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During the coronavirus pandemic, offices around the world had to alter their way of working and make work from home the norm to keep people safe. For two years, almost all companies in the world offered <keyword id="20665553" type="General" weightage="20" keywordseo="remote-work" source="keywords">remote work</keyword> and there were reports that this would become the future of working. Employees enjoyed the new flexibility and realised how remote work can help them balance work and life with ease. However, contrary to what was perceived, companies began calling employees <keyword id="9081434" type="General" weightage="100" keywordseo="back-to-office" source="Orion">back to office</keyword> as soon as it was safe. <h2><keyword id="20122085" type="General" weightage="20" keywordseo="CEOs" source="keywords">CEOs</keyword> want employees back in offices </h2> In the last few months, there have been ample studies that show how employees are more productive while working from home or in a hybrid setup where they are required to come to office for 2-3 days in a week. Yet, companies are adamant on calling their employees back to offices. For instance, Amazon recently ordered its employees to return to office for five days a week, putting an end to remote work forever. Now, a new study by <keyword id="19896405" type="General" weightage="20" keywordseo="KPMG" source="keywords" meta.keywordsubtype="org" meta.entityname="KPMG" meta.hostid="261" meta.entityid="KPMG">KPMG</keyword> has revealed that majority of Indian CEOs are ready to incentivise employees who work from the office, marking a shift towards a more traditional work model post-pandemic. According to the KPMG 2024 India CEO Outlook, 91 percent of Indian CEOs are considering linking rewards, such as promotions and pay raises, to <keyword id="21386806" type="General" weightage="20" keywordseo="office-attendance" source="keywords">office attendance</keyword>. This figure is slightly higher than the global average of 87 percent, indicating a stronger push in India to encourage in-person work. The report, based on responses from 125 Indian CEOs, highlights a growing belief that office-based work fosters better collaboration, innovation, and productivity. As many as 78% of Indian CEOs expect their entire workforce to return to the office within the next three years, a trend mirrored globally, though at a slightly higher rate of 83%. <keyword id="20142903" type="General" weightage="20" keywordseo="Indian-companies" source="keywords">Indian companies</keyword> are increasingly focused on improving their employee value proposition—the set of benefits and incentives offered to employees. CEOs are prioritising a supportive and engaging office environment as key to attracting and retaining top talent. By linking rewards to in-office work, companies aim to align employee satisfaction with long-term growth objectives. <h2>Understanding what employees want </h2> Sunit Sinha, Partner and Head of Human Capital Advisory Solutions at KPMG in India, pointed out that in the post-COVID-19 era, it is crucial for businesses to understand the evolving preferences of employees. As workers reconsider their options, businesses need to adapt to remain competitive in the talent market. Sinha said that companies must use data to address employee needs, saying, “The power to shape the future of talent lies in staying informed and adapting proactively.” In addition to in-office incentives, the KPMG report also talked about the increasing role of technology, particularly generative AI, in workforce development. Half of the CEOs surveyed are prioritising the enhancement of workforce skills alongside their investment in AI. Indian CEOs believe generative AI can help develop diverse skills and prepare their teams for a future where technology plays a central role in operations. However, while CEOs are optimistic about the potential of AI, they also expressed concern over the lack of regulations governing the technology. Seventy-seven percent of Indian CEOs are apprehensive about the pace of AI regulation, higher than the global average of 69%. Despite these concerns, Indian business leaders remain confident in AI’s ability to enhance organisational performance and secure a competitive edge.

91 percent Indian CEOs want to reward employees who work from offices, majority expect to end remote work in three years

