- Price Waterhouse Coopers Revenues Hit $35.9b
Price Waterhouse Coopers (PwC) International Ltd has reported global gross revenues of $35.9 billion for the fiscal year ended June 30, 2016. The firm said at constant exchange rates (local currency), its total global revenues rose by over seven per cent.
Pricewaterhouse Coopers (PwC) International Ltd Chairman, Bob Moritz, said the revenue growth was as a result of the strength of its brand, the opportunities it provides for its people, the quality of services and its focus on meeting the needs of stakeholders.
Noting that these attributes remain at the heart of PwC and how it measures its success, Moritz said, “Our revenue growth in fiscal year 2016 across all major markets and businesses is testament to our fundamental purpose of building trust and solving problems.”
He said that to secure future growth, PwC was investing heavily in technology to enhance the quality and impact of its services and make the best use of the skills of its people. “The world is changing rapidly and we are planning for the services our clients, capital markets and other stakeholders will need tomorrow, as well as serving their needs today,” he said.
Moritz said whether it’s the tax and audit services of the future, transformational consulting, block chain or augmented reality, the firm was implementing a strategy to meet the long-term needs of its stakeholders and the career aspirations of its people.
“This is an era of unprecedented scrutiny and the public expects more from business today. We are focused on how we can best serve not just the needs of our core stakeholders, but society at large. This is reflected in our purpose, the culture we’re building right across our network and in the stories we tell in our annual review,” he stated.
PwC’s fiscal year 2016 global annual review is an online digital experience that uses video, graphics and stories to show who the firm is, what it does, what it thinks and how it is doing.
According to a report, more revenue growth was coming from developing markets – particularly Asia where revenues grew by 10 per cent, with strong performances in India and China.
In North America and the Caribbean, revenues grew by eight per cent boosted by a strong performance from the United States (US), the firm’s largest market in the world. While in South and Central America, revenues were up nine per cent.
In Western Europe growth was steady, up six per cent. Central and Eastern Europe posted robust revenue growth of 10 per cent.
Demand for PwC’s network’s audit and assurance businesses remained strong despite fierce competition and price pressure across the world.
In the year under review, PwC’s $15.3 billion assurance business grew by six per cent.
Broader assurance services such as Information Technology (IT), risk and data assurance are all areas where PwC is driving innovation and increasing investment.
Advisory growth of eight per cent to $11.5 billion was driven by an increased demand from clients for PwC’s network strategy through execution services and by excellent growth across a broad range of consulting, forensics and deals-related work.
In particular, cyber security, digital and data & analytics services benefitted from the company’s significant recent investments.
The strong market for deals positively impacted its network’s tax operations, with revenues increasing by seven per cent to $9.1 billion. In addition, there was continuing strong demand for compliance, corporate consulting and transfer pricing work globally.
Moritz, however, said quality continues to be the driving force of all PwC’s operations around the world. He said 2016 alone, $500 million was invested to further enhance the quality and delivery of its services as the company continues to focus rigorously on meeting the needs of its stakeholders.
He added that the PwC network welcomed a record level of new joiners, adding 58,081 people in 2016, including 26,780 graduates. Overall PwC’s global headcount grew by over seven per cent to more than 223,000 people.
Gold Hits Eight-Month Low as Global Optimism Grows Amid Rising Demand for Bitcoin
Gold Struggles Ahead of Economic Recovery as Bitcoin, New Gold, Surges
Global haven asset, gold, declined to the lowest in more than eight months on Tuesday as signs of global economic recovery became glaring with rising bond yields.
The price of the precious metal declined to $1,718 per ounce during London trading on Thursday, down from $2,072 it traded in August as more investors continue to cut down on their holdings of the metal.
The previous metal usually performs poorly with rising yields on other assets like bonds, especially given the fact that gold does not provide streams of interest payments. Investors have been jumping on US bonds ahead of President Joe Biden’s $1.9 trillion coronavirus stimulus package, expected to stoke stronger US price growth.
“We see the rising bond yields as a sign of economic optimism, which has also prompted gold investors to sell some of their positions,” said Carsten Menke of Julius Baer.
