BIG FOUR ACCOUNTING FIRMS
Is Edinburgh Rugby's payment plan a game-changer or just a financial trap for fans?
Edinburgh Rugby supporters have until June 25 to opt into a four-instalment direct debit plan for 2025/26 season tickets. The flexible payment schedule allows fans to spread costs and receive priority access to home URC and EPCR knockout matches. Season ticket holders save approximately 30 per cent versus single-match purchases
Nearly 700 entities join account aggregator system; 15 crore accounts linked: Union minister Sitharaman
Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Wednesday said that in just 3 years, nearly 700 entities as of Financial Year (FY) 2025 across banking, insurance, securities, and pensions have joined the Account Aggregator (AA) platform, up from only 24 in FY22.
ICAI to wrap up initial review of Gensol, IndusInd books in about six months
ICAI is reviewing Gensol Engineering and IndusInd Bank's books, expecting to conclude in six months, potentially leading to disciplinary actions against auditors if discrepancies are found. ICAI, SEBI, and NSE are collaborating on a framework for early fraud detection in listed companies. Efforts are underway to foster the growth of domestic accounting firms comparable to the Big Four.
Max 60 tax audits per partner likely: ICAI
From fiscal year 2027, a partner in an accounting firm can conduct a maximum of 60 tax audits annually. Charanjot Singh Nanda, president of ICAI, shared this decision. The Institute of Chartered Accountants of India aims to discourage audit assignment concentration. New guidelines will soon be notified after ICAI's council meeting in May.
Suits & Sayings: Come on Board
ET’s roundup of the wackiest whispers and murmurs in corporate corridors & policy parlours.
Big hit to savings account holders: SBI, HDFC Bank, ICICI Bank cut interest rates in June 2025
Major Indian banks including State Bank of India, HDFC Bank, and ICICI Bank will reduce savings account interest rates in June 2025. This follows a repo rate cut by the Reserve Bank of India. SBI will offer a uniform rate of 2.5%. HDFC and ICICI Bank will offer 2.75% on all balances.
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Pharma stocks fall up to 4% after Trump says pharma tariffs coming very soon
Pharma stocks plunged after President Trump announced potential tariffs on imported medicines, impacting Indian drugmakers significantly. India, a major medicine supplier to the U.S. with $12.72 billion in exports in 2024, faces challenges. Experts warn that tariffs could raise production costs and reduce competitiveness for Indian firms, despite their crucial role in the U.S. healthcare system.
StarBigBloc Building gets shareholders' nod for IPO
StarBigBloc Building Material, a wholly-owned subsidiary of BigBloc Construction, on Tuesday said it has received shareholders' approval to raise funds through an initial public offering.
Nepal vs Netherlands drama: Match tied, two super overs drawn, and finally historic third time lucky for Dutch
In an unprecedented cricket match in Glasgow, the Netherlands triumphed over Nepal in a historic triple Super Over. Nepal's late-game heroics forced the Super Overs, but the Dutch ultimately prevailed. Zach Lion-Cachet's dominant final Super Over and Michael Levitt's winning six sealed the victory after a day of twists and turns.
Amazon announces four-day Prime Day discount event
Amazon's expanding Prime Day comes as U.S. shoppers and retailers face uncertainty on how tariffs will impact prices and product availability, said Rob Garf, senior vice president of strategy and insights at retail marketing firm Cordial.
OnePlus India audit flags glitches, PF payment lags
Auditors flagged OnePlus Technology India for hosting accounting software on foreign servers, using non-English program codes, delayed employee provident fund payments, and pending tax assessments. The company is addressing issues amid scrutiny from the ED and Income Tax Department and plans IT system updates.
Bhushan Power and Steel lenders move SC for review of JSW Steel decision
Punjab National Bank led lenders of Bhushan Power and Steel have approached the Supreme Court. They want a review of the order against JSW Steel's acquisition. The Supreme Court had earlier ordered status quo on BPSL's liquidation. This provided relief to JSW Steel. JSW Steel had warned that liquidation would harm stakeholders.
Pentagon pizza monitor predicted frantic activity ahead of Israel’s attack on Iran. What's the truth?
A viral theory linking spikes in Pentagon pizza orders to impending wars has gone viral online amid the escalating Israel-Iran conflict. Does a spike in the order of pizzas at the US military headquarters signal an impending global crisis? The Pentagon Pizza Index, among some of the other pages, used open-source intelligence (OSINT) tools, including Google Maps and real-time restaurant activity.
Q-comm’s discount push, startup hiring picks up
Quick commerce firms are offering record-high discounts at a time when cash burn and competition continue to rise. This and more in today’s ETtech Morning Dispatch.
Air India Plane Crash: UK law firm probes liability, warns families on cremation risks
Following the Air India plane crash that killed 241, including 53 British nationals, a UK law firm, Keystone Law, has launched an independent investigation focusing on potential liability and legal assistance for victims' families. The firm aims to establish the cause of death for British nationals and explore potential claims against Boeing and Air India under UK tort law.
