Auditors escape attempts to tame them; The Big Four have maintained a wholesome image while doing exactly what they want

February 19, 2014 5:16 pm

Auditors escape attempts to tame them

By Michael Skapinker

The Big Four have maintained a wholesome image while doing exactly what they want

Years ago, I attended a discussion at London’s Brunel Business School that brought together people who never normally met: airport managers, pub owners, healthcare workers and others from the private and public sectors.

There was a presentation from two health visitors, the nurses who see new UK parents at home after a baby is born. Their job was an ambivalent one, the health visitors said. They were there to help, but also to watch out for worrying signs – of depression or possible abuse. Read more of this post

Revisit need for a separate securities regulator in Singapore

Revisit need for a separate securities regulator

Combining commercial and regulatory roles calls for a more robust framework

MAK YUEN TEEN

First published in Business Times on February 19, 2014

Two hats not better: The retired CEO of a listed stock exchange which, like SGX, has dual roles of a regulator and operator, admitted that there is conflict between the two roles but went on to reveal that he couldn’t say it when he was still the CEO. – ST FILE PHOTO

IN 2008, The Business Times published my letter arguing for a review of the regulatory framework of our securities markets and that as part of this review, “we should closely examine the current approach to dealing with the conflicts between Singapore Exchange’s commercial and regulatory roles” (“Thoughts on SGX’s regulatory stance”, BT, Dec 23, 2008). Read more of this post

Accounting Fraud on the Rise at U.S. Companies

Singapore’s satirical news site loves trolling legit media, gets 1 million page-views every month

Singapore’s satirical news site loves trolling legit media, gets 1 million page-views every month

February 19, 2014

by Enricko Lukman

Singapore’s satirical news site New Nation has gained a bit of a reputation inside Indonesia’s media circles since one of its articles became a major headline and topic of discussion among Indonesians last week. The news was about Singapore’s prime minister Lee Hsien Loong, who unfriended Indonesian president Susilo Bambang Yudhoyono on Facebook. In case you’re wondering, yes, it was all made up. Read more of this post

Number of taxi licences surges to 100,000 in Singapore

Number of taxi licences surges to 100,000

Toh Yong Chuan | The Straits Times | Wednesday, Feb 19, 2014

SINGAPORE – Driving a taxi here has become more of a draw, going by the surge in the number of taxi driving licences.

The number of taxi vocational licences issued by the Land Transport Authority (LTA) swelled from 95,800 in 2012 to 99,800 last year. Read more of this post

China accuses Qualcomm of overcharging, abusing dominance

Updated: Wednesday February 19, 2014 MYT 3:03:07 PM

China accuses Qualcomm of overcharging, abusing dominance

BEIJING: China’s anti-monopoly regulator on Wednesday said Qualcomm Inc was suspected of overcharging and abusing its market position, allegations which could see the US chip giant hit with record fines of more than US$1bil. Read more of this post

Civil servants’ contract skills ‘lacking’; Almost two-thirds of British companies believe civil servants’ ability to negotiate public sector contracts is lacking

February 18, 2014 11:29 pm

Civil servants’ contract skills ‘lacking’

By Gill Plimmer

Nearly three years since David Cameron called civil servants the “enemies of enterprise”, British business says the government’s commercial skills have failed to improve or deteriorated.

Almost two-thirds of British companies believe civil servants’ ability to negotiate public sector contracts is lacking, according to a survey by the CBI employers’ group. They also say work is being awarded to the cheapest bidder, at the expense of quality and long-term costs. Read more of this post

It’s time US adopts global accounting standards

It’s time US adopts global accounting standards

Business Times

19 Feb 2014

David Mason

ACCOUNTING is the art of telling people what has happened in the past and what the value of something was at a specific date. Sounds very simple, but if it was, there would be little need for accountants. Read more of this post

Story stocks tell tall tales; Better yarns than at any time since the dotcom bubble

