KPMG

Ernst & Young's U.S. division has committed $100 million this fiscal year to reward employees who demonstrate adaptability, innovation, and judgment, with spot awards up to $500 and cash prizes up to $25,000 for significant contributions. The program also covers AI experimentation, and 95% of partners have completed in-person sessions on AI's impact. EY's AI-related revenue rose 30% year-over-year in 2025.

5 reports · 3 sources · Updated Sep 2, 12:57 PM UTC

The UK Financial Reporting Council (FRC) has launched two separate investigations into Big Four firm KPMG and two accountants concerning the financial reporting and statutory audit of John Wood Group, an engineering and consulting firm formerly listed in London. The probe covers the preparation and communication of financial information in Wood Group's 'project business unit' for 2022, 2023, and 2024, as well as KPMG's audit of the group's 2023 consolidated financial statements. Wood Group was fined nearly £13 million by the Financial Conduct Authority (FCA) in March for misleading financial results and failing to maintain proper market controls. The company's shares plunged over 70% in November 2024 after the financial misreporting was revealed. Wood Group was acquired by Dubai-based Sidara in March and delisted from the London Stock Exchange less than a year after its listing. The FRC has also recently opened other investigations, including into alleged financial misreporting at Battersea Power Station and the collapsed lender Market Financial Solutions.

1 reports · 1 sources · Updated Jul 30, 09:42 AM UTC

Grant Thornton Advisors has agreed to acquire CBIZ in an all-cash deal valued at $5 billion, creating the fifth-largest professional services firm in the U.S. with over $7.5 billion in annual revenue and 34,500 professionals across 20+ countries. CBIZ shareholders will receive $55 per share, a 54% premium. The deal, backed by private equity firm New Mountain Capital, includes spinning off CBIZ’s benefits and insurance segment. It is expected to close in Q4 2026, pending approvals.

6 reports · 2 sources · Updated Jul 30, 09:18 AM UTC

Singapore Telecommunications (Singtel) is exploring a dual listing on the Nasdaq and Singapore Exchange (SGX), as well as a potential data centre real estate investment trust (Reit). The moves are part of the company's strategic review to unlock value. Meanwhile, shareholders are pressing the board on the reappointment of auditor KPMG following a confidentiality lapse involving its Australian subsidiary Optus. The article, published by The Business Times on July 29, 2026, highlights both growth initiatives and governance concerns at the telecom giant.

1 reports · 1 sources · Updated Jul 29, 10:14 AM UTC

President Donald Trump announced that U.S. sales of Venezuelan oil have generated over $13 billion since the capture of former President Nicolás Maduro on January 3, 2026. The revenue, held in a U.S. Treasury-managed Citibank account, has been used for 'running the country,' according to Trump, who suggested future funds could go to the U.S. military. Critics note that only $386 million in disaster aid has been sent to earthquake-stricken Venezuela, with roughly $10 billion reportedly unaccounted for. Venezuelan oil output rose from 820,000 bpd in January to 1.23 million bpd by June, and exports reached 1.25 million bpd, the highest since 2019 sanctions. Gulf Coast refiners, including Phillips 66 and Valero, have increased purchases of Venezuelan crude, bypassing commodity traders to negotiate directly with PDVSA. European majors Repsol and Eni have also expanded direct liftings, while India's Reliance Industries established a direct supply chain.

1 reports · 1 sources · Updated Jul 28, 07:00 PM UTC

President Donald Trump announced on July 28, 2026, that the United States has collected over $13 billion from the sale of Venezuelan crude oil since the capture of former President Nicolás Maduro in a military raid on January 3. The US seized control of Venezuela's oil exports after the operation. Trump stated the money is used to run Venezuela, claiming the war has been 'paid for many times over.' Secretary of State Marco Rubio told Congress the oil sales are audited by KPMG, with funds held in a Citibank account. The administration initially deposited $500 million in a Qatar account before switching to a US Treasury account. State Department official Michael Kozak reported that around $3 billion had been disbursed for Venezuelan government worker salaries, oil industry supplies, and other approved uses. Democrats have pressed for more transparency on the program's oversight and spending.

