK "ventilator challenge" call to action of private manufacturers and consultants will cost taxpayers £450m despite delivering just 2,000 ventilators. Thats £225k each - they usually cost less than a tenth of that. With
@pmdfoster
and
@Michael_Pooler
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An internal graph at Nomura, leaked to hedge funds and seen by the FT, appears to show the bank ramped up US securities financing by 500% in the run up to the Archegos liquidation
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After three months of banned countries and banned flights, a “washout” in Thailand, countless PCR tests, endlessly re-booking quarantine hotels, I have *finally* made it back to Hong Kong from my Christmas holiday
Three months to get from London to Hong Kong
#AsiasClosedCity
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🚨Job news🚨 After two great years in Hong Kong, I am moving to San Francisco to lead the FT’s coverage of finance in Silicon Valley in the newly created role of West Coast Financial Editor
Hong Kong has been a wild ride and I am thrilled to be taking on another fast-moving beat
.
@FT
is expanding its US financial coverage with three senior appointments including
@EricGPlatt
@Tabby_Kinder
and the return of
@JennHughes13
:
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I am hearing this theory with increasing and alarming regularity from senior finance executives about the ultimate goal of Hong Kong's 21-day travel quarantine...
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In an astonishing lack of transparency, the Treasury is refusing to name the recipients of more than *£50bn* of taxpayer-funded coronavirus business loans
via
@Michael_Pooler
and
@BondHack
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(More) Bad news for the audit profession today. The Court of Appeal has set legal precedent that means auditors can be held liable for all losses a company suffers and dividends it pays while trading under a "negligent" audit
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Stunning statement by Wirecard. How can an auditor - who has access to every receipt and document they ask for - be deceived, while a journalist - who has to fight against the company on every detail - can uncover the true picture?
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The government gave £24m of taxpayer cash *upfront* to a tiny pest control company for PPE they said they could get from China, despite the company having no experience procuring medical PPE and that it had never been used as a government supplier
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Big scoop by Sun Yu in
@FT
Chinese regulators have quietly met with banks including HSBC to discuss how China could ….hypothetically…. protect its overseas assets from the same western sanctions that have befallen Russia
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Luke Johnson, chairman of Patisserie Valerie while a £94m fraud went uncovered for years, is resuming his Sunday Times column on how to run a business
Back on the chain gang...I resume my column about business in The Sunday Times this weekend.
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Hong Kong now leaving Samaritans suicide helpline information in quarantine rooms
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The UK’s largest accounting firms held a virtual meeting on Friday to discuss whether their bruised reputations could handle them using the gov furlough scheme while paying partners a million pounds a year. The corporate equivalent of the Premier League
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Incredible scoop by
@OlafStorbeck
... EY ignored one of its own employees who warned its bosses in 2016 that Wirecard management had tried to bribe an auditor
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The Hong Kong Police...souvenir shop... is selling these really tasteful "disperse or we fire" keychains (h/t
@nicolle_liu
)
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The Patisserie Valerie/Grant Thornton audit findings report from the FRC is just... 🍿🍿🍿🍿🍿
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Around 50 people have now tweeted at me threatening to "kick my head in" , "put me in hospital" or "punch me in the face" because of an inocuous tweet about asking a man who had pulled his mask down around his chin to please put it back on while we were in a confined space 👍
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First day at the
@FinancialTimes
today in my new role as Tax and Accountancy Correspondent... get in touch! tabby.kinder
@ft
.com
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The UK government funnelled £280k into the family business of former Interserve boss Debbie White for "leadership support" on Covid testing, just weeks after Mrs White took on a *voluntary* role running testing centres
Scoop with
@gillplimmer1
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🚨Personal news siren🚨 After a fantastic 15 months at The Times breaking stories on the professional services sector, today is my last day before I am off to join the Financial Times as Tax and Accountancy Correspondent, stepping into the prestigious shoes of
@miss_marriage
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The reputation of Hong Kong internationally as a place to live and work is taking another serious beating this week
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By cruel irony, on my *last day* of compulsory hotel quarantine in Hong Kong, the government announced that it will be extended by a week. I am now on day 14 of 21.
In the grand scheme of things that matter in the world, an inconvenience. In the microcosm of my head, a struggle
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Do you have any idea how happy I am that I work for the FT when I read things as batshit and brilliant as this?
via
@FT
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I wrote about spending three (unexpected) weeks in quarantine in Hong Kong for
@ftweekend
. It was daunting trying to put something so personal on to the page, but this par sums it up best...
