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☆ KPMG stands by audits of Silicon Valley Bank and Signature Bank - FT
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

March 14 (Reuters) - KPMG's U.S. boss, Paul Knopp, said the accounting firm stood behind its audits of Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O), the Financial Times reported on Tuesday. Knopp said KPMG’s audit work considered all the facts available at the time and that "market-driven events" in the intervening days led to the banks' failures, the report said. "Any unanticipated events or actions taken by management after the date of an opinion could not be contemplated as part of the audit," the company added. Global markets have been bumpy since the collapse of SVB, the biggest U.S. bank failure since the 2008 financial crisis, and Signature Bank. Reporting by Niket Nishant in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ 9 deals that could shape US sports betting this year, as pent-up demand for M&A could bring operators like Fanatics back to the negotiating table
▼ + stars: | 2023-03-02 | by ( Ashley Rodriguez | Lucia Moses | ) www.businessinsider.com time to read: +5 min

Sports-betting insiders say there's pent-up demand for M&A in the industry after dealmaking slowed to crawl last year. That may mean fewer media and other deals that don't offer a clear return on investment or cost efficiencies.. That may mean fewer media and other deals that don't offer a clear return on investment or cost efficiencies. One thing we may see less of this year is operators looking to bring their entire tech stacks in-house, like when Bally's acquired Bet.Works and PointsBet bought Banach Technologies. Here are nine potential deals industry insiders are watching in 2023, and how they could shake up the industry:

That is one of the cheapest prices in the EV group, and Fisker, which has produced only 56 vehicles so far, saw orders improve. Nikola said issues hurting demand for its battery-powered trucks would not ease any time soon. Rivian forecast 2023 production well below analyst estimates on Tuesday, citing nagging supply chain shortages, sending shares down 8% in after-hours trading. Bowe oversees investments in a host of startups, including EV charging companies, and said she was looking at investment opportunities in EV makers. But the four companies have already lost a combined $84 billion in value over the past year, given production woes and supply chain disruptions.

☆ The Fed's aggressive policy is a response to changing data, says KPMG's Diane Swonk
▼ + stars: | 2023-02-22 | 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 EmailThe Fed's aggressive policy is a response to changing data, says KPMG's Diane SwonkDiane Swonk, chief economist at KPMG, joins 'Power Lunch' to discuss investor confidence in the Fed, the Fed's rate hike plan and a changing data picture.

☆ KPMG reaches settlement with liquidator of Carillion
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Benoit TessierLONDON, Feb 17 (Reuters) - KPMG said on Friday it has reached a confidential settlement agreement with the liquidator of Carillion, the builder it audited before it collapsed. Carillion collapsed in 2018 under 7 billion pounds ($8.40 billion) of debt, with thousands of jobs lost, leading to government-backed reviews which recommended a shake-up in auditing standards. Liquidators of Carillion last year sued KPMG for 1.3 billion pounds for missing "red flags" during its audits of the construction giant. Carillion was an extreme and serious corporate failure, and it is important that we all learn the lessons from its collapse," KPMG's UK chief executive Jon Holt said in a statement. Britain's auditing watchdog, the Financial Reporting Council (FRC) has yet to announce the outcome of its investigation in KPMG's audits of Carillion.

☆ Exclusive: Kazakhstan will supply 100,000 tonnes of oil via Druzhba to Germany in March - sources
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +2 min

MOSCOW, Feb 17 (Reuters) - Kazakhstan will supply 100,000 tonnes of oil via Russia's Druzhba pipeline to Germany in March for the PCK Schwedt refinery after it agreed commercial and legal terms with all parties involved, two sources familiar with the talks said. Kazakhstan's Kazmunaigaz (KMG) oil company will supply the volume via the pipeline system of Russia's Transneft to the refinery, the sources said. The oil will be supplied to Rosneft Deutschland, which Germany had put under a trusteeship of the German industry regulator, the sources said. Germany stopped Russian oil imports via Druzhba from January and has been working hard to try to secure supply for Schwedt from alternative routes. Eni, which owns 8.33% in PCK Schwedt, didn't immediately answer a Reuters request for comment.