1 reports · 1 sources · Updated Jul 28, 12:39 PM UTC

KPMG has announced a partnership with OpenAI to develop AI-native enterprise systems, becoming an OpenAI Elite Partner. The collaboration aims to integrate AI into enterprise processes to accelerate decision-making, advance automation, and simplify user experiences. KPMG is also designing an AI-native supply chain and fulfillment orchestration platform for its own operations, operating within OpenAI's environment as a client-zero deployment. The partnership will use a forward deployed engineer (FDE) model, placing senior engineers alongside OpenAI teams to convert business requirements into production-ready solutions. Additionally, the collaboration will support KPMG's work with US state and local governments through modernization of KRIS Connected, a suite of SaaS solutions for public-sector agencies, helping transition from legacy systems to connected case management and decision-support capabilities. KPMG recently acquired a minority equity stake in Incentify, an AI-driven tax incentive technology company.

1 reports · 1 sources · Updated Jul 22, 09:09 AM UTC

Norwegian oil and gas company Vår Energi has agreed to acquire rival BlueNord in a cash-and-stock deal valued at Nkr12.84bn ($1.33bn). The transaction, approved by both boards, will create the largest independent oil and gas producer in Europe. BlueNord shareholders will receive 248.4 million newly issued Vår Energi shares and Nkr1.96bn in cash, holding about 9.05% of the enlarged company. Eni will retain a majority stake of around 57.33%. The merger adds BlueNord's Danish Continental Shelf assets, including the Tyra, Halfdan, Dan, and Gorm hubs, to Vår Energi's Norwegian and North Sea operations. The combined entity targets long-term production of approximately 450,000 barrels per day, with BlueNord contributing around 45,000 boepd from 2026. Completion is expected by end of 2026, pending shareholder and regulatory approvals.

1 reports · 1 sources · Updated Jul 22, 08:16 AM UTC

Roots Corporation (TSE:ROOT) held its Fiscal 2025 Annual Meeting of Shareholders on July 21, 2026, where shareholders elected the full slate of nine director nominees, including Chairman Erol Uzumeri, Scott Cameron, Phil Bacal, Mary Ann Curran, Greg David, Edward Kernaghan, Dale Lastman, Dexter Peart, and Meghan Roach. Each nominee received over 99.9% of votes cast. Shareholders also reappointed KPMG LLP as the company's auditor and authorized the board to set auditor remuneration. The meeting was largely routine, with approximately 68.8% of outstanding shares (about 27 million of 39.2 million shares) represented. No shareholder questions were submitted regarding the voting items. The meeting also included receipt of the company's consolidated financial statements for the 52-week period ended January 31, 2026.

1 reports · 1 sources · Updated Jul 21, 03:07 PM UTC

KPMG and OpenAI have announced a strategic alliance, naming KPMG an OpenAI Elite Partner. The partnership is built on KPMG's internal AI-deployment model, first used for OpenAI's own Supply Chain & Fulfillment Orchestration platform. KPMG's Chad Seiler argues that enterprise software is moving toward a 'headless' model where employees interact via voice and AI agents rather than traditional user interfaces. The article discusses the 'decide, execute, deliver sandwich' framework from Princeton's Arvind Narayanan, suggesting AI compresses only the execution layer while expanding verification and oversight needs. KPMG predicts workers will spend more time talking to systems than typing, with AI agents interpreting intent and coordinating across backend systems.

1 reports · 1 sources · Updated Jul 21, 10:00 AM UTC

KPMG has been named an OpenAI Elite Partner after the consulting firm built an AI-native Supply Chain & Fulfillment Orchestration platform for OpenAI itself, which it now plans to sell to enterprise clients. KPMG U.S. TMT leader Chad Seiler argues that enterprise software is moving toward a 'headless' model where employees stop navigating screens and instead describe what they want done via AI agents, eventually using voice more than typing. The article explores how this shifts work from learning software geography to focusing on outcomes, and references Princeton professor Arvind Narayanan's 'decide, execute, deliver sandwich' framework, which suggests AI compresses only the execution layer while judgment and accountability expand. Seiler adds that speed creates new verification burdens, potentially increasing the 'talking about work' overhead.

