‘Chartered accountants safe from meltdown’

September 19th, 2009 CHANDIGARH - Corporate enterprises will have to make extra efforts to avoid fraud in their companies as no law can guarantee against it, the Institute of Chartered Accountants of India (ICAI) president said Saturday. "No law can save companies from frauds, and Satyam is a recent example.

September 8th, 2009 HONG KONG - A bank Wednesday marked its 150th anniversary in Hong Kong by launching what it claimed to be the world's first 150-dollar bank notes. Standard Chartered Plc, one of three note-issuing banks in the wealthy city of seven million, has printed 1 million of the 150-Hong-Kong-dollar notes, worth $19.35 each.

August 30th, 2009 MUMBAI - The Institute of Chartered Accountants of India (ICAI) is all set to come out with insurance specific accounting standards in the next three months. Interacting with newsmen here on Sunday ICAI President, Uttam Prakash Agarwal, said: "We are likely to come out with a insurance sector accounting standards in the next two-three months." Agarwal informed that ICAI has appointed a group of experts for the purpose, once the board approves the recommendations of the committee it will become mandatory.

August 12th, 2009 NEW DELHI - The following are some salient features pertaining to the new Direct Tax Code proposed by the government, for which a draft and a discussion paper were released by Finance Minister Pranab Mukherjee Wednesday: What does it seek: The Direct Tax Code will replace the existing Income Tax Act that was enacted in 1961, which had replaced an earlier legislation of 1922 enacted prior to the country's independence. When will it be introduced: The government intends to present the relevant bill during the winter session of parliament, after considering and incorporating, if seen fit, the opinions on its provisions from the public.

August 4th, 2009 Standard Chartered announces profit, share placingLONDON — Standard Chartered PLC reported Tuesday that first-half profit rose 5.5 percent compared with a year ago even as provisions for bad loans more than doubled to more than a billion dollars. The bank also announced a share placing to raise about 1 billion pounds ($1.7 billion) to support expansion in key markets in Asia, Africa and the Middle East.

July 15th, 2009 UK unemployment rate rises to 7.6 pctLONDON — Britain's unemployment rate increased to 7.6 percent as the country's steep recession raised the number of people out of work to 2.38 million in the March-May quarter, official data showed Wednesday. The unemployment rate was up from 7.2 percent in the three months to April, and the number of unemployed rose by a record 281,000, the Office for National Statistics said.

July 4th, 2009 AGRA - Indian chartered accountants can now practise in Australia with the inking of an agreement between the chartered accountants institutes of India and Australia at an event here. The agreement, signed Friday evening, will facilitate exchange of accounting professionals of the two countries.

June 28th, 2009 KOLKATA - The high-powered committee set up by the Institute of Chartered Accountants of India (ICAI) to probe the multi-crore Satyam Computer fraud would submit its report July 9. "We will submit the report to the ministry of corporate affairs on July 9 after we finalise it at the final internal meeting of the committee on July 4 in Agra," ICAI president U.P.

June 25th, 2009 Standard Chartered reports strong start to yearLONDON — Standard Chartered PLC said Thursday that it enjoyed record income and operating profit in the first five months of the year, but remains cautious about the outlook due to the global recession. The bank, which did not provide figures, said in a trading update that its main markets in Asia had been less strongly affected by the downturn than economies in Europe and North America.

June 11th, 2009 KOLKATA - The country's insurance regulator may issue norms for estimating "embedded value" of future insurance premiums by August, a top official said here Wednesday. "The guidance note is ready and it would be issued within two months," J.

May 8th, 2009 Correction: Meltdown 101 Q&A on tax havensWASHINGTON — In a May 4 story about tax havens, The Associated Press misattributed the fact that Citigroup has 4,000 subsidiaries. The information came from Citigroup, not from the Government Accountability Office.

March 21st, 2009 BANGALORE - The government-appointed directors of scam-hit Satyam Computer Services Friday extended their meeting to Saturday amid reports that they have received bids from three companies to buy the country's fourth largest software exporter. 'The board is meeting tomorrow (Saturday) also.

March 6th, 2009 CHENNAI - Foreign audit firm PricewaterhouseCoopers (PwC) is cleaning up its Indian stables in the wake of the 'Satyamgate' scam. According to a statement issued by the audit firm, an advisory board is being set up to provide guidance to the PwC leadership on its strategy and actions.

January 9th, 2009 PANAJI - The number of foreign tourists flying into Goa fell by nearly 13 percent this holiday season, say the police. Russians have now become the second largest group of foreign tourists flying into the coastal state, after the British.

January 7th, 2009 CHENNAI - Qualified overseas Indian professionals can soon practice in India, Prime Minister Manmohan Singh said here Thursday. 'The overseas Indian citizenship scheme, which we had announced in 2006, has elicited an overwhelming response,' the prime minister told delegates at the seventh Pravasi Bharatiya Divas - India's annual convention to connect with its diaspora.