Accounting Group Ernst & Young Centralized power In a new European executive team and pooling resources across the region, this has raised concerns among some partners that any financial losses caused by the Wirecard scandal can be shared.

According to people familiar with the matter, the reform breaks the joint business model of the four major companies and aims to halve management costs and authorize the central team to determine the remuneration of partners.

Some partners are concerned that this structure may lead to Wirecard-related penalties because it is shared outside the German team that handles the work.Ernst & Young Audit Payment Group Ten years, until it went bankrupt in last year’s fraud scandal.

But the Ernst & Young people involved in the creation of the structure said that such concerns are “unfounded” and added that each country will retain a separate legal entity.

Coronavirus digestion

• Two scientists advising the British government warn against Lift all restrictions in United Kingdom On June 21st, as people became more concerned about the spread of the mutation first discovered in India.Business leaders also opposed the plan Stop offering free workplace coronavirus tests, Insisting that they are United Kingdom Economics later this month.

• This I Detailed plan will be announced Global digital wallet Tomorrow, citizens will be allowed to log on to the local government website or pay for utility bills.

• Malawi Burned nearly 20,000 doses After the inefficiency of global distribution, the use of Oxford/AstraZeneca vaccine meant that the injection came too late to be used.

• Private capital group Including Blackstone, Apollo Global Management and Carlyle Group Different paths Bets after the pandemic.

• OECD said Global output will Up 5.8% This year, an increase from the 4.2% forecast in December last year will allow the government to shift from comprehensive emergency support to more targeted measures.

• Hong Kong Business groups are calling for exemptions for financial officers and directors of some listed companies. Strict border quarantine rules Expand to other industries.

• Australian Qantas Is peddling The prospect of cheaper airfares and unlimited flights Customers who have been vaccinated.

Follow us Real-time Coronavirus Blog with Sign up For us Coronavirus business update communication.

In the news

Bitcoin ETP takes the Swiss route to the UK London is working for it The first listed security to track the price of Bitcoin, Introduced the use of crypto-friendly Swiss market rules to oppose regulators’ suspicion of digital assets. Investors will be able to use the UK exchange to trade debt securities of ETC, a provider of cryptocurrency-related tools.

Scholars find that Brexit cuts British service exports by 110 billion pounds Experts from Aston University found that from 2016 to 2019, UK service exports Cumulative reduction of 113 billion pounds This would have been the case if Britain had not voted to leave the European Union, which underscores the profound impact of Brexit on trade.

The Spac gravy train on Wall Street hits the buffer zone In the past two months, the fees earned by U.S. investment banks from special purpose acquisition vehicles plummeted to Slightly more than 430 million U.S. dollars According to Refinitiv’s data, it comes from IPOs and mergers between Spacs and private companies. After becoming a larger source of profit earlier this year, transactions accounted for 4.5% of total investment banking fees during the same period.

U.S. IPO stock prices “pop” fell by half Investors are No longer fall on oneself Putting funds into the US IPO reduces the chance that the company will be able to price its stock higher than expected or enjoy a large share price “surge” on the first day of trading.

• In other IPO news: British crowdfunding company Crowdcube will launch Retail investor platform As the government considered reducing the dominance of the London-listed institutions, it participated in the IPO.

British Deputy Postmaster initiates a legal bid More than 120 deputy webmasters File an employment lawsuit Oppose the post office, thinking that they should be classified as “workers” and are entitled to paid holidays, pension rights and sick pay. The case is scheduled to be heard in the Central Employment Tribunal in London later this month.

China allows couples to have three children Beijing is Relax its historic family planning policy In the face of a population crisis, a few weeks later, it was reported that its population was growing at the slowest rate in decades. The government had previously been reluctant to break with the population control agency used to cruelly enforce the unpopular one-child policy.

One day in the future

Economic data Euro zone price growth data will be announced Nowadays. Economists surveyed by Reuters expect the group’s inflation rate to rise from 1.6% to 1.9% in May. This will be in line with the European Central Bank’s target of less than 2%, but its policymakers are expected to maintain monetary policy unchanged when they meet next week.The American Institute of Supply Management’s survey of American factory purchasing managers is expected Show activity expanded in May. (“Financial Times”, “Wall Street Journal”)

What are we still reading

Will inflation come back forever? The current consensus is that price increases in commodities and commodity markets have clear explanations related to the pandemic, and there is little risk of global inflation re-rising. This view is still mainstream, but it is losing supporters.In the first part of the series, Chris Giles See impact Price stimulus measures after the crisis.

Swexit will be harmful Switzerland’s decision to terminate the seven-year negotiations with Brussels is aimed at establishing a closer and more stable trade relationship, which has no drama with Brexit. But it may cause long-term damage to the Swiss economy. The Swiss economy has almost completely entered the EU’s internal market and benefited a lot from it. Write our editorial board.

Should investors profit from stock profits? Since the beginning of this year, stock investors have been sitting on solid returns, which led them to ask: Should they cash in their profits before the summer vacation is fully launched? Some market data indicate that removing some chips before the holidays is a good strategy. Chris Flood Survey.

“Black Wall Street” teaches us economic discrimination Although the United States regards commemorating the 100th anniversary of the Tulsa massacre as a unique atrocity, the behavior of the thugs demonstrates a long-standing tradition. For black Americans, Economic boom can be fatalWrites Ashley Howard, assistant professor of history at the University of Iowa.

The battle for change of Iranian reformers After decades of struggle, the activists of the theocracy Rethink their strategy. The lineup of candidates for the June 18 election reinforced a sense of despair, as the leading moderate candidate has been banned and the two reform candidates have yet to gain momentum.

Comment of the day

As a worker Ready to return to the office, We asked FirstFT readers how they can make their commute tolerable. This is what one said:

“Take a passenger ferry from New Jersey across the Hudson River [is] Incredibly efficient and well-run, almost always on time, outside the upper deck is a great way to blow away cobwebs in the morning or spend the remnants of the day in the city”-Chris Russell Wood