Posts by Mark Darwin
China weighs record fine for PwC over Evergrande auditing work
CHINA is poised to impose a record fine on PricewaterhouseCoopers (PwC) and suspend some of the global auditor’s local operations over its role in one of the nation’s biggest alleged financial fraud cases, according to sources familiar with the matter. The Ministry of Finance (MOF) may announce the penalties on PwC as soon as this…
Read MoreEx-minister Lim Hwee Hua appointed as chair of IVSC board of trustees
The International Valuation Standards Council (IVSC) has named Lim Hwee Hua as chair of the IVSC board of trustees, succeeding former UK chancellor of the exchequer Alistair Darling. The appointment takes effect in June 2024. This marks the first Asian and female chair to lead the the IVSC board of trustees, said the council on…
Read MoreSouth-east Asia’s growth-dominated PE industry needs stronger IPO markets: Bain
SOUTH-EAST Asia’s private equity (PE) industry is holding its head above water, but needs stronger stock markets to support exits via initial public offerings (IPOs). That is the verdict from Bain & Company’s Southeast Asia Private Equity 2023 Year in Review, released on Thursday (May 30). Bain’s data showed that PE deal values fell across…
Read MoreGoogle unveils US$2 billion investment in Malaysia
[KUALA LUMPUR] Google has committed to invest US$2 billion for the first Google data centre and Google Cloud region in Malaysia, said the Ministry of Investment, Trade and Industry on Thursday (May 30). Ruth Porat, chief financial officer of Google’s parent company Alphabet, said that the investment marks the tech giant’s largest planned investment in…
Read MoreEU Commission to postpone Chinese EV tariff decision
THE European Commission will postpone its decision on Chinese electric vehicle (EV) tariffs until after the European Parliament election on Jun 9, a source familiar with the matter told Reuters on Wednesday (May 29). The provisional tariffs, which were expected to be announced by Jun 5, would be a sticker shock representing billions of US…
Read MoreBNPL to account for 2% of total spending in Singapore by 2027, unchanged from 2023: Worldpay
“BUY now, pay later” (BNPL) will remain as one of the payment methods in Singapore, together with digital wallets and credit and debit cards, according to Worldpay’s 2024 Global Payments Report. The payments technology and solutions company said that by 2027, BNPL will account for 2 per cent of total spending – e-commerce and point…
Read MoreSIA’s new safety measures affecting in-flight service, raising crew stress levels
THE new Singapore Airlines (SIA) in-flight service protocol, in which meal service is suspended and cabin crew members must buckle up when the seat-belt sign is turned on, has had a ripple effect on passengers and crew. Most people who spoke to The Straits Times (ST) said they understood SIA’s need to update its protocol.…
Read MoreiFast sets up S$300 million multi-currency debt issuance programme
IFAST Corporation : AIY 0% has established a S$300 million multi-currency debt issuance programme to issue notes or perpetual securities. Net proceeds raised will be used for general corporate purposes such as refinancing certain borrowings, financing capital expenditure, investments and general working capital of the group, the financial services company said on Wednesday (May 29).…
Read MoreBHP abandons US$49 billion bid after Anglo refuses more talks
BHP Group decided against making a firm offer for Anglo American, instead walking away for now from what would have been the biggest mining deal in over a decade. The announcement – less than one hour before a 5 pm United Kingdom deadline – marked an abrupt end to the five-week public battle between two…
Read MoreHP reports sales that top estimates on first PC boost since 2022
HP REPORTED quarterly revenue that topped analysts’ estimates, including the first increase in personal computer (PC) sales in two years, an optimistic signal for a long-awaited rebound in the market. Revenue from HP’s computer unit increased 3 per cent to US$8.4 billion in the fiscal second quarter, compared with the US$8.3 billion expected by analysts.…
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