BIG FOUR
Explained: Why is France targeting Nvidia?
France's antitrust regulator is set to charge Nvidia in relation to alleged anti-competitive practices. The move comes after dawn raids by French authorities in September last year, which sources said targeted Nvidia. The raids were the result of an ongoing probe into the cloud computing industry.
PwC names new China head amid regulatory scrutiny
PwC said in a statement to Reuters on Wednesday that Shanghai-based Li assumed the role of chairman of PwC China and Asia Pacific with effect from July 1, taking over from Raymund Chao who retired on June 30. The firm came under the Chinese regulatory spotlight earlier this year for its role as the auditor of troubled property company China Evergrande Group.
Government working on aggregation of CA firms, accounting standards for insurance sector
Government and ICAI collaborate to boost global accounting firm presence. Efforts include setting standards for insurance sector and LLPs, and reducing the time for voluntary company closure. ICAI President plans for CA firm aggregation in the near future.
Dhiraj Agarwal on the next big trigger for equity markets
At least for a couple of months, China pulled in a large amount of inflows by the global investors. I have not seen the most recent data, but Feb-March they pulled in about $40 million. Something like that happens, it obviously impacts the amount of flow, which could happen in India. So, on the FPI flow, it is just a toss-up. I mean, it is very difficult to predict, honestly.
Celebrating the inspiring journeys of four small business innovators who dared to dream big
Entrepreneurs like Yashovardhan Sharma, Kanak Deka, Biju Kuriakose, and Reena Chauhan embody resilience and innovation in India's MSME landscape. Through programs like Walmart Vriddhi, these entrepreneurs thrive, preserving heritage, empowering communities, and shaping a brighter future for Indian households with unique products and sustainable practices.
Big 4’s management consulting arms gain muscle
The management consulting business has been growing 25-30% for all firms in the last two years. At the Big Four, the total number of partners engaged in strategy, operations, and the top end of digital advisory — areas typically dominated by firms like McKinsey, BCG and Bain — stands close to 300, with consultant numbers at 5,500-6,000. However, the varying number of digital consultants each firm adds to management consulting complicates direct comparisons.
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'Jailscraper', the tallest prison on Earth in making, faces local backlash
Jailscraper, a huge jail complex, destined to be the biggest prison in the entire planet, is being planned in Chinatown, a popular place in the United States. However, this multi-billion dollar project is facing hiccups after Chinatown locals are vehemently opposing its construction, claiming that it will ruin the sanctity of the region.
US steps up watch against counterfeit goods; Indians leave your fake Adidas, Gucci back home
The US Customs and Border Protection (CBP) has recently intensified efforts to combat the smuggling of counterfeit luxury products, leading to the confiscation of numerous fake Adidas, Nike, and Gucci items from travelers, particularly from India. Many students and visitors arriving in the United States have reported having their counterfeit Puma, Adidas, or Nike items seized at ports of entry.
Big movers on D-Street: What investors should do with Paytm, Godawari Power, and Som Distilleries
The primary price trend of Godawari Power has increased significantly by 157% YoY. The stock recently experienced a technical pullback from its shorter-term weekly moving averages, climbing 35% in under four weeks. Hence, the counter is now trading 14% higher than its mean, increasing the likelihood of profit-taking.
EPFO made these four major changes to the EPF account, claims process
Recently, the Employees' Provident Fund Organisation (EPFO) has relaxed several regulations to make life easier for Employees' Provident Fund (EPF) members. While, it has also withdrawn one of the benefits offered before.
TMC announces candidates for four bypoll seats
Trinamool has nominated Krishna Kalyani and Mukut Mani Adhikari, who unsuccessfully contested the Lok Sabha elections, for the Raiganj and Ranaghat seats, respectively. In Maniktala, late Trinamool leader Sadhan Pandey’s wife Supti Pandey has been chosen as its candidate.
Old team, new beginnings: Big four intact, PM Modi sends big message
Besides big four, PM's core team of ministers have also retained their portfolios. Nitin Gadkari (road transport and highways), Piyush Goyal (commerce and industry), Dharmendra Pradhan (education), Sarbananda Sonowal (ports, shipping and waterways), Virendra Kumar (social justice and empowerment), Ashwini Vaishnaw (railways, electronics and information technology), Hardeep Puri (petroleum and natural gas) and Bhupender Yadav (environment, forest and climate change) will continue running the ministries they were handling in the last five years. Some of them have shed additional portfolios that were allocated when others left the council of ministers in the past.
Tour de Fabulous: How India’s affluent are seeking extraordinary travel experiences
Personalised travel include things from watching a tuna auction in Tokyo to spending a night at the Palace of Versailles. This trend has led to the rise of luxury travel agencies. A community of about 570 travel agencies and concierges that curate high-end, bespoke journeys has come up.
'Big Little Lies' Season 3 confirmed by Nicole Kidman; new book by Liane Moriarty in works
Nicole Kidman has confirmed that a third season of the hit HBO series "Big Little Lies" is in the works. In an interview with Vanity Fair alongside co-star Reese Witherspoon, Kidman revealed that author Liane Moriarty is currently writing a new book in the series, which will serve as the basis for the upcoming season. The show, which revolves around the lives of four women in a wealthy Californian town and the fallout from a murder, was initially conceived as a limited series but found great success.
Young Sheldon spinoff: Will Jim Parsons return as Sheldon in Georgie and Mandy's First Marriage?
"The Big Bang Theory," a long-running hit on CBS, owes much of its success to Jim Parsons. His portrayal of Sheldon Cooper, the egotistical yet endearing genius, earned him four Emmy Awards and a special place in the hearts of millions.
