Page 5 - Deloitte

Lyft, Deloitte announce to lay off employees amid global meltdown

According to reports, the layoffs at Uber rival may affect 30 per cent of its 4,000 employees

Audit intricacy, access to talent make splitting audit-non-audit biz tough

Experts say audit no longer simplistic, involves analytics, AI, automation, forensics and tax expertise; Greater audit quality needs variety of skills found in multidisciplinary structure

Big 4 push the tech button, look to expand IT service presence in India

The big four are best known for their accounting and audit services globally. However, with time, they have added several more services to their work

Average increments to drop to 9.1% in 2023 across sectors: Deloitte Report

Average increments are likely to drop to 9.1 per cent this year in almost all sectors following inflation, higher interest rates and a slowdown in the economy, according to a study. The average increment in 2022 was 9.4 per cent, Deloitte India Talent Outlook 2023 stated on Wednesday. The study found that in 2023 increments are expected to be lower across almost all sectors, compared to 2022 actual increments. While the Life Sciences sector is expected to witness the highest increments in 2023, the IT sector will likely witness a major drop in increments as compared to last year, the study said. Additionally, attrition in India reached 19.7 per cent in 2022, up from 19.4 per cent in 2021, it stated. "The significant attrition levels across industries in late 2021 continued until early 2022. We saw Indian organisations budgeting the highest increment in 2022 over the last four years. What they also did was hire aggressively. This led to employee costs rising faster than revenue gro

China fines Beijing office of Deloitte $30.8 mn over audit failings

The Beijing office of Deloitte Touche Tohmatsu has been fined USD 30.8 million for failing to adequately audit a Chinese state-owned asset management company whose former head was sentenced to death on corruption charges. The office also was ordered to suspend operations for three months for mishandling audit and other work at China Huarong Asset Management Co. in 2014-19, the Ministry of Finance announced Friday. Deloitte was fined 211.9 million yuan (USD 30.8 million), the ministry said. It said Huarong was fined a total of 800,000 yuan (USD 116,000) and 13 employees were fined a total of 250,000 yuan (USD 36,000) for their role in faulty audits. Huarong is one of four entities created in the 1990s to buy nonperforming loans from state-owned banks. They expanded into banking, insurance, real estate finance and other fields. Huarong's former head, Lai Xiaomin, was sentenced to death on 2021 on charges of embezzlement and taking bribes in exchange for investments, construction ...

Deloitte hires nearly 50,000 professionals in 3 years, doubles workforce

Deloitte in India has hired close to 50,000 professionals over the last three years, nearly doubling the headcount as it invests in people and productive capacity in the country, the audit firm said on Friday. In a statement Deloitte Touche Tohmatsu India LLP said it focused on building skills to deliver technology-driven growth. It also announced completion of a pilot project to help address the issue of stubble burning in North India. "Deloitte in India has hired close to 50,000 professionals over the last three years," the statement said. "The organisation plans to continue to invest in people and productive capacities in India, with a focus on innovative approaches to support education, digital skills development, and training opportunities." Punit Renjen, Deloitte Global CEO Emeritus (retired), highlighted India's potential and the importance of skilling and nature-based solutions at the US-India CEO Forum, held here on Friday. "I believe, this is India's century, and the co

Indian women emerge as committed investors in US market: Vested Finance

About 60% are recurring depositors, many are particpants in some of the leading stocks and ETFs in America

Highest salary offered at IIM Kozhikode touches Rs 67L, average at Rs 31L

An IT-sector company offered the top salary of Rs 67.02 lakh on the campus. This was higher than the top salary of Rs 61.5 lakh last year

Indian semiconductor market to reach $55 bn by 2026, says Deloitte

India is poised to emerge as a major player in 5G, semiconductor and chip technology, live sports, and AVOD with private deployment networks likely to take off in a big way during 2025-2028, according to consultancy Deloitte. It has also projected the Indian semiconductor market to be worth USD 55 billion by 2026. Satellite broadband and communication service market in India is expected to grow and expand with the developing use case horizon and exponential growth in data consumption, as per Deloitte's 2023 TMT (Technology, Media, and Entertainment, Telecom) predictions. Deloitte predicted the Indian semiconductor market will reach USD 55 billion by 2026 with more than 60 per cent of the market being driven by three industries -- smartphones and wearables, automotive components, and computing and data storage. "With growing demand, the industry is poised to play an important role in enhancing the global value chain as it will expand to a market size of USD 85 billion and generate .

