FINANCE
Saudi Aramco Files New Shares Sale
Saudi Arabia is set to sell new shares for the oil giant Saudi Aramco.
The offering is set to bring in approximately $12 billion for the kingdom in order to fund the Crown Prince’s economic diversification goal away from purely oil.
BANKING
Canada’s Big Five Banks Report Q2 Earnings
Canada’s largest five banks reported Q2 earnings last week, and all five reported increases in revenue.
Royal Bank of Canada (RBC), TD Bank, Bank of Montreal, Scotiabank and CIBC reported increases in revenue despite a handful of them facing fines due to money laundering & compliance issues.
COMPLIANCE
China Considers Massive Fine for PwC Over Evergrande’s Audit
China’s embattled property developer, Evergrande, was found to have overstated revenue and their auditor PwC had signed off on the numbers.
China’s Ministry of Finance caught the accounting error and is likely to impose a record high fine on their auditor, PwC.
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