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Having to cancel my own employer for using “San Fran”
.
@FT
is expanding its San Fran bureau to deepen coverage of the intersection of money and tech, with
@sjhmorris
as bureau chief,
@RichardWaters
as tech-writer-at-large,
@MActon93
as SF correspondent and
@CristinaCriddle
as tech correspondent. More here:
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"Hong Kong’s laws and judges used to protect civil freedoms as robustly as they did the sanctity of financial and commercial contracts. That is no longer the case..."
Great column by
@tmitchpk
on the long term future for Hong Kong
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Incredible that Morgan Stanley and UBS avoided a lot of heat by briefing that their Archegos losses were "not material" when they in fact both lost nearly $1bn
UBS reveals a $774m loss on Archegos trades - plus another $87m hit coming next quarter. But previously they said it was "not material" 🤷
With
@samgadjones
via
@financialtimes
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Testing positive for Covid at Hong Kong airport now means being detained in hospital and quarantine for an indefinite period of time, with some mothers and children spending 40 or 50+ days in isolation
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Bit concerning when you receive your Masters degree certificate from
@myGoldsmiths
and they've spelt JOURNALISM wrong
http://t.co/ItSmbhkwhd
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Now the most read story on the
@FT
A deep dive into alleged financial mismanagement and claims of a hostile culture at Quintessentially. Investigation by
@danielthomasLDN
and me
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Covid is not and never has been a "leveller"
We danced, rode bikes, swam near whales, kayaked, watched a movie on the beach and so much more. I realize that for most people, this is something that is so far out of reach right now, so in moments like these, I am humbly reminded of how privileged my life is.
#thisis40
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For those who don’t live in Hong Kong: Carbone is an upscale Italian restaurant in the central district of HK Island, with a wealthy clientele
Kind of like if The Ivy had been raided by the police for an hour because diners weren’t …wearing masks?!
FEHD and Hong Kong Police "raid" on Carbone restaurant tonight in LKF.
Reports all staff were fined $5k for not checking RATs (though not required at the restaurant), and customers were made to sit in silence for an hour.
Asia's World City on the path to normalcy.
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Scoop - Oaktree, one of the world's most savvy distressed debt managers, has scuppered an Evergrande plan to restructure offshore bondholders debt by seizing a 2.2m sq ft plot of land in Hong Kong that was being developed into a... castle
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I've now made it half way through quarantine in Hong Kong!
The isolation is real. I've not seen anyone except (fleetingly) the person who leaves food outside my door
I've been tagged, tracked and tested for Covid twice
Altogether a different experience to landing at Heathrow!
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Interesting letter to the
@FT
on Hong Kong in today's paper...
"The population cowers, not from fear of the virus itself but rather from what the Hong Kong government will do to us if we are found to be infected."
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This story reveals that: A third of all the money spent acquiring PPE from private companies was given to PestFix, a pest control company based in Littlehampton in Sussex. The company has not appeared as a govt contractor before and has assets of just £47,000.
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You know it's bad when KPMG is distancing itself over reputational risk...
Sky News understands accountancy firm KPMG has not renewed its sponsorship of the Duke of York's Pitch
@Palace
initiative with the company saying it "made the decision following adverse press scrutiny around Prince Andrew"
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The actual dress code at an actual law firm
Leaked email shows divorce supremo Ayesha Vardag has banned her lawyers from wearing cardigans and blasted them for looking like 'pretty young things'
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The Savoy Hotel has paid no corporate tax in the UK for 15 years. It is not the only one. The Financial Times asks: is the system broken and is coronavirus an opportunity to stop corporate tax avoidance for good?
By
@EmmaAgyemang
@alexebarker
and me
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Hong Kong has locked more than 2,000 people in their apartments for five days, with no consideration for their work/income (never mind consideration for basic freedoms, mental and physical health, etc) and has warned that other tower blocks with covid cases could face the same
Feels like Hong Kong is getting cloe to hitting the panic button. Would not be at all surprised to see these measures implemented. 0 COVID not going anywhere until Beijing says so:
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Hong Kong's chief secretary has written to the FT to say I "misrepresented" HK's efforts to control Covid-19 when I said the territory's coronavirus eradication policy and slow vaccine roll-out risks its status as a global finance hub
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It has recently come to my attention that some of my colleagues, who shall remain nameless, have been pronouncing it Evergrandé this whole time
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The boss of PR firm Tulchan was quietly given an unpaid government Covid role at the same time as Tulchan's clients picked up coronavirus contracts
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The countdown has started on the separation of the audit practices of the Big Four accounting firms. This represents the largest structural overhaul of their operating models for decades...
