Chinese regulators on Friday hit PwC’s auditing unit in mainland China with a six-month business suspension and a record fine of 441 million yuan ($62 million) over the firm’s audit of troubled property developer China Evergrande Group.Delivering a strong rebuke to the Big Four firm, China’s securities regulator said its investigation found that PwC Zhong Tian LLP “turned a blind eye” to and “even condoned” Evergrande’s fraud while auditing the annual results of the developer’s onshore flagship unit – Hengda Real Estate – in 2019 and 2020.”PwC has seriously eroded the basis of law and good faith, and damaged investors’…
Author: usaeverydaylife
The Federal Reserve has telegraphed the kickoff of their interest rate cutting campaign to begin next week. However, equity markets are wrestling with the manner in which they will begin. I believe a quarter-point interest rate cut is their first step but, a half-point interest rate cut (which has the ability to roil markets) has recently been floated strongly. I believe markets sell-off regardless due to either disappointment with just quarter pont or panic reaction with the severity of half-point. I want to buy insurance headed into this historic Fed meeting, using the high-beta Invesco QQQ Trust . The recent…
Netflix is going to become a significant advertising player in the coming years, according to JPMorgan. On Friday, the firm reiterated its overweight rating on the name, calling it a top pick with its ability to see revenue growth in the mid-teens this year and next, expand margins and generate free cash-flow growth. Its price target of $750 implies 9% upside from Thursday’s close. Analyst Doug Anmuth cites an anticipated boost in scale and monetization in 2025, believing that the number of ad-tier subscribers will reach 31 million by year-end and 42 million by the end of next year. He…
Adobe CEO Shantanu Narayen speaks during an interview with CNBC on the floor at the New York Stock Exchange in New York City, Feb. 20, 2024.Brendan Mcdermid | ReutersShares of Adobe fell more than 9% on Friday, a day after the software company released third-quarter results that offered worse-than-expected guidance for the fourth quarter.Adobe reported $5.41 billion in revenue for the quarter, up 11% year over year and above the $5.37 billion expected by analysts according to LSEG. The company’s net income for the period was $1.68 billion, or $3.76 per diluted share, up from $1.40 billion, or $3.05 per share, in…
A recent U.S. News and World Report ranked the best countries for a comfortable retirement based on an international survey of nearly 17,000 people and a subset of 5,900 respondents in their mid-40s and older.The 89 countries were ranked based on the following seven attributes:AffordableFavorable tax environmentFriendlyA place I would livePleasant climateRespect property rightsWell-developed public health systemWhile Florida and Delaware often rank highly as some of the best states to retire, in other surveys conducted by services like Bankrate, the United States didn’t place at all in this top 10. The U.S. ranked at No. 30, coming in after countries…
From e-commerce firm Amazon to pharmaceutical giant Eli Lilly , Morgan Stanley’s top stocks to own for the next 12 months spans a wide array of sectors. The firm compiled its “Vintage Values” picks for 2025 in a Wednesday note, which encompasses “mid- to large-caps likely to realize superior risk-adjusted returns over the next year.” The majority of Morgan Stanley’s picks are tilted toward growth, with 67% of the picks meeting that classification. Stocks are on pace to end the week higher, with the S & P 500 earning its fourth-straight winning session heading into Friday. The broad market index…
How to earn 5% cash back with DiscoverTo participate in Discover’s rotating 5% cash categories, you need to have an eligible Discover it® or Discover it® more card, such as the Discover it® Cash Back, Discover it® Student Cash Back or NHL® Discover it®.You then need to log in to your Discover account and activate the 5% bonus cash-back categories each quarter. Once you activate the offer, you can earn 5% cash back on up to $1,500 in spending through 12/31/24 (then 1%).Discover it® Cash BackOn Discover’s secure siteRewardsEarn 5% cash back on everyday purchases at different places you shop…
CNBC Managing Asia’s Christine Tan speaks to Straits Trading’s Executive Chairman Chew Gek Khim, and finds out how under her leadership she transformed one of Singapore’s oldest companies into a real estate powerhouse.Chew Gek Khim has been running Straits Trading since 2008, after her family’s investment company, Tecity Group, took control following a highly public bidding war. Since then, she’s taken the tin legacy smelting business founded in 1887, and transformed it to focus more on becoming a major player in real estate and hospitality.”My ultimate ambition is to build businesses that are stable, that are sustainable. They give returns, and…
Here are Friday’s biggest calls on Wall Street: Raymond James initiates Arm as outperform Raymond James said the semis company is well positioned for AI. “We initiate coverage of Arm Holdings at Outperform and $160 price target. As the dominant supplier of energy-efficient processor/subsystems IP, ARM is well-positioned to benefit from rapid growth of GenAI in the cloud and at the edge.” Jefferies initiates Vistra as buy Jefferies said the electricity generation company is a best idea. “Various upside opportunities in Power; VST is well positioned to tap into all of them.” Citi upgrades SL Green to neutral from sell…
A Waymo autonomous self-driving Jaguar electric vehicle sits parked at an EVgo charging station in Los Angeles, California, on May 15, 2024.Patrick T. Fallon | AFP | Getty ImagesUber announced Friday it is expanding its partnership with Alphabet’s Waymo to offer robotaxi rides in Austin, Texas, and Atlanta beginning in early 2025.Uber riders in those cities can be matched with a driverless Waymo car for some trips, according to the companies. The rides will only be available through Uber’s app, unlike in San Francisco and Los Angeles where riders book through the Waymo app. A Waymo spokesperson said it had…