<ul><li>In <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, 58% of CEOs compared to 57% CEOs globally agree that ethical challenges are a significant obstacle to adopting generative AI within their organisations, while 56% CEOs in India compared to 55% CEOs globally cite implementation cost as a major barrier.</li><li>Over 89% CEOs in India compared to 87% CEOs globally are likely to reward employees who try to come to office with raises, promotions, and favourable assignments.</li><li>Geopolitical risk was not even a top concern last year and is now the biggest issue for CEOs across the globe. </li></ul>Heavy is the head, they say, that wears the crown. Leadership is the flipside of challenges. One would have thought that the challenges that pandemic brought would make any challenge look like a cake walk. But the era of challenges is not over for corporate captains. According to <keyword id="50041" type="General" weightage="50" keywordseo="kpmg" source="Orion">KPMG</keyword>’s CEO survey, broader political uncertainty and geopolitical tensions are now the greatest risk to business growth. Other thorns in their flesh also include bringing employees back to office and deploying AI across their organisations. KPMG’s survey is based on inputs given by 1,300 CEOs of the world’s largest businesses, of which 125 CEOs were from India. It is not just geopolitics or political instability that gives sleepless nights to industry leaders. From disruptive technologies to bringing employees back to work, CEOs have their task cut out as we leave the pandemic era behind us. Emerging/disruptive technology is a primary risk and one of the greatest threats to organisational growth for CEOs in India as well as globally. CEOs in India and globally are prioritising investments in generative AI as a key competitive advantage for the future, with 66% of CEOs in India compared to and 70% of CEOs globally considering it as a top investment priority for their organisation. For those employees hoping that work from home is here to stay, please beware that company bosses want people to come back. Over 89% CEOs in India compared to 87% CEOs globally are likely to reward employees who try to come to office with raises, promotions, and favourable assignments. Apart from talent and geopolitical risks, CEOs also worry about new disruptive technologies like GenAI. In India, 58% of CEOs compared to 57% CEOs globally agree that ethical challenges are a significant obstacle to adopting generative AI within their organisations, while 56% CEOs in India compared to 55% CEOs globally cite implementation cost as a major barrier. The KPMG 2023 <keyword id="3630354" type="General" weightage="20" keywordseo="india-ceo-outlook" source="Orion">India CEO Outlook</keyword> shows geopolitics and political uncertainty have become the leading perceived risk this year for senior executives – concerns that didn’t even make the top three of the five risks in 2022. That said, the confidence of CEOs in India in terms of growth prospects for the global economy over the next three years has considerably increased to 69% in 2023 from 57% in 2022, demonstrating optimism and a strong resilience towards a long-term growth trajectory. The level of confidence of CEOs in India in their own company’s growth prospects too has remained mostly unchanged from the past year (71% in 2023 compared to 72% in 2022), contrary to the declining confidence of CEOs globally (77% in 2023 compared to 85% in 2022), indicating their resilience in weathering the storms of uncertainty. Even though CEOs in India see a slight decline in growth prospects for the country in 2023 from 2022 levels, they exhibit enough resilience to recover in the short-term. However, the volatile nature of geopolitics and trade patterns, combined with rising interest rates and monetary tightening could act as a headwind for companies. Interestingly, only a small fraction of CEOs in India compared to their global counterparts share this viewpoint, which reflects positively on India. “CEOs in India are facing challenges and obstacles to growth on multiple fronts – from geopolitical uncertainty and politicisation to increased stakeholder expectations in the ESG space and the adoption of generative AI. Even though leaders in India are having to deal with macroeconomic and geopolitical challenges right now, they are positive on the growth prospects of the global economy as well as their organisation, which is very reassuring. There’s general optimism that we can, in time, gradually return to long-term sustainable growth,” said <keyword id="272444" type="General" weightage="50" keywordseo="yezdi-nagporewalla" source="Orion">Yezdi Nagporewalla</keyword>, Chief Executive Officer, KPMG in India. “Today, the opportunity to move towards a fair, equitable and successful planet is huge and leaders should look to make the most of it.The key to success would hinge on steadfast focus on seeing the bigger picture, strategic planning, and determination to tackle the challenges in the short-term with agility,” added <keyword id="12419296" type="General" weightage="50" keywordseo="nagporewalla" source="Orion">Nagporewalla</keyword>.

Nine in ten Indian CEOs likely to reward back-to-office employees with raises, promotions & more

