PwC Financial News

Anand Selvakesari (Selva) has been the chief operating officer of Citi since March 2023. He isn't popular with all his colleagues, but anyone celebrating his downfall might want to put the party hats away.

Subscribe to enjoy similar stories. Piramal Pharma Ltd is confident that the company’s American facilities can help it navigate the volatility in its largest market US following Donald Trump’s comeback, according to chairperson Nandini Piramal. Trump’s second inning is likely to spell uncertainty for pharma companies, she told Mint, referring to his plan to impose import tariffs to make American industry stronger.

In PwC's 2024 Asset & Wealth Management Report, published today (19 November), the consultancy found that 81% of the 264 asset managers and 257 institutional investors polled from around the world are looking to enter strategic partnerships, consolidation or M&A deals to enhance their technological capabilities. This is because they see AI as the next big source of revenue growth, as those looking to adopt ‘tech-as-a-service' are expected to benefit from a 12% boost to their revenues by 2028. AI emerges as key priority for asset management CEOs There was also the intention to build...

Subscribe to enjoy similar stories. The National Financial Reporting Authority’s (NFRA) board will soon consider enforcing tighter norms for statutory audits of conglomerates, two people aware of the development said, a move that has received support from some of the top audit and consulting firms.

Aadhaar, wherein only the last four digits are visible, is an accepted proof of identity. 72% are also uninformed about the rules of handling a minor's data and the requirement of needing the consent of parents or guardians—these are findings revealed in a PwC report. The report noted that out of the surveyed individuals, only 16% of consumers are aware of the Digital Personal Data Protection (DPDP) Act across diverse geographies, age groups, occupational backgrounds, and urban-rural divides.

PwC India survey. The PwC Survey on Data Privacy offers vital insights from 3,233 consumers and 186 organisations across India, exploring the awareness and implementation gaps concerning the Digital Personal Data Protection Act (DPDPA), the consultancy firm said. As per the survey report titled 'How aware and prepared are Indian consumers and businesses to navigate the new era of digital privacy? A survey of India's data privacy landscape', 42 per cent of consumers are not sure if they will continue using the services of a company post a data breach.

‘Tis the season to be flexible and budget-conscious.

Subscribe to enjoy similar stories. The promoters of Haldiram Snacks Food Pvt Ltd. are now looking to offload 10-15% stake against the initial plan to sell a majority holding in India’s largest snack-maker that has drawn interest from top global investors, said three people with the knowledge of the development.

Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

Subscribe to enjoy similar stories. Mumbai: To boost corporate governance practices, the capital market regulator plans to extend the mandate of setting up risk management committees (RMC), to the top 2,000 companies listed on exchanges as per their market share. This comes after the Securities and Exchange Board of India (Sebi) in 2020 mandated that the top 1,000 listed companies set up RMCs.

Adani Power's ₹27,000-crore offer for the KSK Mahanadi project, the Uttar Pradesh power utility has sought the consolidation of insolvency proceedings of the debt-laden thermal power company and its two subsidiaries to «protect the interests of multiple stakeholders», an industry source told ET. The Uttar Pradesh Power Corp (UPPCL) filed a writ petition in the Telangana High Court on clubbing the resolution processes of the 1,800-MW KSK Mahanadi and its two subsidiaries — KSK Water Infrastructure and Raigarh Champa Rail Infrastructure. «The high court has deferred the CIRP process on September 20,» said the source cited above.

Subscribe to enjoy similar stories. MUMBAI : The Big Four global consultancies—KPMG, EY, PwC, and Deloitte—rely heavily on one key asset: manpower. This workforce is also their most expensive, making the business model heavily dependent on utilising their employees to the maximum.

