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☆ PwC and KPMG fined over Eddie Stobart Logistics audit
▼ + stars: | 2023-06-29 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, June 29 (Reuters) - Britain's accounting watchdog said on Thursday it had fined PwC and KPMG, two of the world's top four auditors, for "serious" failings in their auditing of Eddie Stobart Logistics (ESL) company in 2017 and 2018. PwC was fined 1.9 million pounds ($2.4 million), reduced from 3.5 million pounds due to exceptional cooperation and admissions, the Financial Reporting Council (FRC) said in a statement. PwC admitted failings related to property transactions entered into by ESL, audit procedures, and property lease accruals, the watchdog said. The FRC also fined PwC audit partner Philip Storer 51,187 pounds. The FRC said it had fined KPMG 877,500 pounds, reduced from 1.35 million pounds due to admissions.

Persons: PwC, Eddie Stobart, Philip Storer, Cath Burnet, Burnet, Nicola Quayle, Huw Jones, John Stonestreet, Mark Potter Organizations: KPMG, Eddie Stobart Logistics, Financial, Council, ESL, FRC, Thomson

☆ Here are Thursday's biggest analyst calls: Nvidia, Micron, Netflix, Amazon, Disney, TJX, Pfizer and more
▼ + stars: | 2023-06-29 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Goldman Sachs reiterates Micron as buy Goldman said it's standing by its buy rating on the chipmaker after its earnings report Wednesday. JPMorgan reiterates Amazon as overweight JPMorgan said it's bullish heading into Amazon Prime Day in July. Bank of America reiterates Nvidia as buy Bank of America said it sees "AI networking upside" after a meeting with company management. Piper Sandler initiates TJX Companies as overweight Piper said the discount retailer is a top idea for the second half. Deutsche Bank reiterates Pentair as buy Deutsche Bank said Pentair is more than just a pool company.

Persons: Morgan Stanley, Freyr, Goldman Sachs, Goldman, China —, it's, Collette Kress, Networking Gilad Shainer, NVDA, OSK, Piper Sandler, Piper, KeyBanc, Pentair, Oppenheimer Organizations: Micron, Cyberspace Administration, JPMorgan, Amazon, " Bank of America, Nvidia, Bank of America, Networking, TAM, JPMorgan downgrades, Citizens, 2Q, Citi, Netflix Citi, Netflix, UBS, Warner Music, Deutsche Bank, Oshkosh Deutsche Bank, TJX Companies, DIS, Suisse, Pfizer, Credit Suisse, pharma, Spotify, FV Locations: China, 3Q22

☆ KPMG to cut 5% of US jobs in fresh round of layoffs
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

The firm had over 39,000 employees in the U.S. at the end of its last fiscal year on Sept. 30. KPMG, which cut about 2% of its U.S. workforce in February as per a Financial Times report, was the first of the world's four biggest accountancy firms to slash jobs in the country. The latest round of job cuts would take place through the rest of its 2023 financial year, the firm said. KPMG's fresh round of layoffs were first reported by the Financial Times. Besides KPMG, EY, Deloitte and PricewaterhouseCoopers (PwC) make up the Big Four of accounting firms.

Persons: Ernst, Niket, Shweta Agarwal Organizations: KPMG, Big, Times, Young's U.S, Deloitte, Financial, EY, PricewaterhouseCoopers, Thomson Locations: U.S, Bengaluru

☆ Watch CNBC's full interview with KPMG's Diane Swonk
▼ + stars: | 2023-06-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with KPMG's Diane SwonkDiane Swonk, chief economist at KPMG, and CNBC's Steve Liesman join 'The Exchange' to discuss Europe's central bank policy, the Bank of Canada's decision to restart rate hikes, and more.

Persons: KPMG's Diane Swonk Diane Swonk, Steve Liesman Organizations: KPMG, Bank of

☆ Despite Canada's prospects for a soft landing, it has resumed rate hikes: KPMG's Diane Swonk
▼ + stars: | 2023-06-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDespite Canada's prospects for a soft landing, it has resumed rate hikes: KPMG's Diane SwonkDiane Swonk, chief economist at KPMG, and CNBC's Steve Liesman join 'The Exchange' to discuss Europe's central bank policy, the Bank of Canada's decision to restart rate hikes, and more.