Counted as it is among the world’s fastest growing economies, an unfathomable amount of money flows in and out of the Indian economic system. But there are cracks in said system, and ever so often, a fraudulent mastermind uses them to slip some cash out for their advantage. From <keyword id="19964851" type="General" weightage="20" keywordseo="ponzi" source="keywords">Ponzi</keyword> schemes to bank frauds, the Indian government and investors have fallen victim to many financial scandals — some of which were so sordid that they can be recounted like they happened yesterday. Here’s a rundown of the most infamous scams in Indian financial history: <h2><keyword id="20713434" type="General" weightage="20" keywordseo="harshad-mehta" source="keywords">Harshad Mehta</keyword> Scam (1992) – ₹4,000 Crore </h2>Perhaps the most iconic of all Indian financial scams, Harshad Mehta was known as the "Big Bull" of the stock market. He manipulated stock prices using illegal loopholes in the banking system. By obtaining unsecured loans from banks and investing them in the stock market, Mehta artificially inflated stock prices. His bubble burst when banks demanded their money back, revealing the massive fraud. This scandal led to a major reform in India's financial markets. Mehta died in jail before full legal accountability was reached, but the scam caused a significant loss to investors and led to tighter regulation in the Indian stock market. <h2><keyword id="23122396" type="General" weightage="20" keywordseo="satyam-scam" source="keywords">Satyam Scam</keyword> (2009) – ₹14,000 Crore </h2>Dubbed as India’s Enron, the Satyam scandal involved its founder, <keyword id="23122397" type="General" weightage="20" keywordseo="ramalinga-raju" source="keywords">Ramalinga Raju</keyword>, admitting to falsifying the company's accounts to the tune of ₹14,000 crore. Satyam Computer Services, once considered a blue-chip company, was found guilty of inflating profits and revenues. Raju admitted to the scam after a failed attempt to buy two Maytas firms owned by his family. This case brought corporate governance issues in India to the forefront. Raju was convicted, but the legal processes have allowed him temporary freedom through bail. But this incident called for improved transparency and stricter corporate governance norms. <h2>Punjab National Bank Scam (2018) – ₹13,700 Crore </h2>Diamond merchant Nirav Modi and his uncle Mehul Choksi orchestrated one of the largest frauds in Indian banking history by obtaining fraudulent Letters of Undertaking (LoUs) from Punjab National Bank (PNB). These LoUs allowed them to obtain loans from foreign branches of Indian banks without providing any collateral. The scam involved over ₹13,700 crore, and Modi fled the country, causing significant reputational damage to India’s banking sector. Nirav Modi’s extradition is still pending, and Mehul Choksi remains out of India’s legal jurisdiction. The scam, however, resulted in strengthened banking regulations regarding LoUs and SWIFT transactions. <h2><keyword id="23122399" type="General" weightage="20" keywordseo="vijay-mallya-scam" source="keywords">Vijay Mallya Scam</keyword> (2016) – ₹9,000 Crore</h2>The "King of Good Times" was living large while his airline, Kingfisher, was drowning in debt. Vijay Mallya allegedly defaulted on loans amounting to ₹9,000 crore from various banks. He fled to the UK in 2016, leaving creditors, employees, and stakeholders in financial distress. His lavish lifestyle amidst the collapse of his airline made this scandal a high-profile case. Mallya’s extradition process is ongoing, but he remains out of reach of Indian authorities. The main impact was enhanced scrutiny of loan defaults and triggered legal reforms on extradition. <h2>Saradha Chit Fund Scam (2013) – ₹2,500 Crore </h2>The Saradha Group, operating a ponzi scheme disguised as a chit fund, promised unrealistically high returns to its investors, mostly in West Bengal and Odisha. The scam collapsed, leaving over 1.7 million people, many of whom were low-income investors, without their life savings. Politicians and celebrities were also implicated in the case. While Sudipta Sen is behind bars, not all the accomplices have been held accountable. But this Ponzi scheme resulted in reform of chit funds and greater regulatory oversight on such investment schemes. <div type="Article" hostid="261" msid="112337071" title="Noida woman invests in stock market via an app, loses over Rs 69 lakh as it turns out to be a scam" mstype="2" mssubtype="0"></div> <h2><keyword id="6560832" type="General" weightage="20" keywordseo="2g-spectrum-scam" source="Orion">2G Spectrum Scam</keyword> (2008) – ₹1,76,000 Crore </h2>The 2G spectrum allocation scandal involved the underpricing of telecom licences to select companies in exchange for bribes. Telecom minister A. Raja was at the centre of this controversy, which allegedly caused a loss of ₹1.76 lakh crore to the exchequer. The case was seen as a massive blow to public trust in India’s telecom sector and led to significant political fallout. Sadly, all key figures involved were acquitted despite the Supreme Court’s intervention and cancellation of 122 telecom licences. <h2><keyword id="455134" type="General" weightage="20" keywordseo="coal-allocation-scam" source="Orion">Coal Allocation Scam</keyword> (Coalgate) (2012) – ₹1,86,000 Crore </h2>The coal allocation scam, or "Coalgate," involved the illegal allocation of coal blocks to private companies between 2004 and 2009. The CAG of India estimated a loss of ₹1.86 lakh crore to the exchequer due to non-competitive bidding. Many high-profile politicians and industrialists were implicated, making this one of the largest political scandals in India. While some officials faced legal consequences, many key players were not prosecuted. But it did trigger policy reforms in the allocation of natural resources. <h2>DHFL Scam (2019) – ₹34,615 Crore </h2>Dewan Housing Finance Corporation Limited (DHFL) was accused of syphoning off over ₹34,000 crore through a series of shell companies and fraudulent loans. Investigations revealed that the promoters used these funds for personal enrichment and illegal political donations. The case came to light after an investigation by investigative journalists and was later confirmed by a report from KPMG. The case is ongoing, and the main accused are in custody. For now, regulations governing non-banking financial companies (NBFCs) have been strengthened. <h2>Yes Bank Crisis (2020) – ₹3,788 Crore </h2>Yes Bank, under its founder <keyword id="19899935" type="General" weightage="20" keywordseo="rana-kapoor" source="keywords">Rana Kapoor</keyword>, was involved in questionable lending practices. The bank made high-risk loans to companies already in financial trouble, which eventually turned into non-performing assets (NPAs). Kapoor was arrested, and the Reserve Bank of India had to step in to stabilise the bank. The case highlighted serious lapses in corporate governance and risk management. As of now, Rana Kapoor is facing trial, and legal proceedings are active. The RBI has also introduced new measures to monitor the health of banks more rigorously. <h2>Commonwealth Games Scam (2010) – ₹70,000 Crore </h2>The 2010 Commonwealth Games held in New Delhi were overshadowed by corruption allegations involving inflated contracts and kickbacks. <keyword id="23122398" type="General" weightage="20" keywordseo="suresh-kalmadi" source="keywords">Suresh Kalmadi</keyword>, the head of the organising committee, was arrested for awarding contracts at exorbitant rates. The estimated loss to the exchequer was around ₹70,000 crore. This scam tarnished India’s image on the global stage. Kalmadi was arrested but the case has not resulted in major convictions or recoveries, except for stricter oversight on large public projects and international event planning. These scams not only caused financial damage but also eroded public trust in India’s institutions. In response, India has tightened regulatory frameworks, improved corporate governance, and adopted stricter banking standards, although challenges persist in tackling large-scale fraud. <div type="Article" hostid="261" msid="112896255" title="I was scammed out of $300K in a 3-month-long government impersonation scam" mstype="2" mssubtype="0"></div>

