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PwC, a major UK accounting firm, has been hit with a six-month ban in China.
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Asia, Business, World News

PwC, a major UK accounting firm, has been hit with a six-month ban in China.

PwC's Chinese auditing division has been suspended for six months due to its role in auditing the now-collapsed property giant Evergrande. The accounting firm has also been fined over $62 million (£47 million) by Chinese authorities, who accuse it of helping to conceal fraud at Evergrande, which collapsed in January under a massive debt load. PwC China acknowledged that its work fell "unacceptably below" the firm's expected standards and apologized to its clients for the fallout. Authorities claim PwC was aware of "major misstatements" in Evergrande’s financial statements during its audits. In response, China's Ministry of Finance has imposed "administrative penalties" and suspended PwC ZhongTian's auditing services for six months, though its non-audit services remain unaffected. ...
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U.S. stocks post their worst week in 18 months amid fears of an economic slowdown.
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Business, North America, World News

U.S. stocks post their worst week in 18 months amid fears of an economic slowdown.

U.S. stocks experienced their worst week in over a year, as weak economic data and cautious remarks from central bankers heightened investor concerns about a potential economic slowdown. The S&P 500, Wall Street’s benchmark index, fell 1.7% on Friday, bringing its weekly loss to 4.2%—the sharpest decline since March 2023. Tech stocks were particularly hard hit, with the Nasdaq Composite seeing its steepest weekly drop since January 2022, falling 5.8%, including a 2.6% slide on Friday. The selloff followed disappointing payroll data, as U.S. employers added 142,000 jobs in August, falling short of the expected 160,000 but still above the revised 89,000 jobs created in July. Despite this, the unemployment rate dipped to 4.2%. Further weighing on sentiment were comments from t...
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Chinese central bank’s $56bn debt purchase fuels speculation of bond market intervention
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Asia, Business, World News

Chinese central bank’s $56bn debt purchase fuels speculation of bond market intervention

China’s central bank made a significant purchase of Rmb400bn ($56bn) in long-term sovereign bonds on Thursday, a move that traders viewed as a potential precursor to directly supporting bond yields in the country's rapidly expanding debt markets. The People’s Bank of China (PBoC) acquired Rmb300bn in 10-year notes and Rmb100bn in 15-year notes from primary dealers. These notes had just been issued by the Ministry of Finance to refinance maturing bonds. Analysts suggest that this action, which effectively removes these bonds from the market, has heightened speculation that the PBoC may soon intervene in the bond market to avert a sharp correction that could lead to financial instability similar to the losses seen with Silicon Valley Bank. Chinese debt has surged this year as glo...
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EY reduces pay raises and bonuses for UK tax staff following a slower year.
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Business

EY reduces pay raises and bonuses for UK tax staff following a slower year.

EY has implemented smaller pay raises and bonuses for thousands of UK staff and let go of several partners in its tax division as the Big Four accounting firm grapples with a market slowdown. Employees in its 4,400-strong tax advisory unit were informed that they would receive a 2.2 percent base salary increase as part of the annual pay review, sources told the Financial Times. This is a decline from the 6 percent rise in 2023 and the 10 percent increase in 2022. Bonuses in the tax division will also be reduced for the year ending in June, according to recent communications with staff. Additionally, a few tax partners have been dismissed, the sources said. These less generous pay packages reflect how some of the UK’s largest professional services firms are cutting back on year-...
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Andrew Bailey of the Bank of England states that the risk of inflation is decreasing.
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Business

Andrew Bailey of the Bank of England states that the risk of inflation is decreasing.

Bank of England Governor Andrew Bailey expressed cautious optimism about inflation on Friday but emphasized that it is "too early to declare victory" following a prolonged period of high price increases. Bailey's remarks, delivered at the Jackson Hole summit of central bankers, were more reserved compared to the stronger stance of Federal Reserve Chair Jay Powell, who stated on Friday that "the time has come" for interest rate cuts in the US. The BoE recently cut interest rates for the first time in four years, lowering its benchmark rate from 5.25 percent to 5 percent. This decision followed a decline in consumer price inflation from a 41-year high of 11.1 percent in October 2022 to the BoE's target of 2 percent in May and June. According to official statistics released last w...
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UK annuities set for highest sales in a decade
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Business

UK annuities set for highest sales in a decade

UK sales of individual annuities are on track for their strongest year in a decade, driven by higher interest rates and new financial regulations that are drawing people back to retirement products offering guaranteed income. Insurance companies sold £3.6 billion worth of individual annuities in the first half of 2024, a more than 50 percent increase compared to the same period last year, according to the Association of British Insurers. This surge puts the market on pace for its best performance since 2013—the year before then-Chancellor George Osborne's "pension freedoms" Budget transformed the UK's retirement landscape by reducing taxes on pension withdrawals. The spike in sales was evident in the interim results reported this month by some of the UK's largest insurers. FTSE...
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Global stocks achieve strongest weekly performance in nine months.
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Business, World News

Global stocks achieve strongest weekly performance in nine months.

Global stocks posted their strongest week since November, as volatility subsided and investors brushed off recent concerns about a potential US recession. Equity markets worldwide made a strong comeback from the earlier month’s downturn, supported by encouraging US data that indicated resilient consumer spending and declining inflation. Wall Street's S&P 500 index ended a four-week losing streak, closing the week up 3.9%, including a 0.2% gain on Friday, marking its best performance since November. "A lot of the fear and trepidation has dissipated," said Joe Mazzola, head trading and derivatives strategist at Charles Schwab. "The data shows the US economy is slowing, but that's expected after two years of rate hikes. It's just when the slowdown becomes evident that nerves s...
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PwC hit with record £15 million fine by FCA over London Capital & Finance
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Business

PwC hit with record £15 million fine by FCA over London Capital & Finance

The UK’s financial regulator has imposed a record £15 million fine on PwC for failing to alert authorities to suspected fraudulent activity at London Capital & Finance (LCF), an investment group at the center of a major retail savings scandal. The Financial Conduct Authority (FCA) announced on Friday that it had penalized the Big Four accounting firm after it did not report concerns that LCF might be involved in fraud. This marks the first time the FCA has fined an audit firm and follows a separate £4.9 million fine issued to PwC in May by the accounting watchdog for shortcomings in its 2016 audit of LCF. The new fine is the largest regulatory penalty ever levied against PwC in the UK, surpassing the previous record of £6.5 million imposed by the Financial Reporting Council in...
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Saudi Arabia unveils new investment reforms
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Business, Middle East, World News

Saudi Arabia unveils new investment reforms

Saudi Arabia's Council of Ministers has approved a new investment law, building on previously announced reforms under Vision 2030 and the National Investment Strategy. This updated law consolidates various existing freedoms and rights into a single, unified framework, providing investors with greater transparency, flexibility, and confidence. Key features of the updated law include: Enhanced Investor Rights: The law ensures the rule of law, fair treatment, property rights, intellectual property protection, and the freedom to manage investments and transfer funds seamlessly. Transparency and Clarity: The updated law unifies the rights and duties of investors under a clear legal framework, aligned with international best practices. Eased Regulatory Restrictions: A simplified reg...
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Tried And Tested: Celebrity Beauty Products That Actually Work
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Business

Tried And Tested: Celebrity Beauty Products That Actually Work

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