Word: accounting
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...come to depend too much upon exports and investment for growth. What's needed is economic rebalancing, so that domestic consumption contributes more to expansion. This transition would help not only China - it would also help to stabilize the global economy by easing China's massive trade and current-account surpluses. With American consumer spending on the wane, China needs to rely less on U.S. markets to absorb its manufactured goods. The country's growing armies of middle-class consumers are being called upon to fill the vacuum to ensure the country can remain on its blistering growth trajectory...
...hailed as "historic" the response to its eight-month amnesty program for hidden offshore bank accounts. By the Oct. 15 deadline, some 14,700 Americans--twice the number officials expected--had disclosed billions of dollars held in 70 countries. Most account holders who pay taxes will avoid criminal penalties. As part of a U.S.-led crackdown on tax evasion, the Swiss bank UBS recently agreed to reveal the names of nearly 4,500 American clients with questionable accounts...
...little of it for walkers, cyclists and the kind of public transit that reduces dependence on cars. "Dangerous by Design" finds, for example, that less than 1.5% of federal transportation safety spending goes to pedestrian projects like increased sidewalk construction or cycling paths, even though pedestrians and cyclists account for 13% of all U.S. traffic deaths. See pictures of American muscle cars in movies...
...According to a 200-page CBI report, Satyam insiders forged board resolutions to secure $260 million in bank loans which were diverted for personal use, and over several years generated fake customer identities and account statements to inflate Satyam's revenues by millions of dollars, boosting the company's share price and making its books look far healthier than they were. Investigators following the paper trail have discovered that embezzled funds were channeled into 1,065 properties valued at $74 million, including some 6,000 acres of land, 40,000 sq. yd. of housing plots...
...Since dropping the Satyam account after the fraud came to light, PwC has been going all out to repair its reputation. Before his recent retirement, Samuel DiPiazza Jr., PwC International's former CEO, made frequent trips to India to meet clients and government ministers. Indian politicians have said that the government will take action against PwC if it is found liable, which could mean penalties or even ejection from India...