LIMA, Feb 16 (Reuters) - Peru's top copper mines are starting to see activity hit harder by protests and blockades in the country's southern Andes, power data reviewed by Reuters shows, with Chinese-owned Las Bambas and Glencore PLC's Antapaccay currently worst affected. Those are MMG's (1208.HK) Las Bambas, Peru's third largest copper mine, and Glencore's (GLEN.L) Antapaccay, which have both been hit by blockades on a key mining corridor highway. The data backs this up, suggesting that mines are at times getting some supplies through the blockades, with Las Bambas in recent days see-sawing between full and half power use. Reuters GraphicsRepresentatives from Las Bambas, Antapaccay and Constancia were not immediately available to comment on whether they were receiving inputs for their operations or sending their concentrates in the two-day window with the blockades eased. "Anecdotal reports and high frequency data suggest that ongoing civil unrest in Peru is beginning to choke off activity at key copper mines.

☆ The Fed still sees doing too little as a greater risk, says KPMG's Diane Swonk
▼ + stars: | 2023-02-13 | 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 EmailThe Fed still sees doing too little as a greater risk, says KPMG's Diane SwonkKPMG's Diane Swonk joins Frank Holland and the 'CNBC Special: Taking stock' to discuss tomorrow's January CPI report and signs of whether the Fed's current rate hike strategy remains appropriate.

☆ ESG tops regulatory demands in finance as UK, EU rules diverge - KPMG
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 13 (Reuters) - Financial firms in Britain and the European Union remained under significant pressure to comply with diverging environmental, social and governance (ESG) rules over the past six months, KPMG's Regulatory Barometer showed on Monday. The barometer, aimed at helping firms with compliance planning, also tracks the scale of the divergence between UK and EU regulations, with KPMG saying the biggest differences are in areas like customer protection and access to markets. "The volume of emerging requirements for ESG and Sustainable Finance may lead to further divergence despite global standard-setters' best efforts," she said. Being aligned with EU rules would be a pre-condition for Britain if it wanted to regain access to the bloc's financial market. Britain has said it wants to tailor some rules inherited from the EU to better fit into UK markets, while maintaining high international standards.

☆ Here are Wednesday's biggest analyst calls: Tesla, Apple, Target, Walmart, Microsoft, Roku & more
▼ + stars: | 2023-02-08 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Wednesday's biggest calls on Wall Street: CFRA downgrades Roku to sell from hold CFRA said it sees "challenging fundamentals" for Roku . Piper Sandler reiterates Target as overweight Piper said Target is a key beneficiary of Bed Bath & Beyond struggles. Bank of America reiterates Chipotle as buy Bank of America said it sees more earnings per share upside after the company's earnings report on Tuesday. Bank of America reiterates Domino's as buy Bank of America said it's bullish on Domino's launch of loaded tater tots. Bank of America reiterates Microsoft as buy Bank of America said it's bullish long-term on Microsoft's venture into AI.

☆ Putin's rumored girlfriend called Russia's media a 'military weapon' and compared its importance to an AK-47
▼ + stars: | 2023-02-07 | by ( Chris Panella | ) www.businessinsider.com time to read: +2 min

Alina Kabaeva, Putin's rumored girlfriend, compared Russian media to a rifle and called it a "military weapon." A video of Kabaeva's speech at a recent National Media Group anniversary event was posted on Twitter Monday. According to Insider's translation of the video, Alina Kabaeva said Russian media is "like a military weapon and in its significance is in no way inferior to the Kalashnikov assault rifle. According to Newsweek, Kabaeva's speech was from a National Media Group anniversary event. During the event, Kabaeva asked NMG to "wish success to each one of us and all of us together" in their work.

☆ These mining ETFs are soaring as gold's rally powers ahead in January
▼ + stars: | 2023-01-31 | by ( Jesse Pound | ) www.cnbc.com time to read: +2 min

The SPDR Gold Trust (GLD) , which tracks gold prices, has a return of more than 5% in January, roughly matching the S & P 500. The VanEck Gold Miners ETF (GDX) has doubled up the SPDR Gold Trust this month, while the small cap Junior Gold Miners ETF (GDXJ) has gained more than 8%. Silver mining ETFs are also doing well, even though the iShares Silver Trust (SLV) is negative for the month. ETFMG's Prime Junior Silver Miners ETF (SILJ) has gained more than 8% this month. The SPDR Gold Trust had dipped less than 1% for three straight trading sessions entering Tuesday.