10 financial scams that shook India: A dive into deception

<ul><li>VC investments in India softened in the first quarter of 2023 but expected to pick up in the latter half of 2023 says a KPMG report. </li><li>This quarter, VC investors were inclined to make smaller investments in startups with more reliable valuations. </li><li>In Q1 2023, VC investment in Asia declined significantly, dropping from $25.5 billion in Q4 2022 to just $13.5 billion.</li></ul>VC investment in India has softened in the January-March quarter of 2023 as investors were picky and scrutinized potential deals more intensely, says a Venture Pulse report by KPMG. VC investments went down to $2.1 billion in the quarter, down by 77% as compared to the same quarter last year when VCs poured in $9.1 billion into the market. “Despite the current slowdown in VC funding, macro factors in India remained relatively strong compared to other jurisdictions, which is driving optimism that the country will see a bounce back in VC investment in the later half of 2023,” said the report. The FOMO effect VC investments in Q1 of 2023 hit a 11-quarter low, as VC investments were at $2.1 billion last in the second quarter of 2020 – right when the lockdowns had started. Soon after however came a boom time. KPMG says that Fear of Missing Out or FOMO drove a lot of VC investment in India in 2021 and early 2022. However, without the FOMO effect is now gone and VCs enhanced their focus on startup performance and profitability. “The biggest change in India is that the euphoria for deals has died down. The FOMO has gone. The big ticket deals have also dried up, which has had an outsized impact on our total investment numbers,” says Nitish Poddar, partner and national leader, PE KPMG in India. Fintech was still a major area of investment, with large deals such as PhonePe, NoBroker, KreditBee, and Insurance Dekho. Agtech and gaming also saw increased interest. However, edtech interest declined in Q1 2023 after a period of high enthusiasm. “But despite the visible decline, it’s important to know that a lot is still happening in India. The macros here are still very good. We’re still seeing a lot of funding in pre-series A deals. And we’re still seeing a lot of new micro funds being raised in the country — funds under $100 million with check sizes from $1–5 million,” says Poddar. VC investments in Asia decline, Down rounds go up In Q1 2023, VC investment in Asia declined significantly, dropping from $25.5 billion in Q4 2022 to just $13.5 billion. This was the lowest quarter for VC investment in the region since Q2 2015, with several factors contributing to the decline. In China, a surge in Covid-19 cases impacted VC activity prior to the New Year holidays. Hong Kong was affected by rising interest rates and a slowdown in IPO activity, while India experienced investors becoming more selective with their investments. Japan was the only country in the region to see an increase in investment during Q1 2023, but the total was still far lower than Q1 2022. The data also shows that down rounds (when the pre-money valuation of a fundraising round is lower than the post-money valuation of the round previous) has gone up significantly in 2023 as compared to the last year, the report reveals. In Q1 2023, the global VC investment trend showed a decline in each quarter following its peak of over $200 billion in Q1 2022. By Q1 2023, the total VC investment worldwide had dropped significantly, falling well below $60 billion. The uncertain global market, which is impacted by factors such as rising interest rates, domestic and geopolitical challenges, economic concerns, and the war in Ukraine, meant that no region was immune to the changing market conditions. This resulted in investors becoming increasingly cautious and risk-averse, leading to a reduction in VC investment activity.

