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FILE PHOTO: The European Central Bank (ECB) logo in Frankfurt, Germany, January 23, 2020. REUTERS/Ralph Orlowski/File Photo
LONDON/MILAN (Reuters) - Euro zone politicians, courts and policy hawks will pose a stiff challenge this year to the ECB’s resolve to pin down the bloc’s borrowing costs, precisely at a time when higher U.S. Treasury yields are tempting investors away from European markets.
The European Central Bank has held sovereign debt yields low through bond purchases, and recently increased buying in its 1.85 trillion-euro ($2.22 trillion) emergency stimulus scheme, known as PEPP.
By Reuters Staff
2 Min Read
FILE PHOTO: The KPMG logo is seen at their offices at Canary Wharf financial district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause//File Photo
LONDON (Reuters) - Global accountants KPMG said on Monday that Jon Holt has been elected by partners to head its 2.3 billion pound ($3.17 billion) UK arm, which faces a potential fine and major industry reform.
Holt, head of audit since 2019, takes up the CEO job immediately until September 2025, replacing Bill Michael, who resigned after reports that he told partners to “stop moaning” about the impact of COVID-19 on their lives.
“Now is the time to challenge ways of working and use what we’ve learnt during the pandemic to really drive positive action,” Holt said in a statement.
Audit firm Deloitte PLT will pay the Malaysian government $80 million to resolve all claims related to their duties in auditing accounts of scandal-linked state fund 1MDB and its unit SRC International from 2011 to 2014, the finance ministry said on Wednesday.
6 Min Read
LONDON (Reuters) - Federal Reserve: 1, bond markets: 0. That’s more or less where it stands after Round One in the tussle over borrowing costs. But Round Two, and perhaps even Round Three, are inevitable, and they may require policy action rather than just words.
FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019. REUTERS/Leah Millis/File Photo
February’s bond selloff sent U.S. 10- and 30-year Treasury yields more than 30 basis points higher while governments from France to Australia saw their borrowing costs jump. Stock markets, which for years surfed the cheap-money wave, tumbled.
5 Min Read
LONDON/NEW YORK (Reuters) - Central bankers worldwide have been unequivocal: There are no plans to cut back on money-printing any time soon, let alone raise interest rates.
FILE PHOTO: Chairman of the Federal Reserve Jerome Powell listens during a Senate Banking Committee hearing on "The Quarterly CARES Act Report to Congress" on Capitol Hill in Washington, U.S., December 1, 2020. Susan Walsh/Pool via REUTERS
Markets do not seem to be buying it.
U.S. 10-year Treasury yields rose on Wednesday to one-year highs above 1.4%, extending this year’s near 50 basis-point jump that has dragged up sovereign borrowing costs in Europe, Japan and elsewhere. Yields retreated later in the session to 1.37%.
By Reuters Staff
2 Min Read
FILE PHOTO: The logo of Ernst & Young is seen in Zurich, Switzerland November 13, 2020. REUTERS/Arnd Wiegmann
BERLIN (Reuters) - EY Germany said its head, Hubert Barth, was stepping down and announced plans for a programme to help restore trust in its work as an auditor following the collapse of payment services firm Wirecard.
In December, German prosecutors opened an investigation into partners at EY over the Wirecard scandal after an accounting watchdog filed a report accusing them of criminality in their work for the failed payments company.
EY has lost a number of prominent contracts since news of the Wirecard scandal broke.
5 Min Read
LONDON/NEW YORK (Reuters) - Central bankers worldwide have been unequivocal: There are no plans to cut back on money-printing any time soon, let alone raise interest rates.
FILE PHOTO: Chairman of the Federal Reserve Jerome Powell listens during a Senate Banking Committee hearing on "The Quarterly CARES Act Report to Congress" on Capitol Hill in Washington, U.S., December 1, 2020. Susan Walsh/Pool via REUTERS
Markets do not seem to be buying it.
U.S. 10-year Treasury yields rose on Wednesday to one-year highs above 1.4%, extending this year’s near 50 basis-point jump that has dragged up sovereign borrowing costs in Europe, Japan and elsewhere. Yields retreated later in the session to 1.37%.
Yemen's government has appointed Ernst & Young to audit its central bank accounts, a statement from the prime minister's office said on Sunday, in response to accusations by United Nations officials that it laundered Saudi money.
Britain's new business minister promised on Tuesday to "get the ball rolling" on long delayed changes to rules for auditing financial accounts, but stopped short of committing to legislating soon.