Persons: Diane Swonk Diane Swonk, Steve Liesman Organizations: KPMG, Bank of

☆ Women executives are more stressed than ever. KPMG thinks AI will fix that.
▼ + stars: | 2023-06-21 | by ( Josée Rose | ) www.businessinsider.com time to read: +5 min

"We truly believe that AI has a role to play in de-stressing the workplace," a KPMG exec said. Women executives continue to feel "heightened responsibilities around workplace stress and life stress. The results are based on a survey of more than 1,500 female executives in the US. One cause of — and a possible way to alleviate — workplace stress is generative AI, Newinski said. Employers have an "opportunity to create a safe place with and take the stress level down" in terms of AI, Newinski said.

Persons: —, Laura Newinski, Newinski, aren't, you've Organizations: KPMG, Service, Women, Employers Locations: United States

☆ Auto execs still aren't convinced about electric cars
▼ + stars: | 2023-06-13 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

Auto execs are nervous about transitioning to EVs, consulting firm KPMG found in a new survey. Auto executive confidence in high EV sales in the US by 2030 dropped from last year. In a survey of more than 900 auto industry execs published in December, KPMG found that respondents think only 37% of new vehicle sales in the US will be electric by 2030. The survey results come two days after Toyota's CEO came under fire for comments that indicate he's not all that sold on EVs just yet. The KPMG survey also reported that 76% of respondents said inflation and high-interest rates will impact their business in 2023.

Persons: That's, Biden, EVs, Kelley, Akia Toyoda, — that's Organizations: KPMG, Auto, Toyota's, Wall Street Locations: China

☆ Why the Right Mentor Could Supercharge Your Career
▼ + stars: | 2023-06-12 | by ( Josée Rose | ) www.businessinsider.com time to read: +7 min

Throughout my 21-year career, I've heard a variety of advice including:It's on me, the employee, to seek career opportunities (which, when I was 25, was confusing). When feeling like I was spinning my wheels, seek advice (which made more sense, but I didn't know who to talk to). Plus, career advice is never one-size-fits-all. If you're at a crossroads, here are four tips that might help you as you decide whether having a mentor is right for you. Proactiveness: My mentor gave me thought exercises and homework to help me find the next steps in my career.

Persons: —, I've, Jim VandeHei, that's, VandeHei, It's, mentee, Condoleezza Rice, Laura Newinski Organizations: KPMG, Service, Research

☆ Flexibility and perks at work aren't one size fits all, and employers need to realize that
▼ + stars: | 2023-06-10 | by ( Josée Rose | ) www.businessinsider.com time to read: +5 min

One of the top demands is a four-day workweek, according to the KPMG Talent Survey of 1,035 US adults, conducted from mid-April to May 1. According to participants, 82% of employees would be interested in a 10-hour, four-day workweek, and nearly half (47%) see it as highly appealing. "Having a four-day workweek, even if you're working longer days during those four days, enables you to have the flexibility of three days off without work. Agarwal wrote, "as productivity tools with artificial intelligence catch on and more high-ranking executives acknowledge the importance of rest, the four-day workweek could become more commonplace." Besides four-day workweeks, employees also showed when it comes to perks at work, millennials are more likely to care about perks than other generations.

Persons: KMPG, —, It's, Sandy Torchia, backtracked, Gen Zers, Torchia, Shubham Agarwal, Sen, Bernie Sanders, Agarwal, I'd, aren't Organizations: Service, KPMG, Farmers Group, KPMG Talent Survey, Boomers

☆ Millennials and Gen Zers are the most concerned about AI and their jobs
▼ + stars: | 2023-06-08 | by ( Josée Rose | ) www.businessinsider.com time to read: +3 min

Millennials and Gen Zers are "extremely or very" concerned about how AI will affect their careers. Gen Zers haven't lived through as many tech evolutions as Gen Xers and Boomers. Indeed, Insider's UK bureau chief, Spriha Srivastava, has written how the flurry of Gen AI tools is getting out of control , creating a generational divide. These types of efforts are meant to help "demystify the impact that Gen AI has on our jobs," Torchia said. "We have a responsibility to train people on how to responsibly use Gen AI to get work done."

