News Archive


UK accounts watchdog probes Deloitte’s audit of SIG’s 2015, 2016 statements

(Reuters) – UK’s accounting watchdog said on Thursday it began an investigation into Deloitte LLP’s audit of two annual financial statements of SIG Plc (SHI.L) and is focusing on the audit of cash and supplier rebates.

FILE PHOTO: Offices of Deloitte are seen in London, Britain, September 25, 2017. REUTERS/Hannah McKay/File Photo

The Financial Reporting Council (FRC) said it was probing financial statements for the years ended Dec. 31, 2015 and 2016 at the distributor of specialist building products in Europe.

SIG said in February it was undergoing a review of its historic accounts after a whistleblowing allegation of potential irregularities that led to the suspension of some staff for overstating profits over several years.

SIG said then its forensic review had revealed an overstatement for the year ended Dec. 31, 2016 and a further overstatement of up to 400,000 pounds before 2016. It added it was working with Deloitte to ensure correct accounting.

On Jan. 9, it first disclosed an overstatement of cash of about 20 million pounds at the end of December 2016 and about 27 million pounds as of the end of June 2017.

The FRC said on Thursday it delegated the investigation to the Institute of Chartered Accountants in England and Wales, which is Deloitte’s recognized supervisory body.

SIG, which supplies insulation and roofing products, has been trying to strengthen its balance sheet by selling assets and reviewing costs, as it battles to recover from weak trading in its UK insulation, interiors and offsite construction businesses.

Reporting by Justin George Varghese and Arathy S Nair in Bengaluru; Editing by Bernard Orr

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/HeXXRru3th8/uk-accounts-watchdog-probes-deloittes-audit-of-sigs-2015-2016-statements-idUSKBN1JO0LA

UK accounts watchdog probes Deloitte’s audit of SIG’s 2015, 2016 statements

(Reuters) – UK’s accounting watchdog said on Thursday it began an investigation into Deloitte LLP’s audit of two annual financial statements of SIG Plc (SHI.L) and is focusing on the audit of cash and supplier rebates.

FILE PHOTO: Offices of Deloitte are seen in London, Britain, September 25, 2017. REUTERS/Hannah McKay/File Photo

The Financial Reporting Council (FRC) said it was probing financial statements for the years ended Dec. 31, 2015 and 2016 at the distributor of specialist building products in Europe.

SIG said in February it was undergoing a review of its historic accounts after a whistleblowing allegation of potential irregularities that led to the suspension of some staff for overstating profits over several years.

SIG said then its forensic review had revealed an overstatement for the year ended Dec. 31, 2016 and a further overstatement of up to 400,000 pounds before 2016. It added it was working with Deloitte to ensure correct accounting.

On Jan. 9, it first disclosed an overstatement of cash of about 20 million pounds at the end of December 2016 and about 27 million pounds as of the end of June 2017.

The FRC said on Thursday it delegated the investigation to the Institute of Chartered Accountants in England and Wales, which is Deloitte’s recognized supervisory body.

SIG, which supplies insulation and roofing products, has been trying to strengthen its balance sheet by selling assets and reviewing costs, as it battles to recover from weak trading in its UK insulation, interiors and offsite construction businesses.

Reporting by Justin George Varghese and Arathy S Nair in Bengaluru; Editing by Bernard Orr

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/HeXXRru3th8/uk-accounts-watchdog-probes-deloittes-audit-of-sigs-2015-2016-statements-idUSKBN1JO0LA

UK accounts watchdog probes Deloitte’s audit of SIG’s 2015, 2016 statements

(Reuters) – UK’s accounting watchdog said on Thursday it began an investigation into Deloitte LLP’s audit of two annual financial statements of SIG Plc (SHI.L) and is focusing on the audit of cash and supplier rebates.

FILE PHOTO: Offices of Deloitte are seen in London, Britain, September 25, 2017. REUTERS/Hannah McKay/File Photo

The Financial Reporting Council (FRC) said it was probing financial statements for the years ended Dec. 31, 2015 and 2016 at the distributor of specialist building products in Europe.

SIG said in February it was undergoing a review of its historic accounts after a whistleblowing allegation of potential irregularities that led to the suspension of some staff for overstating profits over several years.

SIG said then its forensic review had revealed an overstatement for the year ended Dec. 31, 2016 and a further overstatement of up to 400,000 pounds before 2016. It added it was working with Deloitte to ensure correct accounting.

On Jan. 9, it first disclosed an overstatement of cash of about 20 million pounds at the end of December 2016 and about 27 million pounds as of the end of June 2017.

The FRC said on Thursday it delegated the investigation to the Institute of Chartered Accountants in England and Wales, which is Deloitte’s recognized supervisory body.

SIG, which supplies insulation and roofing products, has been trying to strengthen its balance sheet by selling assets and reviewing costs, as it battles to recover from weak trading in its UK insulation, interiors and offsite construction businesses.