1 reports · 1 sources · Updated Jul 21, 10:00 AM UTC

This Seeking Alpha analysis by Yiannis, a chartered accountant and former Deloitte/KPMG consultant, argues that Novo Nordisk (NVO) stock, up 27% since his last coverage, has further upside driven by the growing commercial traction of oral Wegovy. The author employs an investment style focused on asymmetric opportunities with 3-5X upside potential and a 2-3 year horizon. He discloses no current position but may initiate a long position in NVO within 72 hours. The article is a bullish commentary on the pharmaceutical company's weight-loss drug pipeline, not a breaking news event.

1 reports · 1 sources · Updated Jul 20, 06:47 PM UTC

This Seeking Alpha article by analyst Yiannis discusses Nvidia's recent 6% stock decline, attributed to market fears over custom silicon alternatives, CUDA competitors, and infrastructure constraints. The author argues the market is misinterpreting the evolving AI stack narrative. The piece includes the analyst's credentials (Chartered Accountant, former Deloitte/KPMG) and investment style focused on asymmetric opportunities. No current positions in Nvidia are held by the author. The article is an opinion-based analysis rather than a breaking news report.

1 reports · 1 sources · Updated Jul 18, 01:00 PM UTC

The article analyzes the recent crash in AST SpaceMobile (ASTS) stock, attributing it to a repricing of execution risks following the BlueBird 7 satellite failure, poor Q1 financial performance, and a $1 billion convertible capital raise. The author, a chartered accountant and former Deloitte/KPMG consultant, argues the market is overreacting and sees an asymmetric opportunity with 3-5X upside potential. He discloses a long position in ASTS and outlines a 2-3 year investment horizon to ride out volatility. The piece is a bullish contrarian analysis focused on the company's long-term potential in satellite communications.

1 reports · 1 sources · Updated Jul 17, 04:30 PM UTC

City AM reports that KPMG and Deloitte, along with PwC, are offering UK staff significantly enhanced redundancy packages to reduce headcount amid a slowdown in the sector's traditional attrition model. With fewer staff leaving voluntarily due to a tight jobs market, the firms have been forced to lay off around 600 audit middle-tier jobs so far this year. KPMG is offering a minimum of eight weeks' basic salary, waiving the two-year service requirement for statutory redundancy pay and removing the £751 weekly cap, calculating payouts based on actual salary. Deloitte has offered a voluntary redundancy package including eight months of full pay. The enhanced packages are designed to incentivize staff to waive potential legal claims via settlement agreements. Some long-serving KPMG staff expressed dissatisfaction that junior employees received similar packages.

1 reports · 1 sources · Updated Jul 17, 02:00 PM UTC

City AM reports that KPMG and Deloitte, along with PwC, are offering UK staff significantly enhanced redundancy packages to reduce headcount amid a slowdown in the sector's traditional attrition model. With fewer staff leaving voluntarily due to a tight jobs market, the firms have been forced to lay off around 600 audit middle-tier jobs this year. KPMG is offering a minimum of eight weeks' basic salary, waiving the two-year employment requirement for statutory redundancy pay and removing the £751 weekly cap, calculating payouts based on actual salary. Deloitte has offered a voluntary redundancy package including eight months of full pay. Some KPMG staff expressed dissatisfaction that junior and senior long-serving employees received similar packages. The enhanced terms are typically offered in exchange for employees signing settlement agreements waiving potential claims.

1 reports · 1 sources · Updated Jul 17, 02:00 PM UTC

City AM reports that KPMG and Deloitte, along with PwC, are offering UK staff significantly enhanced redundancy packages to reduce headcount amid a slowdown in the sector's traditional attrition model, where 15-20% of staff typically quit annually. A tight jobs market has reduced voluntary departures, forcing the firms to lay off staff. KPMG is cutting over 500 roles, waiving the two-year service requirement for statutory redundancy pay and removing the £751 weekly pay cap, offering a minimum of eight weeks' basic salary. Deloitte is laying off nearly 200 audit roles through a voluntary redundancy round offering eight months of full pay. PwC has also conducted targeted voluntary exits. The enhanced packages are designed to incentivize employees to waive potential legal claims via settlement agreements.

