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PwC Australia undertakes to name the partners involved in the tax leakage scandal
Christine Stubbins, acting chief executive of PwC Australia, said the chancellor would publicly name any partners found to be involved in the tax leaks scandal, and said the consequences would be “dire”.
In her first public outing since the tax leaks scandal — in which a PwC tax partner leaked classified government information to colleagues — broke in May, Stubbins said an investigation into the scandal would reveal its conclusions imminently. “We will call anyone who has done anything wrong,” she said at a New South Wales state government hearing.
Kevin Burrowes was appointed as the new chairman of PwC Australia to replace Stubbins on Sunday and sold its government advisory business to Allegro Funds for A$1 ($0.66).
Oil prices rise amid concerns about supply after the Russian insurrection
Oil prices rose on supply concerns and stock markets mixed after Wagner warlord Yevgeny Prigozhin withdrew from his posts in Russia, ending an armed uprising but raising doubts about the stability of President Vladimir Putin’s regime.
Brent crude, the international benchmark, rose 1.3 percent to $74.80 a barrel in early trading in Asia on Monday, while US West Texas Intermediate crude rose 1.4 percent to $70.11 a barrel.
The gains in crude oil prices came after Prigozhin reached an agreement with Moscow over the weekend to withdraw his fighters from southern Russia.
Japanese chip equipment maker JSR weighs state-backed acquisition
The proposed deal for Japanese chip equipment maker JSR would value the company at about 1 trillion yen ($7 billion) © Florence Lo / Reuters
Shares in Japanese semiconductor equipment maker JSR did not trade in the first half hour of the market on Monday after the company admitted it was considering a deal to be bought by a state-backed investment vehicle.
Sources familiar with the matter said JSR is considering a takeover offer from the Japan Investment Corporation, which is overseen by Japan’s Ministry of Economy, Trade and Industry.
They said the deal would value the company at about 1 trillion yen ($7 billion). The company’s market capitalization on Friday was $4.7 billion.
Shares were not traded amid an abundance of buy orders. The stock closed at 3,234 yen on Friday, and the non-trading bid/ask on Monday settled at 3,934 yen, up 22 percent.
What do you see in Asia today
Events: New Zealand Prime Minister Chris Hepkins concludes his visit to China, while Mongolian Prime Minister Lovsanam Sirin Uyun Erden begins his maiden visit to Beijing. Opening of the Asia Energy Conference in Kuala Lumpur.
Markets: Chinese stock exchanges, including Hong Kong Stock Exchange, resume trading after the long weekend of the Dragon Boat Festival.
Economic data: Singapore releases manufacturing data for May and ING analysts say the numbers should remain in contraction, reflecting weakness in domestic non-oil exports. Taiwan announces industrial production figures for the month of May.
Corporate results: China Gas presents fourth-quarter earnings.
next week
A railroad bridge near Columbus, Montana, collapsed Friday night. Joe Biden will announce plans to replace crumbling 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” pitch, which kicked off Monday with a big announcement on infrastructure funding at the White House.
The press call provides the launching point for a three-week tour of the country by Biden, Vice President Kamala Harris, and senior Cabinet members to reflect on the administration’s accomplishments and plans to replace crumbling infrastructure, boost manufacturing capacity, and advance the development of clean energy technology.
It follows last year’s run, in which Biden announced his candidacy for the 2024 presidential election, securing him and his team headlines while Congress takes a two-week recess.
Read more about upcoming events at The Week Ahead.
The survey says that inflation and rising costs are limiting the growth of British companies
Nine out of 10 medium-sized UK companies have put on hold growth plans because they don’t have access to capital, according to a study released on Sunday.
The survey, conducted by accounting and advisory group BDO, showed that a quarter of the companies surveyed have scaled back business or reduced staff numbers.
BDO said inflation and increasing operating costs were among the other issues affecting 56 percent of the 500 companies surveyed.
“Despite maintaining resilience during very challenging times, difficult challenges remain for mid-sized companies, with access to capital becoming a critical issue,” said BDO partner Richard Austin.
China underestimates the impact of the aborted Russian rebellion on bilateral relations
A Rostov resident poses with PMC Wagner personnel during the failed mutiny on Saturday © Arkady Budnitsky / EPA-EFE / Shutterstock
China described Yevgeny Prigozhin’s attempted rebellion as Russia’s “internal affair” as it tried to play down any possible impact on their close ties during a visit to Beijing by Russian Deputy Foreign Minister Andrei Rudenko.
Chinese state media showed Chen Gang smiling and walking with Rudenko on Sunday as China tries to gauge the impact of Prigozhin’s rebellion and his Wagner paramilitary factions on the political stability of one of its most important allies.
Chinese state media only reported that the couple “exchanged views . . . on Sino-Russian relations and international and regional issues of common concern.”
Read more about China’s response to the Russian insurrection.
Fearful Tory MPs are absent from the House of Commons in an effort to protect the marginalized
A growing number of Conservative MPs with slim majorities are cutting back on the time they spend in Westminster in a bid to shore up their electoral prospects in their constituencies, as gloom grips the party ahead of the next election.
US pollster Frank Luntz told Conservative MPs that anyone with a majority of less than 15,000 votes is at risk of losing their seats. Over 180 have a majority less than this limit.
Conservative MPs who advocate for the marginalized can apply for permission to be away from the House of Commons for up to one week each month and be offered help to improve their chances of being re-elected.
Read more about the tense Tory election.
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