BEIJING—Annual profits at China’s industrial firms extended a double-digit decline in the first five months as softening demand squeezed margins, reinforcing hopes of more policy support to bolster a stuttering post-COVID economic recovery. The 18.8 percent year-on-year slump in profits came on top of the 20.6 percent contraction in January-April, and added to evidence of…
US Fines 16 Wall Street Firms $1.8 Billion for Talking Deals, Trades on Personal Apps
U.S. regulators on Tuesday fined 16 financial firms, including Barclays, Bank of America, Citigroup, Credit Suisse, Goldman Sachs, Morgan Stanley, and UBS, a combined $1.8 billion after staff discussed deals and trades on their personal devices and apps. The sweeping industry probe, first reported by Reuters last year and subsequently disclosed by multiple lenders, is…
Auditing Takes Center Stage, Especially in China
April 8, 2022
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Commentary The world of financial auditing is rarely the center of attention. In fact, most auditors operate under the simple premise that no news is good news. In China, auditing is at the center of a major problem for real estate developers and the Chinese stock markets in Shanghai and Hong Kong. Auditors are required for…
Moscow Says Firms’ Foreign-Listed Depositary Receipts Will Be Forced to Return to Russia
April 1, 2022
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Russian companies whose depositary receipts are traded abroad will be obliged to return to Russia, unless other solutions arise, Economy Minister Maxim Reshetnikov said on Friday. Several major Russian companies have listings abroad, which has always been a matter of prestige for them. But since Russia began what it calls a “special military operation” in…
Russia to Include Electronics Firms on List of Essential Companies—Report
March 14, 2022
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Russia’s trade and finance ministries will widen the criteria for systematically important firms to include companies from the electronics sector, the TASS news agency quoted Deputy Prime Minister Dmitry Chernyshenko as saying on Saturday. Russia’s government on Friday proposed a raft of support measures, including some for suppliers to state-owned companies and the IT sector,…
European Bank Stocks Slide as More Firms Cut Russia Ties
LONDON—European bank stocks tumbled again on Monday as more financial firms cut ties with Russia and others braced for further impact from the country’s invasion of Ukraine. Lenders and investors with links to Russia have been cutting ties to the country as Western sanctions have been brought to bear, while others have sought to reassure…
White House Meets Small and Mid-Sized Firms to Discuss Competition in Tech Sector
January 20, 2022
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White House officials met on Wednesday with small and mid-sized companies to discuss competition issues in the tech sector, as momentum grows in the U.S. Congress to rein in large technology companies. The meeting was attended by Bruce Reed, president Joe Biden’s top tech advisor and deputy chief of staff; Brian Deese, director of the…
Firms See Increasing Labor Shortages and Wage Pressures: Bank of Canada Survey
OTTAWA—Canadian firms see labor shortages intensifying and wage pressure increasing, with strong demand growth and supply chain constraints putting upward pressure on prices, a regular Bank of Canada survey said on Monday. The central bank’s Business Outlook Survey Indicator reached its highest level on record in the fourth quarter, which was conducted before the Omicron…
UK Offers 1 Billion Pounds to Firms Hit Hardest by Omicron
LONDON—Britain announced on Tuesday 1 billion pounds ($1.3 billion) of extra support for businesses hit hardest by the wave of Omicron variant coronavirus cases, which is hammering the country’s hospitality sector and other businesses. Finance minister Rishi Sunak said he was confident the measures would help hundreds of thousands of businesses. But he added that…
US Offers $184 Million to 158 Aviation Manufacturing Firms
November 11, 2021
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The U.S. Transportation Department will announce on Monday it is offering an additional $184 million in payroll assistance to 158 more aviation manufacturing businesses. In September, the department offered $482.3 million to 313 aviation manufacturing businesses. The new offers include $17.5 million to BAE Systems Controls and about $13 million to both Airbus’s U.S arm…
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