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<ul><li>Online casual gaming to be the largest sub-segment amongst the online gaming segment in India, contributing ~58% to the overall revenues by FY25.</li><li>Growth to be led by a continued increase in consumption, robust brand interest and maturity of the Indian gamer in terms of consumer spends.</li></ul>The online gaming segment has grown at a rapid pace in the last 3-4 years and is now competing with traditional forms of entertainment for the share of time spent on media and entertainment in a day. While the COVID-19 induced lockdowns had an adverse impact on the economy and traditional segments of the M&amp;E industry, online gaming as a segment got a leg up in terms of both consumption and partly, monetization. This is evident from the fact that India had the highest game downloads in the casual mobile gaming sub-segment in the world (excluding China) in 2020, with Q1-Q3 2020 downloads standing at 7.3 billion, accounting for 17 per cent of the global mobile game downloads. Further, the monthly active users for the top 100 mobile games and the time spent on online gaming, are higher by 10-15 per cent post lockdown 2020, indicating the establishment of a new normal. Gamers across demographics took to online gaming as a means to connect with family and friends, with the supply side also playing its part, in terms of multiple titles getting multiplayer features, with a social layer to them, to encourage group consumption. With India experiencing a second wave of the COVID-19 pandemic currently, it is envisaged that the consumption of online casual gaming is likely to continue being robust, helped by the robust digital infrastructure that India has, and the continued investments by Indian and global developers and publishers in making world class games available to the Indian gamer. In order to decode the casual gaming market in India, its constituents and deep dive into what the future holds for this sub-segment, <keyword id="50041" type="COMPANY" weightage="20" keywordseo="KPMG">KPMG</keyword> in India today launched a report titled – ‘Beyond the tipping point – A primer on Casual <keyword id="1110821" type="PERSON" weightage="20" keywordseo="Gaming-in-India">gaming in India</keyword>’, which reveals that the overall online casual gaming sub-segment in India stood at a size of INR 60 billion in FY21 and is projected to grow at a CAGR of 29 per cent over FY21-25 to reach a size of INR 169 billion. The report aims to define the online casual gaming sub-segment in India, and the various lens through which this definition can be seen. It also throws light, on online casual gaming’s projected growth potential in terms of revenues &amp; user base, key growth drivers, current challenges and explores evolving themes such as cloud gaming, outsourcing of game development, platform plays, multi-game platforms and AI (Artificial Intelligence) in casual gaming. Additionally, it also places a specific emphasis on outlining the understanding of the monetisation models around both advertising and consumer spends, and how India’s movement up the casual gaming maturity curve is likely to help in improved monetisation across the board. It also highlights, the emerging phenomenon of rewarded advertisements as a means to strike a balance between monetisation and game experience, as advertisement revenues remain a unique feature to the Indian online casual gaming sub-segment. Highlights India’s online gaming ecosystem and its potential <ul><li>The online gaming segment in India was estimated at INR 136 billion in FY21 and is projected to grow at a CAGR of 21 per cent over FY21-FY25 to reach a size of INR 290 billion.</li><li>Of the total size, the online casual gaming sub-segment is the most significant one and stands at INR 60 billion in FY21, accounting for ~44 per cent of the total online gaming revenues</li><li>In terms of users, the online casual gaming sub-segment, at 420 million gamers in FY21 accounted for ~97 per cent of the total gamers in India and is expected to maintain this share by FY25 going ahead</li><li>The segment is significantly under indexed on monetization with lower ARPUs as compared to the gaming markets such as Indonesia, Malaysia and South Africa, which are comparable in terms of the per capita GDPs.</li></ul>Key Growth Drivers for the gaming industry <ul><li>Macro factors like increasing smartphone penetration, internet penetration, young population and adoption of digital payments adoption</li><li>Overall growth in digital consumption sophistication, which has helped online gaming become a mainstream entertainment option</li><li>Supply side factors such as increase in supply of world class titles, games with localized content, new features such as multiplayer and social elements added to games, and an increase in investor interest at large.</li><li>Further, COVID-19 induced lockdowns in 2020 was a tipping point in terms of online casual gaming consumption, with most metrics such as MAUs, DAUs, Average session times and even paid user conversion rates seeing strong traction.</li></ul>Key challenges faced by the online gaming segment <ul><li>Low average revenue per paying user (ARPPU): The ARPPU of online casual gaming in India is ~USD 2 (FY21), which is amongst the lowest in the world, given that India has the second largest base of online casual gamers in the world. This is owing to significantly lower penetration of consoles in India, which historically have instilled a culture of paying for games.</li><li>Lack of scale for Indian studios: Notmany Indian studios have made a mark on the global stage due to the emerging nature of the Indian market; low consumer spends on games and relatively lower game design capabilities. However, as monetisation improves in India, these aspects are likely to start getting addressed, evident by the success of some Indian titles during the lockdown 2020.</li></ul>Advertisement based monetisation <ul><li>The dependence on advertising as a means of monetization remains unique to India and is not likely to go away in the near to medium term as free to play games (With IAPs) dominate consumption in India.</li><li>Developers and publishers are increasing relying on tools such as rewarded/incentivized ads, to strike an optimum balance between monetisation and retention, and not hampering the overall user experience.</li><li>With an increasing share of time spent on gaming, advertisers/brands are looking at online casual gaming as a viable means to reach their intended target audiences. This is especially important as online casual gaming reaches the masses, across demographics.</li></ul>Consumer spends to evolve <ul><li>With a move up the gaming maturity curve for India, consumer spends; led by In App purchases (IAPs) are likely to see strong growth in the next 3-4 years.</li><li>With pricing of IAPs adjusted to Purchasing Power Parity (PPP), localisation of content, social aspects of gaming; and emerging opportunities around multi gaming platforms being able to devise monetary rewards; the consumer spends around online casual gaming is likely to see improved traction.</li></ul>Key evolving themes Cloud gaming: With the proposed launch of 5G services, cloud gaming has the potential to transform the gaming experience for a mass of users, taking device capabilities out of the picture. This is especially important for markets like India, with limited capacity to invest in hardware. Esports: Over the next five years, the esports segment is expected to grow rapidly due to increased interest from brands for sponsorship, publishers to promote games &amp; entry of new players across the value chain ranging from organisers to participating teams. The India esports sub-segment is expected to grow by CAGR 27 per cent over FY21-25 to reach a size of INR 5.7 billion Game development outsourcing can help resolve many challenges pertaining to cost, talent and time to market Artificial Intelligence in casual gaming: AI is being extensively used across game development (using AI generated storylines), player engagement, interactive experiences across gameplay, and personalization of each gamer’s journey with games. Satya Easwaran – Partner and Head of Technology, Media &amp; Telecom, KPMG In India commented “Our report - Beyond the tipping point – A primer on online casual gaming in India aims to simplify the multilayered ecosystem of the world’s second largest online casual gaming user geography. Poised at a 3X growth in revenues between FY21-25, we have been privy to the keen interest from corporates and investors who want to ride the incredible wave of opportunity that the business of online casual gaming has to offer. He further added “Having seen rapid growth in the last five years on account of the growth in digital infrastructure in the country coupled with the availability of leading titles, India’s online gaming segment is now a serious business with India’s gaming market being overwhelmingly mobile first.” Girish Menon, Partner and Head, Media and Entertainment, KPMG in India adds “The online casual gaming sub-segment in India has emerged as the largest in terms of consumption amongst overall online gaming, with close to 420 million gamers engaging in online casual gaming in FY21”. Menon says “Online casual gaming saw its tipping point in 2020, with consumption and engagement at an all time high. The growth potential of this sub-segment is immense, with improve monetisation helping the growth of the developer and publisher ecosystem, resulting in the likely emergence of players of scale. Both consumer spends and advertising based monetisation, which is unique to India, are likely to see strong traction, with India’s movement up the maturity curve and , supply of world class titles, the uptake of rewarded/incentivized ads and localisation of gaming titles being the key enablers. Further, with the emergence of ecosystem enablers such esports and game streaming, online casual gaming is likely to appeal to the masses and professionals alike.” Lastly, with technologies such as cloud gaming on the anvil and the adoption of latest AI/ML led technologies, online casual gaming in India is serious business, both for the players in the ecosystem as well as the investors. We envisage the online gaming segment to be amongst the largest segments of the M&amp;E industry in India in the years to come, garnering a share of both the time, and the wallet of the Indian digital billion”. Overall, the opportunities far outweigh challenges for online casual gaming in India. COVID-19 was the tipping point for the segment, and we see this segment amongst the fastest growing amongst the M&amp;E industry in India. It surely is interesting times for the online casual gaming ecosystem in India.

