PwC Australia promises to name partners implicated in the tax scandal
Pwc office in Sydney. The advisory group sold its government business to Allegro Funds for A$1 (US$0.66) © Brent Lewin/Bloomberg
Kristin Stubbins, acting chief executive of PwC Australia, said the advisor would publicly name any partners found to be involved in the tax scandal and said the consequences were “serious”.
In her first public appearance since the tax scandal erupted – in which a PwC tax partner leaked confidential government information to his colleagues – in May, Stubbins said an investigation into the scandal would announce the findings shortly. “We will name anyone who has done anything wrong,” she said at a New South Wales state government hearing.
Kevin Burrowes was appointed as the new head of PwC Australia on Sunday, replacing Stubbins after the group sold its government advisory business to Allegro Funds for AUD1 (US$0.66).
Oil prices rise on supply concerns after Russian uprising
Oil prices rose on supply concerns and stock markets were mixed after Wagnerian warlord Yevgeny Prigozhin withdrew from his positions in Russia, ending an armed insurgency but raising doubts about the stability of President Vladimir Putin’s regime.
Brent crude, the international benchmark, rose as much as 1.3 percent to $74.80 a barrel in early Asian trade on Monday, while U.S. West Texas Intermediate crude prices rose 1.4 percent to $70.11 a barrel rose.
The gains in crude oil benchmarks came after Prigozhin reached an agreement with Moscow over the weekend to withdraw its fighters from southern Russia.
The Japanese chip supplier JSR is considering a state-sponsored takeover
The proposed government-backed buyout deal for Japanese chipmaker JSR would value the company at around ¥1 trillion ($7 billion) © Florence Lo/Portal
Shares in Japanese semiconductor equipment maker JSR were flat for the first half hour of the market Monday after the company admitted it was considering a deal to be acquired by a state-backed investment vehicle.
Sources familiar with the matter said that JSR is considering a proposed acquisition of Japan Investment Corporation, which is overseen by Japan’s Ministry of Economy, Trade and Industry.
They said the deal would value the company at around 1 trillion yen ($7 billion). The company’s market cap as of Friday was $4.7 billion.
The shares did not trade due to a spate of buy orders. The stock closed at 3,234 yen on Friday and the non-traded bid/ask price was 3,934 yen on Monday, up 22 percent.
What to see in Asia today
Events: New Zealand Prime Minister Chris Hipkins concludes his visit to China while Mongolian Prime Minister Luvsannamsrain Oyun-Erdene begins his first trip to Beijing. The Energy Asia conference opens in Kuala Lumpur.
Markets: China’s stock exchanges, including Hong Kong, resume trading after the Dragon Boat Festival long weekend.
Economic data: Singapore releases production data for May and ING analysts expect the numbers to continue falling, reflecting weakness in non-oil domestic exports. Taiwan releases industrial production figures for May.
Company results: China Gas reports fourth quarter results.
Next week
A railroad bridge near Columbus, Montana that collapsed Friday night. Joe Biden to trumpet plans to replace ailing infrastructure © Larry Mayer/The Billings Gazette via AP
Build it and they will vote for you. That’s the crux of US President Joe Biden’s “Invest in America” roadshow, which kicks off Monday with a big announcement on infrastructure funding at the White House.
The press call marks the start of a three-week tour of the country by Biden, Vice President Kamala Harris and senior cabinet members to highlight the administration’s achievements and plans to replace ailing infrastructure, increase manufacturing capacity and encourage the development of clean energy technologies.
It follows last year’s tour, during which Biden announced his candidacy for the 2024 presidential election, and will make headlines for him and his team while Congress goes on a two-week hiatus.
Read more about upcoming events in The Week Ahead.
Inflation and rising costs are slowing UK business growth, survey says
According to a study published on Sunday, nine out of ten medium-sized British companies halt growth plans because they cannot access capital.
The survey by the auditing and consulting group BDO showed that a quarter of the companies surveyed are downsizing their business or reducing the number of employees.
Inflation and increased operating costs are among the issues affecting 56 percent of the 500 companies surveyed, BDO said.
“While mid-market companies remain resilient during an incredibly difficult time, major challenges remain, with access to capital becoming a critical issue,” said BDO Partner Richard Austin.
China is downplaying the impact of Russia’s failed rebellion on bilateral relations
A Rostov resident poses with PMC Wagner staff during Saturday’s failed uprising © Arkady Budnitsky/EPA-EFE/Shutterstock
China has described Yevgeny Prigozhin’s attempted insurgency as an “internal matter” of Russia and tried to downplay any possible impact on their close ties during a visit by Moscow’s Deputy Foreign Minister Andrei Rudenko to Beijing.
State media on Sunday showed Chinese Foreign Minister Qin Gang smiling and walking with Rudenko as China attempted to gauge the impact of the Prigozhin uprising and his Wagnerian paramilitaries on the political stability of one of its key allies.
Chinese state media said only that the two “exchanged views. . . on Sino-Russian Relations and International and Regional Issues of Common Interest”.
Read more about China’s response to the Russian uprising.
Anxious Tory MPs leave House of Commons to protect marginalized groups
A growing number of narrowly-majority Conservative MPs are cutting back the time they spend in Westminster to boost their electoral prospects in their constituencies as the party looks gloomy ahead of the next election.
US pollster Frank Luntz told Tory MPs that those with a majority of fewer than 15,000 votes risk losing their seats. More than 180 have majorities below that threshold.
Conservative MPs defending fringe groups can apply for permission to stay away from the House of Commons for up to one week per month and will be offered help to improve their chances of re-election.
Read more about the Conservative Party election riots.