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My aunt, an NHS nurse in Scotland, spent £200 of her own money on a private CVD19 test because her area was so short staffed and she had been self-isolating with symptoms. Test just came back negative. All that worry and forced time off wasted. Why aren't we testing nurses?
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Proud to work for a paper capable of doing this amount of quality important journalism in one day
Just published: front page of the Financial Times, UK edition, Friday 25 February
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Exclusive - PwC advised Thomas Cook bosses on bonuses that were protected from colossal exceptional items, at the same time as it audited the company's allocation of exceptional items
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@PaddingtonShort
@JolyonMaugham
@GoodLawProject
@EveryDoctorUK
@MattHancock
Shortly after my article was published and shortly before the entire PestFix crew deleted their LinkedIn accounts! Strange that...
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The tax bill, which Sports Direct found our about yesterday, is for 674 MILLION EUROS
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🧨 New FT Film is out on the stunning collapse of Chinese property giant Evergrande under $300bn of debts
Featuring some of the best of the
@FT
’s China team and produced by
@DanGarrahan
Watch for free here:
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Half a million quid paid to Deloitte to "source" kit for the Nightingale hospital project
Because the government doesn't know where to buy hospital equipment?!
Smacks of jobs for the boys when you factor in the revolving door between Deloitte consulting and senior NHS ranks...
Well, this is a bit odd. And those in the know will also know that this is a bit odd.
Deloitte were also awarded a £428,000 contract “in relation to sourcing goods and equipment for the Nightingale Programme”?
Published on 14 Sept👇🏻
@HCSAprocurement
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KPMG is saving £56,000 *a day* by having its 16,000 staff all working from home, as it no longer needs to load up people's office access cards with £3.50 lunch allowance every day (obviously not taking into account myriad other new costs or savings)
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All credit to
@FD
for pursuing this in the face of legal pressure from Wirecard and that ceaseless refrain of: "but a Big Four auditor signed off their accounts!". Here is mine and Dan's piece on the possible repercussions for EY from this saga:
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A dark day to be a journalist in Hong Kong
One of the territory's largest newspapers is closing after raids by police who froze its bank accounts over claims it broke China's national security law
Its journalists are accused of "collusion with foreign forces"
Hong Kong's outspoken pro-democracy paper Apple Daily announces closure after assets freeze in major blow to media freedom
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It is so satisfying to see
@BondHack
having a Wirecard moment with Greensill after years of investigating and tirelessly explaining to everyone over and over how receivables finance frauds work
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Scoop 📣
America’s second largest bank is plotting relocations from Hong Kong to Singapore across its business lines as quarantine measures stifle global business in the city
With
@sjhmorris
and
@MoiseNoise
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PestFix was added to the health department's "high priority lane" for ministers' friends and contacts to supply PPE *by mistake*
This resulted in PestFix - which has assets of £18k - being awarded a £350m PPE contract
So many problems with this....
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City lawyers lie to journalists regularly and with impunity
EXCLUSIVE: The full inside story of the Michelle Mone PPE scandal;
More than £100m profits on £203m Government contracts shared by Mone & husband and 3 other companies, mostly offshore.
By me with our brilliant head of investigations
@PaulLewis
.
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🚨FT Film: We explore Hong Kong's uncertain future as Asia's top financial centre on the 25th anniversary of the handover to China
Featuring some of the biggest names in finance and politics in the city, and produced by the great
@tom_griggs
via
@FT
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The hubris of PR never fails to amaze me. I received a *complaint to the editor* yesterday for not writing up a press release...
An invitation arrives to dine at a Mayfair restaurant launched in November. "Our client expects an article following this dinner, therefore please confirm the article angle, publication date, number of words and whether it will be published in print or online." Think I'll pass
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Laughed out loud reading this comment on our latest dive in Credit Suisse risk failures...
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In 2012, HMRC gave General Electric a trophy for being a good tax citizen of the UK. Now, it's suing it over a $1bn alleged fraud.
Here's my dive into the tax scheme that fooled HMRC and that raises awkward questions for PwC...
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How much of the blame over KPMG's audits of Carillion should really sit with a 25-year-old junior accountant, not yet qualified, with net annual earnings of not much over £25,000?
Great column by
@catrutterpooley
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$40bn hedge fund Elliott Management pulls out of Hong Kong, relocates staff to London and Tokyo
Scoop w/
@Urbandirt
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I wrote about Hong Kong's mad residential property market, including my own experience of renting a flat
Featuring my favourite opening line:
"My apartment in Hong Kong’s Mid-Levels district cost HK$50m ($6.4m) but walking from one end to the other takes just 10 steps."