Reporting by Justin George Varghese and Arathy S Nair in Bengaluru; Editing by Bernard Orr

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/HeXXRru3th8/uk-accounts-watchdog-probes-deloittes-audit-of-sigs-2015-2016-statements-idUSKBN1JO0LA

UK accounts watchdog probes Deloitte’s audit of SIG’s 2015, 2016 statements

(Reuters) – UK’s accounting watchdog said on Thursday it began an investigation into Deloitte LLP’s audit of two annual financial statements of SIG Plc (SHI.L) and is focusing on the audit of cash and supplier rebates.

FILE PHOTO: Offices of Deloitte are seen in London, Britain, September 25, 2017. REUTERS/Hannah McKay/File Photo

The Financial Reporting Council (FRC) said it was probing financial statements for the years ended Dec. 31, 2015 and 2016 at the distributor of specialist building products in Europe.

SIG said in February it was undergoing a review of its historic accounts after a whistleblowing allegation of potential irregularities that led to the suspension of some staff for overstating profits over several years.

SIG said then its forensic review had revealed an overstatement for the year ended Dec. 31, 2016 and a further overstatement of up to 400,000 pounds before 2016. It added it was working with Deloitte to ensure correct accounting.

On Jan. 9, it first disclosed an overstatement of cash of about 20 million pounds at the end of December 2016 and about 27 million pounds as of the end of June 2017.

The FRC said on Thursday it delegated the investigation to the Institute of Chartered Accountants in England and Wales, which is Deloitte’s recognized supervisory body.

SIG, which supplies insulation and roofing products, has been trying to strengthen its balance sheet by selling assets and reviewing costs, as it battles to recover from weak trading in its UK insulation, interiors and offsite construction businesses.

Reporting by Justin George Varghese and Arathy S Nair in Bengaluru; Editing by Bernard Orr

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/HeXXRru3th8/uk-accounts-watchdog-probes-deloittes-audit-of-sigs-2015-2016-statements-idUSKBN1JO0LA

Walmart rolls out 3D virtual online shopping

(Reuters) – Walmart Inc said late Wednesday it is introducing a 3D virtual shopping tour on its website that would help customers browse and choose items for their homes.

FILE PHOTO: The main entrance to a Walmart store is pictured in Sao Paulo, Brazil February 14, 2018. REUTERS/Paulo Whitaker/File Photo

The new feature would enable customers to take a virtual shopping tour of a curated apartment showcasing about 70 items from national brands, besides Walmart’s private label offerings.

Starting from July, the company said it would allow customers to add a group of items to a cart that will provide a complete look for their apartments and homes. bit.ly/2Mw61RQ

The announcement comes at a time when retailers are seeking technological advancements to enhance in-store and online customer experience.

The U.S. retail giant is pouring billions of dollars into beefing up its e-commerce business and recently announced partnerships with logistics companies to deliver groceries ordered online.

Walmart’s technology incubator, Store No 8, bought virtual reality startup Spatialand in February to build VR products for the retailer’s stores and websites.

Reporting by Philip George in Bengaluru; Editing by Sunil Nair

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/XW23x0G6CsE/walmart-rolls-out-3d-virtual-online-shopping-idUSKBN1JO0MV

Walmart rolls out 3D virtual online shopping

(Reuters) – Walmart Inc said late Wednesday it is introducing a 3D virtual shopping tour on its website that would help customers browse and choose items for their homes.

FILE PHOTO: The main entrance to a Walmart store is pictured in Sao Paulo, Brazil February 14, 2018. REUTERS/Paulo Whitaker/File Photo

The new feature would enable customers to take a virtual shopping tour of a curated apartment showcasing about 70 items from national brands, besides Walmart’s private label offerings.

Starting from July, the company said it would allow customers to add a group of items to a cart that will provide a complete look for their apartments and homes. bit.ly/2Mw61RQ

The announcement comes at a time when retailers are seeking technological advancements to enhance in-store and online customer experience.

The U.S. retail giant is pouring billions of dollars into beefing up its e-commerce business and recently announced partnerships with logistics companies to deliver groceries ordered online.

Walmart’s technology incubator, Store No 8, bought virtual reality startup Spatialand in February to build VR products for the retailer’s stores and websites.

Reporting by Philip George in Bengaluru; Editing by Sunil Nair

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/XW23x0G6CsE/walmart-rolls-out-3d-virtual-online-shopping-idUSKBN1JO0MV

Walmart rolls out 3D virtual online shopping

(Reuters) – Walmart Inc said late Wednesday it is introducing a 3D virtual shopping tour on its website that would help customers browse and choose items for their homes.

FILE PHOTO: The main entrance to a Walmart store is pictured in Sao Paulo, Brazil February 14, 2018. REUTERS/Paulo Whitaker/File Photo

The new feature would enable customers to take a virtual shopping tour of a curated apartment showcasing about 70 items from national brands, besides Walmart’s private label offerings.

