China has fined auditing firm Deloitte 211.9 million yuan ($30.8 million) for failing to perform its duty in assessing the asset quality of China Huarong Asset Management Co Ltd , the finance ministry said on its website on Friday. Deloitte’s Beijing operations also will be suspended for three months, the ministry said in a statement. China […]
Public debt in Latin America and the Caribbean rose to 72% of GDP after the pandemic. High debt implies a drag on growth, higher interest payments, and elevated risk. This column argues that fiscal consolidation should be swifter than planned, that the region should bring debt down to a prudent level, that fiscal institutions and […]
Executive summary In an environment of record-breaking electricity prices driven by a gas supply shock and below-average electricity generation, reforming the design of the European electricity market is seen as a means to delink consumer costs from volatility in short-term power markets.Electricity markets should meet three objectives: fairness, optimal investment and optimal operation. The current […]
India plans to force smartphone makers to allow removal of pre-installed apps and mandate screening of major operating system updates under proposed new security rules, according to two people and a government document seen by Reuters. The new rules, details of which have not been previously reported, could extend launch timelines in the world’s No.2 […]
Binance is halting its sterling deposits and withdrawals, a company spokesperson said on Tuesday, a month after the world’s largest crypto exchange ceased dollar transfers. Binance has been informed by its partner for sterling transfers, Paysafe, that it would halt its services from May 22, the spokesperson said, impacting all Binance customers. Sterling transfers for […]
Facebook-parent Meta Platforms said on Tuesday it would cut 10,000 jobs this year, making it the first Big Tech company to announce a second round of mass layoffs as the industry braces for a deep economic downturn. Meta shares jumped 6% on the news. The widely-anticipated job cuts are part of a restructuring that will see […]
The death toll in Turkey from last month’s major earthquakes has risen to 48,448, Interior Minister Suleyman Soylu said on Monday, as authorities rush to set up container cities to house for the longer-term those left homeless by the disaster. The combined death toll including those killed in Syria has climbed to more than 54,000. […]
Cyclone Freddy, one of the most powerful storms ever recorded in the southern hemisphere, has killed 190 people in Malawi after ripping through southern Africa for the second time in a month, Malawi’s government said on Tuesday. The district around the commercial hub of Blantyre was among the hardest-hit. Severe flooding and rain damaged roads […]
Shares of Tech Mahindra Ltd surged nearly 10% on Monday after the Indian information technology services firm appointed Infosys Ltd veteran Mohit Joshi as its new managing director and chief executive officer. Joshi has been with rival Infosys for 22 years, and is currently the president at the company. He will take charge of the IT arm […]
Major cryptocurrencies stabilised on Monday after U.S. authorities announced plans to limit the fallout from the collapse of Silicon Valley Bank (SVB) and the issuer of the USD Coin stablecoin said it remained redeemable with the dollar. U.S. authorities launched emergency measures on Sunday to shore up confidence in the banking system after the failure of SVB threatened […]