☆ GDP report could show solid fourth-quarter growth but still signal a recession is coming, economists say
▼ + stars: | 2023-01-25 | by ( Patti Domm | In | ) www.cnbc.com time to read: +5 min

Economic growth is expected to have slowed slightly in the fourth quarter but was still solid, driven by a strong consumer. According to Dow Jones, economists expect that U.S. gross domestic product grew by 2.8% in the fourth quarter, down from the 3.2% pace in the third quarter. While economists see a strong fourth quarter, they are divided on where the economy goes from here and a key is the consumer. The slowdown in residential investment has taken a full percentage point off of growth in the fourth quarter, he said. Some market strategists see a strong fourth quarter as another sign the economy could avoid falling into recession, and a better-than-expected report could reinforce that view.

☆ Here are Monday's biggest analyst calls: Tesla, Meta, Qualcomm, Zoom, Apple, Costco, Wayfair & more
▼ + stars: | 2023-01-23 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Monday's biggest Wall Street calls: MKM downgrades Zoom to neutral from buy MKM said it sees growth stalling for the video-conferencing company. Baird adds Tractor Supply as a fresh pick Baird named Tractor Supply as a fresh pick, noting it sees upside to estimates. Barclays downgrades Warner Music to equal weight from overweight Barclays said the music company's financial performance is too volatile. Jefferies naming Caterpillar a top pick Jefferies said it sees upside to estimates for shares of Caterpillar. Barclays downgrades Tapestry to equal weight from overweight Barclays said it's concerned about a "negative promotional inflection" for Tapestry .

☆ My company made $1 million in its first year during the 2008 financial crisis. My advice for entrepreneurs is to start now — here's why.
▼ + stars: | 2023-01-17 | by ( Emma Magnus | ) www.businessinsider.com time to read: +5 min

He saw the 2008 financial crisis as a chance to recruit talent and clients looking to make a change. Allen started his company in 2008 and turned over $1 million in the first year of operation. When I saw the financial crisis starting to develop back in 2008, it felt like the right moment to start my own brand-consultancy business. In January 2008, I bit the bullet and gave up a comfortable WPP package to start my own consultancy business, Brandpie. We ended up making about £1.1 million, over $1 million, in revenue in our first year.

☆ Here are Tuesday's biggest analyst calls: Apple, Tesla, Amazon, Alphabet, Chipotle, Microsoft & more
▼ + stars: | 2023-01-17 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Morgan Stanley downgrades Chipotle to equal weight from overweight Morgan Stanley said it's concerned about "traffic headwinds." Morgan Stanley upgrades Domino's to overweight from equal weight Morgan Stanley said Domino's is best positioned to handle a downturn. Morgan Stanley upgrades Church & Dwight to overweight from equal weight Morgan Stanley said it sees "fundamental inflection ahead." Morgan Stanley downgrades AutoNation to underweight from equal weight Morgan Stanley said it sees too many headwinds for shares of AutoNation right now. Morgan Stanley upgrades Kroger to equal weight from underweight Morgan Stanley said it sees more people eating at home.

Nudged by private equity funds, those supplying the booming luxury goods industry are now finding strength in unity. Largely family-owned and small in size, these businesses often struggle to meet the changing needs of the luxury brands they work for. "Luxury brands have been growing exponentially: our customers needed us to grow with them," said Nicola Giuntini, whose Tuscany-based company makes luxury coats and jackets for brands including Celine, Burberry (BRBY.L) and Stella McCartney. PRODUCTION NICHESItaly's manufacturing sector has also been a hunting ground for big luxury brands keen to secure their supply chain. Italian private equity firm XENON International, for example, has bet on producers of materials and finishes for luxury items which it has grouped together in MinervaHub.

☆ Banks vs. Fintechs: Why all the billions in the world can't help Wall Street crush its digital rivals
▼ + stars: | 2023-01-05 | by ( Bianca Chan | Reed Alexander | ) www.businessinsider.com time to read: +15 min

To compete, banks have written fat checks to acquire fintechs — tech, talent, and all. But on Wall Street, old habits die hard, and Goldman has struggled to make Marcus, a big fintech bet, a success. Since the beginning of the pandemic, Wall Street leaders have been at the helm of a push to get their employees back to their desks. It's more that the very things that make Wall Street, well, Wall Street are preventing it from embracing the ethos of Silicon Valley. And perhaps, for Wall Street, that's the moral of the story.

