Friday, January 24, 2014
Thursday, January 23, 2014
Big Four Accounting Firms
Chinese partners of 'Big 4' suspended
(01-23 15:22)
An American judge has ruled the China arms of global accounting firms should be barred from providing audits for US-traded companies in a dispute that might force major corporate names such as oil giant PetroChina and search engine Baidu to withdraw from American stock exchanges.
The dispute highlights the clash between Washington's heightened anti-fraud efforts and Beijing's official secrecy despite its desire to profit from broader links with the global economy, AP reports.
In a ruling Wednesday, an administrative law judge for the US Securities & Exchange Commission said Chinese firms affiliated with the "Big Four'' accounting firms -- PricewaterhouseCoopers, Deloitte Touche Tohmatsu, KPMG and Ernst & Young -- acted improperly when they withheld documents from fraud investigators. The firms said Chinese law barred them from releasing the documents.
The judge, Cameron Elliot, recommended the firms be suspended for six months from providing audits that U.S.-traded companies must submit in order to remain on American exchanges. Elliott recommended a censure for the Chinese arm of a smaller firm, BDO, which he said has withdrawn from such auditing.
The Big Four firms said in a joint statement they would appeal. If the penalty is upheld, it might leave dozens of Chinese companies with no way to provide audits required in order to have their shares traded on US exchanges.
Beijing has resisted expanding access to corporate records as a violation of its sovereignty.
The wholesale departure of Chinese companies from American stock markets would be a setback to closer financial ties between the world's two biggest economies.
US-traded Chinese companies include industry leaders such as PetroChina Ltd., Baidu Inc. and Internet portals Sina Corp. and Sohu Inc. They could shift their shares to Hong Kong or another market where Americans still could buy them. But their withdrawal from U.S. markets would leave small investors fewer options to profit from China's rapid growth.
Elliott, the SEC judge, ruled the Chinese firms "did not act in good faith'' when they provided audits to US-traded companies but knew they would likely be barred from cooperating with investigators.
The judge rejected their argument that barring them from providing audits would hurt companies and investors.
The Big Four firms indicated they could continue working with Chinese clients pending the appeal.
-- 2013 January 23 THE STANDARD
(01-23 15:22)
An American judge has ruled the China arms of global accounting firms should be barred from providing audits for US-traded companies in a dispute that might force major corporate names such as oil giant PetroChina and search engine Baidu to withdraw from American stock exchanges.
The dispute highlights the clash between Washington's heightened anti-fraud efforts and Beijing's official secrecy despite its desire to profit from broader links with the global economy, AP reports.
In a ruling Wednesday, an administrative law judge for the US Securities & Exchange Commission said Chinese firms affiliated with the "Big Four'' accounting firms -- PricewaterhouseCoopers, Deloitte Touche Tohmatsu, KPMG and Ernst & Young -- acted improperly when they withheld documents from fraud investigators. The firms said Chinese law barred them from releasing the documents.
The judge, Cameron Elliot, recommended the firms be suspended for six months from providing audits that U.S.-traded companies must submit in order to remain on American exchanges. Elliott recommended a censure for the Chinese arm of a smaller firm, BDO, which he said has withdrawn from such auditing.
The Big Four firms said in a joint statement they would appeal. If the penalty is upheld, it might leave dozens of Chinese companies with no way to provide audits required in order to have their shares traded on US exchanges.
Beijing has resisted expanding access to corporate records as a violation of its sovereignty.
The wholesale departure of Chinese companies from American stock markets would be a setback to closer financial ties between the world's two biggest economies.
US-traded Chinese companies include industry leaders such as PetroChina Ltd., Baidu Inc. and Internet portals Sina Corp. and Sohu Inc. They could shift their shares to Hong Kong or another market where Americans still could buy them. But their withdrawal from U.S. markets would leave small investors fewer options to profit from China's rapid growth.
Elliott, the SEC judge, ruled the Chinese firms "did not act in good faith'' when they provided audits to US-traded companies but knew they would likely be barred from cooperating with investigators.
The judge rejected their argument that barring them from providing audits would hurt companies and investors.
The Big Four firms indicated they could continue working with Chinese clients pending the appeal.
-- 2013 January 23 THE STANDARD
Sunday, December 29, 2013
Thursday, December 5, 2013
Deal With China?