Persons: Millennials, Zers, Gen Zers haven't, Xers, Sandy Torchia, Gen Zers, Gen Xers, Torchia, they've, They've, Torchia siad, Spriha Srivastava, Matt Turner, There's Organizations: Service, KPMG Talent Survey, Boomers, Insider's, PwC, KPMG

"Germans are cautious by nature," said Stephan Fetsch, Germany's head of consumer goods at KPMG. Economists polled by Reuters are split on its second quarter fortunes: views ranged from a 0.3% GDP fall to a 0.5% gain, with a median forecast of 0.2% growth. However, German consumer sentiment remains below its pandemic low in the spring of 2020 and the consumer barometer from the German Retail Association (HDE) shows a similar picture. German consumers were hit particularly hard by high energy prices, being more dependent on Russia gas. "The German consumer has reasons to be scared and the result of all the economic uncertainty is usually an increase in precautionary savings," said Michael Burda, economics professor at Humboldt University Berlin.

Persons: Wolfgang Rattay, Germany's, Stephan Fetsch, Holger Schmieding, Carsten Brzeski, KPMG's Fetsch, Joerg Kraemer, Michael Burda, Brzeski, Maria Martinez, Prerana Bhat, Indradip Ghosh, Mark John, Toby Chopra Organizations: REUTERS, KPMG, Reuters, German Retail Association, Berenberg, ING, European Central Bank, Humboldt University Berlin, Thomson Locations: Cologne, Germany, BERLIN, Europe, France, Italy, Russia, Berlin, China, Bengaluru

☆ Analysis: US debt-ceiling deal dooms Biden's revolutionary tax plans
▼ + stars: | 2023-06-01 | by ( David Lawder | ) www.reuters.com time to read: +6 min

Barring an unlikely Democratic sweep of the White House and both chambers of Congress in 2024, major changes to the U.S. tax code are now seen as largely off the table until the end of 2025, when the 2017 individual tax cuts expire. TAX CHANGES ARE TOUGHBiden's unrealized campaign tax pledges illustrate the political difficulty of changing the U.S. tax code, barring a commanding majority in Congress. "House Republicans have successfully blocked every penny of President Biden’s tax hikes on families, farmers, and small businesses in the debt ceiling deal and protected the 2017 Tax Cuts and Jobs Act from repeal," said U.S. House Ways and Means Chairman Jason Smith. The Missouri Republican added that Americans want Congress to build on the Trump tax cuts "with more tax relief." Republicans will argue for making the 2017 individual tax cuts permanent, said John Gimigliano, KPMG's head of federal tax legislative and regulatory services.

Persons: Joe Biden's, Biden, That's, William McBride, Joe Manchin, Kyrsten Sinema, Jason Smith, Michael Kikukawa, Kikukawa, John Gimigliano, Gimigliano, Steve Rosenthal, Rosenthal, David Lawder, Heather Timmons, Matthew Lewis Organizations: Saturday, Revenue Service, Trump, White, Tax Foundation, Democratic, Republican, Republicans, IRS, House, The, The Missouri Republican, Economic Co, Congressional, Brookings Tax, Center, Thomson Locations: Washington, The Missouri

☆ There's a big debate over whether it's OK to use AI in your job search. Some companies say it's 'a definite dealbreaker.'
▼ + stars: | 2023-05-28 | by ( Madison Hoff | ) www.businessinsider.com time to read: +7 min

Many job seekers have started using ChatGPT and similar AI tools to write résumés and cover letters. 39% of surveyed HR professionals said using AI in applications is a dealbreaker. Some recruiters said that using AI to write applications could be a "marketable skill." Plovie added that it's hard to say if companies will seek job candidates who have "expertise and experience" with AI tools. Are you an employer who doesn't want job candidates using AI tools to help with their résumés or cover letters?