Advertising revenues in the casual gaming segment aggregated Rs 36 billion in FY21 and is expected to grow at a CAGR of ~29% to Rs 99 billion by FY25: KPMG Report

<ul class="summary-list"><li><keyword id="274261" type="COMPANY" weightage="60" keywordseo="Plug-Power">Plug Power</keyword> dropped by 15% Wednesday after the company said it will file financial restatements. </li><li>The restatements will cover fiscal years 2018 and 2019 and quarterly filings for 2019 and 2020. </li><li>The hydrogen-fuel cell company said there were <keyword id="6359983" type="UNKNOWN" weightage="60" keywordseo="Accounting">accounting</keyword> errors related to non-cash items. </li></ul><a href="https://markets.businessinsider.com/stocks/plug-stock">Plug Power shares</a> sharply dropped Wednesday after the hydrogen fuel-cell company said it will restate some of its financial reports because of accounting errors.The company said the restatements will cover the fiscal years 2018 and 2019 and quarterly filings for 2019 and 2020. The errors related to several non-cash items including the reported book value of right-of-use assets.<keyword id="232771" type="ENTERTAINMENT" weightage="60" keywordseo="Plug">Plug</keyword> Power shares closed down by 7.9% at $39.33 after earlier sliding by as much as 20%. The stock in 2021 has bulked up by 16% and has advanced from about $3.30 over the past 12 months.The company said it doesn't expect the revisions to impact its cash position or business operations but will change how it accounts for certain transactions and items."The accounting related to the <keyword id="209040" type="EVENT" weightage="60" keywordseo="Restatement">restatement</keyword> is complex and technical and involves significant judgments in how to apply U.S. [Generally Accepted Accounting Principles], given the innovative nature of the company's business," in a "new and rapidly developing industry," Plug Power said in a press release.The company said it had discussed its fourth-quarter 2020 and preliminary year-end results with its audit committee and its auditor <keyword id="248406" type="COMPANY" weightage="60" keywordseo="KMPG">KMPG</keyword> before their release "and at that time, no material issues were raised." But after the release, it said that it and KPMG identified the need for restatements.Plug Power said it will file its Form 10-K for 2020 as soon as possible as it was unable to make the March 16 deadline.It also expects to reach its previously stated gross billings targets of $475 million in 2021, $750 million in 2022 and $1.7 billion in 2024.