Not as easy as it appears
A year ago, the Whistler Film Festival launched its China Canada Gateway for Film Script Competition with much fanfare. After a pitch session at the B.C. mountain resort festival, three Canadian producer-writer teams would be selected by three Chinese film companies and get their projects produced, potentially as Canada-China co-productions, and perhaps so quickly that they would be in production – or at least further along – by this year’s festival... >> MORE
Tuesday, November 26, 2013
Monday, November 25, 2013
literASIAN
Asian Literature
Asian lit festival gets graphic
Graphic novels and storytelling explored at inaugural literASIAN: A Festival of Pacific Rim Asian Canadian Writing
Graphic novels are linked to the past and the future say participants in Vancouver’s inaugural literASIAN: A Festival of Pacific Rim Asian Canadian Writing, which runs in Chinatown Nov. 21 to 24.
“In China, the comic book form became really popular in the Qing dynasty [in the] 1860s, 1870s,” said Colleen Leung, a documentary filmmaker who’s moderating a Nov. 23 evening session called Storytelling and the Graphic Novel.
She said stories that were passed on orally and morality tales were written and illustrated in comic books in the late 1800s for the largely uneducated population.
Leung, who was the first Chinese-Canadian on-air news reporter for BCTV Vancouver in 1987, first became interested in comics as a kid.
She read her father’s large-format Second World War comics about fighter pilots “and those nasty Germans” and her mother’s comic books from 1960s China that sometimes depicted gruesome morality tales akin to Hansel and Gretel by the Brothers Grimm.
“And then we just kind of pooh poohed [the form] because what do we get after that? Archie comics, very light, fluffy kind of stuff. And then it just became a niche market, if you wanted to collect superheroes you could do that.”
Now Leung reads “emotion-packed” graphic novels by Chris Ware and Canadians Chester Brown and Seth. She’s pleased Asian-Canadians are exploring the form.
The free Storytelling and the Graphic Novel event includes:
• award-winning independent filmmaker and storyteller Ann Marie Fleming, who animated the story of her famous magician great-grandfather and then depicted the tale in an full-colour illustrated memoir called The Magical Life of Long Tack Sam;
• actor Laara Ong, who’s selling her graphic novel Shanghai Blues 1939 on iTunes to raise money for and interest in a pair of related plays she wants to produce;
• architect David Wong, who’s written a graphic novel called Escape to Gold Mountain about the history of Chinese people in North America based on historical documents and interviews with elders; and
• writer Terry Watada, who’s Nikkei Manga-gatari is a historical recollection of memories, with one of the stories following a Japanese soldier who fought for Canada in the First World War and then returns and struggles to feel validated.
“I want to know how all these people are going to interact,” Leung said. “They’re all using the graphic novel and yeah they’re Asian, or they have Chinese or Japanese in their background, but they have different approaches... they have different reasons for writing these.”
Leung says the form demands a strong story and carefully considered dialogue and images. She also notes graphic novels are accessible to children with learning disabilities, those disinterested in reading, new immigrants and elderly people.
She wants to hear “more voices from more diverse communities” in graphic novels.
Jim Wong-Chu, a founding member of the decades-old Asian Canadian Writers’ Workshop, which publishes Ricepaper magazine, said its members recognized the society’s need to nurture a new generation of more diverse Asian-Canadian writers, including refugees, mixed-race scribes and fantasy and science fiction authors. The hope is that sessions on graphic novels will attract younger writers.
The festival includes readings, workshops, panels and the book launch for Lives of the Family: Stories of Fate and Circumstance by Denise Chong, author of The Concubine’s Children.
There’s also a book fair of Asian-themed writing.
“Some of [the books] are quite rare,” Wong-Chu said. “When I was younger, 30-odd years ago, every time I’d come across an Asian book of any kind I’d buy it, so my library is very cluttered and a lot of people are now de-cluttering so they’re donating the books to us.”
The fair will include first editions and rare books, DVDs and memorabilia of Asian-North American hockey players.
The festival closes with a 10-course banquet at the Pink Pearl Chinese Restaurant, where a Community Builder Award will be presented to publisher Brian Lam of Arsenal Pulp Press.
Most of the festivities happen in Chinatown at the UBC Learning Exchange and the festival includes a literary walking tour of the area.
Leung is particularly passionate about the festival’s focus on graphic novels.
“It’s great the Asian Canadian Writers’ Workshop [which is mounting the literASIAN festival] is promoting [the graphic novel],” she said. “They recognize it’s growing in popularity and it’s a heck of a good way to tell a story.”
For more information, see literasian.ricepapermagazine.ca.
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