Новости

IMF’s financial support to Portugal will lead to other 2 years of recession

The 3-years credit for 78 billion euro to be give to Portugal by the International Monetary Fund and the EU will cause other 2 years of recession. Those are the expectations of government experts which analyzed consequences of those actions taken to save Portugal from default.

Freddie Mac making profits for the first time since 2009

American largest mortgage agency Freddie Mac made profits for the first time in almost 2 years. Net profits of the company for the first quarter 2011 are $676 million. The company’s CEO Charles Haldeman informed that profits were first of all attributed to the company’s cost reduction policies.

Former governance of the Bank of Moscow wanted

Despite certain serious mistakes made during the course of investigation Moscow’s district court issued a decree to arrest former president and vice-president of the Bank of Moscow – Andrey Borodin and Dmitry Akulin.

Financial Reporting Council consults on Boardroom Diversity

The Financial Reporting Council (FRC) has begun consultation on whether the UK Corporate Governance Code should be revised to require listed companies to publish their policy on gender diversity in the boardroom and report against it annually. This was a recommendation in Lord Davies’ report, “Women on Boards”, which was published in February.

New PCAOB Chairman Pushes for Audit Overhaul

Public Company Accounting Oversight Board Chairman James Doty plans to unveil a new model for the auditors report and said he wanted to see disciplinary proceedings for auditing firms to be made public.

Proposed Predictive Analytics Guidance from IFAC Highlights Importance of Anticipating the Future

The guidance is designed to help professional accountants working in commerce, industry, financial services, education, and the public and not-for-profit sectors, as well as their organizations, embrace predictive analytics to achieve better forward-looking performance insights.

Russian banks shocked with results of stress-testing

Most recent stress-tests of the Central Bank of Russia show that banking crisis is still here. Possible economic shock will cause losses of almost half of the industry’s capital; 321 banks will have to leave. GDP will go down by 5% in this case. Bankers prefer not to believe the results, arguing that  the CB’s estimation methods aren’t perfect.

MICEX failing to purchase RTS

Another large merger of stock exchanges – this one is the merger of Russia’s two largest bourses MICEX and RTS – is again stalled. It appears that MICEX lacks funds to buy its counterparty. Actively looking for funds, management of MICEX offers its shareholders to purchase 11% of RTS’ shares in order to repay money to the financial company “Otkrytie” which purchased this stock on behalf of MICEX’s three months ago.

NASDAQ and ICE commencing hostile takeover of NYSE Euronext

NYSE Euronext has two times declined the alternative merger proposal from NASDAQ and ICE, planning to merge with Deutsche Boerse (the deal was agreed upon in February). This Monday NASDAQ OMX and the Intercontinental Exchange (ICE) decided to go for hostile takeover.

IAASB issues enhanced overarching assurance standard for comment

The International Auditing and Assurance Standards Board (IAASB) today released for public comment proposed revised International Standard on Assurance Engagements (ISAE) 3000, Assurance Engagements Other Than Audits or Reviews of Historical Financial Information.