Plug Power dives as the company says it will restate financial reports

<a href="https://www.businessinsider.com/better-capitalism"></a><div type="image" title="Brian Moynihan, the chief executive of Bank of America." height="2497" width="3500" msid="80466863" hostid="261"></div><ul class="summary-list"><li>Some 60 major companies have agreed to adopt a new <keyword id="77363" type="ORGANIZATION" weightage="60" keywordseo="ESG">ESG</keyword> reporting framework. </li><li>ESGs are metrics that measure a company's environmental, social, and governance progress. </li><li>The effort is being led by the <keyword id="69007" type="ORGANIZATION" weightage="60" keywordseo="World-Economic-Forum">World Economic Forum</keyword> and the International Business Council, run by Bank of America CEO Brian Moynihan. </li></ul>Executives from Bank of America, Mastercard, KPMG, and about 60 other large companies announced Tuesday they'll be adopting a <a href="https://www.businessinsider.com/big-4-deloitte-pwc-ey-kpmg-announce-esg-reporting-standards-2020-9">new reporting framework</a> for environmental, social, and governance standards (ESGs) in partnership with the World Economic Forum. Other companies that have signed on to this reporting framework include Salesforce, Unilever, Dell, and Sony. ESG standards are a set of criteria used to measure a company's performance on things such as how the company is impacting the environment (like its amount of toxic emissions), how it manages relationships with its employees (does it encourage employees to volunteer), and how the company runs internally (boardroom diversity).If widely adopted, these <a href="https://www.weforum.org/reports/measuring-stakeholder-capitalism-towards-common-metrics-and-consistent-reporting-of-sustainable-value-creation">standards</a>, called "Stakeholder Capitalism Metrics," have the potential to transform what it means to operate a large corporation. It could make it standard procedure for a major company to report its ESG metrics, just like it's standard (in fact, required) for a company to report on its financial metrics. Many in the business community see ESG metrics as a concrete way to advance stakeholder capitalism, the leading economic theory today that says companies are responsible to all stakeholders, including their employees, customers, the environment, as well as their shareholders. "We have to deliver great returns for our shareholders and help drive progress on society's most important priorities," Brian Moynihan, CEO of Bank of America, and chairman of the International Business Council, said in a statement. "That is stakeholder capitalism in action."<h2>The next step in a trend</h2>In September, the World Economic Forum and the International Business Council (IBC), run by Bank of America CEO Brian Moynihan, partnered with "the Big Four" accounting firms to create the reporting framework of 21 ESG standards. The big four - <keyword id="6358918" type="UNKNOWN" weightage="60" keywordseo="deloitte">Deloitte</keyword>, <keyword id="53186" type="CITY" weightage="60" keywordseo="PwC">PwC</keyword>, <keyword id="267073" type="ORGANIZATION" weightage="60" keywordseo="EY">EY</keyword>, and KPMG - provide financial auditing and other professional services. <a href="https://www.businessinsider.com/klaus-schwab-on-the-future-of-stakeholder-capitalism-2021-1">Insider recently spoke with Klaus Schwab,</a> World Economic founder and executive chairman, about the more than 60 companies signing on to these metrics. "At the moment you have a situation where a company reports mainly about their intentions. Now we have to walk the talk," he said.

Bank of America, KPMG, Mastercard, and some 60 other top companies adopt new ESG metrics

<ul><li>The Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) has announced a set of measures to pump more liquidity into the economy, especially for small and medium businesses. </li><li>In addition to extending ₹50,000 crore to government institutions, RBI also changed the rules of classifying assets. </li><li>This means that even if a small company can’t meet its payments, it won’t be degraded. </li><li>However, there’s a catch. </li></ul> The lockdown has been tough on the economy, and the problems of big corporations have taken the spotlight. However, according to the Reserve Bank of India (<a href="https://www.businessinsider.in/india/news/rbi-governor-shaktikanta-das-speech-highlights-on-april-17/articleshow/75193359.cms">RBI</a>), the disruption has had a more severe impact on small and medium-sized businesses. While these businesses need more lending, those who generally lend to them - non-banking financial companies (NBFCs) and microfinance institutions (MFIs) - have been stressed for over a year. Apart from extending ₹50,000 crore to government institutions that will pass it on to shadow banks, RBI also changed the rules of classifying assets. It extended the period for the resolution plan of stressed assets by 90 days from 60 days currently. It means shadow banks or NBFCs will get a breather, as they have been facing a credit crunch of their own as fewer banks were lending to them ever since IL&amp;FS went into a crisis of <keyword id="142154" type="PERSON" weightage="20" keywordseo="bad-loans">bad loans</keyword>. <keyword id="2377116" type="PERSON" weightage="20" keywordseo="asset-classification">Asset classification</keyword> standstill During its first set of relief measures announced on March 27, the central bank said that payment on loans will be deferred for the next 90 days — from 1 March to 31 May. That meant that they would not turn into non-performing assets (NPAs). But that didn’t necessarily mean that they wouldn’t be ‘reclassified’ for missing their payments. Today, April 17, <a href="https://www.businessinsider.in/india/news/rbi-governor-shaktikanta-das-speech-highlights-on-april-17/articleshow/75193359.cms">RBI governor Shaktikanta Das clarified</a> that the 90-day NPA norm shall exclude the moratorium period. This means that asset classification will be halted for all such accounts from 1 March 2020 to 31 May 2020. Even if a small company can’t meet its payments, it won’t be degraded. “The market should consider this favourably as this will ease liquidity and credit classifications issues,” said Rajosik Banerjee, a partner and head of financial risk management at KPMG India. But there’s a catch Just because a bank does not call it a bad loan does not mean that it isn’t heightened risk. In order to balance that out, banks are now required to maintain sufficient buffers. This means that they have to maintain a higher provision of 10% on all such accounts under the standstill, which will be spread out over the coming two quarters. “NBFCs that are now required to report under Ind AS, will have to take this into account while performing their expected credit loss calculations, together with the positive effect of all other governmental support measures targeted directly at the borrowers, whether, retail or corporate,” said Sai Venkateshwaran, partner and head of CFO advisory at KPMG India. “This will remain an area of key judgement for NBFCs, and will have a direct impact both on their earnings as well as their lending ability,” he explained. To further address the problems faced by small and medium businesses, the RBI announced a slew of measures to ease their liquidity crunch — like targeted long-term repo operations (TLTRO), refinancing facilities for All India Financial Institutions (AIFIs), and a reduction of the reverse repo rate. A welcome immediate relief not only to these institutions but also to their borrower base,” said Sanjay Doshi, head of Financial Services Advisory at KPMG India. See also: <a href="https://www.businessinsider.in/india/news/rbi-governor-shaktikanta-das-speech-highlights-on-april-17/articleshow/75193359.cms">RBI Governor opens up a ₹50,000 crore lifeline to flailing small businesses</a> <a href="https://www.businessinsider.in/business/corporates/news/exclusive-genpact-puts-over-200-employees-in-india-on-the-bench-hoping-to-find-them-a-role/articleshow/75198685.cms">EXCLUSIVE: Genpact puts over 200 employees in India ‘on the bench’ – hoping to find them a role</a> <a href="https://www.businessinsider.in/defense/news/the-us-accuses-china-of-conducting-nuclear-tests-after-blaming-it-for-the-covid-19-pandemic/articleshow/75198330.cms">The US accuses China of conducting nuclear tests after blaming it for the Covid-19 pandemic</a>