Punit Renjen in line to succeed Hasso Plattner as chairman of SAP

With an impeccable track record, Renjen is highly qualified to join the Supervisory Board of SAP and would be an excellent candidate to eventually take the chair, the company said

Spike in frauds cost insurers $6 billion annually, says Deloitte survey

These frauds cost insurers about $6 billion annually, and they lose about 10 per cent of their overall premium collection to frauds

60% private insurers register significant rise in fraud: Deloitte survey

About 60 per cent of Indian private insurers believe there has been a significant rise in insurance-related frauds, and as risks lurk there is an immediate need to consider a proactive fraud risk management framework, a Deloitte survey said on Thursday. Insurance companies in India have experienced a rise in fraud instances in life and health insurance, and increased digitisation, remote working post pandemic and weakened controls are key factors contributing to frauds, according to Deloitte's Insurance Fraud Survey 2023. "About 60 per cent of survey respondents believe that there has been a significant rise in fraud, while further 10 per cent experienced a marginal increase," the survey said. The survey, conducted in the second quarter of FY2023, was based on interviews with key C-suite stakeholders/senior management responsible for compliance across leading private insurers in India. Technology-led innovation in the insurance sector has brought agility, speed, superior customer .

Govt to try merging BSNL & MTNL again, appoints Deloitte as advisor: Report

Given the complexity involved in the merger, it will take about two years to complete the whole process

Consumers willing to pay premium for next vehicle amid inflation fears

Indian consumers are willing to pay a premium for purchasing their next vehicle despite fears of inflation, with a large portion of them looking at automobiles in the Rs 1,025 lakh price bracket

Business leaders see ext of PLI scheme to other sectors: Deloitte

A vast majority of the business leaders believe that the Production Linked Incentive (PLI) schemes have been beneficial and expect an extension to other sectors in the coming years, a Deloitte Survey said on Friday. An overwhelming number of survey respondents hope the budget will fuel growth across industries by building strong domestic demand and focussing on capital expenditure and believe that it would define the 'Amrit Kaal'. "Critical to this growth will be the pace of capital expenditure, infrastructure development, and the need to boost infrastructure financing through private partnership. 60 per cent of respondents suggested raising funds through Indian Government Bonds," the survey said. The survey aimed to analyse the industry expectations from the upcoming budget, from the standpoint of economic growth, trade agreements and exports. A total of 181 responses were collated from the survey, across 10 industries. More than 70 per cent of respondents agree that various PLI .

India telecom industry to grow by $12.5 bn every 3 yrs: Deloitte-CII report

The Indian telecom industry is expected to grow by USD 12.5 billion every three years with the advent of 5G which has the potential to boost innovation across the globe, Deloitte India and CII said in a report on Thursday. According to the report, with ultra-low latency and high data rates, 5G is expected to create avenues of collaboration and alliances as well as drive India to reimagine a whole new way of engaging in the new, faster, agile digital world. "By the end of 2023, it is anticipated that the Indian telecom industry will reach USD 125 billion, with 5G expected to increase revenue by USD 12.5 billion every three years," the report said. Since the rollout of 5G in October 2022, one of India's leading operators has reached the magnanimous 1 million 5G subscriber mark in a month, it added. According to the report, 5G will accelerate economic growth, increasing job opportunities and connecting the urban and rural population. It will drive efficiency in critical sectors such

Deloittee CEO to focus on India, climate crisis solutions after retirement

Top Indian-American business executive Punit Renjen, who recently announced his retirement as Deloitte Global CEO, has said that his future endeavours would include India in particular on nature-based solutions to the climate crisis. My future endeavours are going to involve India. I'm very passionate about India, and the journey that India is on. I firmly believe that this is India's century, Renjen told PTI in a recent interview. Renjen, 61, announced his retirement from Deloitte last month. As Deloitte Global CEO since 2015, Renjen developed and executed a global strategy that resulted in Deloitte revenue growing from USD35 billion to more than USD59 billion in just seven years. Noting that India took on the presidency of the G-20, he said this is a great opportunity for India now to lead the rest of the world. My focus in India will be around climate, particularly nature-based solutions to the climate crisis that we face around sustainability and skilling and education, ...

RCap liquidation or negotiation? CoC to meet on Tuesday to take a call

While Deloitte, the process advisor to RCap's administrator, is said to be rooting for liquidation, CoC advisor KPMG hopes to close deal and award the firm to highest bidder

Most Indian organisations plan raising AI investment this year: Report

Amount will be driven by 'business outcomes', according to survey of 200 business leaders

BSNL-BBNL merger close to finalisation, Deloitte to submit report on Friday

On July 27, the government approved a DoT proposal for the "Revival of BSNL and merger of BBNL with BSNL"