Economy

Deloitte Fined $19.4 Million for Serious and Serial Failure in Autonomy Audit

UK based provider of audit services Deloitte LLP has been fined a whopping 15 million pounds ($19.4 million) by Britain’s accounting regulator for what The Financial Reporting Council (FRC) terms as serious and serial failures committed during the auditing of Autonomy’s financials. Deloitte was mandated with auditing the financial statements of Autonomy for the financial […]

WTO Claims U.S Breached Global Trading Rules by Imposing Tariffs on China

The World Trade Organization (WTO) is accusing the United States of breaking global trading rules by imposing tariffs on China during escalated trade war between the world’s two largest economies. The trade war which continued for an extended period resulted to both sides imposing tariffs on each other. Trump’s administration slapped China with tariffs running […]

Mexico Contemplating Extending Relaxed Banking Credit Measures

Mexico is contemplating extending relaxed banking credit measures to help the Latin nation recover from the economic turmoil the pandemic has caused the country. This was announced by Mexico’s deputy finance minister Gabriel Yorio. Yorio said the ministry is engaging the central bank and the larger banking industry to see best way possible of providing […]

AstraZeneca Halts COVID-19 Vaccine Trials After a Study Participant Falls Sick

Leading pharmaceutical company AstraZeneca PLC. (AZN) has suspended its global COVID-19 vaccine trials which were including large stage trials. The company said it resulted to this move after a study participant in the experiment started suffering from unexplained illness. “This is a routine action which has to happen whenever there is a potentially unexplained illness […]

South Korea Contemplating a Fourth Supplementary Budget if Pandemic Persists

South Korea has expressed considerations of drafting a fourth supplementary budget this year if the pandemic persists longer. The revelation was made by South Korea’s minister Hong Nam-ki who said the pandemic has affected the country’s economy far more than the government was anticipating. In the first days of the pandemic, South Korea was emerging […]

France to Guarantee $3.6 Billion in Equity Loans to SME’s

The government of France will be guaranteeing around 3 billion Euros ($3.6 billion) to small and medium enterprises in quasi-equity long-term loans to help the business entities boost their financial outlooks since a majority of them have been affected by the pandemic significantly. France’s Finance Minister Bruno Le Maire made the revelation in a newspaper […]

Biden and Allies Raises $70 Million in a Democratic Convention

U.S Democratic Party Presidential hopeful Joe Biden together with closely allied Democratic groups raised a total of $70 million in a convention held for four days. This information was revealed by the campaign team of Biden. In a written statement, Biden’s campaign claims the broadcast of the convention attracted 122 million views across 15 digital […]

China and U.S Agree to Continue With Trade Talks

The spokesman of China’s commerce ministry Gao Feng, said that China and United states had agreed to restart trade talks in the near future to assess the progress of a phase 1 trade deal the two countries entered back in February. The spokesman made the sentiments during an online weekly briefing however, he did not […]

Chrystia Freeland Appointed New Canada’s Finance Minister

Canada’s Prime Minister Justin Trudeau has appointed Chrystia Freeland as the new finance minister. Following the appointment Trudeau also promised to put new bold measures in place which will help the country recover from the pandemic. Former finance minister, Bill Morneau, resigned on August 18 after some differences with the Prime Minister. One day after […]

New Zealand Postpones Elections Due to Increasing Coronavirus Infections

The Prime Minister of New Zealand Jacinda Ardern, has announced having postponed the country’s general elections by one month to October 17. Ardern says main reason behind the move is the rising numbers of coronavirus infections in New Zealand especially at the city of Auckland which is under lockdown. “Ultimately, the 17th of October provides […]