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Yahoo
3 days ago
- Business
- Yahoo
French regulator warns of 'damaging consequences' if US audit watchdog is dismantled
By Chris Prentice NEW YORK (Reuters) -The French audit regulator has warned of "damaging consequences" if U.S. lawmakers advance a plan to eliminate its U.S. counterpart that has oversight of public companies' auditors, according to a letter seen by Reuters. Congress is debating legislation that would dismantle the Public Company Accounting Oversight Board, a nonprofit created by Congress in 2002 in response to a series of high-profile accounting scandals and auditing failures. As part of a sweeping tax and spending bill, Republicans are pushing to move auditor oversight to the Securities and Exchange Commission, which has seen a staff exodus as part of President Donald Trump's and Elon Musk's efforts to overhaul the federal workforce. Congress' plan to axe the PCAOB could jeopardize the ability of France's High Authority of Auditing (H2A) to coordinate with its U.S. counterpart, including on audits underway or about to begin, H2A President Florence Peybernes said in a letter to the PCAOB chair dated May 28 and seen by Reuters late Wednesday. Peybernes' statements follow a similar warning from German counterparts, according to a separate letter seen by Reuters. The PCAOB has agreements in place with regulators across the European Union and elsewhere that would need to be reworked should U.S. lawmakers dismantle the group and task SEC with its responsibilities. Even if regulators successfully resolve such issues, Peybernes said she foresaw serious disruptions during the transition. Representatives for H2A and the PCAOB did not respond immediately to requests for comment on the letter or the legislation. PCAOB Chair Erica Williams has also separately warned lawmakers of the risks of eliminating the PCAOB, saying in an April letter to Democratic Congresswoman Maxine Waters: "With millions of Americans invested in the stock market, including through 401(k)s and pensions, auditors need to perform their audits with more care than ever. Now is not the time for a major disruption in audit oversight." SEC Chairman Paul Atkins has said as recently as Tuesday he expects the SEC could take over the PCAOB's functions. The agency has asked for a $100 million buffer in its budget to accommodate potential new responsibilities. A spokesperson for the SEC declined to comment beyond the chairman's prior remarks. Many Republicans have long criticized the PCAOB as costly, while advocates point to huge improvements in public companies' financial reporting since the group was founded. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
French regulator warns of 'damaging consequences' if US audit watchdog is dismantled
By Chris Prentice NEW YORK (Reuters) -The French audit regulator has warned of "damaging consequences" if U.S. lawmakers advance a plan to eliminate its U.S. counterpart that has oversight of public companies' auditors, according to a letter seen by Reuters. Congress is debating legislation that would dismantle the Public Company Accounting Oversight Board, a nonprofit created by Congress in 2002 in response to a series of high-profile accounting scandals and auditing failures. As part of a sweeping tax and spending bill, Republicans are pushing to move auditor oversight to the Securities and Exchange Commission, which has seen a staff exodus as part of President Donald Trump's and Elon Musk's efforts to overhaul the federal workforce. Congress' plan to axe the PCAOB could jeopardize the ability of France's High Authority of Auditing (H2A) to coordinate with its U.S. counterpart, including on audits underway or about to begin, H2A President Florence Peybernes said in a letter to the PCAOB chair dated May 28 and seen by Reuters late Wednesday. Peybernes' statements follow a similar warning from German counterparts, according to a separate letter seen by Reuters. The PCAOB has agreements in place with regulators across the European Union and elsewhere that would need to be reworked should U.S. lawmakers dismantle the group and task SEC with its responsibilities. Even if regulators successfully resolve such issues, Peybernes said she foresaw serious disruptions during the transition. Representatives for H2A and the PCAOB did not respond immediately to requests for comment on the letter or the legislation. PCAOB Chair Erica Williams has also separately warned lawmakers of the risks of eliminating the PCAOB, saying in an April letter to Democratic Congresswoman Maxine Waters: "With millions of Americans invested in the stock market, including through 401(k)s and pensions, auditors need to perform their audits with more care than ever. Now is not the time for a major disruption in audit oversight." SEC Chairman Paul Atkins has said as recently as Tuesday he expects the SEC could take over the PCAOB's functions. The agency has asked for a $100 million buffer in its budget to accommodate potential new responsibilities. A spokesperson for the SEC declined to comment beyond the chairman's prior remarks. Many Republicans have long criticized the PCAOB as costly, while advocates point to huge improvements in public companies' financial reporting since the group was founded.