1 reports · 1 sources · Updated Jul 17, 02:00 PM UTC

KPMG is laying off about 200 roles (10% of its UK corporate services division) in HR, marketing, tech, and procurement. The cuts follow the 1 October 2024 merger of KPMG UK and KPMG Switzerland, aimed at reducing duplication and expanding offshore delivery. This is the second round of layoffs this year, after over 500 job cuts in audit and advisory. Similar reductions are occurring across other Big Four firms like Deloitte and PwC.

5 reports · 3 sources · Updated Jul 10, 08:54 AM UTC

KPMG’s Pulse of Private Equity Q1 2026 report reveals a strategic pivot in global private equity investments toward critical infrastructure supporting artificial intelligence, energy transition, and transportation. Despite geopolitical tensions and economic volatility causing investors to become more selective, global deal activity reached $436 billion across 4,168 transactions in the first quarter. Energy and natural resources led with $93 billion, followed by clean tech and infrastructure, marking these as the only sectors outperforming previous year levels. In contrast, traditional technology, media, and telecom investments declined. The report highlights infrastructure as the new mega-buyout category, exemplified by the $41 billion acquisition of AES by a consortium led by Global Infrastructure Partners and EQT. While fundraising hit multi-year lows at $373 billion, elevated dry powder levels allow sponsors to target high-quality, resilient assets. The Americas led regional activity, driven by U.S. energy deals, while Europe and Asia-Pacific also saw significant investment in data centers and logistics. This trend underscores a market maturation focused on defensive growth and long-term value in foundational sectors rather than volume-driven activity.

1 reports · 1 sources

The consulting industry is undergoing a significant transformation driven by the rapid integration of artificial intelligence. Major firms, including McKinsey, BCG, Deloitte, and the Big Four, are actively reshaping their operations by hiring technical talent, developing proprietary AI tools, and deploying AI agents to automate routine tasks. This shift is altering traditional consulting hierarchies, with smaller teams of humans now supervising networks of digital coworkers. A new role, the 'forward-deployed engineer,' is emerging to bridge the gap between AI systems and client business needs, effectively blending engineering, strategy, and translation skills. Consequently, the boundary between traditional consulting and Silicon Valley tech companies is blurring, as consultancies adopt product-centric approaches while facing competition from AI startups offering faster, cheaper analytical services. This evolution requires firms to simultaneously collaborate with tech giants and defend their market share against disruptive new entrants, fundamentally changing how consultants are trained, promoted, and measured in an increasingly automated landscape.

1 reports · 1 sources

Despite the UK economy expanding by 0.6% in the first quarter of 2026, KPMG Chief Economist Yael Selfin warns that geopolitical tensions, particularly the conflict involving Iran, pose significant risks to future business growth. While recent official data indicates resilience, Selfin highlights that rising energy bills, petrol prices, and grocery costs are squeezing household disposable income, likely leading to weaker consumer spending. Businesses face compounded challenges from elevated operating expenses and increased borrowing costs due to financial market unease. Consequently, many firms may defer investments, prioritizing cash preservation over expansion. This cautious stance, combined with softening demand, is expected to slow GDP growth in the second quarter as the full impact of supply chain disruptions and commodity price hikes materializes. The analysis underscores the fragility of the current economic recovery against external shocks, suggesting that without targeted policy support or adaptive business measures, momentum could stall. Attention now shifts to upcoming inflation data and Bank of England decisions as the UK navigates these dual pressures on consumers and producers.

1 reports · 1 sources

Singapore Airlines disclosed that Air India Group recorded a record loss of S$3.56 billion (approximately US$2.8 billion) for the fiscal year ending March 2026. This significant financial setback, revealed in Singapore Airlines' annual report, marks a sharp deterioration from the previous year's consolidated losses of US$1.13 billion. The widening deficit is primarily attributed to severe geopolitical disruptions, including airspace restrictions imposed by Pakistan and operational challenges stemming from the Iran war. Additionally, the airline faced industry-wide supply chain constraints and elevated jet fuel prices, which continue to weigh heavily on profitability. KPMG, the auditor, noted indicators of impairment regarding the investment due to these challenging operating conditions. As Air India cuts numerous international flights, competitors like Lufthansa Group and Cathay Pacific are expanding services in the Indian market. The situation is further complicated by ongoing scrutiny following a fatal Dreamliner crash in Gujarat. Despite the losses, Singapore Airlines, which holds a 25 per cent stake, reaffirmed its commitment to the investment while warning that surging fuel costs would continue to impact future performance.

