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PwC fined £5 million over Galliford Try and Kier audit failures

PwC fined £5 million over Galliford Try and Kier audit failures

World

The Financial Reporting Council has reportedly penalized PricewaterhouseCoopers (PwC), the UK-based professional services network of companies, and former partner, Jonathan Hook, over Kier and Galliford Try audit failures.

According to reports, failures to adequately audit revenues earned under certain complex long-term contracts are at the heart of the violations.

Reports are claiming that a lack of professional skepticism as well as an unsatisfactory challenge to management's assertions led to the supposed failures.

PwC was fined over £3 million ($3.7 million) for failing to adequat

UK travelers left stranded amid flight cancellations, tube strike

UK travelers left stranded amid flight cancellations, tube strike

World

Thousands of Britons who are traveling for the summer or returning to the UK for work will reportedly face more travel disruptions as the members of Rail, Maritime, and Transport announced a tube strike amid hundreds of flight cancellation reports coming out of Europe.

London Underground, the country’s rapid transit system advised people to not commute by the tube, having warned of a severe disruption across its network from Monday until Tuesday morning.

The RMT union took up industrial action over a dispute regarding their jobs and pensions.

Transport for London (TfL) said that while som

German prosecutors raid Deutsche Bank, DWS over greenwashing claims

German prosecutors raid Deutsche Bank, DWS over greenwashing claims

World

German officials have reportedly raided the headquarters of asset management firm, DWS, and Deutsche Bank, its majority owner, over allegations of deceiving investors about green investments.

DWS and Deutsche Bank stated that the asset management has previously cooperated with authorities and regulators, and that it would proceed to do so in the future. DWS, on its part, denied that it had deceived investors.

Officials stated that they were investigating news stories and allegations made by a whistleblower who claimed that DWS misrepresented investments as ‘more sustainable’ or ‘greener’ than they were, a pra

Economists: brace for slow growth & high costs, but not recession

Economists: brace for slow growth & high costs, but not recession

World

While a global recession may not happen soon, economists are reportedly cautioning to brace for slower growth and rising prices.

Simon Baptist, Global Chief Economist at Economist Intelligence Unit, stated that there will not be a sudden recession after stagflation, a period of high inflation and low growth. However, the stagflation conditions will continue to last for at least the next 12 months.

Baptist stated that commodity prices will begin to show signs of easing from the next quarter, but will continue being permanently higher than before, as the supply of several commodities from Russia will be reduced permanently due to the

Indonesian q-commerce platform Astro raises $60m in Series B round

Indonesian q-commerce platform Astro raises $60m in Series B round

World

Jakarta-based grocery delivery startup, Astro, has reportedly raised $60 million in a Series B financing round, bringing its total value of raised capital to $90 million since it was established nine months ago.

The round was led by Tiger Global, Citius, and Accel, and also saw the participation of existing investors such as Sequoia Capital India, Global Founders Capital, AC Ventures, and Lightspeed.

The startup plans to utilize the fresh capital for product development, user acquisition, and adding more staff.

On-demand delivery services have gained immense popularity throughout the world, inc

Banks to face profit hit on not taking climate action: Bank of England

Banks to face profit hit on not taking climate action: Bank of England

World

The Bank of England (BoE) has reportedly stated that banks and insurers in the UK will face a 10-15% hit in their annual profits as well as higher capital requirements if they fail to address the climate crisis as a first-order issue.

In the bank’s first comprehensive stress test of how the country’s financial system will tackle the climate crisis and transition to a net zero-carbon economy by 2050, it warned that future costs will only be reduced by acting now.

Sam Woods, Deputy Governor, BoE, in a speech, claimed that the first major lesson from this exercise is that climate risks will become a drag on the profitabilit

Investors back Shell’s climate strategy amid disruption from activists

Investors back Shell’s climate strategy amid disruption from activists

World

Shareholders have reportedly backed oil giant Shell’s climate strategy during a meeting that took place earlier this week, which was disrupted by dozens of climate protestors.

Meanwhile, a climate activist proposal from green group, Follow This, got fewer votes than it did the previous year. The organization has shareholders in every major oil and gas firm including BP and Equinor.

The news follows a Dutch court ruling made last year which told the firm in absolute terms that it is to reduce its greenhouse gas emissions by 45% over the complete lifecycle of its hydrocarbons by 2030.

For t

Changi Airport reopens Terminal 2 to address surging passenger traffic

Changi Airport reopens Terminal 2 to address surging passenger traffic

World

Singapore’s Changi International Airport is reportedly reopening its Terminal 2 after the air hub was closed for upgrading works in May 2020. The move supposedly comes ahead of the anticipated uptick in passenger traffic in the coming months.

The terminal will reopen in phases from 29th May, and will mostly be hosting peak-hour flights of Terminal 3 airlines.

According to the Changi Airport Group (CAG), following the completion of the expansion works by 2024, the terminal’s capacity would be increasing by more than 5 million passengers, wherein it would be able to handle 28 million passengers annually.

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Western Europe to experience unusually high temperatures this week

Western Europe to experience unusually high temperatures this week

World

Western European countries are reportedly expected to experience anomalous heat waves at the beginning of spring. Over the past few weeks, parts of India and Pakistan have also been experiencing unusually hot temperatures.

In large parts of Europe, temperatures were below normal during April, and wind direction, usually from the northeast, shifted to the south or south-west, resulting in a rise in temperatures.

As the flow of air is from the southern area, temperatures across the western Europe will increase further, effectively causing the maximum daily temperatures during this time to be among the highest in the world. There is a