February 18, 2014 7:52 pm

Story stocks tell tall tales

By James Mackintosh

Better yarns than at any time since the dotcom bubble

Wall Street broking is based on the idea of telling stories to sell stocks. Depending how you measure it, the Street is spinning better yarns than at any time since the dotcom bubble. Read more of this post

Deputy PM: next 3-4 years last chance for S. Korean economy

Deputy PM: next 3-4 years last chance for S. Korean economy

2014.02.19 16:37:20

South Korea needs specific action plans in order to improve economic fundamentals, noted Deputy Prime Minister and Finance Minister Hyun Oh-seok, adding the next three to four years will be the last chance to determine whether the nation’s economy will take another leap forward.  Read more of this post

Big-name funds fall behind smaller counterparts as assets swell

February 17, 2014 12:31 pm

Big-name funds fall behind smaller counterparts as assets swell

By Emma Dunkley

Investors seeking safety in large funds risk portfolio underperformance as the biggest products on the market lag behind their smaller peers.

New research by FE Trustnet shows that investors would have been better off buying an average-sized fund instead of a large one over the past five years in the equity income sector. Read more of this post

Oversupply forces aluminium industry cuts

Last updated: February 18, 2014 10:56 pm

Oversupply forces aluminium industry cuts

By Xan Rice

Two of the world’s three biggest aluminium producers have announced cuts to production in the latest sign of how weak prices and oversupply are weighing on the industry. Read more of this post

Nespresso has shot at larger coffee sale

February 19, 2014 12:01 am

Nespresso has shot at larger coffee sale

By Shannon Bond in New York

Nespresso is betting that a new machine that brews larger coffees will help double its US sales to $600m in the next two years as the single-serve coffee maker seeks to boost its international growth.

The subsidiary of Swiss food group Nestlépioneered single-cup machines using coffee capsules nearly three decades ago, but the category’s trajectory has lifted in recent years. Read more of this post

Why the ‘Penfolds curse’ could strike again; A succession of six corporate owners of Australia’s most famous wine brand over the past three decades have either been taken over or run into financial strife

Why the ‘Penfolds curse’ could strike again

February 19, 2014 – 3:29PM

Simon Evans

Is there a Penfolds curse at work? A succession of six corporate owners of Australia’s most famous wine brand over the past three decades have either been taken over or run into financial strife, and the prospect of it happening again remains high.

It’s as if the ghosts of the founders Dr Christopher and Mary Penfold, who started Penfolds in 1844, are wreaking their revenge because the wine brand has strayed so far from its original purpose of being a medicinal benefit for patients of Christopher’s medical practice. Read more of this post

Australian treasurer warns world must be weaned off QE ‘morphine’

Last updated: February 18, 2014 7:39 pm

Australian treasurer warns world must be weaned off QE ‘morphine’

By Jamie Smyth in Sydney

Australia’s finance chief has hit out at the US, Europe and emerging market economies, calling for the latter to wean themselves off the “morphine” of easy money and embrace reform, days before he is due to host his global peers at this weekend’s G20 talks.

Proving egalitarian in his criticism, Joe Hockey, the Australian treasurer, also took a swipe at the US Congress for blocking budget increases and reforms to the International Monetary Fund, and warned Europe against trying to sideline the G20 as the world’s premier troubleshooter. Read more of this post

Brazilian companies face heavy fines with new corruption law; Country worse than Namibia and Ghana for fraud

Last updated: February 18, 2014 6:52 pm

Brazilian companies face heavy fines with new corruption law

By Joe Leahy in São Paulo

The period before Brazil’s annual carnival in late February is normally short of news. But this month, the nation’s media has been buzzing with the case of a man who fled the country after being convicted in Brazil’s biggest corruption case.

Henrique Pizzolato, the former marketing director of Banco do Brasil, the state-controlled bank, was allegedly found living in his nephew’s apartment in Maranello, Italy, by Italian police and is facing possible extradition. Read more of this post