Latest Business News: Deloitte Loses Appeal in MG Rover Disciplinary Case

Wochit 1:12 mins

Accounting firm Deloitte has lost its appeal against a regulatory ruling that it failed to manage conflicts of interest in its advice to MG Rover Group and the "Phoenix Four" directors who bought the British carmaker before it collapsed. Deloitte said the decision could have wider implications and force all accountants to examine what advice they can give. It will sound out business and accounting bodies on whether to mount a further appeal on some points. MG Rover was put into bankruptcy administration in 2005 with debts of $2.1 billion and the loss of 6,000 jobs. Omnicom Group Inc. and Publicis Groupe SA say they are combining in a "merger of equals" that will create the world's largest advertising firm, one worth more than $35 billion. For all the strong rhetoric, China's latest policy actions suggest a shift in focus on the economy to mix relatively pain-free reforms that burnish Beijing's credentials for change with measures to prop up sagging growth.

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