 "News digest: Fortis financial results, US-China trade war, and more")
Auditor Deloitte raises red flag over Fortis Healthcare's financial results
Delhi-headquartered hospital major Fortis Healthcare on Saturday released its audited results for the fourth quarter and financial year 2017-18, which were largely in line with the unaudited numbers announced last week. However, auditor Deloitte Haskins & Sells raised several red flags, including with regard to additional related party transactions. Read more.
RBI fiat on penalties makes auditors see red; banks may have to pay more
Delhi-headquartered hospital major Fortis Healthcare on Saturday released its audited results for the fourth quarter and financial year 2017-18, which were largely in line with the unaudited numbers announced last week. However, auditor Deloitte Haskins & Sells raised several red flags, including with regard to additional related party transactions. Read more.
RBI fiat on penalties makes auditors see red; banks may have to pay more
The recent Reserve Bank of India (RBI) circular invoking penalties against bank auditors is likely to push up auditing cost for lenders and could also hurt banks' functioning as the audit process might seem endless. Auditors said the proposals had not been well thought out. Read more.
Govt to cash in on defence land, treat transactions as capital receipts
In a marked shift in the way land belonging to the defence ministry is used, it has been decided that transactions in defence lands will be treated as capital receipts. Also, in order to cash in on the value of the real estate held by the defence ministry in metros and big towns, shops located on its land will be made to pay rents at market rates from now on. Read more.
US economic strength gives Donald Trump leeway in trade fight with China
The US economy’s strength is emboldening the Trump administration to play hardball in its trade offensive against China. Tariffs tend to be economic downers with an impact like sales taxes, which push up costs for consumers and businesses and slow growth. Read more.
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