The road to being classified a bad loan just got longer with RBI’s relaxation

<ul class="summary-list"><li>Walmart said last week it will lay off <a target="_blank" href="https://www.businessinsider.com/walmart-cuts-hundreds-us-corporate-jobs-pushes-return-office-hybrid-2024-5">several hundred workers and relocate others</a>.</li><li>"It's a reversion to what Walmart was known for a few years ago," an expert told BI.</li></ul>Walmart's announcement on May 14 that it'll lay off several hundred workers and relocate others to one of three main campuses is another example of a big company reversing a <a target="_blank" href="https://www.businessinsider.com/i-chose-higher-paid-job-versus-working-from-home-unsure-2024-4">pandemic-era embrace of remote work</a>. For Walmart, it's also a return to what it knows and what helped build it into the world's largest retailer: centralized control. Founder Sam Walton famously <a target="_blank" href="https://www.freightwaves.com/news/how-walmart-uses-trucking-to-dominate-american-retail">built his own logistics network</a> from the ground up to avoid relying on another carrier to serve his sprawling empire of stores. And the company has reportedly regularly flown senior <a target="_blank" href="https://financialpost.com/executive/in-defense-of-the-ever-unpopular-corporate-aircraft-joe-nocera#:~:text=Its%20former%20director%20of%20global,from%20having%20to%20stay%20overnight.">executives on corporate jets</a> from its Arkansas HQ to regions of the country where their stores are located, helping them, in some cases, avoid staying overnight.Now, the retailer is requiring hundreds of previously remote employees to move within commuting distance of the company's Bentonville, Arkansas, main office or hubs near New York and San Francisco."It's a reversion to what Walmart was known for a few years ago," said Nelson Lichtenstein, a research professor in the history department at the University of California, Santa Barbara, who focuses on labor and has studied Walmart. "They were, in a way, very centralized. Executives lived in Bentonville," he told Business Insider. <h2 id="bff40dfd-bd5a-4542-8d0a-fd70f13c087a">'We make decisions faster, we're more creative'</h2><a target="_blank" href="https://www.businessinsider.com/walmart-ceo-doug-mcmillon-bio-career-life-salary-first-job-2021-6">CEO Doug McMillon</a> told investors on May 16 that the company's culture is stronger when workers are together. "We make decisions faster, we're more creative, and we help develop the next generation of talent." Walmart's chief people officer, Donna Morris, commented similarly in a memo announcing the layoffs and relocations earlier that week. She wrote that working in an office would help workers collaborate, innovate, and "move even faster." Walmart didn't comment further to BI at the time.Morris' memo also hinted that the decision was years in coming, referring to a February 2022 move to bring Home Office employees back into the offices after pandemic lockdowns. Still, some employees continued working remotely, and several satellite offices remained open in cities like Atlanta, Dallas, Toronto, and Seattle.Of course, Walmart has invested heavily in having more people come to work in-person in Bentonville. Opening in phases through 2025, the company's new 350-acre campus will feature modern offices, restaurants, childcare facilities, a hotel, bike paths, and multiple lakes.<h2 id="bfde61e9-3675-4942-a90d-6c2245cca6bf">A new normal</h2>The company's decision also represents an about-face from just a few years ago when Suresh Kumar, Walmart's global chief technology officer, wrote on LinkedIn about a <a target="_blank" href="https://www.linkedin.com/posts/suresh-kumar-cto_virtualwork-remotework-activity-6705170306132262912-EoDF?utm_source=share&amp;utm_medium=member_desktop">shift toward remote work</a> for Walmart Global Tech. "We believe the future in tech will be one in which working virtually will be the new normal, at least for most of the work we lead," Kumar wrote in 2021. Following the layoff news, Kelli Oakes <a target="_blank" href="https://www.linkedin.com/posts/kelli-oakes_well-the-cats-outta-the-bag-as-reported-activity-7196164356512927744-mDMI/?utm_source=share&amp;utm_medium=member_desktop">wrote on LinkedIn</a> that she'd lost her finance recruiter job for Walmart and Sam's Club after having been hired as a permanently remote worker nearly three years ago."I'm devastated, embarrassed, sad, angry, defeated, and hurt," Oakes wrote. She said the company offered her the chance to apply for a new job in Bentonville, the Bay Area, or Hoboken, New Jersey. "Truthfully, after a home purchase and life-threatening post-birth complications, my family cannot afford to relocate now or in the near future," Oakes wrote. She said she'd returned from maternity leave two months ago and purchased a home in South Carolina eight months ago.Even workers whose jobs are technically safe from cuts are having to weigh the cost of uprooting their lives to move to Northwest Arkansas or an expensive coastal city.<h2 id="2f9cc7e5-155d-4d69-9fa7-f24eada5597d">It's not all about quiet firing</h2>One remote worker told BI he and several colleagues were offered "generous" relocation packages to move to the Bay Area, but accepting one would take him away from his family and result in a more than 50% increase in the cost of living. He asked BI not to use his name as he is still employed and not authorized to speak to the media. BI verified his identity and employment at Walmart."Five months to move is not a lot of time to close up your life," he said.He also said he doesn't think the company is using this RTO mandate as a cover for achieving cost savings through workforce reductions, commonly referred to as "quiet firing," but that it's more part of Walmart's ethos.Lichtenstein, the UC professor, said Walmart's decision isn't surprising given that many corporate leaders appear to have an impulse to gather people in one place. "You're able to sort of pop in on them. It's a form of supervision and control. CEOs feel that even if statistics show that someone working at home is just as productive, they want them there," he said. "One of the hallmarks of Walmart efficiency was there was kind of close supervision from the stores on up." Indeed, many companies have settled on having workers back in the office at least some of the time, and while many are pushing for more time in-office, there's an increasing acceptance of hybrid work. A recent survey of big-company US CEOs found about one-third expect their workers will be back in the <a target="_blank" href="https://www.businessinsider.com/hybrid-work-here-to-stay-ceos-rto-remote-2024-4">office five days a week</a> in the next three years. The study by KMPG US a year earlier found that nearly two-thirds of CEOs thought offices would be full every weekday. Yet not all workers are happy about resuming — or starting — a commute. A recent poll by the resarch firm Gartner found that <a target="_blank" href="https://www.businessinsider.com/senior-level-job-seekers-quit-over-return-to-office-requirement-2024-5">return-to-office mandates</a> were a factor in pushing 36% of workers seeing senior-level jobs to look for a new role. For the remote worker BI spoke with, the next few weeks will be filled with uncertainty."I don't have a problem going to an office, but to be forced to leave family, pack up, and move, all in such a short timeframe," he said. "It's going to be a tough decision."If you work for Walmart and were affected by this decision, please contact reporter <a target="_blank" rel="noopener noreferrer nofollow" class="c-link" href="mailto:dreuter@businessinsider.com">Dominick Reuter via a non-work email and device</a> or text/call/Signal at 646-768-4750. Responses will be kept confidential.

