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Tag: corporate

JP Morgan hires bankers to boost corporate client services

JP Morgan hires bankers to boost corporate client services

Finance
MUMBAI: JP Morgan has hired bankers from Citibank and DBS to boost its corporate client services as it revs up presence in the mid-corporate segment which has been growing substantially. It hired Pranav Chawda, as head of Client Banking and Specialized Industries from DBS Bank and he had worked for Citibank prior to that. Dhaval Shah, who was the Director at Citibank most recently, would head the Western Region. Srinivasan Kannan, who has been with the bank for a while, would lead the business in Southern India. “India is an important market and we’ve taken a long-term approach to building lasting relationships,” said Kalpana Morparia, chairman, South and South East Asia, J.P. Morgan. “We have deep local knowledge, global insights…,which uniquely position us to serve diverse companies in
Auditors ‘complicit’ in UK corporate failures, MPs say

Auditors ‘complicit’ in UK corporate failures, MPs say

Business
By Wale Azeez, business reporter MPs have accused auditors of being "complicit" in the recent failure of British corporate giants, after it emerged that Thomas Cook paid PwC up to £21m in consultancy fees.The travel group which collapsed last month, putting 9,000 UK jobs in jeopardy, had paid the sum to its former auditor for consultancy and non-audit work between 2007 and 2016, MPs were told on Tuesday. During an evidence session of auditors facing the Commons Business, Energy and Industrial Strategy (BEIS) committee, PwC's head of audit, Hemione Hudson, told MPs that the firm also earned £4m from providing the travel company with advice on pay levels for executives, at the same time as auditing the accounts between 2007 and 2012.Thoma
IL&FS case: Auditors have many questions to answer, says Corporate Affairs Secretary

IL&FS case: Auditors have many questions to answer, says Corporate Affairs Secretary

Finance
New Delhi: As the probe continues into the IL&FS case, a senior government official has said the group's auditors have "many questions to answer" prima facie as they are supposed to act as "gatekeepers" and detect widespread irregularities, but it will be premature to pass any judgement at this stage. "We are not expecting an auditor to detect a needle in a haystack, but if an elephant is in a room they ought to find it. That is the issue," Corporate Affairs Secretary Injeti Srinivas said. Crisis-hit IL&FS group's debt burden is estimated to be more than Rs 94,000 crore and various entities, including some former officials and auditors, are under the scanner for widespread irregularities and huge loan defaults. "Prima facie, it appears that they (auditors) have many questions to ...
Corporate governance standards at PSBs much better than ever before, says Goyal

Corporate governance standards at PSBs much better than ever before, says Goyal

Finance
Emphasising that corporate governance standards being followed by public sector banks are much better than ever before, Finance Minister Piyush Goyal today said the government has stopped the "phone-call thing" coming in from Delhi to the banks. In an apparent dig at the previous UPA regime, Goyal said that not a single phone call would go to "give a loan, to address a loan, to restructure a loan or to settle a loan". Against the backdrop of high amounts of stressed assets in the banking system, the ruling BJP had alleged that earlier, banks used to get calls from the higher ups in the national capital to provide loans to various entities. Prime Minister Narendra Modi had also made references to it while replying to the debate on no-confidence motion in the Lok Sabha last month. Goyal told...
Tech firms are suddenly the corporate world’s biggest investors

Tech firms are suddenly the corporate world’s biggest investors

Finance
A COMMON way to describe the history of the technology industry is by product cycles. The 1990s was the era of the PC; then came the internet and related services, followed by mobile; and now artificial intelligence looms. But there is a different way to think about tech: it is switching from an era of hoarding profits to one of reinvestment. Take a crude yardstick of spending: the physical footprint of the five most valuable American tech firms. A decade ago if you added up all the land they occupied, you got to an area one and a half times the size of Central Park. Now an ongoing splurge means they use ten times more space, or 600m square feet (55m square metres), roughly the size of all of Manhattan. This shift to redeploying profits is seismic.Amazon accounts for two-fifths of that spa...