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☆ China fines Deloitte $31 mln for auditing negligence
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +2 min

BEIJING, March 17 (Reuters) - China has fined auditing firm Deloitte 211.9 million yuan ($30.8 million) for failing to perform its duty in assessing the asset quality of China Huarong Asset Management Co Ltd (2799.HK), the finance ministry said on its website on Friday. Deloitte's Beijing operations also will be suspended for three months, the ministry said in a statement. Deloitte said it respects and accepts the ministry's decision, according to a statement published on its website. "We regret that, in this matter, the MOF considers certain aspects of our work fell below the required auditing standards," it said. In a separate statement, Huarong said the company and its seven subsidiaries had received a 100,000 yuan fine each.

☆ China Suspends Deloitte’s Beijing Unit and Fines It
▼ + stars: | 2023-03-17 | by ( Rebecca Feng | ) www.wsj.com time to read: 1 min

Deloitte Hua Yong says it employs more than 20,000 professionals across 30 cities in China. China’s Finance Ministry has suspended the operations of Deloitte’s Beijing office for three months, citing “serious audit deficiencies” in the firm’s work with a big state-owned asset manager. The move followed an investigation into its audits of China Huarong Asset Management Co., a firm which was bailed out in late 2021. The Finance Ministry said that Deloitte Hua Yong, the Chinese name of the auditor’s local affiliate, didn’t assess the true value of China Huarong’s assets or provide proper audit opinions on unusual transactions even after identifying them.

☆ SIGN UP NOW — For a Better Future: Bridging Culture, Business, and Climate
▼ + stars: | 2023-03-17 | by ( Business Insider | ) www.businessinsider.com time to read: +2 min

Today's business leaders are embracing circularity to better engage in sustainability and climate action. Leaders in climate justice advocacy, business, and fashion will discuss the future of sustainable practices inside and outside the business world. On April 18, 2023, Insider is hosting "For a Better Future: Bridging Culture, Business, and Climate," a free virtual event at noon ET featuring speakers from Deloitte and Junk Kouture. Insider's virtual event, "For a Better Future: Bridging Culture, Business, and Climate," presented by Deloitte, takes place on Tuesday, April 18, 2023, at noon ET. This multi-session virtual conference will focus on how empowerment and circularity inspire climate action beyond the world of business.

The Swiss cabinet held an emergency meeting about the central bank's move on Thursday but gave no public statement after, with most politicians, including Finance Minister Karin Keller-Sutter, tight-lipped. Greens lawmaker Gerhard Andrey said managers should take responsibility and Switzerland should look at its regulations, with the Credit Suisse debacle putting the country "in a very difficult situation". That Credit Suisse has problems has been known for a long time," said Martin Staub speaking in central Zurich. The financial sector makes up about 9% of Swiss gross domestic product, according to Finance Swiss, and employs 5.5% of the workforce. "The Credit Suisse crisis is negative for Switzerland, but not enough to damage the reputation of Switzerland on its own.

☆ Volkswagen beats Elon Musk in the race to cheap EVs, revealing a car it plans to sell for $26,600
▼ + stars: | 2023-03-17 | by ( Tim Levin | Alexa St. John | ) www.businessinsider.com time to read: +4 min

2all concept car won't ever make its way to the US. 2all concept: a small, battery-powered hatchback that it plans to sell for 25,000 euros ($26,600) or less when it goes into production in 2026. The Volkswagen ID. Volkswagen AGMusk's complicated, yearslong journey with the $25,000 EVIn 2020, Musk promised a fully autonomous, $25,000 vehicle as battery costs came down. At Tesla's first-ever Investor Day earlier this month, which many anticipated would bring news about a sub-$30,000 model, Musk mentioned almost nothing of the sort.

HONG KONG, March 16 (Reuters) - Officials from the U.S. audit watchdog will start a new round of inspections in Hong Kong on Chinese companies' auditors as soon as next week, sources said, as part of a deal with Beijing to prevent delistings of the firms from the New York bourse. That visit came after U.S. and China reached a landmark deal last August to settle a long-running dispute over auditing compliance of U.S.-listed Chinese firms. It also warned that any obstruction of inspection access could affect Chinese firms' listings in the U.S. A mainland branch under KPMG and a Hong Kong branch under PwC were picked by the PCAOB in last year's inspections, the PCAOB said earlier. Reporting by Xie Yu and Selena Li in Hong Kong, additional reporting by Chris Prentice in Washington; Editing by Sumeet Chatterjee and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ America's immigration system is a nightmare, and it's forcing tech companies to move jobs outside of the country
▼ + stars: | 2023-03-14 | by ( Paayal Zaveri | ) www.businessinsider.com time to read: +7 min