Walmart's latest power move leaves some employees in limbo 

<ul class="summary-list"><li>KMPG found that 82% of employees would be interested in a 10-hour, 4-day workweek.</li><li>Millennials are more likely to care about perks at work than other generations.</li></ul>It's been the same echo from employees for three years now: more <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/gen-z-millennial-workplace-trends-are-demanding-work-life-balance-2023-6">flexibility</a>, hybrid work, remote work, a four-day workweek.The understanding and compassion from the depths of the pandemic seem long gone, as more companies rewrite policies to <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/companies-making-workers-employees-return-to-office-rto-wfh-hybrid-2023-1">require returning to the office</a> or roll back flexible policies.As the terms of the <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/recruiters-caught-between-employers-workers-in-return-to-office-war-2023-1">employee-employer contract are renegotiated once again</a>, KPMG is cautioning clients to remember that "flexibility can mean many different things to many people," KPMG's Sandy Torchia, vice chair of talent and culture, told Insider.Requiring employees to give up that flexibility and return to the office has become a more contentious topic of late. For example, <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/insurance-ceo-changes-remote-policy-employees-threaten-quit-unionize-report-2023-6">workers at the insurance giant Farmers Group</a> are reportedly threatening to quit or unionize after the company's new CEO backtracked on its remote-work policy.One of the top demands is a four-day workweek, according to the KPMG Talent Survey of 1,035 US adults, conducted from mid-April to May 1. According to participants, 82% of employees would be interested in a 10-hour, four-day workweek, and nearly half (47%) see it as highly appealing.Interest is unanimous across the generations of workers, but the majority of Gen Zers (55%) find it highly appealing, KPMG's survey showed."Having a four-day workweek, even if you're working longer days during those four days, enables you to have the flexibility of three days off without work. And that's what makes it very attractive," Torchia said.Insider contributor Shubham Agarwal recently wrote that as work seeps into our lives and homes, a typical 9-to-5 workday has become a thing of the past. <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/4-day-workweek-evidence-prevent-burnout-productivity-ai-well-being-2023-4">Shortening the workweek to four days</a> gives employees the chance to rest and be even more productive when they are working.Experiments by companies have found workers are <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/benefits-of-four-day-work-week-global-study-2022-12">more productive</a>, and even Sen. Bernie Sanders <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/bernie-sanders-say-its-time-for-four-day-work-week-2023-2">threw his support behind it</a>, citing a UK-based study. In that pilot, companies reduced the workweek to 32 hours without cutting pay.The four-day workweek won't work for every firm or every person, however, and others have said that the four-day week is "<a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/4-day-workweek-productivity-flexibility-davos-world-economic-forum-2023-1">very much a discussion for the upper class</a>," and recommended consistent scheduling could help, no matter the job.Of course, one way for companies to examine where we work is to look closer at how we work, and consider how injecting artificial intelligence into workdays could improve our efficiency and productivity.Agarwal wrote, "as productivity tools with artificial intelligence catch on and more high-ranking executives acknowledge the importance of rest, the four-day workweek could become more commonplace.""I like to say that the work that we do is hard, but it doesn't need to be hard to work here," Torchia said, stressing that employees want to learn and do challenging work and be exposed to new ideas and ways of working — "they want to stretch themselves."But nobody wants to do the tasks that take a lot of time to get done. "If I found a situation where I was able to get all the work done that I have to do now, in two days, that's awesome, because then I'd be able to use that capacity to do other more highly valuable things for my clients and for my firm," she explained.Besides four-day workweeks, employees also showed when it comes to perks at work, millennials are more likely to care about perks than other generations.Gen Zers are the least interested in perks like free lunches and gym reimbursements compared with their older counterparts. Instead, they care more about online courses to learn new skills (41%) and mental well-being (35%). Boomers ranked free lunches and commuting reimbursements as the most important perks.Torchia said that throughout the pandemic, KPMG learned that perks aren't a one-size-fits-all benefit and "employees were demanding more differentiation."While free lunches might have gotten workers to return to the office, "the experience that employees have when they're in the office is what kept them coming back," she said.She reminds her fellow employees, as well as clients, that career paths are all different nowadays, "it could look like a straight line, it could look like a jagged line depending upon the skills and experiences, and the opportunities you want to get."But "technology is the great equalizer, right?" she added. "Having a baseline understanding of technology and data is going to enable you to not only do the job that you have, but accept the job that you have and prepare yourself to do something different."

Flexibility and perks at work aren't one size fits all, and employers need to realize that

