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EY fires staff who took multiple online training courses at once
Dozens of employees at EY have been dismissed for watching multiple training videos simultaneously so as to meet quotas, with the firm deeming this to be an ethical breach. The firings occurred after EY tightened its policies following a $100m fine from the U.S. Securities and Exchange Commission in 2022 for previous infractions. While EY…
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FASB shakes up construction accounting rules
The FASB has announced revisions to its standards concerning contract assets and liabilities specifically for construction contractors, following recommendations from its Private Company Council (PCC). The new guidelines allow private companies to present contract assets and liabilities on a gross basis in their financial statements. This change is limited to private construction firms, which must…
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Restaurant industry faces bankruptcy wave as costs soar and consumers tighten belts
The U.S. restaurant industry is grappling with an alarming surge in bankruptcies in 2024, with the sector on track for the highest number of filings in decades, excluding the pandemic peak in 2020. This wave of financial distress comes as restaurants struggle to balance rising labor costs, inflation, and shifts in consumer spending habits. The…
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Italy’s Bitcoin tax hike hits 42%
Italy is set to increase its capital gains tax on Bitcoin investments from 26% to 42%, as announced by Deputy Finance Minister Maurizio Leo during a budget plan conference call in Rome. He stated that the move is necessary as the “phenomenon is spreading,” indicating a growing interest in cryptocurrency investments. This tax adjustment is…
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Databricks strike five-year AI chip deal with Amazon
Amazon and tech startup Databricks have agreed to a five-year deal that aims to cut costs for businesses seeking to build their own artificial-intelligence (AI) capabilities. Databricks, which acquired AI startup MosaicML last year for around $1.3bn, will utilize Amazon’s Trainium AI chips to power a service that helps companies customize an AI model or…
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Dirt Cheap files for bankruptcy
Dirt Cheap, a Mississippi-based discount retailer, has filed for bankruptcy and will close all 68 of its stores across eight states, including Alabama. The parent company, Channel Control Merchants, submitted the bankruptcy filing in Delaware. Liquidation sales are currently taking place at all locations. Dirt Cheap, known for its extreme value offerings, specializes in customer…
