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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.

☆ 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.

☆ 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.

☆ 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.

☆ 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.

☆ 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.

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.

☆ 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.

In Germany, the HDE retail association is forecasting the strongest slump in Christmas sales since 2007, with retail sales in the crucial November-December period seen dropping by 4% year on year on a price-adjusted basis. In the United Kingdom, a raft of surveys indicate half or more Britons plan to spend less this Christmas. Should September's sharp drop in retail sales be repeated in December, it would be the worst outcome since comparable annual records began in 1989. Official data showed UK retail sales volumes, excluding fuel, dropped 6.2% year on year in September. Another association Acotex expects retailers to offer slight discounts during the holiday season as consumer demand slows.

☆ We're still a long way from the point where the Fed cuts rates, says KPMG's Swonk
▼ + stars: | 2022-11-10 | 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 EmailWe're still a long way from the point where the Fed cuts rates, says KPMG's SwonkDiane Swonk, KPMG chief economist, joins 'Power Lunch' to discuss the Federal Reserve's upcoming trajectory, pockets of the economy where inflation remains strong and whether the Fed is focusing on companies' labor moves.

☆ Wage gains are adding to inflation, says KPMG's Diane Swonk
▼ + stars: | 2022-11-04 | 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 EmailWage gains are adding to inflation, says KPMG's Diane SwonkKPMG’s Diane Swonk, joins 'The Exchange' to discuss the impact of wage inflation on the economy and the Fed.

☆ How to create employee-resource groups at your business so both existing and new employees feel welcome
▼ + stars: | 2022-10-27 | by ( Rachel Durose | ) www.businessinsider.com time to read: +6 min

This article is part of Talent Insider, a series containing expert advice to help small business owners tackle a range of hiring challenges. To create a feeling of belonging, entrepreneurs should create employee-resource groups, nine human-resources and diversity, equity, and inclusion leaders told Insider. Nine HR and diversity, equity, and inclusion leaders share their advice for small-business owners interested in starting and supporting employee-resource groups at their companies. "There needs to be a positive outcome for having the ERG group," she said, referring to employee-resource groups. At KPMG, one-third of employees engage in the company's employee-resource groups, Richards added.

☆ We'll continue to see double-digit declines in home sales, says KPMG's Swonk
▼ + stars: | 2022-10-20 | 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 EmailWe'll continue to see double-digit declines in home sales, says KPMG's SwonkDiane Swonk, KPMG chief economist, joins 'Power Lunch' to discuss whether the U.S. is currently in a housing recession, if the housing sector is a leading indicator for the rest of the economy and more.

But she said the current priorities for global economic officials were controlling inflation, improving fiscal policy after massive spending early in the pandemic, and finding ways to buffer developing countries against the global rise in interest rates. How do we build fiscal space given that we've used up so much" fighting the initial shock of the pandemic? Studies have begun documenting a potentially permanent blow to labor supply from the pandemic. In the United Kingdom, long-term illness has sidelined more than 377,000 people since the start of the pandemic, about 1% of the labor force. It may be only the beginning of understanding what the pandemic has meant and how the world may need to prepare for the next shock.

☆ Britons turn to electric blankets and candles as winter looms
▼ + stars: | 2022-10-11 | by ( Sarah Young | ) www.reuters.com time to read: +4 min

Market research released on Tuesday showed that grocery inflation hit another new record of 13.9% in September, deepening the cost-of-living crisis, while BRC-KPMG data showed people were investing in items to help them save cash. Nine out of 10 people surveyed by Barclaycard in Britain from Sept. 23-26 said they were concerned about household energy bills. Over half of those surveyed by Barclaycard said they were planning to cut down on discretionary spending so they can afford their energy bills this winter, with nights out most likely to be canned. Rival JD Wetherspoon's said last week that its sales had been boosted by young people drinking cocktails and spirits. Coffee and sandwich chain Pret A Manger said on Tuesday that it would raise staff pay for a second time this year.

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