Big 4 financial firms

File image of Gautam Adani (Image Source: Reuters) One of Adani Group’s international partners, the French energy giant TotalEnergies SE, said on February 3 that it welcomes the announcement of the Adani Group to mandate one of the big four accounting firms to carry out a general audit. Business news agency Bloomberg reported there was no corresponding announcement confirming the development on the Adani Group's website, and the company didn't immediately respond to a request for comment. The sobriquet Big 4 refers to Deloitte LLP, Ernst & Young LLP, KPMG LLP and PwC. TotalEnergies holds the distinction of being one of the biggest energy companies in the world and is a partner to the Adani Group in four joint ventures in India. Earlier, on January 24, the financial research firm Hindenburg Research released an explosive report accusing the Adani Group of engaging in brazen stock manipulation, and accounting fraud and dubbing the operations of the group as “the largest … [Read more...] about Adani Group will hire a Big 4 auditor: French partner TotalEnergies SE

Share to Twitter Share to Linkedin The U.K. government looks set to scrap many of the large road schemes being planned from 2025. The Department for Transport’s (DfT) top civil servant told MPs yesterday that, for financial reasons, the “headroom for new projects will be very limited.” Dame Bernadette Kelly, Permanent Secretary at the DfT, was grilled by members of the U.K. parliament’s transport committee . There are 32 schemes included in the government’s road investment strategy for 2025 and beyond, known as RIS3. Several schemes could be cut from the program, including the controversial tunnel underneath the Stonehenge ritual landscape. Dame Kelly said that inflationary pressures meant that many large roads projects would likely be delayed until 2030 or beyond. Spending plans for the country’s strategic roads cover five-year periods, with the current program—RIS2—set to end in 2025. “There are schemes in the RIS3 pipeline,” Dame Kelly … [Read more...] about Big Road Schemes Will Be Scrapped, Hints U.K. Department For Transport

Buy now, pay later (BNPL) services have become increasingly popular as a payment method for online shopping and even travel, and major players are creeping into the world of health care. But while breaking up medical bills can provide some short-term relief, critics worry about the lack of protections in the BNPL industry and the threat of overextending patients' budgets. Key Takeaways BNPL services can break up payments into installments over the course of six weeks or longer. The approach can make medical bills feel more manageable for patients, but it can still overextend their finances. Critics also worry about the lack of consumer protections offered by BNPL services compared to traditional financial products. BNPL Services Present an Inexpensive But Complicated Alternative to Pay Medical Bills BNPL services like Afterpay, Affirm, and Sezzle offer consumers the chance to pay off online purchases, travel, and other major purchases over time. In some cases, … [Read more...] about Buy Now, Pay Later Firms Entering the Health Care Space

The Union Budget will boost the order pipeline for the infrastructure sector, but the pace of implementation and execution of the big-bang capital expenditure plan announced by the Finance Minister Nirmala Sitharaman on February 1 will be key to success, said R Shankar Raman, chief financial officer of Larsen & Toubro Limited (L&T). Some ongoing issues in the infrastructure sector, like dispute resolution and pace of ordering, need to be addressed to help the industry accelerate growth, Raman told Moneycontrol’s Rachita Prasad. Raman also spoke about the opportunities and risks and how L&T is preparing for 2022-23. Pushing project execution, managing people and closing the divestment of its non-core assets is on the top of the agenda for the engineering giant. Edited excerpts: The Union Budget made a big commitment to capex . What is your key takeaway for the infrastructure sector? The Rs 7.5 lakh crore is generous. The good part of the allocation is … [Read more...] about Interview | Budget plan implementation, faster dispute mechanism key to infrastructure growth: L&T CFO

ITC Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × There's no stopping diversified conglomerate ITC's bull run. The stock is only 3 percent away from the Rs 400 mark and is trading at an all-time high. And, that too after taking a beating a day earlier after finance minister Nirmala Sitharaman in her Budget for 2023-24 announced a hike in National Calamity Contingent (NCCD) duty, only to recover swiftly and close in green. At 12.15 pm on February 2, the stock was quoting at Rs 381.30 apiece on the NSE, up 5.51 percent amid heavy volumes of 34.6 million shares. Earlier in the day, it had hit an all-time high of Rs 384.70 apiece. Follow our market blog for all the action Smoke signals Read More The stock corrected 6 percent as Sitharaman said the NCCD duty on cigarettes was hiked by 16 percent. The … [Read more...] about ITC nears Rs 400 mark; why costlier cigarettes are great news for shareholders

