PwC Financial News

New Delhi: India’s media and entertainment industry is expected to touch $73.6 billion in size by 2027, growing at 9.48% CAGR, according to the Global Entertainment & Media Outlook 2023-2027, a report launched by multinational professional services network PwC (Pricewaterhouse Coopers International Ltd). With new launches from international players and increasing options to pay less, OTT revenue has surged in recent years, expanding a further 25.1% in 2022 to reach $1.8 billion, over six times the revenue of 2018.

The head of big four consulting firm EY has criticised rival PwC over the firm’s tax leaks scandal, saying the “deeply disturbing and disappointing conduct” has rightly triggered “intense scrutiny” of the whole sector.

London | UBS executives have chosen EY for one of the world’s most lucrative banking audit contracts after deciding to retain the big four firm following the bank’s takeover of Credit Suisse.

Deloitte chief executive Adam Powick has told a Senate inquiry the consulting sector operates without clear oversight and misconduct reporting rules, as he conceded in a fiery exchange that he was not worth a salary that is seven-times the prime minister.

PwC’s initial analysis on the benefits of Victorian Premier Daniel Andrews’ $125 billion Suburban Rail Loop should be re-examined, given ballooning construction costs and wages, questionable economic benefits and a funding black hole, transport experts warn.

UBS Group has decided to retain EY as its external auditor, enlarging its role to include Credit Suisse's accounts from 2024, the Financial Times reported on Sunday, citing people with knowledge of the decision. The size of the contract will require the Big Four accounting firm to call in staff from other countries to work on the audit, two people told the FT.

(Reuters) — UBS Group has decided to retain EY as its external auditor, enlarging its role to include Credit Suisse's accounts from 2024, the Financial Times reported on Sunday, citing people with knowledge of the decision.

multinationals in India have ramped up their talent search this fiscal year even as recessionary pressures and macroeconomic headwinds keep hiring muted in the West, said top industry officials. The in-house units of global companies in India across sectors such as banking, financial services and insurance (BFSI), pharmaceuticals, retail, energy, automotive and telecom are set to clock half a million gross hires, including attrition refills, this fiscal year, according to data from specialist staffing firm Xpheno.

Narendra Modi was seen hugging and patting K Sivan, the former chief of Indian Space Research Organisation as the scientist could not hold back his tears after the space agency lost contact with Chandrayaan 2 lander ‘Vikram’ just when its descent to the Moon was initiated. The prime minister too was emotional. After ISRO lost contact with the lander, Vikram, video feed from the command centre showed fellow scientists consoling a distraught Sivan by patting him on his back.

A corporate sci-fi? At this stage, it all sounds like a Hollywood sci-fi film — people from the Earth land tentatively on the Moon; rove and poke around to get the lie of the land; bring supplies from the Earth; hunt for minerals, gases and water; build houses, labs, space stations and tourism facilities; and compete to gain from the business all that activity generates. The only difference between this vision and the sci-fi movies is that it's closer than it appears. Under its Artemis mission, the US is aiming to land people on the Moon.

Global strategy consulting firm McKinsey says it has not had any formal complaints of bullying or sexual harassment in its Australian office in the past five years, and just three allegations of employee misconduct.

France announced that the two countries have agreed to adopt India's Unified Payments Interface (UPI) for faster payments. «India and France have agreed to use UPI in France. In the coming days, it will begin from the Eiffel Tower which means Indian tourists will now be able to pay in rupees,» said PM Modi while addressing the diaspora in France. In 2022, the National Payments Corporation Of India (NPCI), the umbrella organisation that offers UPI services, signed an MoU with France's own fast and secure online payment system, called Lyra. Earlier this year, India’s UPI and Singapore’s PayNow signed an agreement paving the way for users in the two countries to make seamless, real-time, and secure cross-border transactions. NPCI is also in talks with other countries in the USA, Europe, and West Asia to extend UPI services.

Boston Consulting Group and McKinsey look set to be compelled to face a Senate inquiry into conflicts of interest and poor behaviour by private sector consultants, as Labor and the Greens call the firms’ bluff on giving evidence to parliament.

France may adopt India's Unified Payments Interface (UPI) for faster payments, according to media reports. As per reports, the two countries will discuss the launch of UPI in France during Prime Minister Narendra Modi's visit. The launch will be along the lines of India-Singapore fast payment linkage.

Silence truly is deafening at Potentia Capital’s $900 million deal to sell its mining software business Micromine.

PwC Australia has revealed that former chief executive Tom Seymour was the highest-paid partner at the firm, taking home $4.6 million in 2021-22, and that the firm received dozens of misconduct complaints against partners during the past five years.

The past year hasn’t been easy for the cryptocurrency industry, given market volatility and business failures including the high-profile collapse of the FTX exchange.

The recent norms of the Reserve Bank of India (RBI) on card payment networks may push them to offer better pricing and features to issuers, which will, in turn, benefit customers, experts said.

Big four consulting firms Deloitte, EY and KPMG have collectively forced out three dozen personnel over the past two years for misconduct, including at least 14 partners.

By Nell Mackenzie and Elizabeth Howcroft

The digital asset industry reached over $3 trillion at its peak in November 2021. However, the custodial part of the market remained at the more modest mark of $447.9 billion in 2022.