Word: tohmatsu
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...this year, Blackstone had a total of $119.4 billion of assets under management. Light will accompany Richard Jenrette, the founder of investment bank Donaldson, Lufkin & Jenrette; Brian Mulroney, the former prime minister of Canada; and William Parrett, the chief executive of the professional services firm Deloitte Touche Tohmatsu as one of four independent directors on the board. —Staff writer Prateek Kumar can be reached at kumar@fas.harvard.edu...
...Indian companies have improved, and decrepit infrastructure adds about 2% to 5% onto the costs of doing business in India compared to China, estimates Deloitte Touche Tohmatsu. Much of India's clothing and textile industry, for example, remains a patchwork of smaller producers that can't match the scale of Chinese companies. A McKinsey study found that Indian apparel makers are half as productive as Chinese firms due to poor management and a lack of training and technology. McKinsey figures that a man's shirt costs about 23% more to produce in India than it does in China...
...success is an exception: in the past month, Claria, PlanetOut and Nanosys, all based in Silicon Valley, have canceled or postponed their IPOs. Round Two Of The Blame Game First the banks, then the auditors. Enrico Bondi, Parmalat's bankruptcy commissioner, filed a $10 billion suit against Deloitte Touche Tohmatsu and Grant Thornton International, the firms that audited the books of the disgraced Italian food and dairy company. The suit follows others filed against Citigroup, UBS and Deutsche Bank (TIME, Aug. 23), as well as Credit Suisse First Boston. Bondi alleges the auditors ignored - and in some cases abetted - management...
...chairs the task force. Over the past 20 years, half of new hires at Ernst & Young have been women, she notes, and the firm is eager not only to keep them but to draw back those who have left to tend their children. This spring Deloitte Touche Tohmatsu will launch a Personal Pursuits program, allowing above-average performers to take up to five years of unpaid leave for personal reasons. Though most benefits will be suspended, the firm will continue to cover professional licensing fees for those on leave and will pay to send them for weeklong annual training sessions...
...congress's exhibition area was like a science fair for accountants. Some booths went overboard (Deloitte, Touche, Tohmatsu had laser lights) and some slacked off (Johnson, Stokes and Master made do with flyers). Members of the Japanese delegation could be found huddled around the TaylorMade golf pavilion, missing putts on the artificial green like they were Phil Mickelson in a Grand Slam playoff. Almost as popular was the Republic of the Marshall Islands booth, which gave out brochures touting the islands' offshore laws as having "confidentiality surpassing most jurisdictions" and "free redomiciliation." I'm not certain what redomiciliation means...