Starting from July, the company said it would allow customers to add a group of items to a cart that will provide a complete look for their apartments and homes. bit.ly/2Mw61RQ

The announcement comes at a time when retailers are seeking technological advancements to enhance in-store and online customer experience.

The U.S. retail giant is pouring billions of dollars into beefing up its e-commerce business and recently announced partnerships with logistics companies to deliver groceries ordered online.

Walmart’s technology incubator, Store No 8, bought virtual reality startup Spatialand in February to build VR products for the retailer’s stores and websites.

Reporting by Philip George in Bengaluru; Editing by Sunil Nair

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/XW23x0G6CsE/walmart-rolls-out-3d-virtual-online-shopping-idUSKBN1JO0MV

China says carefully monitoring U.S. policies on inbound investments

BEIJING (Reuters) – China’s commerce ministry said on Thursday it would carefully monitor U.S. policies on inbound investments, stressing that the country opposes using national security as grounds to restrict foreign investments.

FILE PHOTO: Containers are seen at the Yangshan Deep Water Port in Shanghai, China April 24, 2018. REUTERS/Aly Song/File Photo

U.S. President Donald Trump said on Wednesday he will use a strengthened national security review process to thwart Chinese acquisitions of sensitive American technologies, a softer approach than imposing China-specific investment restrictions.

The U.S. Treasury Department has recommended that Trump use the Committee on Foreign Investment in the United States (CFIUS), whose authority would be enhanced by new legislation in Congress, to control investment deals. The legislation expands the scope of transactions reviewed by the interagency panel to address security concerns, Trump said.

“China will closely monitor the legislation process and evaluate its potential impact on Chinese companies,” Chinese commerce ministry spokesman Gao Feng told reporters in a regular briefing in Beijing.

“China does not agree with (the U.S.) tightening foreign investment conditions using national security as reasons,” he said.

The proposed investment restrictions are part of the Trump administration’s efforts to pressure Beijing into making major changes to its trade, technology transfer and industrial subsidy policies after U.S. complaints that China has unfairly acquired American intellectual property through joint venture requirements, unfair licensing and strategic acquisitions of U.S. tech firms.

Commerce ministry’s Gao also said cooperation between China and Europe would bring a “warm current” to the global economy as both parties strongly opposes unilateralism and protectionism.

On Monday, Chinese Premier Li Keqiang said at a joint news conference with French prime minister Edouard Philippe that he believed frictions and disputes between China and the United States could be resolved via talks.

“There are no winners from Fighting a trade war,” he told reporters.

Reporting by Elias Glenn and Ben Blanchard; Writing by Yawen Chen; Editing by Michael Perry Shri Navaratnam

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/KjQvaNdUCGo/china-says-carefully-monitoring-u-s-policies-on-inbound-investments-idUSKBN1JO08M

China says carefully monitoring U.S. policies on inbound investments

BEIJING (Reuters) – China’s commerce ministry said on Thursday it would carefully monitor U.S. policies on inbound investments, stressing that the country opposes using national security as grounds to restrict foreign investments.

FILE PHOTO: Containers are seen at the Yangshan Deep Water Port in Shanghai, China April 24, 2018. REUTERS/Aly Song/File Photo

U.S. President Donald Trump said on Wednesday he will use a strengthened national security review process to thwart Chinese acquisitions of sensitive American technologies, a softer approach than imposing China-specific investment restrictions.

The U.S. Treasury Department has recommended that Trump use the Committee on Foreign Investment in the United States (CFIUS), whose authority would be enhanced by new legislation in Congress, to control investment deals. The legislation expands the scope of transactions reviewed by the interagency panel to address security concerns, Trump said.

“China will closely monitor the legislation process and evaluate its potential impact on Chinese companies,” Chinese commerce ministry spokesman Gao Feng told reporters in a regular briefing in Beijing.

“China does not agree with (the U.S.) tightening foreign investment conditions using national security as reasons,” he said.

The proposed investment restrictions are part of the Trump administration’s efforts to pressure Beijing into making major changes to its trade, technology transfer and industrial subsidy policies after U.S. complaints that China has unfairly acquired American intellectual property through joint venture requirements, unfair licensing and strategic acquisitions of U.S. tech firms.

Commerce ministry’s Gao also said cooperation between China and Europe would bring a “warm current” to the global economy as both parties strongly opposes unilateralism and protectionism.

On Monday, Chinese Premier Li Keqiang said at a joint news conference with French prime minister Edouard Philippe that he believed frictions and disputes between China and the United States could be resolved via talks.

“There are no winners from Fighting a trade war,” he told reporters.

Reporting by Elias Glenn and Ben Blanchard; Writing by Yawen Chen; Editing by Michael Perry Shri Navaratnam

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/KjQvaNdUCGo/china-says-carefully-monitoring-u-s-policies-on-inbound-investments-idUSKBN1JO08M