FOMO out, scrutiny in: VC investments fall 77% in Q1 2023 says KPMG

The bell curve appraisal system, junked by many big organisations including consultancy firm <keyword id="50041" type="General" weightage="100" keywordseo="kpmg" source="Orion">KPMG</keyword> is being proposed to be implemented in General Insurance Corporation of India (<keyword id="1031743" type="General" weightage="80" keywordseo="gic-re" source="Orion">GIC Re</keyword>), the company unions said. They also wondered as to how the bell curve appraisal system would be good for GIC Re when its own <keyword id="17182" type="General" weightage="20" keywordseo="CONSULTANT" source="Orion">consultant</keyword> - KPMG - was not in favour of it. "The bell curve appraisal system that has already been defunct in many organisations is being proposed to be implemented in GIC Re very soon at the cost of Rs 4 crore approx," five unions of the national reinsurer have told their management. Citing various news reports, the five GIC Re unions, in a letter to the Board of Directors and its Chairman and Managing Director <keyword id="1089020" type="General" weightage="50" keywordseo="devesh-srivastava" source="Orion">Devesh Srivastava</keyword>, listed names of several big companies that have scrapped the bell curve appraisal system. "The most surprising part is that even our KPI (key performance indicator) consultant, KPMG has also scrapped the aforesaid appraisal system as it was toxic for the work environment," the letter notes. "While removing this mode of appraisal, KPMG stated that 'We want to encourage a collaborative work culture and take away the internal competition between employees, thus encouraging qualitative discussions on performance'. The bell curve, the way it is understood and implemented, is wrong sometimes, making it a forced normalisation and forces rating. It cannot be a rigid curve. It could be a steep curve, flat curve depending on the business performance," the GIC Re unions said. The GIC Re is the national reinsurer with about 470 employees. In an earlier letter, the five unions had said if KPMG's recommendations are implemented, the work-life balance of employees will be adversely affected. "KPMG has proposed a phone application which will be installed in every employee's handset which will inform one's performance 24/7, thus further deteriorating work life balance," the unions had told the GIC Re management. "We also demanded the consultant's preliminary report with SWOT analysis and final pre-implementation report which has not been provided till date," the letter written by the unions notes. "Be it known to all that the recent transfers, re-transfers and retro transfers fiasco and the various departments which have mushroomed overnight were based on KPMG's report which is not even approved by the management nor has our board's sanctity. Hence, it does not adhere to the current transfer policy. This is akin to clinical trials," the earlier letter added. According to the unions, quality parameters are totally ignored, and all the employees will be judged on quantity and what the phone app reflects. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rupee-rises-28-paise-to-79-25-against-us-dollar-in-early-trade/articleshow/94168701.cms">Rupee rises 28 paise to 79.25 against US dollar in early trade</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/tata-memorial-centre-doctors-from-11-institutes-develop-low-cost-clinical-intervention-for-cancer-treatment/articleshow/94168749.cms">Tata Memorial Centre, doctors from 11 institutes develop low-cost clinical intervention for cancer treatment</a>

GIC Re unions question the bell curve appraisal system that was junked by its consultant, KPMG

Accounting firm EY has called off its plan called 'Project Everest' to break up its auditing and consulting units, <keyword id="60684" type="General" weightage="80" keywordseo="bbc" source="Orion">BBC</keyword> reported. The firm, formally known as Ernst &amp; Young, announced they were "stopping work on the project" because its US arm decided not to move forward, BBC reported. The Big Four - Deloitte, EY, <keyword id="50041" type="General" weightage="50" keywordseo="kpmg" source="Orion">KPMG</keyword> and PwC - dominate the global accounting market share. The plan came as regulators called for major industry reforms over conflict of interest and poor working practices, BBC reported. Had the deal gone through, it would have been the biggest shake-up in the accounting industry for more than two decades. Officials initially flagged concerns that the audit arm of the company could not do a fair job for its client who also used its consultancy services. EY's announcement ends a yearlong battle to build internal support to split the units. "We acknowledge the challenges with separating some of our businesses that have the deepest technical expertise in a way that gives both organisations the capabilities they need to compete in the market effectively," according to an internal note seen by the BBC. "We also recognise that we need more time to make the necessary investments to prepare the businesses for a separation." The project cost the Big Four more than $100m (£80.3m) according to the <keyword id="6384660" type="General" weightage="50" keywordseo="wall-street-journal" source="Orion">Wall Street Journal</keyword>. Earlier this month, Germany's accounting watchdog fined and banned EY for its handling of Wirecard's audits, the insolvent electronic payment processor. It owes creditors almost $4bn after admitting a 1.9 never existed on its books as part of a global fraud operation. The ban forbids EY from conducting audits on certain companies for two years, BBC reported. In 2021, the UK regulators called to reduce the dominance of the Big Four after high-profile accounting failures such as Carillion and British Home Stores (BHS). PwC, the US retail chain's former auditor, was fined a record $8m after signing off accounts the industry watchdog, the Financial Reporting Council (FRC), called "incomplete, inaccurate and misleading" in its report into the aftermath of the collapse, BBC reported. In the US last year, the <keyword id="106012" type="General" weightage="50" keywordseo="securities-and-exchange-commission" source="Orion">Securities and Exchange Commission</keyword> (<keyword id="6362470" type="General" weightage="50" keywordseo="sec" source="Orion">SEC</keyword>) charged EY $100m, the largest penalty ever against an audit firm for its employees cheating on their CPA ethics exams and misleading their investigation. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/retail-investors-increase-stakes-in-all-adani-stocks-after-hindenburg-report/articleshow/99429000.cms">Retail investors ‘buy the dip’ in all ten Adani group stocks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/the-life-and-times-of-keshub-mahindra-indias-oldest-billionaire/slidelist/99428483.cms">Keshub Mahindra saw the birth of India’s automotive industry. Here’s his story</a>

