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RBI wants audit firm partners under lens to stay off banks

RBI wants audit firm partners under lens to stay off banks

Finance
Mumbai: Audit firm partners who are in the midst of any disciplinary proceedings will be barred from signing the balance sheet of any bank or even engage in the audit process. This is the latest directive to banks from the Reserve Bank of India (RBI) which over the last one year has placed significant responsibility on statutory auditors of commercial banks. Thus, even chartered accountant firms which face no ban either from the RBI or the court could be forced to pull out some of their senior partners from playing a role in any bank audit. “Even if one thinks such advice from the regulator carries an element of regulatory paranoia, it could well be part of an exercise to ensure that bank numbers do not throw up nasty surprises.. but, we don’t know how much all this would achieve,” a perso
Facebook lets deepfake Zuckerberg video stay on Instagram

Facebook lets deepfake Zuckerberg video stay on Instagram

Technology
Facebook has said it will not remove a manipulated video of its chief Mark Zuckerberg from Instagram, in which he appears to credit a secretive organisation for his success.The clip is a "deepfake", made by AI software that uses photos of a person to create a video of them in action.Facebook had previously been criticised for not removing a doctored clip of US House Speaker Nancy Pelosi.The latest decision coincided with the announcement of 500 new jobs in London.The social network has said many of the posts will be involved in building machine-learning based software of its own to automatically detect and remove malicious content posted to its platforms.In addition, they will build tools to help human workers review potentially ...
Indians go short-haul for a break, US and Europe stay expensive on Jet crisis, Pakistan curb

Indians go short-haul for a break, US and Europe stay expensive on Jet crisis, Pakistan curb

Finance
Short-haul, visaon-arrival destinations are gaining traction this summer as airfares and holiday packages to the US and Europe stay expensive due to the Jet Airways crisis and closure of Pakistani airspace. Travel to destinations like Thailand, Malaysia, Mauritius, Cambodia and the Maldives is picking up with the airlines of some of these countries also enticing travellers with attractive offers, online travel agencies and tour operators said. “Summer travel has been impacted over the past few months because of issues ranging from capacity constraint due to the grounding of Jet Airways to the closure of airspace over Pakistan that has led to an increase in airfares. We have noticed travellers favouring short-haul destinations, especially those that offer visa-free entry or visa-on-arrival
Here’s how advisors help clients stay on top of health-care costs in retirement

Here’s how advisors help clients stay on top of health-care costs in retirement

Finance
Certified financial planner Ken Waltzer has an older female client who suffers from congestive heart failure. Given the high cost of her prescriptions, Waltzer recently became concerned by how much money she and her husband were spending. "I suggested that maybe I should talk to her doctor about her medications," said Waltzer, co-founder and managing partner of KCS Wealth Advisory in Los Angeles. "They were the most expensive in their class, and there were less expensive options."Offering to help get those costs down is not unusual for Waltzer, who once was a practicing physician and also worked at a large insurance company.Yet with retirees trying to stretch their savings across their lifetime — and often fearing that they won't be able to — other advisors also are digging deeper instead