Leaders like Salesforce CEO Marc Benioff have begun walking back their initial praise of remote work, worrying that it leads to employee underperformance. The most existential question raised by remote work, however, is whether working from home makes workers more replaceable. But remote work has just been a facilitator, they suggest, and the real culprit may very well be America's broken immigration system. The flawed US immigration system is forcing companies to hire elsewhereIt's no secret that the US immigration system is flawed. Remote work makes it possibleRemote work makes it all possible, says Job Van Der Voort, founder of Remote, a startup that helps companies hire workers internationally.

☆ Exclusive: Shenzhen bourse taps intelligence tech firm as China battles capital market fraud
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +4 min

The Shenzhen Stock Exchange did not respond to Reuters' request for comment. EC Guard declined to be interviewed. The United States in 2019 placed EC Guard on its so-called entity list of companies that are subject to U.S. trade restrictions for reasons such as national security. Using that technology, EC Guard can identify relationships between users helping regulators identify potential illegal activity and also trace a company's ultimate shareholders to ensure they are legitimate owners, the person said. The Shanghai Stock Exchange, the country's largest bourse, stepped up its fight against fraud in December with a new generation of systems that supervise securities trading.

☆ I'm a tech recruiter who helps Black professionals get jobs at companies like Deloitte and Shopify. Here's my advice for getting the salary you deserve.
▼ + stars: | 2023-03-10 | by ( Pauleanna Reid | ) www.businessinsider.com time to read: +8 min

He partners with firms including Deloitte, DraftKings, and Shopify to recruit Black tech talent. Now I partner with firms like Deloitte, DraftKings, Dynatrace, Loliware, Shopify, and Automatic to recruit Black tech talent. I've helped more than 360 Black people land jobs in tech, so I've had a lot of opportunities to learn what drives success in this space. Being vocal about my goal to get more Black people jobs in tech on Twitter helped me gain visibility and trust among Black job seekers. The best way to let someone know you're serious about your salary expectations is to let them know you have an offer pending.

☆ Big Companies Seeing Tax Benefits From Law Change Some of Them Fought
▼ + stars: | 2023-03-08 | by ( Richard Rubin | Jennifer Williams-Alvarez | ) www.wsj.com time to read: +6 min

Those companies now qualify for a bigger tax break for exports because of the way the research-deduction change alters their tax calculations. Photo: Dado Ruvic/REUTERSModerna saw that tax break jump to a 7.4 percentage-point benefit on its tax rate from 4.8 points in 2021, even as its cash tax payments rose. The change requiring companies to spread out research deductions was part of the 2017 tax law, and it was designed to partly offset the revenue loss from cutting corporate tax rates. PREVIEWAt the same time, the smaller research deduction means many companies can get a bigger advantage from the export tax break. The size of the FDII tax break is based in part on how much income a company has.

☆ Why a millennial quit her $100,000-a-year job to join millions of Americans opting for part-time work
▼ + stars: | 2023-03-07 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

A Bay Area millennial quit her full-time job in 2021 after experiencing what she describes as extreme burnout. She's among the growing number of Americans opting for part-time roles. While Kiki took a break from the workforce, she planned to find another job within six months — by May of 2022 — because her household needed the extra income. As of January, 22.1 million Americans were working part-time voluntarily, according to Labor Department data. After feeling disappointed by the quality of part-time options when scrolling through job sites, a friend referred her to the company she's working for now.

☆ Fed’s reluctance to go green will cost the Earth
▼ + stars: | 2023-03-07 | by ( Ben Winck | ) www.reuters.com time to read: +8 min

WASHINGTON, March 7 (Reuters Breakingviews) - Central banks don’t think they can do much about the environment. The U.S. Federal Reserve has done even less, arguing it should not tackle climate change without an explicit order from Congress. In a 2021 survey by Invesco, 63% of responding central banks said addressing climate change fell within their mandate. Central banks aren’t best equipped to lead the green transition, anyway. There’s also a valid concern that focusing on climate change could water down the Fed’s mission to fight inflation.