☆ Goldman Sachs unveils its top buy-rated stocks for 2023
▼ + stars: | 2022-12-24 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Goldman Sachs analysts have revealed their favorite stocks to buy for 2023. CNBC Pro combed through top Goldman research to find the bank's top picks heading into next year. They include: Amazon, Weyerhaeuser, Boeing, Chipotle, Humana and Bath & Body Works. Shares are up about 40% over the past six months, and they have more room to run in 2023, he said. Chipotle Chipotle is down 19% this year, but analyst Jared Garber said the stock is greatly undervalued heading into 2023.

☆ Auto execs are losing faith in electric cars
▼ + stars: | 2022-12-20 | 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, 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.

☆ The Fed is really worried we're going to hit a floor in inflation that's too high, says KPMG's Diane Swonk
▼ + stars: | 2022-12-16 | 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 EmailThe Fed is really worried we're going to hit a floor in inflation that's too high, says KPMG's Diane SwonkDiane Swonk, KPMG chief economist, and CNBC's Steve Liesman join 'The Exchange' to discuss why the Federal Reserve will have to be more 'hawkish' than what's priced in now, if the Fed is willing to risk a severe downturn to mitigate entrenched inflation and more.

☆ India and Vietnam could benefit as chipmakers shift away from China
▼ + stars: | 2022-12-13 | by ( Weilun Soon | ) www.cnbc.com time to read: +5 min

Yuichiro Chino | Moment | Getty ImagesU.S. curbs on chip exports to China are the latest shakeup prompting companies to consider moving some of their chipmaking capabilities to nearby Vietnam and India. In October, the U.S. began requiring companies to obtain licenses to export advanced semiconductors or related manufacturing equipment to China. Shift from China to AsiaThe curbs are the latest in a series of upheavals for the $600 billion global semiconductor industry. China firmly in the leadDespite Asia's rising attractiveness for chipmakers, experts point out that China still maintains a lead over regional economies in terms of its competitiveness in chipmaking. In its "Made in China 2025" blueprint released in 2015, the country laid the groundwork for technological self-sufficiency in chipmaking.

☆ U.S. watchdog levies $7.7 mln in fines against KPMG entities
▼ + stars: | 2022-12-07 | by ( Chris Prentice | ) www.reuters.com time to read: +1 min

Dec 6 (Reuters) - A U.S. agency tasked with overseeing the audits of public companies on Tuesday said it imposed $7.7 million in fines and sanctioned three firms across KPMG's global network for violations of professional auditing standards, quality control standards and other rules. The companies are all member firms of KPMG, known as one of the "Big Four" accounting firms, which also include Deloitte & Touche LLP, Ernst & Young LLP and PricewaterhouseCoopers LLP. Larry Bradley, global head of audit at KPMG, acknowledged the PCAOB's findings and said the firm "remains committed globally to the highest standards of quality and integrity." The PCAOB also barred or suspended four KPMG auditors from participating in public company audits. Reporting by Chris Prentice; editing by Jonathan Oatis, Aurora Ellis and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ How TikTok is changing the music industry
▼ + stars: | 2022-11-25 | by ( Dan Whateley | ) www.businessinsider.com time to read: +15 min

TikTok is an essential promotional tool for music artists and record labels. Watch a full replay of Insider's webinar on TikTok's impact on the music industry, featuring execs from TikTok, Universal Music Group, and UnitedMastersFor some, the hyper-focus on TikTok can be draining. "The argument from TikTok's side is TikTok is now so important to the music industry that they can't afford to not have their music on the platform." Read more about the 'complicated' and codependent relationship between TikTok and music rights holdersBut the industry's attention on TikTok isn't unfounded. Read about why TikTok music marketers are turning to general-interest accounts to promote songsCreating TikTok music challenges to spark user-generated videosAnd some marketers are opening the door for social-media users who wouldn't traditionally be considered influencers to get paid to promote music.

☆ The ad industry is prepping for a make-or-break holiday shopping season, with some advertisers pulling spend up to 25% even before Black Friday
▼ + stars: | 2022-11-22 | by ( Lara O'Reilly | Ryan Joe | ) www.businessinsider.com time to read: +6 min

Black Friday and Cyber Monday sales figures will determine whether ad spend budgets decline. Some advertisers are already pulling back spend up to 25%Last year, advertisers marched into the holiday shopping season with confidence. For retailers who are making the bulk of their money during that time, ad spend correlates to sales, Lardner said. Marketers feel less pressure to spend their fourth quarter ad budgets this yearSome advertisers are pulling back even before the holiday shopping season kicks off. Traditionally, marketers deploy most of their ad dollars during the fourth quarter — and not just because it's the holiday gifting season.

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