1 reports · 1 sources

GQG Partners Inc. (GQPIL) conducted its 2026 Annual Stockholders Meeting virtually on May 14, 2026, to enhance accessibility for global investors. The session was led by Rajiv Jain, the company's Founder, Executive Chairman, and Chief Investment Officer, who welcomed U.S. stockholders and Australian CDI holders. Key executive participants included CEO Tim Carver, Deputy CFO Charles Falck, and General Counsel Frederick Sherley. The primary agenda item involved the formal consideration and voting on the reelection of Elizabeth Proust and Melda Donnelly as Class II directors. Charles Falck officially convened the meeting, confirming that proper notice had been provided in accordance with proxy materials. The transcript highlights the company's commitment to transparent corporate governance and shareholder engagement. Independent directors Bryan Weeks and Lead Independent Director Elizabeth Proust were also present, alongside auditors from KPMG. This event underscores GQG Partners' ongoing efforts to maintain strong regulatory compliance and foster direct communication with its investment community through digital platforms.

1 reports · 1 sources

Retail sales in Scotland declined by 1.2% in April 2026 compared to the same month in 2025, marking the second consecutive monthly decrease. Data from the Scottish Retail Consortium (SRC) and KPMG reveals that consumer confidence has been significantly impacted by the ongoing conflict in the Middle East, alongside rising domestic costs such as water charges, council tax, and fuel prices. When adjusted for inflation, the year-on-year decrease stands at 2.2%. Food sales were the hardest hit, plunging by 4.0%, as shoppers increasingly sought value through own-brand products and loyalty schemes. In contrast, non-food sales saw a modest 1.0% rise, with early signs of demand for televisions linked to upcoming major sporting events like the World Cup and Commonwealth Games. However, travel-related purchases remained weak. SRC director David Lonsdale and KPMG’s Linda Ellett described the figures as disappointing but not surprising, citing geopolitical tensions and early Easter timing as key factors. They urged the UK and Scottish governments to support retailers by reducing business rates, energy costs, and regulatory burdens to help keep shop prices down for households during this challenging economic period.

1 reports · 1 sources

The Indian government and the Reserve Bank of India are considering reducing or eliminating the withholding tax on interest income from government bonds held by foreign investors. Currently, non-residents pay approximately 20%, one of the highest rates globally, following the expiration of a concessional 5% rate in 2023. This potential policy shift aims to attract foreign capital inflows, conserve foreign exchange reserves, and stabilize the rupee amid depletion of $38 billion in reserves over two months and ongoing geopolitical tensions in West Asia. While Prime Minister Narendra Modi has urged citizens to adopt austerity measures to save foreign exchange, policymakers debate whether tax cuts alone will suffice given high US interest rates and macroeconomic threats. Internal discussions also explored special foreign deposit schemes, reminiscent of 2013 measures, but these were ultimately rejected. Officials remain concerned that removing the tax might not guarantee increased investment and could expose India to scrutiny if other austerity measures, such as fuel price hikes, are not implemented. The move seeks to align India’s tax framework with competitors like China, Vietnam, and Malaysia to enhance market attractiveness.

1 reports · 1 sources

Pfizer Inc. is demonstrating significant progress in its post-pandemic strategic turnaround, evidenced by strong first-quarter financial results. The pharmaceutical giant reported $14.5 billion in revenue, a 5.7% year-over-year increase that surpassed analyst estimates by $649 million. This growth was primarily driven acquired products, which generated $3.1 billion with 22% operational growth, effectively supporting the company's transition strategy amidst patent expirations. Key therapeutic areas, including Oncology, Specialty Care, and Hospital portfolios, achieved double-digit operational growth, offsetting sharp declines in COVID-19 related primary care revenues. Additionally, an exclusivity extension for Vyndamax through fiscal year 2031 has reduced projected revenue exposure risks. Despite carrying $64.7 billion in debt, Pfizer is implementing aggressive cost reduction measures totaling $7.2 billion to stabilize margins and support future earnings recovery. Analysts suggest that these developments indicate the bottoming out of Pfizer's post-COVID reset, offering potential upside for investors despite recent stock price fluctuations. The combination of diversified portfolio growth and stringent cost management positions the company for a stabilized financial trajectory.

