PwC Financial News

PwC India survey report on tax transparency in ESG released on Tuesday, 93% of the corporate respondents surveyed believe tax incentives are relevant or very relevant for the adoption of ESG practices and nearly 60% believe that there is a need for policy makers to incentivise ESG practices. 86% agree that preserving the environment will be a key focus area where companies would like to invest if they receive tax incentives. There is also significant interest in using tax incentives for inclusion and diversity initiatives (54%) and addressing social vulnerability (37%) The report titled 'Tax transparency in ESG: Insights into Indian businesses and their sustainable practices' is based on a market survey of nearly 250 tax heads, sustainability leaders, CFOs & CXOs of Indian businesses conducted between April and July 2023. It analyses how Indian businesses are weaving tax considerations into their overarching ESG framework and to assess their awareness and perception in this regard.

The average age of a new partner at the Big 4 firms has fallen to 33-35, from 38-40 just 4-5 years ago, according to estimates. An average 35-40% of all partners in these firms are below 45 years compared to 30% 2-3 years back. The starting salary of a first-year partner at the Big 4 is in the range of ₹1.25-1.40 crore, the estimates suggest.

NFRA) has found certain lapses in the auditing-related activities of the network entities of the Big 4 during detailed audit quality inspections. The watchdog carried out audit quality inspections of the firms — Deloitte, Haskins & Sells LLP, BSR & Co LLP, SRBC & Co LLP and Price Waterhouse Chartered Accountants LLP.

Mint soon host the PodMasters Conclave & Awards, an event that will also bring together celebrities, experts and industry professionals from across India to define the future of the new-age medium. HT Smartcast is partering IVM Podcasts, Ideabrew Studios, WYN Studio, Hubhopper, Aawaz.com and MnM Talkies for the event, that will provide a platform for creators to get national recognition and become catalysts for the industry's next phase of growth.

More than 40 countries have made significant strides in advancing crypto-focused regulations and legislation this year, indicating a growing global trend towards wider cryptocurrency adoption.

Like it or not, generative artificial intelligence has arrived on Wall Street — and experts expect it to transform the way firms do business.

Tech firms such as Accenture, IBM and Genpact have lost talent, said the people, along with Infosys, Wipro, TCS, HCL Tech and Tech Mahindra, with some of their senior executives moving either to consulting roles as Partners or senior level implementation and operations roles at the top four professional services firms.

The starter pistol has sounded for college internship applications—for the summer of 2025. Companies in finance and accounting are now recruiting for interns nearly 18 months before college students would be expected to start. The investment bank Guggenheim Securities and the Royal Bank of Canada, in addition to accounting stalwarts Grant Thornton and PricewaterhouseCoopers among others, started advertising for 2025 summer internships this fall.

LONDON — The Bank of England is all but certain to keep its main interest rate unchanged at 5.25% for a third consecutive meeting on Thursday, but economists are split over when to expect the first cut next year.

By Timothy Gardner

UltraTech will acquire the cement business of the BK Birla Group's Kesoram Industries in an all-stock deal at an estimated enterprise value of around ₹7,600 crore, which includes debt. The deal will give UltraTech access to two integrated cement manufacturing units in Karnataka and Telangana with a combined capacity of 10.75 million tonnes per annum (MTPA).

central bank digital currencies (CBDC), sources close to the development told ET. An internal Reserve Bank of India (RBI) working group has been exploring the best technology path to develop a roadmap for such direct transactions between two countries. CBDC, or the equivalent of paper money in a digital form, has the potential to be a game-changer, particularly in facilitating cross-border settlements that currently require the Swift platform for routing funds through banks.

PricewaterhouseCoopers International Ltd., the global accounting firm, has cut its workforce in Canada by two per cent as sustained high interest rates push the nation’s economy toward a recession.

By Siddharth Cavale, Helen Reid and Arriana McLymore

PwC Australia will delay appointing new partners for the second time since the tax leaks scandal broke, from January until July next year, and candidates will have to submit a new business case to justify becoming part of the partnership.

The Australian Financial Review’s Neil Chenoweth and Edmund Tadros have picked up a clutch of wins in the 68th Walkley awards for excellence in journalism for their coverage of the PwC tax leaks, one of the biggest stories of the year.

PwC Australia increased the amount of money it donated to political parties by 50 per cent to $370,000 last financial year, before ending the practice as part of efforts to restore its public standing after the tax leaks scandal.

Law firm clients want to see partners doing legal work on deals, not just “turning up for closing dinners”, says new Hamilton Locke partner hire Andrew Vincent.

New York | Shortly after Janet Truncale was picked as the next global chief executive at EY, she dialled in to a video call with executives in the US, appearing alongside two of the people she had beaten in the race and the head of EY’s US business, who had pushed for another candidate.

In a remarkable shift, India’s real estate landscape is gearing up for a significant surge in demand, with a particular focus on senior housing. Currently, the delivery space is abuzz with 50 projects in progress from the top 12 players, and an astonishing 60% of these ventures are strategically positioned in tier 2 cities, as revealed by ASLI (The Association of Senior Living in India), which has presented a white paper in association with PWC.

Lendlease’s search for a new auditor is on hold until at least February and the ASX-listed developer, builder and investor is keeping KPMG – its auditor since 1958 – on standby for another year’s work, chairman Michael Ullmer said.