PWC CHINA
China dials up scrutiny of Big Four audit firms after Evergrande probe, sources say
China's Ministry of Finance is intensifying checks on Big Four auditing firms like Deloitte, EY, PwC, KPMG for local companies. Focus on audits of financial firms and highly leveraged companies. Regulatory probe into intermediaries like auditors following China Evergrande scandal. Increased scrutiny to restore confidence in stock markets and assess financial sector vulnerabilities.
Mass layoffs at PwC after exodus of clients in China
PricewaterhouseCoopers LLP is reducing staff in China due to declining revenue prospects and client exodus. Over 100 employees across Beijing, Shanghai, and other locations are being laid off. The firm faces regulatory scrutiny and client losses, prompting job inquiries from competitors. PwC's mainland China arm could face record fines and operational suspension.
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.
Evergrande liquidation law firm probing PwC, others for potential claims
Lawyers for China Evergrande Group's liquidators are investigating its former auditor, PwC, and other service providers to recover losses for creditors. Ordered into liquidation in January due to defaulting on $23 billion in offshore debt, Evergrande's extensive $300 billion liabilities make its case a potential model for future Chinese corporate liquidations. The probe focuses on potential wrongdoing that led to Evergrande's financial collapse.
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.
Transporting steel from Rotterdam to Mumbai is cheaper than from Jamshedpur
The Indian Railways are a lifeline of the country’s steel industry. But factories cannot rely on this mode alone if they want to stay competitive.
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US and European MNCs now consider India an alternate option to China: PwC Asia Pacific
US and European multinationals are increasingly considering India as an alternative to China and a potential investment destination, according to Frank Debets, managing partner-customs & trade practice at PwC Asia Pacific. India's progress in customs clearances, particularly with faceless customs, has been noted as a positive development.
The meteoric rise of Tesla's new CFO Vaibhav Taneja
On Monday, Tesla named Taneja, an alumnus of Delhi University, after Zachery Kirkhorn, who was famously described as 'Master of Coin' by founder Elon Musk, stepped down following a 13-year stint at the company. The 45-year-old's appointment comes at a time when Tesla is reviving its plans to enter India, where Musk in June said the company was looking to invest "as soon as humanly possible".
China rules the $94-trillion global infrastructure market. India wants a share of the pie
The challenge to build quality infrastructure the world over implies an opportunity for India to ramp up a lesser-known segment in its export mix. Project exports, a $4.5-billion business segment in India, has a $94-trillion global opportunity
Are green buildings expensive alternatives to traditional structures?
While the concept of green buildings has gained significance in recent years, more needs to be done to increase its development across the country.
Consulting firms see surge in MNCs eyeing India entry
Fuelled by strong domestic consumption, favourable demographics, a thriving tech ecosystem and rapid digitisation, the Indian market is now again attracting international businesses in search of fresh opportunities. Industry watchers say that companies like PF Chang's, Tim Hortons, Byd, Foot Locker, Rimowa, Messika, Shein and Flix have entered India recently or in the process of setting up their offices.
Zero-Covid gone, China gets aggressive on auto gear exports
Exports of automobile ancillaries from China fell in fiscal years 2020 and 2021 before jumping 27% to $188 billion in FY22 and 6% to $201 billion in FY23. India’s exports grew faster in FY22, by 44% to $19 billion, but the pace slowed to under 6% last fiscal year when shipments totalled $20.1 billion.
China’s JD.com promotes finance chief to CEO role as Xu Lei resigns
Xu Lei, who has officially been CEO for a year, said on a call with analysts after the company reported first quarter earnings that he had resigned to spend more time with his family.
Indians' medical bills set to swell, here's why
The sharp increase has been witnessed in high-volume key antibiotics including azithromycin and amoxicillin imported from China. "These are also the products where India has near or complete dependence on China. As against this, prices of most vitamins, including vitamin B and D, also imported from China, are at an all-time low," stated the TOI report.
ET GBS: India can provide labour force & secure manufacturing to the world, says Bob Moritz, Chairman, PwC
Looking at the leading indicators, it appears that the global economy will slow down in the next two years, says Bob Moritz.