<ul class="summary-list"><li>KPMG in Canada has added <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> and <keyword id="11896271" type="UNKNOWN" weightage="60" keywordseo="ether" source="Orion">ether</keyword> to its corporate treasury as digital assets further enter the mainstream.</li><li>The move marked the accounting giant's first direct investment in cryptocurrencies.</li><li>"Cryptoassets are a maturing asset class," a Canadian managing partner said. </li></ul>KPMG in Canada said on <a href="https://www.newswire.ca/news-releases/kpmg-in-canada-adds-bitcoin-and-ethereum-to-its-corporate-treasury-851778842.html">Monday</a> it has added bitcoin and ether to its corporate treasury, marking the accounting giant's first direct investment in cryptocurrencies as digital assets move further towards the mainstream.The allocation of the two largest cryptos by valuation underscores the firm's view of how the emerging technology and blockchain will eventually become a regular part of the asset mix, Benjie Thomas, advisory services managing partner at KPMG in Canada, said in a statement.KPMG did not disclose how much the investment was but highlighted its purchase of carbon offsets to maintain a net-zero carbon transaction in line with its environmental, social, and governance commitments.The Canadian arm of the accounting services company made the purchase through New York-based <keyword id="11910111" type="UNKNOWN" weightage="60" keywordseo="gemini" source="Orion">Gemini</keyword> Trust Company, which provides custody services.KPMG also revealed establishing a governance committee to oversee and approve the treasury allocation, as well as to assess the tax and accounting implications of the transaction."Cryptoassets are a maturing asset class," Thomas said. "Investors such as hedge funds and family offices to large insurers and pension funds are increasingly gaining exposure to cryptoassets, and traditional financial services such as banks, financial advisors and brokerages are exploring offering products and services involving cryptoassets."KMPG in Canada has been offering a <a href="https://home.kpmg/ca/en/home/services/digital/cryptoasset-and-enterprise-blockchain-services.html" target="_blank" rel="noopener">suite</a> of crypto-related advisory services including educational workshops, vendor assessments, and compliance program reviews, among others. It joins other major companies in adding <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> to their balance sheets, including Elon Musk's <a href="https://markets.businessinsider.com/stocks/tsla-stock?utm_medium=ingest&amp;utm_source=markets">Tesla</a> and Michael Saylor's <a href="https://markets.businessinsider.com/stocks/mstr-stock?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">MicroStrategy</a>. (KPMG US is the auditor of <keyword id="12055629" type="UNKNOWN" weightage="60" keywordseo="microstrategy" source="Orion">MicroStrategy</keyword>.)Holding cryptos has proven to be risky, however. For instance, MicroStrategy reported a <a href="https://markets.businessinsider.com/news/currencies/microstrategy-bitcoin-impairment-charge-net-loss-q4-earnings-mstr-2022-2">$146 million impairment charge</a> related to its bitcoin holdings in the fourth quarter, while <keyword id="11900744" type="UNKNOWN" weightage="60" keywordseo="tesla" source="Orion">Tesla</keyword> logged <a href="https://markets.businessinsider.com/news/currencies/tesla-bitcoin-101-million-impairment-loss-cryptocurrency-holdings-2021-filing-2022-2">$101 million</a> for 2021 though the overall value of its bitcoin stockpile swelled to $2 billion. KPMG in Canada, which employs around 8,000 people across the country, is established under Ontario laws. Each KPMG firm is a separate entity and is legally distinct from others.

KPMG Canada is adding bitcoin and ether to its balance sheet as crypto moves further towards the mainstream

<ul><li>Global commercial air traffic is now only at 29% compared to pre-Coronavirus levels.</li><li>In India, the drop is even more dramatic as only evacuation and relief flights are allowed to fly.</li><li>Pictures show how the flurried skies now lie empty as governments around the world restrict international air travel and go into lockdown.</li></ul>The first industry to get hit as Coronavirus started to spread across the world was aviation. Most countries initially placed restrictions on international air travel followed by a ban on domestic air travel as well. Global commercial air traffic fell from an average of 103,397 flights a day to a mere 31,214 flights a day between March 1 to April 7, according to the flight tracking app, <a href="http://www.flightradar24.com/">Flightradar24</a>. Global commercial air traffic has now stabilised at around 29% of its previous levels. <div type="image" title="flightradar24 global commercial flights" msid="75074418" hostid="261"></div> The Indian government banned all international flights starting March 22 causing a dramatic dip in air traffic — only evacuation and relief flights are now allowed to take to the skies. A large part of India’s airline fleet, nearly 80%, now remain parked at six of the busiest airports in the country, an official from the Airports Authority of India (AAI) told <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/covid-19-impact-flying-ban-lands-80-of-indian-aircraft-at-top-six-airports/articleshow/74976734.cms?from=mdr">ET.</a> <div type="image" title="indiaairgif" msid="75074375" hostid="261" caption="&amp;lt;p&amp;gt;Drop in commercial air traffic in India&amp;lt;/p&amp;gt;"></div> The situation is not very different in other parts of the world, except perhaps the United States where the decline is noticeable — but not nearly as substantial in the parts of the world. <div type="image" title="global air traffic" msid="75074377" hostid="261" caption="&amp;lt;p&amp;gt;Drop in commercial air traffic globally&amp;lt;/p&amp;gt;"></div> China, where the first case of Coronavirus was reported on 31 January 2019, saw a decline of nearly 60% from normal levels. <div type="image" title="chinagif" msid="75074380" hostid="261" caption="&amp;lt;p&amp;gt;Drop in commercial air traffic over China&amp;lt;/p&amp;gt;"></div> Coronavirus and its impact on Indian aviation sector Indian aviation industry is the fourth largest in the world. It provides employment to around 8 million people in the country and contributes around $72 billion to India’s GDP. Furthermore, it is also a considerable contributor to the tourism industry, which accounts for nearly 9.2% of India’s GDP. The ban on international and domestic flights will hurt the states of Maharashtra and Kerala the most according to KMPG’s report of Covid-19’s impact on the Indian economy. The overall threat is greater than what it was during the global financial crisis of 2008 or the 9/11 attack on the World Trade Centre. It’s not just airlines that have to worry but other stakeholders like airports, ground handlers, cargo operators, fuel suppliers and more. The revenue loss could be as massive at $252 billion in the financial year of 2021 as per International Air Transport Association’s (IATA) estimates. However, IATA also notes that recovery may be possible on the basis of India’s strong domestic industry provided the pandemic is brought under control. KMPG recommends that the Indian government should treat all tourism entities, which includes aviation, as a priority sector for lending. The credit allowance to airlines should be increased and ventures in distress should receive funding from the government. In the short run, as the world waits of the pandemic to play itself out, the government should incentivise airport operators to defer lease rentals and, in turn, should also get relief on revenue share that’s payable for at least the next 12 months — or until air travel volumes return to pre-Coronavirus levels. Additional support for regional carriers can be carved from the Regional Connectivity Fund (RCF) for at least the next six months. See also:

Before and after pictures show how the Coronavirus travel ban brought airlines to a grinding halt since March