Adani group's stocks have nosedived after the Hindenburg report's release (Getty Images) Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Adani Enterprises said on February 1 that it has cancelled its Follow-On Public Offering (FPO) and will return money to its investors amid ongoing controversy after American short seller, Hindenburg Research, accused the company of using tax havens and flagged debt concerns in a report. "The Board of Directors of the Company at its meeting held today i.e. February 1, 2023 has decided, in the interest of its subscribers, not to proceed with the further public offer (FPO) of equity shares aggregating up to Rs 20,000 crore of face value Rs 1 each on partly paid-up basis, which was fully subscribed," Adani Enterprises said in an exchange filing. Gautam Adani, Chairman, Adani Enterprises said that … [Read more...] about Adani bonds hit distress levels, FPO withdrawn amid pressure over Hindenburg report

Adani Group chairman Gautam Adani Touting February 3, 2023, as an eventful day might be an understatement for the Adani Group. A stunning recovery from the worst-ever intraday fall in Adani Enterprises' stock to Finance Minister Nirmala Sitharaman's first comments on the entire Hindenburg-Adani fiasco , there was a lot of action. After falling 35 percent intraday, Adani Enterprises closed in the red on NSE – down 2 percent – while on BSE it was over a percent higher. Adani Ports closed 5 percent higher on the NSE at Rs 488.40 after falling to Rs 395 intraday. ACC and Ambuja Cements gained 5 percent and 4 percent, respectively. Meanwhile, Adani Total Gas and Adani Wilmar ended at a 5 percent lower circuit. Here's a recap of all that happened, starting from pre-market developments ASM Framework Read More Pre-market open, the big news was National Stock Exchange (NSE) placing Adani Enterprises, Adani Ports and Ambuja Cements under an additional … [Read more...] about Adai Group stocks: A recap of everything that happened on February 3

Share to Twitter Share to Linkedin Topline Identity management company Okta announced plans on Thursday to lay off roughly 300 employees, one day after FedEx, DraftKings, cloud data company NetApp and automaker Rivian all announced major rounds of layoffs—the latest U.S. companies to implement job cuts as recession fears continue into 2023. Timeline February 2 Okta CEO Todd McKinnon unveiled plans to reduce the tech company’s workforce by 5% (roughly 300 positions) in a Securities and Exchange Commission filing on Thursday, citing a period of over-hiring over the past several years that did not account for the “macroeconomic reality we’re in today.” February 1 NetApp , a San Jose, California-based cloud data company, announced plans in an SEC filing to lay off 8% of its staff ( estimated to affect 960 employees) by the end of the fourth fiscal quarter of 2023 “in light of the macroeconomic challenges and reduced spending environment.” … [Read more...] about 2023 Layoffs: Okta Slashes 300 Jobs As DraftKings, FedEx Cut Staff

Gautam Adani. The business empire of Gautam Adani is in mayhem, losing more than $100 billion in value and sending the Indian tycoon tumbling down the global rich list after allegations of major accounting fraud. - Who is Gautam Adani? - Adani, 60, is a publicity-shy school dropout of humble origins who rose to become fabulously rich. Moving to Mumbai in his teens to work sorting diamonds, he formed his own import-export business. His big break came in 1995 when he acquired a shipping port just as India's economy was opening up. Today, Adani Group has interests in everything from power generation and Australian coal mines to cement, media, food and Israeli ports. Its seven main listed units had a combined market value in January of around $220 billion. Read More The meteoric rise in the share prices of Adani's units -- the flagship Adani Enterprises rose more than 1,000 percent in five years -- has helped make Adani fabulously wealthy and fund further … [Read more...] about Why is Gautam Adani’s Indian empire in turmoil?

Share to Twitter Share to Linkedin Harvard economist Raj Chetty is doing something remarkable, and it ought to be a model for how the government and the private sector can improve the lives of American citizens. His approach isn't political. It’s pragmatic . Even more admirable: he’s willing to face irksome facts about how inequality of opportunity is almost physically rooted in neighborhoods . It’s all about zip codes. You are who you are, economically and educationally, to a great degree because of where you live . Once you land in a zip code, it will launch you into new opportunities, or it will limit you. Where you’re going depends more than we want to admit on where you are right now. Chetty is the William A. Ackman Professor of Economics at Harvard. He focuses on economic inequality and social mobility: the ability of each generation of a family to enjoy a quality of life better than the previous one. Multiple studies have found that the U.S. is … [Read more...] about A Revolutionary Move For A Better Future