Accounting firm EY calls off plan to break up auditing & consulting units

Global consulting firm <keyword id="50041" type="General" weightage="100" keywordseo="kpmg" source="Orion">KPMG</keyword> is laying off 2 per cent of its workforce that will impact about 700 employees in the US, owing to a "sharp slowdown in its consulting business". According to The <keyword id="35662" type="General" weightage="50" keywordseo="financial-times" source="Orion">Financial Times</keyword>, KPMG has become the first of the Big Four accountancy firms to reduce jobs amid global macroeconomic conditions. The job cuts, according to <keyword id="16550471" type="General" weightage="50" keywordseo="carl-carande" source="Orion">Carl Carande</keyword>, vice-chair of KPMG's US advisory business, were needed to "better align our workforce with current and anticipated demand in the market". According to the report, like the other Big Four firms (EY, Deloitte, and PwC), KPMG has also been struggling with the collapse in merger and acquisition activity, which has hit its deal advisory business. "We continue to have more people than needed to meet current demand," Carande wrote in an internal memo. "The reductions are spread across the US and across the consulting business, but do not include any partners," said the report. The Big Four financial accounting firms went on a hiring spree in the wake of the pandemic, as demand for IT consulting and deal advisory work had surged. Last month, global investment firm <keyword id="6361649" type="General" weightage="50" keywordseo="goldman-sachs" source="Orion">Goldman Sachs</keyword> fired more than 3,000 employees in disguise of business meetings as early as 7.30 a.m. and the meetings with senior managers were put on Google calendar under "false pretenses", according to media reports. The layoffs at the global financial services also hit Indian workers hard and some of the impacted IITians and <keyword id="19478" type="General" weightage="50" keywordseo="iim" source="Orion">IIM</keyword> graduates had shared their plight on various social media platforms. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/block-pesky-calls-and-texts-from-telemarketers-trai-tells-telecos/articleshow/97977846.cms">Block pesky calls and texts from telemarketers, TRAI tells telecos</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/of-total-840-aircraft-order-470-is-for-planes-while-the-rest-370-are-options-says-air-india-executive/articleshow/97978085.cms">Of total 840-aircraft order, 470 is for planes while the rest 370 are options says Air India executive</a>

Consulting firm KPMG to lay off about 700 employees in US

A strange trail of lights in the skies of Lucknow on Monday evening have left people stumped. Local residents captured the blinking lights on their cameras and shared videos on social media platforms. Some found it a celestial event while others termed it 'strange'. The video was recorded by residents of Malihabad in the Lucknow district of <keyword id="6357713" type="General" weightage="50" keywordseo="uttar-pradesh" source="Orion">Uttar Pradesh</keyword>. Sources, however, said that it was a Starlink-51 satellite train. On September 4, Elon Musk-owned <keyword id="6360701" type="General" weightage="80" keywordseo="spacex" source="Orion">SpaceX</keyword> had sent a space tug aloft along with another big batch of its <keyword id="7612156" type="General" weightage="80" keywordseo="starlink" source="Orion">Starlink</keyword> internet satellites. A SpaceX <keyword id="60126" type="General" weightage="50" keywordseo="falcon" source="Orion">Falcon</keyword> 9 rocket lifted off from Cape Canaveral Space Force Station on the east coast of Florida, carrying 51 Starlink internet satellites to orbit. SpaceX has already sent more than 3,000 Starlink satellites into orbit, in an effort to create a huge constellation for broadband service targeted for remote areas. The company founded by <keyword id="364027" type="General" weightage="80" keywordseo="musk" source="Orion">Musk</keyword> has also launched more than 25 Starlink-centric missions in 2022 already. The September 4 launch was SpaceX's 40th of the year and continued to add to the Starlink mega constellation. Some people on Twitter even said it could be an unidentified flying object (UFO). SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-total-health-expenditure-for-2018-19-was-at-rs-5-9-lakh-crore-national-health-accounts-report/articleshow/94169977.cms">India's total health expenditure for 2018-19 was at Rs 5.9 lakh crore: National Health Accounts report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/gic-re-unions-question-the-bell-curve-appraisal-system-that-was-junked-by-its-consultant-kpmg/articleshow/94169795.cms">GIC Re unions question the bell curve appraisal system that was junked by its consultant, KPMG</a>

A strange trail of lights in the sky leaves Lucknow residents puzzled

New Delhi, Nov 14 () KPMG in India and NIIT Ltd on Thursday said they have entered into an exclusive partnership to launch 'KPMG NIIT Finance Academy' in India for building skills and talent for finance professionals.
 Designed as a centre for future skills in finance, the academy will offer futuristic programs in finance to fresh graduates and experienced finance professionals to address the changing talent requirements that evolving business models, regulatory changes and new-age technologies, a statement said.
 "The finance workforce of the future will need well rounded finance technical skills combined with data utilisation and technology skills and broader behavioural skills. We believe that this finance academy will help address a critical component on talent and skills," Sai Venkateshwaran, Partner and Head of CFO Advisory at KPMG in India and Global Lead for Smart Digital Finance said.
****
* CII, GlobalGyan launch Smart Manager Certificate Programme for job readiness 
 CII on Thursday launched Smart Manager Certificate Programme in partnership with GlobalGyan to make students ready for professional careers with practical competencies that employers seek. 
 This programme will provide those skills to students that are typically gained through work experience or internships, a statement said. 
 The certificate programme will be open to students of all colleges affiliated with AICTE, it added.
 The mode of delivery would be a blend of self-paced digital learning through Android, iOS and web apps, as well as live interactive sessions over a duration of four months, it said. 
**** 
* Tobacco Board awarded Golden Leaf Award 
 The Commerce Ministry on Thursday said Tobacco Board has been awarded the Golden Leaf Award for its efforts to initiate various sustainability initiatives in flue-cured virginia (FCV) tobacco cultivation in the country.
 The awards under this category are given to a company or institution that introduced a public service programme or educational campaign of creativity, effectiveness to date and best use of resources. 
 The board got this award for its best outstanding public service in sustainability to the industry for its initiatives on natural farming in tobacco cultivation for production of organic tobaccos, improving the soil health through green manuring.
 India is the world's fourth largest producer of FCV tobacco. About 88,000 FCV tobacco farmers and their families in the states of Andhra Pradesh and Karnataka are dependent on this crop for their livelihood. SR RR
 RVK