IAMAI view on draft Digital Law not shared by all constituents: four members tell MCA
Four members of IAMAI, including Bharat Matrimony, Match Group, Hoichoi, and ShareChat, express divergent views on ex-ante regulation in the draft DCB to the Ministry of Corporate Affairs.
PwC in major accounting scandal? China may impose record fine on PricewaterhouseCoopers over Evergrande auditing work
China is set to impose a record fine on PricewaterhouseCoopers LLP and may suspend some of its local operations due to its involvement in a major financial fraud case with China Evergrande Group. The Ministry of Finance is expected to announce the penalties soon, with a potential fine of at least 1 billion yuan. This move comes amidst heightened scrutiny on financial risks in China, with President Xi Jinping emphasizing the need for stronger financial oversight. PwC's Chinese arm, PricewaterhouseCoopers Zhong Tian LLP, was Evergrande's auditor during the period in question and has faced challenges in other jurisdictions as well.
Work overnight for FPI tax papers: Sebi tells big four firms
At a meeting on Tuesday, the Indian capital market regulator has told the accounting biggies in no uncertain terms to generate the mandatory 'confirmation certificate' overnight so that offshore funds managers can repatriate the money from the sale of stocks here to other international markets the very next day.
ICAI disciplinary panel overlooks stay to pass order against 2 partners of PwC arms
Despite a Delhi High Court stay, the Institute of Chartered Accountants of India (ICAI) has published orders penalizing two PwC affiliate partners. PwC had obtained a stay against ICAI's disciplinary action, challenging fines and membership removal. The institute's move to upload the order on its website has sparked a legal battle. This follows a similar dispute with EY affiliates. The Big Four firms are contesting ICAI's disciplinary actions, demanding an appellate tribunal be established first.
PM Modi has given country's 'entire wealth' to 'four or five rich people': Priyanka Gandhi
Priyanka Gandhi Vadra criticized Prime Minister Narendra Modi during a rally in support of her brother Rahul Gandhi's candidacy in Rae Bareli, accusing him of favoring "four or five rich people" with the nation's wealth. She highlighted Modi's alleged lack of engagement with ordinary citizens, contrasting it with the approach of past Congress leaders like Rajiv Gandhi and Indira Gandhi, who interacted with villagers to understand their concerns.
Marvel Studios' Fantastic Four Reboot: Check out what we know about filming, new cast addition, production team and more
Ralph Ineson joins the cast of Marvel Studios' Fantastic Four as the villainous Galactus, a cosmic being with the power to consume planets. The film, set in the 1960s, follows the superhero team's first adventure under the Marvel Cinematic Universe umbrella, promising a fresh take on the iconic characters and their adversaries.
Big 4's dominance: Local companies call for level playing field
Indian auditing firms are pushing for fair competition with multinational counterparts, expressing concerns over the Big Four's increasing dominance and alleged manipulation of regulatory loopholes. The Institute of Chartered Accountants of India (ICAI) recently investigated affiliates of EY, Deloitte, PwC, and KPMG, where the firms were able to obtain court stays against disciplinary actions by the ICAI disciplinary committee after years of scrutiny, according to local rivals.
ICAI lens on big four affiliates over their association with global entities
The EY affiliate firm, SRBC & Co LLP spokesperson told ET that they will explore all issues raised in the order and explore options under the law including the appeal process. However, the problem is that the appellate tribunal, which is supposed to hear appeals, has not yet been set up by the institute. "The order focused only on procedural matters, not audit quality, and will not affect the future of the audit firms in any way" said a leading lawyer who works closely with Big Four firms on regulatory matters. Deloitte, KPMG, and PwC did not respond to the ET questionnaire on the matter.
Big six corner most of auditing business in Nifty-500 universe
According to the report, of all the companies with equity shares listed on the NSE main board, the Big 6 Indian audit firms secured 637 assignments out of 1,961. This accounted for approximately 32.48% of the total, up slightly from 32.14% the previous fiscal year. Auditor details were missing for 47 organisations. A key standout has been the strong performance of Grant Thornton and MSKA affiliates who have established themselves as strong alternatives to the Big Four firms in audit business.
India presence imperative as part of worldwide expansion: CLA Global
CLA Global is among the non-Big Four professional services networks, such as RSM, Baker Tilly, HLB, Mazars and Nexia, which, driven by the significant opportunities presented by India's growing economy, are rapidly scaling up their presence in the country.
Big Four set for another wave of partner poachings
Recruitments come at a time when the Big Four firms are strengthening service lines, scaling up advisory practices and filling replacement hiring. Deloitte's actions exemplify this trend, hiring over 50 lateral partners in the past year, with nearly half from rival firms, particularly bolstering cyber, risk, financial services, and tech divisions
Holi and Easter weekends serve up big business for travel, hotel companies
At the Four Seasons Mumbai, rooftop bar AER and restaurant San:Qi saw a "significant' turnout, higher than the usual weekend rush," said general manager Nitesh Gandhi. "Evenings are more high energy on such weekends especially when home means an elevator ride to your room," he added. From special Easter brunches to Holi-themed bashes and getaways, travel and hospitality companies expect brisk business this week because of two long weekends.
Financial reporting community needs to learn from India’s start-up success story, says NFRA chairman
“India ranks third globally in terms of the number of start-ups that are becoming unicorns. We all should collectively think if we can do the same thing in the auditing community,” Pandey said in his closing remarks. Pandey noted that NFRA would coordinate with the Ministry of Corporate Affairs to help create enabling frameworks for establishing home-grown audit firms like the Big Four.
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