She will warn about "the global impact of this standoff and highlight the need to avoid default," a senior Treasury official said. It will lead to a freeze in global financial markets," said Muehleisen, now a fellow with the Atlantic Council. G7 counterparts will question Yellen "about the financial stability risks in the U.S., the regional banks' exposure to commercial real estate. Real risks that are not manufactured for political posturing," said Stephanie Segal, a former U.S. Treasury official who is a senior fellow at the Center for Strategic and International Studies in Washington. The far more complicated "Pillar 1" plan to allow countries to tax global technology giants and other highly profitable corporations on their local sales is still under negotiation.

☆ How employers plan to reengage older workers in the labor force
▼ + stars: | 2023-05-05 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow employers plan to reengage older workers in the labor forceCNBC's Kate Rogers and KPMG's Diane Swonk join 'The Exchange' to discuss employers with a focus on hiring older workers, supporting a work-life balance for employees, and demographic shifts in the workforce.

☆ Hard to derail underlying inflation without increased unemployment, says KPMG's Diane Swonk
▼ + stars: | 2023-05-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHard to derail underlying inflation without increased unemployment, says KPMG's Diane SwonkDiane Swonk, chief economist at KPMG, and CNBC's Steve Liesman, joins 'The Exchange' to discuss the strong April jobs report, the Fed's tightening agenda, and dissonance between the market and the Fed.

☆ A former IMF official says it's 'very likely' US home prices fall 15-20% as a credit crunch creates a lose-lose scenario for the housing sector and the debt ceiling standoff threatens a substantial re
▼ + stars: | 2023-05-02 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

A credit crunch, an already-slowing economy, and the debt-ceiling standoff risk a downturn. If these smaller institutions are loaning out less money, this further hurts demand in the housing market, meaning home prices have to fall accordingly. On the other hand, a credit crunch puts the US economy at significant risk of a recession, Lachman said. "Housing gets hit by tighter credit conditions, but then it also gets hit if the economy goes into recession." KPMG's Yelena Maleyev believes prices could fall as much as 20%, while Interactive Brokers' José Torres sees 15% downside.

☆ Universal Music reiterates AI concerns as quarterly profit slumps
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

April 26 (Reuters) - Universal Music Group (UMG.AS), the label representing Drake and Taylor Swift, on Wednesday posted a slump in first-quarter core profit due to compensation expenses, and reiterated concerns over AI-made music. Core profit, or earnings before interest, taxes, depreciation and amortisation (EBITDA), slumped 43.4% in constant currency to 261 million euros ($288.04 million), due to non-cash, share-based compensation expenses, part of an equity compensation plan announced last year. Excluding these expenses, adjusted EBITDA was 522 million euros, up 13.0% on the same basis, and beating a consensus cited by Credit Suisse which had expected 513 million euros. UMG's CEO, Lucian Grainge, has come under shareholder pressure over an "excessive" $100 million pay deal, The Financial Times reported on Wednesday. Labels now face challenges like slowing global revenue growth in recorded music, particularly in established markets like the U.S, while the emergence of AI-generated music adds to their concerns, as many laws do not currently deem the replication of artists' voices as strictly illegal.

☆ Universal Music profit slumps due to compensation expenses
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - Universal Music Group (UMG.AS), the label representing Drake and Taylor Swift, on Wednesday posted a significant drop in core profit due to compensation expenses, even as sales edged up in the first quarter. Core profit (EBITDA) for the first quarter fell 43.4% at constant currency to 261 million euros ($288.07 million), with the metric's margin also dropping to 10.6% from 20.6% in the same quarter a year earlier. The drop was due to non-cash, share-based compensation expenses of 261 million euros during the quarter, part of a global equity compensation plan announced in the fourth quarter of last year, UMG said. UMG's CEO Lucian Grainge has come under shareholder pressure over an "excessive" $100 million pay deal, The Financial Times reported on Wednesday. The group nonetheless posted higher first quarter sales, helped by growth in recorded music and music publishing.

