Weekly Footnotes: KPMG banking audits; Jamuna Group investing Evaly; Shikho receiving $1.3 million and many more

KPMG’s banking audits are below standard according to the FRC inspection report

According to UK watchdogs, KPMG’s bank audits in the UK are not up to the mark. KPMG LLP faced this backlash after Financial Reporting Council (FRC) submitted an inspection report where the watchdogs specified significant concerns on their (KPMG) bank audits.
Footnote: The ET

Jamuna Group has opened its door for Evaly

While Evaly, one of the largest e-commerce sites in Bangladesh facing allegations of mismanagement of funds, Jamuna Group has decided to invest Tk1,000 crore in Evaly.
It is reported that the initial phase of the investment will be Tk200 crore.
Footnote: Dhaka Tribune

Xiaomi may assemble its smartphones in Pakistan

As some of the leading smartphone companies including Techno, Realme, Infinix have already set up their assembly units in Pakistan, Xiaomi has a plan to do so. It is expected that it would reduce the production costs.
Footnote: The Nation

Pfizer Inc increased its vaccine sales forecast to $33.5 billion

As the Covid-19 surge is happening all over the world again and Pfizer’s efficacy rate is pretty promising, the company has increased its vaccine sales forecast to $33.5 billion. On the other hand, Moderna Inc., another American biotechnology company has an expectation to make $18.4 billion Covid-19 vaccine sales in 2021.
Footnote: The Reuters

Mircosoft’s Azure platform revenue increased 51%

Microsoft’s Azure platform beat the expectations of the analysts since the cloud-based computing service saw a 51% increase in revenue growth where analysts’ predictions were 43.1%.

🌩 Business Highlights: Intelligent Cloud 🌩
Server products and cloud services revenue ⬆️34%
Azure revenue growth ⬆️51%

— Microsoft (@Microsoft) July 27, 2021

Facebook Inc submitted TK2 crore and Tk44 lakhs VAT returns to the Government of Bangladesh

This is the first time when VAT department of Bangladesh has received VAT from a registered non-resident company. Last month, 13 June Facebook Inc. registered to pay VAT on advertising and other earnings. It is reported that Facebook Inc. paid the VAT return of Tk2 crore and Tk44 lakhs within the deadline.
Footnote: Prothomalo

A Bangladeshi Startup received a $1.3 million investment from the foreign venture capitalists

To modernize the national curriculum of Bangladesh, two friends, Shahir Chowdhury and Zeeshan Zakaria founded Shikho. It aims to provide high-quality educational content so that students from every corner of the country can afford and access quality education.
LearnStart and Anchorless Bangladesh provided $1.3 million funds to the startup. Wavemaker Partners and Ankur Nagpal also participated in that.