Soccer Aid 2025: Tevez scores four, Big Zuu bags late winner as World XI stun England
World XI triumphed over England in a thrilling Soccer Aid match at Old Trafford. Carlos Tevez scored four goals. Rapper Big Zuu secured a late winner. Wayne Rooney and Jermain Defoe were among the scorers for England. The event raised $20.7 million for UNICEF. Many big stars participated in the match.
Rs 1.5 crore for a doll? The viral rise of Labubu and the madness behind it
Labubu, the toothy plush monster from artist Kasing Lung, is now a global collectible phenomenon. Fuelled by TikTok trends and celebrity fans like Lisa and Kim Kardashian, the doll’s value has skyrocketed—fetching record-breaking prices at auction. With adult buyers driving demand, Pop Mart's creation is turning nostalgia into a billion-dollar business and a modern art icon.
Top insolvency lawyer and former Rajah & Tann managing partner Patrick Ang dies at 61
Patrick Ang, former managing partner at Rajah & Tann and a leading insolvency lawyer, died at age 61. Ang led the law firm’s regional expansion and played key roles in high-profile corporate collapses. He was widely respected in Singapore’s legal sector and is survived by his wife and three daughters
Startups show off ocean-preserving tech at Paris trade fair
Technologies like these were being shown off in the halls of Vivatech as the UN Ocean Conference (UNOC) drew to a close hundreds of kilometres to the south in French Mediterranean city Nice. The conference has pushed a treaty to protect 60% of the world's oceans closer to becoming law, with 55 signatures -- just five shy of the number required for its enactment. New technologies could be "a very good thing" for the oceans, said Andre Abreu, International Affairs Director at the Paris-based Tara Ocean Foundation.
Centre's no MDR stance derails fintech's UPI monetisation plans
The Finance Ministry’s denial of plans to reintroduce MDR on UPI payments has dampened fintech firms’ monetisation hopes, leading to a drop in their stock prices. Industry players had anticipated MDR's return for large transactions, which could boost revenues, especially ahead of several upcoming fintech IPOs.
Big-ticket IPOs ahead: NSDL, HDB Financial, and other marquee firms set for market debuts soon
After a slow start to the year, India’s IPO market is regaining momentum with over 30 companies tapping the markets in the last two months. More than 67 firms await SEBI approval to raise over Rs 1 lakh crore. Key listings in the pipeline include NSDL, HDB Financial, and Vikram Solar, with FY26 IPO fundraising projected to surpass Rs 2 lakh crore.
The End of Banking in Canada? Wealthsimple launches credit card with 2 percent cashback, 2.75 percent chequing, and instant loans in bid to disrupt the Big 6
Wealthsimple is challenging Canada's banking giants by introducing a suite of new financial products. These include a high-interest chequing account, a no-fee credit card with 2% cashback, and an upcoming instant line of credit. The company aims to consolidate savings, spending, and investing into a single platform, offering Canadians a digital-first alternative to traditional banking with competitive rates and rewards.
Big firms, bigger bets on crypto
US companies, facing slow growth, are increasingly drawn to crypto treasury operations, spurred by investor enthusiasm and regulatory hurdles in direct crypto purchases. While early adopters see significant stock performance, latecomers risk leverage-related losses.
India's Big 4 - The 'century' should begin by creating them
India aims to cultivate homegrown advisory powerhouses to reduce reliance on foreign consulting firms, addressing national security concerns and fostering domestic IP creation. The government is urged to implement supportive policies, including reserving public contracts, reforming pre-qualification norms, and launching a growth fund to empower Indian firms and promote their global expansion.
$1,000 for every baby? Trump rallies Dell, Uber & others to offer bonus — but only if his Beautiful Bill passes
President Trump is advocating for his "One Big Beautiful Bill," proposing $1,000 investment accounts for newborns during his potential second term. Supported by executives from Dell, Uber, and Goldman Sachs, these "Trump accounts" aim to boost financial literacy and encourage larger families.
Big hit to depositors: HDFC Bank reduces FD and savings account rates
HDFC Bank has reduced its fixed deposit interest rates by 25 bps across all tenures for deposits under Rs 3 crore, effective June 10, 2025, following the RBI's repo rate cut.
Kent RO Systems among four firms to win Sebi nod for IPOs
IPO approvals have been granted to four companies: Kent RO Systems, Vidya Wires, Karamtara Engineering, and Mangal Electrical Industries. Their planned public offerings, comprising a combination of fresh issues and offers for sale, represent a diverse range of sectors—including water purifiers, kitchen appliances, transformers, and specialty wires.
We will have our big four in India soon: Goyal
Commerce and Industry Minister Piyush Goyal announced the government's efforts to foster the growth of large domestic accountancy firms in India. He envisions the emergence of India's own "big four" in the accountancy and consultancy sector. Goyal noted that previous regulations hindered mergers, but a shift in mindset is paving the way for this development.
Panel may be set up for creating India's 'Big Four'
The government is planning to establish a panel. This panel aims to develop a supportive environment for large Indian chartered accountancy firms. The goal is to make them competitive with the Big Four. The Prime Minister's Office recently held a meeting to discuss this initiative. The panel will suggest policy and regulatory changes.
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