<div class="KonaFilter image-container display-table lead-image-large"><div><div class="image on-image"><a href="https://www.flickr.com/photos/innovationlab/7157075463/">Flickr/innovationlab</a>Even Amazon is retraining its staff.</div></div></div><ul class="summary-list"><li>Companies like <a href="https://www.businessinsider.com/category/amazon">Amazon</a> and <a href="https://www.businessinsider.com/category/accenture">Accenture</a> are spending billions on employee retraining programs.</li><li>The goal is to equip their staff with the skills necessary in the workplace of the future.</li><li>What's more, the the US economy is at full employment, meaning it's hard for employers to find new people to hire.</li><li>Retraining is an overall positive development for the workforce. Employers maintain their competitive edge and employees stay relevant.</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories.</a></li></ul>US employers want smart, quick-learning workers to help them navigate the digital workplace.Unfortunately for them, no one's available for hire.Many economists say that the national economy is at <a href="https://www.marketwatch.com/story/feds-kaplan-says-inflation-likely-to-stay-low-even-though-economy-near-full-employment-2019-07-16">full employment</a> (former Federal Reserve chair <a href="https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20171213.pdf">Janet Yellen said</a> the US was "in the vicinity" in December 2017), meaning almost everyone who wants a job already has one.Faced with this dearth of job candidates, companies are instead investing in the employees they've got. Organizations from <a href="https://www.businessinsider.com/amazon-retraining-workforce-half-of-americans-will-need-to-soon-2019-7">Amazon</a> to <a href="https://www.businessinsider.com/training-employees-on-new-skills-and-technology-what-accenture-learned-2019-1">Accenture</a> are funneling billions into programs that outfit their staff with the skills that will be necessary in the workplace of the future.The timing is increasingly urgent: <a href="https://www.businessinsider.com/technology-organizational-growth-ceo-survey-kpmg-2019-6">2019 KMPG research</a> has found that 68% of US CEOs think their companies will go bankrupt if they move too slowly. In 2018, just 14% said the same.Read more: <a href="https://www.businessinsider.com/ability-to-learn-top-skill-job-seekers-2019-4">Experts say 'learnability' is the most important skill you'll need to stay relevant at your job. Here's what it is, and how to tell if you have it</a><h2>Companies are spending money on retraining upfront to boost their long-term bottom line</h2><a href="https://www.businessinsider.com/retraining-workers-could-be-a-new-frontier-for-the-future-of-work-2019-4">Retraining</a> doesn't look the same at every company. But the common overarching goal - at least from the company's perspective - is to prepare workers for digital transformations, thereby making sure the organization doesn't fade into obsolescence. KPMG chief culture officer Claudia Saran <a href="https://www.businessinsider.com/technology-organizational-growth-ceo-survey-kpmg-2019-6">previously told</a> Business Insider about how reskilling employees amounts to "updating" people the same way you'd update technology.Amazon, for example, recently announced that it would spend $700 million over roughly six years to retrain one-third of its US workforce. According to <a href="https://www.wsj.com/articles/amazon-to-retrain-a-third-of-its-u-s-workforce-11562841120?mod=hp_lead_pos5">The Wall Street Journal's Chip Cutter</a>, retraining will help employees transition into more advanced roles at Amazon or elsewhere. Employees are neither obligated to participate nor to stay at Amazon afterward.As part of Amazon's retraining program, <a href="https://www.wsj.com/articles/amazon-to-retrain-a-third-of-its-u-s-workforce-11562841120?mod=hp_lead_pos5">Cutter reports</a>, nontechnical corporate workers can become software engineers, while some current software engineers can take graduate-level machine-learning classes.Meanwhile, <a href="https://www.businessinsider.com/training-employees-on-new-skills-and-technology-what-accenture-learned-2019-1">Accenture has said</a> it spends nearly $1 billion annually in training and has "reskilled" nearly 300,000 employees. The company also introduced a tool called "Job Buddy" that advises employees on which skills to pick up if they don't want to lose their role to automation.Other companies are following suit. Earlier this year, <a href="https://learning.linkedin.com/content/dam/me/business/en-us/amp/learning-solutions/images/workplace-learning-report-2019/pdf/workplace-learning-report-2019.pdf">LinkedIn surveyed</a> more than 1,200 learning and development experts across the globe and found 43% expect to increase their current budget for employee learning and development in 2019. Last year, 35% said the same.<h2>Full employment isn't the only factor behind retraining trends</h2>This trend is likely a result of a confluence of factors, including but not limited to full employment.Some important ones are listed below:1. It's hard to find new talent.Economists use the term "<a href="https://www.bloomberg.com/quicktake/full-employment">full employment</a>" to indicate when unemployment has reached the lowest possible level that won't cause inflation. In June 2019, the <a href="https://markets.businessinsider.com/news/stocks/jobs-report-payrolls-and-wages-in-june-2019-7-1028332289">unemployment rate</a> was 3.7%, which is a near-record low. (Still, <a href="https://www.npr.org/sections/money/2019/07/02/737790095/are-we-even-close-to-full-employment">some economists disagree</a> that the US has reached full employment because even people who have jobs might not have good ones.)Guy Berger, principal economist at LinkedIn, told Business Insider that employers have historically invested heavily in their employees' professional development. But in the last few years, unemployment rates have been higher, and companies have had their pick of new hires. In other words, companies haven't felt the same kind of pressure to make sure their current workforce is up to snuff.Read more: <a href="https://www.businessinsider.com/interview-questions-professional-growth-opportunities-2019-2">An HR exec says she gets excited every time a job candidate asks her a simple question about learning on the job</a>2. Retraining can be more practical than the alternatives.Retraining can be cheaper than firing and hiring, said <a href="https://ericakeswin.com/">Erica Keswin</a>, a workplace strategist and the author of "<a href="https://www.amazon.com/Bring-Your-Human-Work-Workplace-ebook/dp/B079ZSGLPY">Bring Your Human to Work</a>." Indeed, <a href="https://www.glassdoor.com/employers/blog/calculate-cost-per-hire/?utm_source=referral&amp;utm_medium=FastCo">according to Glassdoor</a>, the average US employer spends roughly $4,000 to hire a new employee. (That number covers internal and external recruiting costs.)Constant turnover can also negatively affect morale, said Jaime Klein, CEO of the HR consultancy <a href="https://inspirehumanresources.com/">Inspire Human Resources</a>. Research described in the <a href="https://hbr.org/2018/05/layoffs-that-dont-break-your-company">Harvard Business Review</a> found that downsizing a workforce by 1% leads to a 31% increase in voluntary turnover the next year. And after a layoff, <a href="https://pdfs.semanticscholar.org/2a5f/ea74ecc95113adf0385104adcb18a8c0333c.pdf">remaining employees experience</a> a 20% decrease in job performance.Klein shared an example of how retraining for technological skills can be more feasible than overhauling your workforce. HR leaders who earned advanced degrees a decade ago probably didn't learn about digital coaching. Why not simply put them through a class on that topic instead of cutting their positions and losing their expertise?3. Workers are retiring later.According to a 2018 <a href="https://news.gallup.com/poll/234302/snapshot-americans-project-average-retirement-age.aspx">Gallup poll</a>, Americans say they will retire at age 66, on average, compared to age 60 in the 1990s.When she works with companies whose employees are sticking around longer than expected, Klein often recommends "upskilling." These experienced employees are often bastions of institutional knowledge, and organizations shouldn't be so quick to get rid of them."If they're a good human being and they're a great culture fit," Klein said, "retain them!" Through retraining programs, you can give them "the same skills that you would get from someone who was right out of undergrad."Read more: <a href="https://www.businessinsider.com/more-jobs-created-globally-automation-manpower-report-2019-2">There's a chance that automation won't mean fewer jobs across the board - in fact, it could mean more</a><h2>Employees know retraining programs can work to their benefit</h2>From the employees' perspective, retraining programs are a plus. Instead of having to pay for a new data-science degree or spend evenings learning to code, their employers are paying for them to learn these skills during the workday. Klein said she's seen companies create their own tech "boot camps" by bringing instructors into the office.And preliminary evidence suggests employees are on board. <a href="https://markets.businessinsider.com/news/stocks/70-of-employees-are-likely-to-participate-in-job-retraining-if-offered-suggesting-that-companies-can-benefit-from-providing-retraining-1028338561">A survey</a> by the research firm Clutch found that 70% of employees say they're likely to participate in an employer-provided job retraining program. That makes sense, since <a href="https://news.gallup.com/businessjournal/197234/millennials-job-hopping-inevitable.aspx?utm_source=alert&amp;utm_medium=email&amp;utm_content=morelink&amp;utm_campaign=syndication">millennials say</a> they place a high value on professional development.Even if employers have their own bottom line in mind, retraining will give their employees a career boost as well."The fact is the labor market being tight is forcing their hand," Berger, the LinkedIn economist, said of US employers. "It's a shame that we waited so long, but it's good that it's happening."<a href="https://www.businessinsider.com/intelligence/40-big-tech-predictions-for-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=amazon&amp;itm_campaign=40-big-tech-predictions-for-2019"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/ray-dalio-on-bridgewater-succession-planning-strategy-2019-7">Ray Dalio shares what he's learned from his succession plan at the world's largest hedge fund</a></h3> <div> </div> </div>