KPMG in India, NIIT launch 'KPMG NIIT Finance Academy'

New Delhi, With 294 deals, venture capital <keyword id="6355120" type="UNKNOWN" weightage="20" keywordseo="investment">investment</keyword> in India reached $3.1 billion in the <keyword id="111300" type="PERSON" weightage="20" keywordseo="fourth-quarter">fourth quarter</keyword> of 2020, compared to $3.6 billion in the previous quarter, said a <keyword id="2496484" type="PERSON" weightage="20" keywordseo="KPMG-report">KPMG report</keyword>. While <keyword id="4522808" type="PERSON" weightage="20" keywordseo="VC-investment">VC investment</keyword> dropped somewhat during the fourth quarter of 2020, India saw the deal volume rise to its highest level since Q1 of 2018, according to the <keyword id="50041" type="COMPANY" weightage="20" keywordseo="KPMG">KPMG</keyword> Private Enterprise Venture Pulse report for Q4 2020. During Q4, home delivery, marketplace platforms, and e-commerce were the hottest areas of investment, attracting the majority of India's funding rounds of $100 million or more, including a $200 million raise by marketplace platform Cars24 and a $660 million raise by food delivery company Zomato. "There have been a number of sectors that have really benefited from the pandemic here in India. Interest in staples delivery - fresh food, groceries, and the likes - has grown quite significantly in recent months, in addition to online retail and gaming. That has driven a lot of investment," Nitish Poddar, Partner and National Leader -- Private Equity, KPMG in India, said in a statement. "Then there's edtech. It's been an attractive area for VC investors for a couple of years now -- but in 2020, that interest skyrocketed and so did the investments," he added. Despite global uncertainty resulting from a number of ongoing events, including the Covid-19 pandemic, global VC investment remained very robust in Q4, with $80.8 billion in investments across 5,418 deals. This strong performance helped drive annual global VC investment to $300.5 billion in 2020 -- up from $281.6 billion in 2019 and second only to 2018's record $329.7 billion despite a drop in deal volume, said the report. SEE ALSO; <a href="https://www.businessinsider.in/policy/economy/news/recession-in-india-will-end-latest-by-march-says-a-top-economist/articleshow/80399198.cms">Recession in India will end latest by March, says a top economist</a> <a href="https://www.businessinsider.in/tech/news/amazfit-smartwatch-gts-2-review-feature-rich-but-theres-still-room-for-improvement/articleshow/80398998.cms">Amazfit GTS 2 review – feature-rich, but there’s still room for improvement</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-to-soon-introduce-voice-and-video-calls-for-web-multi-device-support-jiomart-integration-and-more/articleshow/80398791.cms">WhatsApp to soon introduce voice and video calls for Web, multi-device support, JioMart integration and more</a>

Venture Capital funding in India hits $3.1 billion in Q4 of 2020, says KPMG report

