Page 33 - Finance Sector

British accounting watchdog fines KPMG $1.9 mn over Saatchi audit failings

KPMG and its partner Adrian Wilcox failed to audit with sufficient professional skepticism, according to the Financial Reporting Council, which published a decision notice on Monday

RBI may undertake comprehensive review of architecture of payment banks

Governance standards, viability of biz among priorities

Reserve Bank of India widens scope of BBPS to non-bank payment aggregators

Number of participants on BBPS to go up with participation of PAs

Digitalisation needs banks to prioritise employee adaptability: RBI's Rao

He said investing in employee development is essential for financial institutions to thrive

India Ratings lowers MFI sector outlook to 'neutral' from 'improving'

Flagging caution on overleveraging, the rating agency revised the outlook on the microfinance sector to 'neutral' from 'improving'

Canada sells first bond worth $3 bn in program that allows nuclear finance

The 10-year bonds have a 3.5% coupon and yield half a basis point less than Canadian government debt due in December 2033

Sales of listed private non-financial firms rose 5.5% in Q3: RBI data

Sales of listed private non-financial companies grew 5.5 per cent in the three months ended December 2023 from 4.4 per cent expansion in the previous quarter, according to official data. The Reserve Bank of India (RBI) on Wednesday released the data on the performance of the private corporate sector during the third quarter of 2023-24 drawn from abridged quarterly financial results of 2,842 listed non-government non-financial companies. "Growth (y-o-y) in aggregate sales of 1,685 listed private manufacturing companies moderated further to 3.7 per cent during Q3:2023-24 (4.2 per cent in the previous quarter)," the apex bank said. Among the major industries, sales of chemical companies declined 13.5 per cent, excluding which sales growth of manufacturing companies stood at 6.4 per cent. Information Technology (IT) sector witnessed further deceleration in sales growth (y-o-y) to 3.2 per cent from 5.9 per cent in the previous quarter and 19.4 per cent a year ago. Non-IT services compa

Why has 'QuintEdge' Become a Preferred Hiring Destination for Core Finance Recruiters?

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World economy has growing chance of pulling off soft landing: G20

The statement reflects a relatively upbeat view of a global economy that's struggled in recent years to overcome the impact of the pandemic, soaring inflation and a sharp increase in interest rates

Alibaba leads largest financing deal to mint $2.5 billion China AI firm

Alibaba joins Tencent Holdings Ltd. and Silicon Valley peers like Microsoft Corp. in placing big bets on generative AI, the technology that powers ChatGPT

Firm will raise ninth private equity fund: Goldman Sachs CEO Solomon

"We'll launch what we call Capital Partners IX... our next private equity fund, which will be a significant fundraising," Solomon told investors at a conference in Miami

RBI tweaks rules to standardise filing of supervisory returns by banks

Previously, banks had to submit all audited returns to the RBI within seven days from the date of the completion of statutory audit of books of accounts

Maruti Suzuki, Union Bank of India partner for dealer financing solutions

Maruti Suzuki India on Tuesday said it has inked an initial pact with Union Bank of India for dealer financing solutions. The tie-up enhances the comprehensive inventory funding options for over 4,000 Maruti Suzuki sales outlets across the country, the auto major said in a statement. MSI (Maruti Suzuki India) Senior Executive Officer (Marketing & Sales) Shashank Srivastava said the automaker takes great care in nurturing its dealer network. "We proactively align our efforts in meeting the evolving demands of customers and the market, " he added. The company's partnership with Union Bank of India since 2008, has steadily evolved and reached a significant milestone of facilitating over 3,00,000 car finance cases till date, Srivastava said. "As a next milestone of our association, we are entering into an inventory funding Memorandum of Understanding (MoU) which will focus on innovative financing solutions for dealer partners," he added. Union Bank of India Managing Director & CEO

FM Sitharaman asks RBI to hold monthly meetings with startup, fintech firms

Finance Minister Nirmala Sitharaman on Monday asked Reserve Bank of India to hold monthly meetings with startup and fintech firms to address their concerns, officials said. The minister made the suggestion at a meeting with startup and fintech eco system entities that was attended by top executives of about 50 firms, including Razorpay, CRED, and venture capital firm PeakXV. "Finance Minister suggested that RBI may hold a meeting on a fixed day every month via virtual mode with the startup and fintech firms to address their concerns and issues," one of the officials said. The official said that no Paytm-related anxiety or concerns were shown by the startup founders and fintech entities during the meeting. From the government side, the meeting was attended by Financial Services Secretary Vivek Joshi, DPIIT Secretary Rajesh Kumar Singh and MeitY (Ministry of Electronics and Information Technology) Secretary S Krishnan. RBI Deputy Governor T Rabi Sankar was also present. SBI Chairman

Chipmaker Broadcom sells remote-access unit to PE firm KKR in $4 bn deal

The end-user computing (EUC) unit will become a standalone company and will continue to be run by its existing management team led by Shankar Iyer, KKR said in a statement on Monday

FPIs trim financial exposure: Lowest in six years at 29%, shows data

At 28.97%, allocation lowest since 2018; Down from peak of 41.17%

RBI MPC minutes: Caution stays in last leg of fight against inflation

Patra said it was only when the inflation rate subsided and stayed close to the target lastingly that policy restraint could be eased

Recalibrating spend

RBI paper redefines the capex-revenue debate

RBI to conduct 13-day VRR auction to infuse Rs 1 trillion on Friday

Despite the slew of VRR auctions being conducted by the RBI since February 8, the persistent liquidity deficit in the banking system has been largely around Rs 2 trillion in the period

FM asks World Bank officials to lead G20 agenda of strengthening MDBs

FM also suggested the World Bank explore the possibility of implementing Infrastructure Investment Trusts in infrastructure sectors such as roadways