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‘The Enron of Germany’: Wirecard scandal casts a shadow on corporate governance

‘The Enron of Germany’: Wirecard scandal casts a shadow on corporate governance

Finance
The Wirecard logo is seen at the payment company's headquarters in Aschheim near Munich, southern Germany, on June 24, 2020.Christof Stache | AFP via Getty ImagesWirecard's dramatic fall from grace has thrust corporate governance and industry regulation in Germany firmly in the spotlight.The Munich-based payments processor filed for insolvency on Thursday, reportedly owing creditors 3.5 billion euros ($ 3.9 billion). The company's collapse follows a series of investigative reports from the Financial Times into claims about accounting irregularities.The revelation last week that 1.9 billion euros had disappeared from Wirecard's balance sheet has seen the firm's share price collapse 98% and former CEO Markus Braun arrested on suspicion of falsifying accounts.The Wirecard saga and its broader...
HDFC Bank, Mastercard, SAP Concor join hands to manage spending in corporate sector

HDFC Bank, Mastercard, SAP Concor join hands to manage spending in corporate sector

Finance
NEW DELHI: HDFC Bank, Mastercard and SAP Concur have joined hands for spending management services for the corporate sector. HDFC Bank will offer a corporate credit card for business travellers, providing a one-stop solution for payment and expense management during business trips, said a release on Tuesday. "The corporate credit card will enable seamless integration of all business-related spend into SAP Concur offerings, enhancing employee experience, increasing visibility, saving money, and improving corporate efficiency," it said. The card is supported by Mastercard. SAP Concur is a travel, expense, and invoice management solutions provider. Parag Rao, country head (payments business and marketing) of HDFC Bank, said, "Corporates can gain greater insights and control, while ensuring re...
China’s corporate borrowing soars and cash flows deteriorate, independent survey shows

China’s corporate borrowing soars and cash flows deteriorate, independent survey shows

Finance
Jiangsu Pilot Free Trade Zone Lianyungang Area on November 28, 2019 in Jiangsu Province of China.Wang Chun | VCG | Getty ImagesChina's fourth-quarter economic growth may have been "the weakest of 2019" — but it still showed an improvement compared to the previous quarter and to the same period a year ago, a business survey released on Thursday showed.Manufacturing and services saw the strongest revenue improvement compared to the the previous quarter, though profit was "muted," according to research firm China Beige Book's quarterly review of the world's second-largest economy, which was based on a survey of more than 3,300 Chinese businesses.Three important results emerged from the survey.First, there are signs that cash flows have deteriorated quickly. "It is easy to discount a seemingly
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