1 reports · 1 sources

The UK labor market faced significant headwinds in April 2026, with permanent staff appointments declining at the fastest rate since January. According to the May 2026 KPMG and REC UK Report on Jobs, geopolitical tensions surrounding the conflict in Iran and escalating business expenses prompted employers to hesitate on long-term recruitment. While overall worker demand contracted for the 30th consecutive month, the pace of decline was the mildest in nearly a year. In response to uncertainty, organizations increasingly shifted toward flexible staffing, resulting in a modest rise in temporary billings, the first increase in three months. Candidate availability surged due to redundancies and subdued hiring, keeping pay pressures relatively low despite slight increases in starting salaries. Regional disparities were evident, with permanent placements dropping sharply in the Midlands and Southern England but improving in London and the North. Sector-wise, engineering saw stronger demand for permanent staff, whereas hospitality and retail experienced steep contractions. Experts suggest that while temporary work provides a buffer, sustained recovery in permanent employment depends on clearer economic signals and government actions to reduce business costs.

1 reports · 1 sources

A new joint report by the US-India Business Council (USIBC) and KPMG in India calls for a tenfold expansion of India's nuclear energy capacity, targeting 100 GW by 2047. Currently standing at 8.8 GW, this aggressive growth aims to support India's net-zero emissions goal by 2070 and ensure energy security amidst surging demand from data centers and heavy industry. The report, titled 'Atoms for Net-Zero,' emphasizes that renewable energy alone cannot provide the firm, clean power required for grid stability. It highlights the recent SHANTI Act, 2025, which facilitates private-sector participation while maintaining government control over safety and fuel cycles. Significant interest from major industrial groups like Adani Group and NTPC, along with a focus on Small Modular Reactors (SMRs), underscores the sector's potential. The study advocates for deeper US-India collaboration in technology and supply chains, positioning India as a global nuclear manufacturing hub. To achieve these ambitions, the report recommends integrating nuclear energy into green finance frameworks and establishing viable financing structures to attract institutional capital, thereby reducing dependence on imported fossil fuels.

1 reports · 1 sources

A recent KPMG report highlights that the credit market experienced a strong start in the first quarter of 2026, driven primarily by significant mergers and acquisitions (M&A) activity. New-issue leveraged loan volume reached $173.3 billion, marking an increase from the previous quarter but a decline compared to the same period last year. M&A-backed institutional loans surged to $74.6 billion, the highest level since early 2022, accounting for nearly half of all institutional loan volume. However, market sentiment deteriorated significantly in March due to the United States' war in Iran, which introduced volatility, oil-price fluctuations, and uncertainty regarding interest rate cuts. High-yield bond issuance totaled nearly $80 billion with an average yield of 7.08%, starting strong before softening amid geopolitical tensions. While high-quality issuers maintained market access, S&P Global warned of rising systemic risks in private credit due to complex asset structures. Despite current disruptions, surveys indicate that CFOs remain optimistic about future acquisition activities, suggesting potential growth later in the year if stability returns.

1 reports · 1 sources

A recent PYMNTS Intelligence report, conducted in collaboration with WEX, highlights that embedded payments are transforming fraud prevention from a reactive cleanup task into a proactive design challenge. As embedded finance becomes core infrastructure for modern business platforms, transaction values are projected to exceed $7 trillion in 2026. However, this growth introduces new risks, with fraud attempts targeting embedded products growing two to three times faster than those in traditional banking. Consequently, 35% of organizations have delayed related initiatives due to security concerns. The report emphasizes that integrating security controls directly into workflows, such as using virtual cards and real-time monitoring, can significantly reduce fraud risk. Artificial intelligence plays a crucial role in this shift, with KPMG data indicating that 70% of banking CEOs plan to allocate substantial budgets to AI. Notably, 24% of these executives cite enhanced cybersecurity as the primary benefit of AI adoption. The findings suggest that by embedding identity verification, permissions, and enforcement within transaction flows, businesses can achieve both speed and safety, allowing them to scale embedded payment solutions with greater confidence and reduced vulnerability.

1 reports · 1 sources