Another analyst from Commerzbank, Carsten Fritsch, said that “gold’s reputation appears to have been tarnished considerably by the heavy losses of recent weeks, as evidenced by the ongoing outflows from gold ETFs”.
Experts at Investors King believed the growing demand for Bitcoin, now called the new gold, and other cryptocurrencies in recent months by institutional investors is hurting gold attractiveness.
In a recent report, analysts at Citigroup have started projecting mainstream acceptance for the unregulated dominant cryptocurrency, Bitcoin.
The price of Bitcoin has rallied by 60 percent to $52,000 this year alone. While Ethereum has risen by over 660 percent in 2021.
Oil Prices Extend Gains to $64.32 Ahead of OPEC+ Meeting
Oil Prices Rise to $64.32 Amid Expected Output Extension
Oil prices extended gains during the early hours of Thursday trading session amid the possibility that OPEC+ producers might not increase output at a key meeting scheduled for later in the day and the drop in U.S refining.
Brent crude oil, against which Nigeria oil is priced, gained 0.4 percent or 27 cents to $64.32 per barrel as at 7:32 am Nigerian time on Thursday. While the U.S West Texas Intermediate gained 19 cents or 0.3 percent to $61.47 a barrel.
“Prices hinge on Russia’s and Saudi Arabia’s preference to add more crude oil production,” said Stephen Innes, global market strategist at Axi. “Perhaps more interesting is the lack of U.S. shale response to the higher crude oil prices, which is favourable for higher prices.”
The Organization of the Petroleum Exporting Countries (OPEC) and allies, together known as OPEC+, are looking to extend production cuts into April against expected output increase due to the fragile state of the global oil market.
Oil traders and businesses had been expecting the oil cartel to ease production by around 500,000 barrels per day since January 2021 but because of the coronavirus risk and rising global uncertainties, OPEC+ was forced to role-over production cuts until March. Experts now expect that this could be extended to April given the global situation.
“OPEC+ is currently meeting to discuss its current supply agreement. This raised the spectre of a rollover in supply cuts, which also buoyed the market,” ANZ said in a report.
Meanwhile, U.S crude oil inventories rose by more than a record 21 million barrels last week as refining plunged to a record-low amid Texas weather that knocked out power from homes.
Oil Dips Below $62 in New York Though Banks Say Rally Can Extend
Oil Dips Below $62 in New York Though Banks Say Rally Can Extend
Oil retreated from an earlier rally with investment banks and traders predicting the market can go significantly higher in the months to come.
Futures in New York pared much of an earlier increase to $63 a barrel as the dollar climbed and equities slipped. Bank of America said prices could reach $70 at some point this year, while Socar Trading SA sees global benchmark Brent hitting $80 a barrel before the end of the year as the glut of inventories built up during the Covid-19 pandemic is drained by the summer.
The loss of oil output after the big freeze in the U.S. should help the market firm as much of the world emerges from lockdowns, according to Trafigura Group. Inventory data due later Tuesday from the American Petroleum Institute and more from the Energy Department on Wednesday will shed more light on how the Texas freeze disrupted U.S. oil supply last week.
Oil has surged this year after Saudi Arabia pledged to unilaterally cut 1 million barrels a day in February and March, with Goldman Sachs Group Inc. predicting the rally will accelerate as demand outpaces global supply. Russia and Riyadh, however, will next week once again head into an OPEC+ meeting with differing opinions about adding more crude to the market.
“The freeze in the U.S. has proved supportive as production was cut,” said Hans van Cleef, senior energy economist at ABN Amro. “We still expect that Russia will push for a significant rise in production,” which could soon weigh on prices, he said.
- West Texas Intermediate for April fell 27 cents to $61.43 a barrel at 9:20 a.m. New York time
- Brent for April settlement fell 8 cents to $65.16
Brent’s prompt timespread firmed in a bullish backwardation structure to the widest in more than a year. The gap rose above $1 a barrel on Tuesday before easing to 87 cents. That compares with 25 cents at the start of the month.
JPMorgan Chase & Co. and oil trader Vitol Group shot down talk of a new oil supercycle, though they said a lack of supply response will keep prices for crude prices firm in the short term.
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