☆ 42% of IT professionals will quit in the next 6 months. Here's how the right software can help them avoid burnout.
▼ + stars: | 2023-03-01 | by ( Sponsor Post | Created Insider Studios With Goto | ) www.businessinsider.com time to read: +8 min

The right software can help businesses who can't find the staff they need. Worldwide the talent shortage could result in unrealized output of $449.70 billion. Alarming numbers underscore the fact that the talent shortage is everywhere. GoTo Resolve can help irrigate the IT desert by providing remote access troubleshooting, support, ticketing, and camera sharing a click away. Essentially, many of the services an enterprise needs to hire for can be procured through Rescue and GoTo Resolve.

☆ Biden taps CEOs of 3M, CVS, FedEx, Citi, others to join his Export Council on trade
▼ + stars: | 2023-02-28 | by ( Emma Kinery | ) www.cnbc.com time to read: +3 min

U.S. President Joe Biden has appointed the heads of Citigroup , United Airlines , CVS , 3M and FedEx , among other top executives, to sit on a White House advisory committee overseeing international trade. The President's Export Council gives recommendations and insight into the ways government policies impact U.S. trade performance. The group also provides feedback on how Biden's trade policies are affecting businesses across sectors from industry and labor to agriculture. She previously served as chief operating officer and group president of Starbucks and CEO of Sam's Club. The Export Council features expertise from labor, real estate, national security and law, and leaders of Fortune 200 companies.

☆ Americans still aren't sold on electric cars
▼ + stars: | 2023-02-27 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

But EV adoption is still a challenge; less than one-third of US car buyers said they want to go EV. Car buyers are weighing a lot of factors like EV resale value and recycling plans. Car buyers are also weighing resale value, a pretty standard factor to consider, especially before going electric. In the US, 61% of buyers are either very or somewhat concerned about an EV's resale value, compared to 55% that are very or somewhat concerned about a gas-powered vehicle's resale value. The concern over EV resale is "likely due to rapidly evolving EV and battery technologies," according to Deloitte's report.

☆ Car companies want to make billions by charging monthly fees for features like heated seats — and electric cars makes it easier than ever
▼ + stars: | 2023-02-25 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Electric cars are less profitable for automakers than gas-powered ones. There's a simple reason why: EVs aren't very profitable for automakers — and certainly nowhere near how profitable gas-powered cars. Subscriptions and additional offerings post-initial transactions are part of why automakers are especially interested in leasing their EVs. So major changes are in store as automakers navigate shifting consumer behaviors, industry headwinds, and especially, increasingly attractive competition. "This looming threat adds pressure on the traditional dealer model and threatens to impact the bottom line," the report says.

[1/3] Ben & Jerry's, a brand of Unilever, is seen on display in a store in Manhattan, New York City, U.S., March 24, 2022. Nestle said cutting products saved 1 billion Swiss francs last year ($1.06 billion), while Unilever said the practice saved $2 billion. Food makers tend to cull products without much fanfare. At the consumer products conference they highlighted new offerings, many of them increasingly popular handheld foods that people can eat while scrolling on phones. "You'd be shocked by the loyalty and personal connections people have to food products," he said.

☆ Beyond Meat sales slumped because people are eating less fake meat, and the company says it gets why
▼ + stars: | 2023-02-24 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

The company said it sold around 3,300 fewer pounds of its fake meat products over the time period, a drop of about 17%. Despite the huge slump in sales, Beyond – which sells products including fake jerky, chicken, and sausage – still beat Wall Street sales estimates. According to Brown, the three major obstacles faced by the plant-based meat industry are taste, understanding of health benefits, and price. Consultancy giant Deloitte noted in a September report that plant-based meat sales were dipping. Beyond also offers some plant-based chicken products, including tenders and popcorn chicken.

[1/3] Ben & Jerry's, a brand of Unilever, is seen on display in a store in Manhattan, New York City, U.S., March 24, 2022. Eliminating less popular products is part of a "decomplexity program" underway at Kraft Heinz, its executives said at the Consumer Analyst Group of New York Conference this week. Nestle said cutting products saved 1 billion Swiss francs last year ($1.06 billion), while Unilever said the practice saved $2 billion. At the consumer products conference they highlighted new offerings, many of them increasingly popular handheld foods that people can eat while scrolling on phones. "You'd be shocked by the loyalty and personal connections people have to food products," he said.

