Vietnam Colors

This By-invitation commentary is part of a series by global thinkers on the future of American power, examining the forces shaping the country's standing. Read more here . I N SOUTH ASIA and the Indo-Pacific, we see ourselves as a region in churn—the geopolitical pathways wind their way to conflict and to peace; they crisscross in perpetual motion. India through its history has been a hub country, porous and permeable, weathering waves of migration, conquest and assimilation, and providing the ultimate definition of being (as the English poet Kathleen Raine put it) “the place of every arrival”. The Economist today Handpicked stories, in your inbox A daily newsletter with the best of our journalism Sign up The region is uneasy about the likelihood of intensified America-China rivalry, particularly after America’s debacle in Afghanistan. The two powers’ competition, confrontation and conflict—or the … [Read more...] about Nirupama Rao on America’s need for wisdom and allies in Asia

Three years after receiving a record fine from the European Commission alongside an order to stop abusing its control of the Android operating system, Google is set to have its day in court. Back in 2018 the company was fined €4.34bn (£3.8bn) for forcing phone makers to pre-install apps including Google Search and Chrome to the exclusion of other search engines and web browsers. The fine was a fraction of the €116bn (£99bn) parent company Alphabet recorded in revenues that year, but the real cost to the company was the threat to its future income if smartphones landed in consumers' hands without Google apps already installed. Google's five-day appeal against the decision is being heard at European Court of Justice in Luxembourg, where the company hopes to have the Commission's decision annulled in its entirety. A failure to do so could completely reshape the smartphone landscape, but other challenges targeting Google inside the US pose a far more significant risk to … [Read more...] about Google’s appeal against EU record £3.8bn fine starts today, as US cases threaten to break the company up

Accountancy firm Grant Thornton has been fined £2.34m after an investigation found "serious lack of competence" in its audits of cake chain Patisserie Valerie. The audits carried out in 2015, 2016, and 2017 gave the company a clean bill of health - before it disclosed potential fraud in 2018 and subsequently collapsed, resulting in the loss of 70 stores and more than 900 jobs. Grant Thornton "missed red flags" and failed to question information provided by management, according to findings by the Financial Reporting Council (FRC), the accounting watchdog. Please use Chrome browser for a more accessible video player January 2019: Patisserie Valerie collapse 'undermines faith in markets' The FRC decided on a sanction of £4m for Grant Thornton - confirming a previous report by Sky News - but reduced the sum after the firm admitted its behaviour and cooperated with the probe. It also issued a "severe reprimand", ordered the firm to pay legal costs and … [Read more...] about Patisserie Valerie auditor fined £2.3m after missing ‘red flags’ ahead of collapse

Aldi has revealed plans to create 2,000 jobs next year as it reported a dip in annual profits partly blamed on the pandemic. The German-owned discount supermarket said it was investing £1.3bn over the next two years, adding 100 new stores and a logistics centre in Leicestershire, as it aims to ramp up further its share of the UK grocery market. Aldi said sales in the UK and Ireland rose 10.2% to £13.5bn in 2020 but that pre-tax profits dipped by 2.5% to £264.8m thanks to "continued investment in price and the cost of responding to the pandemic". The company does not publish like-for-like sales figures - a metric that strips out the impact of store expansion in boosting overall sales. But it pointed to industry data showing more than 60% of households had shopped with Aldi at some point over the year. Advertisement The new jobs at Aldi will add to 7,000 permanent roles already created over the past two years, the company said. It is now investing … [Read more...] about Aldi to create 2,000 jobs over two years in £1.3bn investment plan

Rolls-Royce Holdings has clinched a £1.5bn sale of one of its largest subsidiaries, a deal that will catapult the aircraft engine-maker towards the £2bn disposal target it set out in an attempt to rebuild its balance sheet after the pandemic. Sky News has learnt that Rolls-Royce will announce the sale of ITP Aero, a Basque Region-headquartered manufacturer of aircraft engines and turbines, later on Monday. The buyer is a consortium led by Bain Capital, the private equity firm, and includes JB Capital and Sapa, an industrial group. Rolls-Royce confirmed in August that it was in exclusive talks with a Bain-led consortium. Sources said that Bain was expected to allow other consortium members to join during the coming months. Advertisement The deal will be an important milestone in Rolls-Royce's recovery from the pandemic. It also recently sold Bergen, a maritime engines business, and its stake in Air Tanker, which conducts in-flight refuelling for … [Read more...] about Rolls-Royce clinches £1.5bn sale of ITP Aero division