UBS has raised more than $1.5 billion for a new long-term infrastructure investment fund and plans another offering for next year, according to the FT. The report argues the move underscores the sector’s relative resilience to the financial crisis. The bank’s global asset management division said the committed capital it raised was more than its [...]
In the wake of the financial crisis, the government is getting serious about risk control. The Public Company Accounting Oversight Board (PCAOB) latest move to propose seven new auditing standards related to the assessment of risk is no exception. According to the PCAOB, the proposed standards would supersede its interim auditing standards related to audit [...]
Internal auditors say they want more information on XBRL. According to a survey of more than 200 Chief Audit Executives, conducted by the Institute of Internal Auditors (IIA), more than 50% of those polled are not yet familiar with XBRL. Nevertheless, many acknowledge that the reporting technology is a looming reality. In fact, nearly 40% [...]
Barack Obama has said he would like to spend $150 billion over the next 10 years developing alternative energy. In fact, Time quotes Robert Froelich, Chief Investment Strategist at Deutsche Bank as saying, “It’s pretty clear that he wants this to be his legacy.” The R&D money promised under Obama would support companies that are [...]
The voters have chosen. Barack Obama will be the 44th President of the United States. Looking ahead, as President, Obama will be forced to tackle a slew of domestic issues, including the faltering economy, healthcare…and the nation’s crumbling infrastructure. In fact, he will now have to consider as one of his first items Congress’ next [...]
Federal Reserve Governor Randall Kroszner says risk must be central to business strategy. In a recent speech to the annual conference of the Risk Management Association in Baltimore, Maryland, Kroszner urged institutions to address shortcomings in their risk management structures. “The current environment certainly presents some fundamental challenges for banking institutions of all types and [...]
In the final weeks leading up to Election Day, Democratic Presidential contender, Barack Obama, said he could not “imagine anything more important to talk about” than Americans’ losing their jobs, healthcare and homes. Meanwhile, Republican Presidential hopeful, John McCain, has said sweeping reform in the way Washington works is needed to restore confidence in the [...]
The U.S. Treasury recently announced it has hired accounting firms PricewaterhouseCoopers and Ernst & Young to help with its emergency buyouts of toxic assets from troubled financial institutions. The two firms will help “with accounting and internal controls services needed to administer the complex portfolio of troubled assets the department will purchase, including whole loans [...]
The global marketplace is highly competitive and the ability of many firms to operate profitably in diverse geographic markets is vital. Operating globally however gives way to a number of legal, finance and global accounting issues. Multinational firms must comply with international laws on pensions and business practices… and tax. In fact, research conducted by [...]
As the U.S. economy slows and volatility plagues the financial markets, restructuring specialists are in growing demand. Amid the turmoil, few U.S. companies will readily find lenders, forcing them to opt for some sort of restructuring in or out of a bankruptcy court, reports IDDMagazine.com. The report quotes Mark Shapiro, Head of Restructuring and Finance [...]
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