<ul><li><keyword id="3306712" type="COMPANY" weightage="20" keywordseo="online-fantasy-sports">Online Fantasy Sports</keyword> (OFS) operators’ gross revenues stood at INR 2400+ crore in FY20 as compared to INR 920+ crore in FY19, an increase of 3X over a period of 12 months</li><li>OFS operators contributed taxes to the tune of ~INR 750 Cr in FY20, a significant jump of 4X from INR 200 Cr in the FY19</li><li>~35-40% online transactions on OFS platforms are through RuPay or Unified Payment Interface (UPI)</li><li>~50% of transactions on OFS platforms were initiated from Tier 2 and Tier 3 cities in India substantiating deep connection of OFS within the country</li><li>~INR 14,000 Cr was paid out in the form of winnings and cash bonuses/promotional credits in FY20</li><li>A survey by KPMG with 750+ respondents found that users consume more sports when they engage with OFS platforms</li></ul><keyword id="9545140" type="COMPANY" weightage="20" keywordseo="the-federation-of-indian-fantasy-sports">The Federation of Indian Fantasy Sports</keyword> (FIFS), India’s first &amp; only self-regulatory industry body for Fantasy Sports (FS), today unveiled the findings of a report titled ‘Business of Fantasy Sports’ in collaboration with KPMG, at its flagship event FIFS GamePlan 2020. According to the FIFS-KPMG report, OFS operators’ gross revenues stood at INR 2,400+ crore for the FY20 as compared to INR 920+ crore in FY19 an increase of almost 3X over a period of 12 months. Indian OFS platforms have shown a rapid increase in their user-base YoY, growing from 2 million in 2016 to 90 million in 2019. Similarly, the number of OFS platforms in India has increased from less than 10 operators in 2016 to 140+ operators by the end of 2019. The OFS market recorded a CEA (Contest Entry Amount) of over INR 6,000 crore in FY19 and more than doubled to INR ~16,500 crores in FY20, at a growth rate of 167 per cent over FY20. The growth in FY20 is despite COVID-19’s impact on loss of CEA and revenues for the last 15 days of March 2020. Every rupee of revenue earned by the Indian OFS platforms translates into revenue for its supporting industries; thereby resulting in indirect topline growth for these service providers. Indian OFS platforms are also contributing to the overall growth of the Indian economy by paying GST, TDS on winnings, through sponsorships, in attracting FDI, in executing advertising campaigns, building IT infrastructure and incremental earnings for OFS winners, among others. Furthermore, close to 50% of transactions on OFS platforms in 2019 were initiated from Tier 2 and Tier 3 cities in India, thereby promoting digital payments literacy and adoption. The report further deep dives into the symbiotic relationship between real-life sports and fantasy sports. A dipstick survey with 750+ respondents found that for 55% of the respondents, the engagement with fantasy sports increases the consumption of real-life sports. Further, over 65% of the respondents indicated that there is a direct increase in the time spent in analyzing, watching and reading about Sports once they start participating in online fantasy sports. Besides increasing sports consumption among sports fans, fantasy sports also supports the sports ecosystem by sponsoring live-sporting events, across Cricket, Football, Basketball, Volleyball etc., by partnering with sporting personalities and giving back to sports via philanthropic initiatives. Due to the rapid growth of OFS, a new segment of the fantasy research ecosystem is also fast emerging across different digital platforms. Talking about the growth of the fantasy sports industry in India in his speech at GamePlan 2020, Amitabh Kant, CEO, NITI Aayog, said, “I have very keenly followed the growth of Indian fantasy sports industry as a supporter of technology and good governance. I am a long term believer that India must become a global champion of the fantasy sports industry. Sports across all facets, including fantasy sports, could well be a game-changer for employment and career opportunities. Given our Government’s initiatives like ‘Digital India’ and ‘Startup India’, I believe that we can harness the power of fantasy sports and create a robust sports ecosystem to boost its growth in the next few years. Post pandemic I am confident that the industry will not just rebound but will lead the way for sustainable technology-enabled growth secured by good governance.” Commenting on the report findings, John Loffhagen, Chairman, FIFS, said, “The COVID-19 impacted the Indian OFS industry in FY21 with sports matches across the globe cancelled to ensure player &amp; staff safety. Specific to India, with IPL getting postponed, ~30-40% of the revenues for most of the OFS operators were impacted for the quarter. As real-life sports is making a promising return, Indian sports fans are in for a non-stop sporting action for 8-9 months. As most of these matches will be held without an in-stadia audience, we are sure that fantasy sports being a highly immersive fan engagement platform will experience a strong surge in demand by the Indian sports fans.” Girish Menon, Head of Media and Entertainment and Partner, <keyword id="146882" type="COMPANY" weightage="20" keywordseo="KPMG-India">KPMG India</keyword>, further added, “Online fantasy sports in India has seen rapid growth, reaching a revenue size of INR 2,470 crore in FY20. This growth has also contributed immensely to the overall ecosystem around fantasy sports including online payment platforms, tech vendors, data analytics, etc. and has had a positive impact on the consumption and growth of the overall sports landscape in India. While COVID-19 may result in a temporary blip in the upward trajectory of the fantasy sports segment, the medium to long term growth prospects of the segment remain robust, with the gradual return of international sport. Further, in a post COVID world, with social distancing measures in place, fantasy sports is likely to play an increasingly important role in connecting fans to their favourite sports and increasing fan engagement.” Key findings from the KPMG survey conducted among 750 respondents: <ul><li>For 55% of the respondents, their engagement with sports increased once they started engaging with fantasy sports</li><li>32% of all fantasy sports users, engaged with more than one sport on the platform</li><li>Over 65% of these respondents indicated that there is a direct increase in the time spent in analysing, watching and reading about the sport once they start participating on fantasy sports online</li><li>Fantasy Sports users who engaged with OFS platforms more than 4 times a week spent an average ~215 minutes/week watching sports in comparison to users who engaged less than 4 times a week and spent ~160-180 minutes/week watching sports</li><li>16% of the OFS users categorically mentioned that the key motive of watching the sports leagues is to track the performance of their OFS teams</li><li>77% of fantasy sports users are engaged in cricket contests followed by Football at 47% &amp; Kabaddi at 9%</li><li>~15-20% of the active users on OFS platforms are paid-users, which is significant given the relatively younger vintage of the industry as compared to other digital businesses</li></ul>

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