Hong Kong has for 11 years been ranked the world’s least affordable housing market. The median price of a home is more than 20 times the annual median household income & house prices reached record highs this year. Why?
@Tabby_Kinder
investigates 🏙
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A fuel crisis in Sri Lanka has reached critical levels -
Tonight the government banned access to fuel for all vehicles for two weeks, bringing the island nation, with a population of 22mn, to a complete standstill
In Colombo, the roads are eerily quiet
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Deloitte wasted £6m in legal fees trying to fight a £15m fine for misconduct in its audits of Autonomy...
Meant the sanctions process took years longer than it should have.
Deloitte said: "This work was performed over a decade ago" 🙄
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This is a jaw dropping tale of how
@FD
and other great FT hacks doggedly pursued the Wirecard fraud in the face of lies, bribes, hostile regulators and worse...
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Silicon Valley has been dragged to the heart of America’s backwards military industrial complex — and Luckey is positioning Anduril as its saviour
Read my feel dive into the AI weapons tech is selling to the military in
@FTMag
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My second front page scoop in my second week(!) at the
@FinancialTimes
: Goals bosses accused of serious fraud in secret report delivered by forensic accountants to the company’s board today
Just published: front page of the Financial Times UK edition Saturday August 3
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Incredible stat here on China real estate amid Evergrande debt crisis:
"There are 5 G7 countries — France, Germany, Italy, the UK and Canada — who could fit their entire populations into 90m empty Chinese apartments with room to spare"
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The UK government is planning to launch its own in-house consulting firm, in a bid to end its reliance on major consultants like McKinsey and Deloitte...
Bad news for the public sector consulting gravy train 💰💰💰
Scoop with
@GeorgeWParker
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📢📢 Some personal news 📢📢 I will be joining the eminent business desk at The Times as professional services reporter from May 2nd. It’s been a pleasure working with those of you in
#hedgefunds
and I am excited to start my next beat!
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As Didi is banned from app stores just days after its mega US IPO, the
@FT
reveals that a whopping 70% of Chinese companies that listed in the US this year are trading below issue price
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Here we go again! Third time round and fifth week total in arbitrary, backwards Hong Kong hotel quarantine 🥲
#AsiasWalledCity
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My first scoop at the
@financialtimes
this morning: KPMG fined £5m over ‘exceptional’ breach in BNY Mellon audit
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EY held a webinar for audit clients this week on important questions during corporate reporting season... first question? "How much cash does the company have?"
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Why did so many Japanese banks lend hundreds of millions, and in some cases billions, of dollars to a single family office in New York that did all of its trading from the US? The mystery deepens
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Just when you thought it couldn't get any more 'jobs for the boys'...
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“It’s pretty hard for me to defend why we loaned him so much"
Me and
@Urbandirt
investigate how one disgraced ex-hedge fund manager talked six global banks into loaning him tens of billions of dollars
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Will Morris, one of PwC's most senior tax advisers, has been dragged into a $1bn tax fraud case over advice he gave when he was a top tax lawyer at General Electric.
A part-time priest, he said in a sermon last year his work is "ethically dodgy"...
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I hear so many people comparing the Shanghai lockdown to London and New York in 2020… they are world’s apart! Same was true when Hong Kong was on the brink of lockdown last month. Almost incomparable to western lockdowns regarding loss of liberty
I think we need a different word for Covid “lockdown” in
#China
as they are so much harsher: Covid house arrest? Home detention? People can’t go get medicine or food, and some have died from chronic illnesses during these detentions.
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What the hell is going on in German corporates
A body in a burned car. Accusations of spying. Secret tapes.
Crazy, crazy story from
@OlafStorbeck
:
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Evergrande has confirmed our
@FT
scoop from last week in a Hong Kong stock market announcement that says a receiver has been appointed over its "Project Castle" development after it defaulted on its colossal $520m private financing
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EY's chairman said he "regrets" that the firm did not uncover a fraud at Wirecard "sooner" in a not quite contrite letter to clients.
The most stark question is still: Why did EY not try to verify bank balances of €1bn?
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UK, Switzerland, Luxembourg and the Netherlands – the “axis of tax avoidance” – are responsible for 72 per cent of global tax losses
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In February, an
@FT
reader commented this on an article about interest rate risk on Silicon Valley Bank’s balance sheet..
Today, we published 12 articles about the bank 🙃
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