PwC will hire around 30,000 people in India in couple of years, says chairman Bob Moritz
"So, today we've got about 31,000 people. Just so we're clear, and some of that's been reported on this, and our plan is to hire another 30,000 in the next couple of years.
ET GBS: Not emerging, India is the leading market, says Bob Moritz, global chairman, PwC
"You should not be thinking about India as the emerging market, India is the leading market," Moritz said at The Economic Times Global Business Summit, adding that India is already an economic powerhouse achieving one of the highest growth rates in the past few decades.
China's real estate magnate Hui Ka Yan loses 93 per cent of his wealth
Once the second-richest person in Asia, the China Evergrande Group chairman's fortune is considerably diminished, moreover, Hui is also finding himself increasingly isolated politically, with the latest signal coming from the Chinese People's Political Consultative Conference.
Indians want income tax cut; most prefer higher exemptions, shows ET Online poll
Respondents say the new tax regime needs more incentives to make it attractive. They also want the budget to focus on issues around boosting local manufacturing and employment. An overwhelming 48.7% of the respondents said an “effective” cut in personal income tax would make this budget a “super hit” ahead of the elections.
73 pc CEOs globally expect eco growth to decline; most pessimistic outlook in over a decade: PwC survey
This is the most pessimistic CEOs have been regarding global economic growth since PwC began asking this question 12 years ago. The survey further showed that nearly 40 per cent of CEOs do not believe their organisations would be economically viable in 10 years if they do not transform.
73 pc CEOs globally expect economic growth to decline; most pessimistic outlook in over a decade: PwC survey
This is the most pessimistic CEOs have been regarding global economic growth since PwC began asking this question 12 years ago. The survey further showed that nearly 40 per cent of CEOs do not believe their organisations would be economically viable in 10 years if they do not transform.
India has a big opportunity to be relevant in global supply chains and ESG: PwC chairman Bob Moritz
PwC believes in keeping the audit and advisory business under one roof as they need multiple competencies and capabilities at scale to deliver quality services, said Bob Moritz, the global chairman, PricewaterhouseCoopers International.
U.S. regulators to vet Alibaba, other Chinese firms' audits: Sources
The move follows Friday's landmark audit deal between Beijing and Washington allowing U.S. regulators to vet accounting firms in mainland China and Hong Kong, potentially ending a long-running dispute that threatened to boot more than 200 Chinese companies from U.S. stock exchanges.
Indian M&E industry to grow at 8.8% CAGR to reach Rs 430,401 Cr by 2026: PwC
The growth would be paced by digital media and advertising through deeper penetration of the internet and mobile devices in the domestic market, along with traditional media, which will hold their steady growth, the report said.
KPMG, Deloitte, EY and PwC among western multinationals congratulate Hong Kong's new leader John Lee
The "Big Four" accountancy firms -- KPMG, Deloitte, EY and PwC -- were among western multinationals placing adverts, as were city carrier Cathay Pacific and conglomerates Swire and Jardine Matheson. Messages were also carried by Hong Kong's family tycoon-dominated property giants, including Sun Hung Kai and Henderson Land Development.
50 more startups in wings to be unicorns: report
The list of the new-age companies valued at over $1 billion will be at least 100 by 2022-end, a report by consultancy firm PwC India said.
Indian M&E industry to grow at 10.75% to Rs 4.12 lakh crore by 2025: PWC
PWC outlook points out that at 18.8% CAGR, India will be the fastest-growing market for internet advertising
Uttar Pradesh ropes in PwC for identifying product categories for world exports
The state has roped in PricewaterhouseCoopers and has identified seven such product categories including ceramics, woven fabrics, trunk, suitcases and allied products, footwear, among others, where it can carve a position in world supply in the short term. In the long term, it continues to develop itself as a major force in the manufacturing and export of electronics, processed food and chemicals.
India needs holistic ecosystem to rebuild API manufacturing facilities: PwC India
The study recommended that to revive the API industry, in the immediate term there is a need for faster environment clearance, encouraging manufacturing of key APIs/intermediates and fermentation products by providing a fiscal stimulus, accommodative pricing policy under the Drug Price Control Order, 2013 and financial incentives.
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