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Tag >> India
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Posted by Stephen Taub in Securities and Exchange Commission, SEC enforcement, Satyam, Public Company Accounting Oversight Board, PricewaterhouseCoopers, PCAOB, India, compliance, auditors, auditing, audit
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Five India-based affiliates of PricewaterhouseCoopers (PwC) agreed to pay $7.5 million to regulators to settle charges of conducting deficient audits of Satyam Computer Services and other firms. The PW India affiliates agreed to pay a $6 million penalty to settle the SEC's charges, the largest ever by a foreign-based accounting firm in an SEC enforcement action.
It could turn out to be the strike felt across the world. When employees at Chinese electronics manufacturer Foxconn went on strike earlier this summer, the ramifications were not immediately obvious. Their demands for better pay and conditions were met with a 30 percent hike in salaries. This has now encouraged workers in many other Chinese companies to follow suit. The result? Western companies are being squeezed as their China costs rise, which they cannot offset with higher prices in their home markets. Some manufacturers are even relocating plants back to the US as a result.
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Posted by nicklord in Thailand, rates, Philippines, Norway, Malaysia, JPMorgan, Israel, India, Canada, Brazil, australia
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JPMorgan today came out with research predicting a wave of global rate hikes in the next three months. So far only five countries have started to raise rates: Australia, Norway, India, Israel and Malaysia. JPMorgan predicts that number to rise to 14 over the next trimester. "For a broad range of emerging market and commodity-producing nations, momentum is shifting decisively toward normalizing policy," writes the bank in today's note. The two biggest countries likely to raise rates are Canada and Brazil; Canada due to the improving economic sentiment in the US and Brazil due to the massive capital inflows it is experiencing.
Even as private equity firms struggle to raise new capital , investors continue to be attracted to funds focused on emerging markets. But this time around, they are betting on more stable countries than before. In the years leading up to the financial crisis, private equity investors were largely drawn to the Middle East and even Eastern Europe. But, as the world economy works to right itself, they are now reducing their risk and choosing more proven markets, such as China, India and Brazil, according to a survey by Coller Capital, a private equity firm focused on secondary investments.
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