☆ Fewer cars qualify for $7,500 EV tax credit. Here are 2 alternatives
▼ + stars: | 2023-04-18 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

A $4,000 tax credit for used EVswatch nowThe Inflation Reduction Act also created a tax credit for consumers who buy used electric or fuel-cell vehicles. The tax break for used cars, which took effect this year, is worth $4,000 or 30% of the sale price, whichever is less. Those income limits are "much lower" than the one that applies to the $7,500 tax credit for new vehicles, said Katherine Breaks, a managing director in KPMG's tax credit and energy advisory services group. "If I don't have $4,000 of tax liability, what's the tax credit worth to me? A tax break for leased EVsAlternatively, consumers also appear poised to get a tax break worth up to $7,500 for leasing new electric passenger vehicles.

☆ Fed should take pause at next meeting, says KPMG's Swonk
▼ + stars: | 2023-04-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed should take pause at next meeting, says KPMG's SwonkDiane Swonk, KPMG chief economist, and CNBC's Steve Liesman join 'Power Lunch' to discuss Swonk's thoughts on the Federal Reserve, the duality of the minutes and staff briefings from the Federal Reserve and more.

☆ That $7,500 electric vehicle tax credit may soon be harder to get. Here are 2 workarounds
▼ + stars: | 2023-04-10 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Why the new EVs credit may be harder to claim$4,000 credit for used EVs has fewer conditionsKrisztian Bocsi/Bloomberg via Getty ImagesThe Inflation Reduction Act also created a tax credit for consumers who buy used electric or fuel-cell vehicles. The tax break for used cars, which took effect in 2023, is worth $4,000 or 30% of the sale price, whichever is less. watch nowThe used vehicle credit applies to a broad selection of cars, she said. Those income limits are "much lower" than the one that applies to the $7,500 tax credit for new vehicles, however, said Katherine Breaks, a managing director in KPMG's tax credit and energy advisory services group. "If I don't have $4,000 of tax liability, what's the tax credit worth to me?

☆ Here are Tuesday's biggest analyst calls: Apple, Amazon, Boeing, Chipotle, Rivian, Etsy, Exxon & more
▼ + stars: | 2023-04-04 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Tuesday's biggest calls on Wall Street: Piper Sandler reiterates Apple as overweight Piper said iPhone share remains at near record levels for Apple. Bank of America reiterates Endeavor as buy Bank of America said it's bullish on Endeavor's plan to merge WWE and UFC. Piper Sandler upgrades Etsy to overweight from neutral Piper said it sees "continued share gains" for the e-commerce company. Deutsche Bank reiterates Citizens Financial and PNC as buy Deutsche said it's cautious on bank stocks overall, but that it likes Citizens and PNC as top picks. Bank of America reiterates Analog Devices as buy Bank of America said Analog Devices has "best-in-class" free-cash flow returns.

But with the Fed targeting 2% annual inflation, central bankers will likely be wary about declaring victory too soon. Potentially worrisome to central bank policymakers may be continued pressure in services inflation, excluding housing, a measure that Fed Chair Jerome Powell has said he is watching carefully. That stickiness could prompt the Fed to do more and risk an "overshoot on rate hikes and a deeper, more scarring recession," she said. Traders also were betting more heavily that the Fed would start cutting rates as soon as July, with the policy rate seen reaching the 4.25%-4.50% range by the end of this year, based on interest-rate contract pricing. Fed policymakers earlier this month signaled that most of them expect one more quarter-of-a-percentage-point increase this year and, contrary to market expectations, they don't plan to deliver any interest rate cuts until 2024.

☆ Mexico makes lots of electric cars, but few Mexicans drive them
▼ + stars: | 2023-03-21 | by ( Aida Pelaez-Fernandez | ) www.reuters.com time to read: +5 min

General Motors Co, Ford Motor Co, BMW and Volkswagen's Audi unit also are producing EVs in Mexico, or plan to. "There are still a number of issues that need resolving in Mexico before there's a massive influx of electric cars," said Mario Hernandez, KPMG's lead manufacturing partner in Mexico. Hernandez said drawbacks included a lack of subsidies for buyers, high costs for installing charging devices at homes and a shortage of public charging stations, vital for longer journeys. Mexico has about 1,100 charging stations nationwide, mostly in the capital and other major cities, according to AMIA. Pedro Corral, director of operations for EV charging stations platform Evergo, drives his all-electric i3 BMW around Mexico City.

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