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“The solar problem has existed for years. I think China chose to bring it up in order to keep up the rhythm of the trade dispute,” she said. The United States has accused China of using subsidies and bulk manufacturing capacity to drive down prices and put U.S. competitors out of business in a range of sectors. According to figures from the China Photovoltaic Industry Association (CPIA), U.S. solar module production capacity fell from 1.5 gigawatts in 2011 to 1 GW last year as a result of bankruptcies.
China claims its manufacturers have benefited not from direct subsidy but from a fierce competitive environment that has driven down costs, This year, its firms are facing a new wave of closures after the country’s state planning agency houston astros 2017 world series champions cufflinks announced plans to cap new capacity at just 30 GW this year, down from a record 53 GW in 2017, Despite the policy shift, manufacturers have continued to ramp up production, with silicon wafer output up 39 percent in the first half, From January to May, exports of solar products also surged 21 percent year-on-year, Only a fraction went to the United States, with India the biggest market..
LONDON (Reuters) - PwC should have flagged significant doubts over the future of BHS in an audit that was completed just days before the now collapsed British retailer was sold for a token one pound in 2015, a regulator said on Wednesday. BHS, which was sold in 2015 by billionaire retailer Philip Green’s Taveta Group, had 163 stores and 11,000 staff when it collapsed a year later, triggering a political firestorm. The Financial Reporting Council (FRC) watchdog in June fined PwC a record 6.5 million pounds ($8.3 million) and former partner Stephen Denison 325,000 pounds. Denison was also effectively banned from auditing for 15 years.
After pressure from lawmakers and a court challenge by Taveta, the FRC published documents on Wednesday detailing eight allegations of misconduct that prompted the penalties, The FRC said that in the Taveta audit for the year ending Aug, 30, 2014, PwC and Denison gave no consideration to potential red flags that could have impacted BHS’ ability to continue trading, “They failed to gather any audit evidence on which to conclude that the going concern assumption was appropriate,” it said, “Based on the audit evidence obtained, they should have concluded that a material uncertainty existed about BHS Group and BHS’s ability to continue houston astros 2017 world series champions cufflinks as going concerns.”..
PwC said on Wednesday it was sorry its work fell well below the professional standards expected. “This is unacceptable and we agreed the settlement recognising that it is important to learn the necessary lessons,” it said in a statement. PwC is one of the world’s top four auditors, along with KPMG, Deloitte and EY, which check the books of most blue-chip companies across the globe. They are coming under intense scrutiny in Britain over how they failed to spot company collapses and for juggling audits and more lucrative non-audit work for the same clients.
Lawmakers have called the FRC “toothless” over its handling of the BHS audit and the watchdog’s powers are being independently reviewed, The documents are likely to spark fresh calls for the audit and non-audit operations of the big four audit firms houston astros 2017 world series champions cufflinks to be split up, The FRC said in the year to Aug, 30, 2014, the value of PwC’s non-audit fees from Taveta was more than eight times the value of its audit fees, Denison only recorded only two hours work on the audit of Taveta Group, which including BHS, despite being the lead partner, He left the bulk of the work to juniors, one of whom had just a year’s post-qualification experience, the FRC said, But he recorded 31 hours on non-audit services..
BHS had significant net liabilities, had had to make provision for loss-making stores and had very significant deficits in its defined-benefit pension schemes, the FRC said. In a letter dated just before Denison signed off on the accounts, Taveta qualified its support for BHS, saying it would continue as long as it was part of the group. Taveta had also submitted a draft application to restructure its pension schemes, an indicator of potential insolvency, though this was “paused” in September 2014.
The financial statements were misleading as they said a going concern assumption was appropriate because Taveta had given an unqualified undertaking to support BHS, the FRC said, Frank Field, chair of parliament’s work and pensions committee, called on Green to “prove” why he thought BHS was a going concern before the sale, The FRC report did not mention Green by name, houston astros 2017 world series champions cufflinks saying it would not be fair to treat any part of this document as “constituting or evidencing findings against any other persons since they are not parties to the proceedings”..