Yahoo
3 days ago
- Business
- Yahoo
French regulator warns of 'damaging consequences' if US audit watchdog is dismantled
By Chris Prentice NEW YORK (Reuters) -The French audit regulator has warned of "damaging consequences" if U.S. lawmakers advance a plan to eliminate its U.S. counterpart that has oversight of public companies' auditors, according to a letter seen by Reuters. Congress is debating legislation that would dismantle the Public Company Accounting Oversight Board, a nonprofit created by Congress in 2002 in response to a series of high-profile accounting scandals and auditing failures. As part of a sweeping tax and spending bill, Republicans are pushing to move auditor oversight to the Securities and Exchange Commission, which has seen a staff exodus as part of President Donald Trump's and Elon Musk's efforts to overhaul the federal workforce. Congress' plan to axe the PCAOB could jeopardize the ability of France's High Authority of Auditing (H2A) to coordinate with its U.S. counterpart, including on audits underway or about to begin, H2A President Florence Peybernes said in a letter to the PCAOB chair dated May 28 and seen by Reuters late Wednesday. Peybernes' statements follow a similar warning from German counterparts, according to a separate letter seen by Reuters. The PCAOB has agreements in place with regulators across the European Union and elsewhere that would need to be reworked should U.S. lawmakers dismantle the group and task SEC with its responsibilities. Even if regulators successfully resolve such issues, Peybernes said she foresaw serious disruptions during the transition. Representatives for H2A and the PCAOB did not respond immediately to requests for comment on the letter or the legislation. PCAOB Chair Erica Williams has also separately warned lawmakers of the risks of eliminating the PCAOB, saying in an April letter to Democratic Congresswoman Maxine Waters: "With millions of Americans invested in the stock market, including through 401(k)s and pensions, auditors need to perform their audits with more care than ever. Now is not the time for a major disruption in audit oversight." SEC Chairman Paul Atkins has said as recently as Tuesday he expects the SEC could take over the PCAOB's functions. The agency has asked for a $100 million buffer in its budget to accommodate potential new responsibilities. A spokesperson for the SEC declined to comment beyond the chairman's prior remarks. Many Republicans have long criticized the PCAOB as costly, while advocates point to huge improvements in public companies' financial reporting since the group was founded. Sign in to access your portfolio
Globe and Mail
16-05-2025
- General
- Globe and Mail
Boeing nears deal to avoid guilty plea, prosecution in 737 Max crashes case, sources say
, David Shepardson, Allison Lampert and Chris Prentice New york and washington Reuters to view this content.
Yahoo
14-05-2025
- Business
- Yahoo
US inflation data lifts global equities; dollar falls
By Chris Prentice and Amanda Cooper NEW YORK/LONDON (Reuters) -The dollar fell and major U.S. stock indexes rose on Tuesday on news that U.S. consumer inflation picked up less than expected in April when President Donald Trump unveiled a raft of tariffs that has wreaked havoc on global markets. European shares edged higher for a fourth straight session, and global equities also gained. Crude oil prices rose, boosted by a temporary cut in U.S.-China tariffs. The U.S. and China said on Monday they would pause their trade war for 90 days, bringing down reciprocal duties and removing other measures while they negotiate a more permanent arrangement. The agreement has reignited investor appetite for stocks, cryptocurrencies and commodities and Tuesday's inflation figures helped power that move. The Bureau of Labor Statistics said its consumer price index rose 0.2% in April, bringing the annual increase down to 2.3% from 2.4%. Economists polled by Reuters had forecast a monthly rise of 0.3% and a yearly rise of 2.4%. The report was good news, said Bill Adams, chief economist for Comerica Bank in Dallas, in a note. "Inflation should be manageable for most consumers and businesses in 2025." The S&P 500 and the Nasdaq advanced on the softer-than-expected inflation numbers and easing of U.S.-China trade tensions. The S&P 500 rose 42.36 points, or 0.72%, to 5,886.55 and the Nasdaq Composite rose 301.74 points, or 1.61%, to 19,010.09. The Dow Jones Industrial Average fell 269.67 points, or 0.64%, to 42,140.43, under pressure from UnitedHealth's slide after the company suspended its annual forecast and its CEO stepped down. The dollar pulled back from sharp gains in the prior session on the inflation data. It was last down 0.79% against a basket of currencies. The euro rose up 0.94% at $1.1191. "The report basically indicates that the Fed needs to be very cautious and that the stand that they have taken is probably the right course, for now," said Peter Cardillo, chief market economist at Spartan Capital in New York. European shares ended slightly higher, ending up 0.1%, around their highest level since late March. Emerging market stocks fell 5.03 points, or 0.43%, to 1,156.82. MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.51% lower at 603.95, while Japan's Nikkei rose 1.43% to 38,183.26. Following the Geneva talks over the weekend, the U.S. said it will cut tariffs on Chinese imports to 30% from 145%, while China said it will slash duties on U.S. imports to 10% from 125%. The shift in U.S.-China trade relations has led traders to reduce their expectations for Federal Reserve rate cuts, as they believe policymakers may have more leeway to lower rates if the risks to inflation abate. Traders are now pricing in 56 basis points of cuts this year, down from forecasts for over 100 basis points in April, when fears about the impact of Trump's tariffs were at their worst. "The Fed has embarked on what seems to be the right course and unless there's any real movements in terms of trade war ending by June, it looks like a June rate cut remains in question," Cardillo said. Economists, fund managers and analysts have said that while the 90-day pause is welcome, it has not changed the bigger picture. "When all is said and done, tariffs will still be dramatically higher and will weigh on U.S. growth," said Christopher Hodge, chief U.S. economist at Natixis. Ratings agency Fitch estimates the U.S. effective tariff rate is now 13.1%, a notable decline from 22.8% prior to the agreement but still at levels unseen since 1941 and above the 2.3% that prevailed at the end of 2024. The benchmark U.S. 10-year note yield rose 1.6 basis points to 4.473%, and the 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose 0.2 basis points to 4.004%. In commodities, spot gold rose 0.61% to $3,253.51 an ounce. U.S. gold futures settled 0.6% higher at $3,247.80. Brent crude futures settled at $66.63 a barrel, up $1.67, or 2.57%. U.S. West Texas Intermediate crude finished at $63.67, up $1.72 or 2.78%. (Additional reporting by Stephen Culp in New York, Ankur Banerjee and Rocky Swift in Tokyo; Editing by Susan Fenton, Hugh Lawson, Tomasz Janowski, Rod Nickel and Richard Chang) Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