"His deep understanding of our customers' needs, and the broader industry make him an ideal candidate for Chairman of the Supervisory Board from 2024 onwards," Plattner added. Plattner, who co-founded SAP in 1972 alongside four other former IBM employees, stepped down from active management in May 2003 to head the supervisory board after serving as SAP's CEO since 1997. He owns a 6.16% stake in SAP which is currently worth 8.23 billion euros ($8.73 billion), and said he would remain committed to the company as an "investor with an unchanged stake". SAP, in a separate statement, said it would propose a dividend of 2.05 euros per share for 2022. The company paid 2.45 euros a share for the previous year, which included a 0.50 euros apiece special dividend.

☆ How cybersecurity executives make the case for continued tech investments in a tough economy
▼ + stars: | 2023-02-23 | by ( Bob Violino | ) www.cnbc.com time to read: +5 min

Cybersecurity executives have enjoyed a nice run of receiving the financial resources they need to keep their organizations protected against attacks. But given the current economic uncertainty, many will likely need to rethink their approach to investments in tools and services. "Cybersecurity is not immune to economic pressures and uncertainty," said Daniel Soo, risk and financial advisory principal in cyber and strategic risk at Deloitte. When prioritizing security investments, security leaders should continue to invest in security controls and solutions that protect the organization's customer-facing and revenue-generating workloads, Maxim said. They should continue to defend any investments that support the organization's modernization efforts with cloud and its evolution to zero trust security, he said.

☆ SAP names ex Deloitte CEO as designated chairman to succeed co-founder Plattner
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: 1 min

BERLIN/FRANKFURT, Feb 22 (Reuters) - SAP (SAPG.DE) on Wednesday named former Deloitte global CEO Punit Renjen as designated chairman to succeed co-founder Hasso Plattner, whose term will expire in May 2024. SAP's board nominated Renjen, global CEO of Deloitte from 2015 until the end of 2022, to stand for election as a new member of the supervisory the board, the statement said. Reporting by Victoria Waldersee in Berlin and Hakan Ersen in Frankfurt; Editing by Christoph SteitzOur Standards: The Thomson Reuters Trust Principles.

☆ Ratcliffe's INEOS confirm bid for Manchester United
▼ + stars: | 2023-02-18 | by ( ) www.reuters.com time to read: +3 min

Feb 18 (Reuters) - Manchester United have received a bid from Jim Ratcliffe's company INEOS for "majority ownership" of the Premier League club, the chemical firm confirmed on Saturday, adding that it would look implement a fan-centred approach. British billionaire Ratcliffe, a life-long United fan and founder of INEOS, has previously openly expressed his interest in buying the Old Trafford club. "We would see our role as the long-term custodians of Manchester United on behalf of the fans and the wider community," INEOS said in a statement. "We are ambitious and highly competitive and would want to invest in Manchester United to make them the number one club in the world once again." "We want a Manchester United anchored in its proud history and roots in the North-West of England, putting the Manchester back into Manchester United and clearly focusing on winning the Champions League," the statement said.

☆ Son of former Qatari PM bids for Manchester United
▼ + stars: | 2023-02-17 | by ( Anirban Sen | ) www.reuters.com time to read: +3 min

[1/2] Soccer Football - Premier League - Manchester United v West Ham United - Old Trafford, Manchester, Britain - July 22, 2020 General view of the corner flag inside the stadium before the match, as play resumes behind closed doors following the outbreak of the coronavirus disease (COVID-19) Martin Rickett/Pool via REUTERS. Feb 17 (Reuters) - Sheikh Jassim Bin Hamad Al Thani, a son of Qatar’s former prime minister, on Friday launched a bid to buy Premier League soccer club Manchester United, whose American owners launched a formal sale process late last year. A deal for United is expected to shatter records for the sale of a sports business. Sheikh Jassim is the son of Sheikh Hamad bin Jassim bin Jaber Al Thani, who is one of the richest men in the Gulf state. However, Qatari state investors, who own a stake in French champions Paris Saint-Germain, could face challenges structuring a takeover of Manchester United, as rules forbid two clubs with the same owner taking part in the lucrative Champions League.

Manchester United, INEOS, Tesla and Musk did not reply to requests for comment. "For potential buyers, football clubs like Manchester United are considered trophy assets driven by the perception of exclusivity. The size of that bid has fuelled speculation Manchester United will attract significantly more. Manchester United is the fourth richest soccer club in the world, according to analysis by Deloitte. A small portion of Manchester United shares is listed on the New York Stock Exchange.

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