PwC is making «tangible investments» to ensure the Big Four firm has high quality and sustainable business in China, it said in a memo to staff after Chinese regulators on Friday hit the company's mainland unit with a record penalty. PwC Zhong Tian LLP was hit with a six-month suspension and a fine of 441 million yuan ($62 million) on Friday over the firm's audit of failed property developer China Evergrande Group . Chinese authorities have been examining PwC's role in Evergrande's accounting practices since the country's securities regulator accused the developer in March of a $78 billion fraud over a period of two years through 2020.

financial institutions are focusing on artificial intelligence (AI) and GenAI (Generative Artificial Intelligence) as the primary technology enablers of innovation, according to a PwC India report. As per the PwC India report titled, 'Mapping the FinTech innovation landscape in India' data analytics also continues to emerge prominently across nearly 74% responses, underscoring its integral role in driving insights and decision-making within the financial services (FS) sector. It said that 31 financial institutions consisting of banks, insurance firms and fintechs participated in the survey. «Artificial Intelligence (AI) and GenAI (Generative Artificial Intelligence) emerged as the focus area for innovation for Indian financial institutions, with 90% of the respondents citing them as the primary technology enablers of innovation,» it said.

Chinese authorities have banned the accounting firm PwC for six months and fined it over $56 million for its involvement in the audit of collapsed local property developer Evergrande

China over the auditing of Evergrande, state media reported. Additionally, a fine of 116 million yuan has also been imposed on the audit firm by Chinese government. PwC has been in focus over its role in auditing China Evergrande Group which was accused of a $78 billion fraud, triggering a client exodus, cost cuts and layoffs. In the most recent case of a Big Four auditor being hit with hefty penalties, Deloitte's Beijing branch in March last year was fined 211.9 million yuan and the branch's operations were suspended for three months after serious deficiencies were found in its audit of China Huarong Asset Management.

Vialto, which used to be part of PwC, is planning to restructure $1.5 billion of debt loaded onto the business in a private equity buyout after running into financial difficulty following its separation from the Big Four firm, the Financial Times reported on Friday. The firm is in talks with creditors, including Pimco and Blackstone, to reorganise its capital structure after cost overruns caused by rating agency downgrades, the newspaper reported. PwC sold its global mobility business to U.S. private equity firm Clayton, Dubilier & Rice in 2022 in a $2.2 billion deal to raise capital to invest in faster-growing areas of its consulting business, the report said. The firm was renamed to Vialto after the buyout, it added.

PricewaterhouseCoopers (PwC) has announced a major restructuring, resulting in the layoff of approximately 1,800 employees in the United States. This is PwC's first major workforce reduction since 2009, affecting around 2.5% of its US staff. Roles ranging from associates to managing directors in business services, audit, and tax are impacted, a WSJ report stated.

Deloitte has won the mandate for resolution of Jaiprakash Associates- the largest insolvency case currently, which has claims of over Rs 51509 crore and assets ranging from real estate to cement business, said a stock exchange disclosure. Deloitte will replace PwC for the sale process of Jaiprakash Associates, which is undergoing corporate insolvency and resolution process. Lenders had appointed Bhuvan Madan as the resolution professional. Going forward, Deloitte will support the RP, thus replacing PwC, said people with knowledge. Lenders have also approved a resolution to appoint legal firm Shardul Amarchand Mangaldas as legal advisor for the RP, and BDO LLP is appointed to carry out agency for specialised monitoring (ASM) related assignments for the company.

Oldfield joined the FTSE 100 asset manager last year as chief financial officer from PwC, where he spent three decades, most recently working as network vice chair and global markets leader. The appointment, which will be subject to regulatory approval, came after the search for a successor to Harrison began in April this year, when the outgoing group CEO revealed his intention to retire. Schroders CEO Peter Harrison to retire in 2025 A further announcement to name a new CFO will be made «in due course», Schroders said. Elizabeth Corley, chair of Schroders, said: «Richard has pr...

PricewaterhouseCoopers' China unit, the audit major is likely to tap senior partner from the United Kingdom to run its business in the East Asian country as fallout from collapsed property developer Evergrande continues to mount, reported The Financial Times quoting its souces.