These are the 2 job trends pushing companies like Amazon to spend billions updating workers like you'd update technology

<div class="KonaFilter image-container display-table float_right"><div><div class="image">Kovert DesignsVinaya founder Kate Unsworth.</div></div></div>Britain has created 45,000 technology companies in the last five years, equivalent to one every hour, according to a KPMG report.The latest Tech Monitor <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> Survey, which is carried out by KMPG in conjunction with financial information provider Markit, shows that the number of tech-related businesses in Britain's private sector has risen by 31% since 2010.By contrast, the total number of UK manufacturing enterprises has risen by only +2.2% since 2010, while for construction the figure stands at +3.7%, the number of retailers has increased by +2.2%.Many of the UK's technology companies are being founded in London, with particular clustering happening around East London's Shoreditch are, which is home to wearable technology firm Vinaya, money transfer service TransferWise and mobile gaming company Mind Candy, amongst others.While London has the largest number of tech firms, all regions of the UK have experienced growth, with 63 of the UK's 326 local authorities experiencing over 10% growth in the number of tech businesses they're home to. This is likely to please the government and the Tech City UK organisation that is looking to replicate London's success across the rest of the UK. Despite an overall increase in new business levels, the survey indicated a slight deterioration in profitability across the sector. Survey respondents said competitive pressures and the need to offer price discounts to secure new work had weighed on profitability in Q3 2015. In some cases, tech firms noted that higher salary costs had also contributed to pressure on operating margins."It is important for the UK to have a strong Tech sector and it is therefore hugely encouraging to see that not only has the UK Tech sector delivered six years of continued growth, but that this has happened throughout the country with some 63 local authorities experiencing double digit growth in the last year alone," said Tudor Aw, partner and head of KPMG's Technology Sector."We are also seeing increased specialisation within local technology clusters such as Biotech in South Cambridgeshire, AutoTech in the West Midlands and FinTech in London. This creation of tech centres of excellence will create a virtuous circle of attracting global investment and acting as a magnet to the best tech talent." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/saudi-arabias-makes-worlds-tallest-building-jeddah-tower-2015-12">Saudi Arabia is building the world's tallest building - nearly twice the height of One World Trade Center</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="hpMzk5eTqH8pMBYUZmkTsINysHQBeDL0" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

KPMG says a new tech company is born in Britain every hour

<table class="image-container float_right" width="200"><tr><td><div class="image"></div><a href="http://www.flickr.com/photos/halfchinese/139499559/sizes/m/in/photostream/">Flickr</a>This is not Brian Shaw.</td></tr></table>A jeweler and diamond broker has apologized for trading on former KMPG partner Scott London's stock tips. 
Los Angeles-area resident Bryan Shaw has issued a statement saying he's cooperating with multiple federal investigators. 
<a href="http://www.bloomberg.com/news/2013-04-11/trader-who-received-tips-from-kpmg-partner-issues-apology.html">Bloomberg's Edvard Pettersson</a> has Shaw's statement, via his lawyer:
During 2010 through 2012, I received non-public information from Scott London about a number of companies and then profited substantially from stock trades based upon that information. I cannot begin to apologize for my incredibly stupid actions...Over the past several months, I have fully cooperated with the FBI, the SEC, and the U.S. Department of Justice in their ongoing investigation of this matter. I expect that my actions will result in significant civil and criminal consequences, but I realize that this is the painful price I will pay for my transgressions.
Multiple sources report Shaw is a partner at Shaw Diamond Co. of Encino, Calif.

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