Business
PwC graduate roles under threat from AI, accountancy firm boss says
Nick MarshBusiness reporter, Singapore
Getty ImagesThe growth of artificial intelligence (AI) may eventually lead to fewer entry-level graduates being hired, the boss of accountancy giant PwC has told the BBC.
However, global chairman Mohamed Kande said AI was not behind recent job cuts at the firm, adding that the company actually needed to hire hundreds of new AI engineers but was struggling to find them.
But some observers say the technology itself threatens thousands of junior jobs across the professional services industry.
Speaking on the sidelines of a business summit in Singapore, Mr Kande also said big changes in the global economy, such as US President Donald Trump’s sweeping tariffs, had been good for the firm’s consulting business.
He also addressed the company’s suspension in China last year over its work on the collapsed property giant Evergrande, promising that the same mistakes “would not happen again”.
Headquartered in London, PwC is one of the Big Four accountancy firms. It provides a range of services, such as financial auditing, consulting and tax advice for business clients around the world.
According to Mr Kande, advising them on how to integrate AI into their operations will be at the heart of the firm’s future business strategy, even as the rapidly advancing technology affects its own hiring plans.
Firms who would have previously hired PwC consultants to sift through data and documents may now use AI models instead, turning weeks of costly work into mere minutes.
Every year, the company hires thousands of new graduates in entry-level positions – including 1,300 in the UK and 3,200 in the US last year – but it recently dropped long-term plans to continue increasing its headcount.
In 2021, PwC said it wanted to hire 100,000 people over the course of five years – but Mr Kande said this would no longer be possible.
“When we made the plans to hire that many people, the world looked very, very different,” he said.
“Now we have artificial intelligence. We want to hire, but I don’t know if it’s going to be the same level of people that we hire – it will be a different set of people.”
Last year, PwC cut more than 5,600 roles across its worldwide operation.
The boss of the company’s UK business has previously spoken about reducing graduate recruitment, admitting that AI was “certainly reshaping roles”.
At a global level, however, Mr Kande insisted that the AI boom was an “exciting time” for creating new jobs.
“We are looking for hundreds and hundreds of engineers today to help us drive our AI agenda, but we just cannot find them,” he said.
Trade turmoil ‘good for us’
Businesses around the world may be facing challenges adapting to AI, but in the meantime PwC appears to have benefited from the broader uncertainty in the global economy, largely fuelled by President Trump’s extensive use of tariffs.
“We are receiving a lot of calls from many companies around the world asking how to navigate the current environment,” said Mr Kande.
“It’s been good for us. We need to remain relevant to our clients and we have to be in these discussions, which we are.”
However, the company took a huge reputational blow last year, when Chinese authorities suspended PwC for six months over its work on the collapsed property giant Evergrande.
The firm went bust after amassing debts of more than $300bn (£230bn) and has been at the centre of a ruinous housing crisis that continues to damage lives and livelihoods in China.
The country’s Securities Regulatory Commission found that PwC, as the auditor, had “covered up and even condoned” financial fraud at Evergrande.
Mr Kande, whose tenure as global chairman began after Evergrande went bankrupt, said PwC no longer faced any restrictions in China.
“Let me tell you – we changed many of our people, implemented new quality management systems and introduced new governance systems,” he said.
“My focus has been to make sure nothing like this ever happens again.”
Business
Billions to be paid! US starts refund process for Trump tariffs: Can Indian exporters claim? – The Times of India
The US government has rolled out a system to facilitate refunds of over $166 billion from tariffs introduced by Donald Trump and later invalidated by the US Supreme Court. In February, the court struck down a broad set of reciprocal tariffs, delivering a significant setback to a central pillar of Trump’s economic agenda and paving the way for repayments.On Monday, US Customs and Border Protection announced that the first phase of its refund-processing platform is now operational, allowing importers and customs brokers to begin filing claims to recover the duties they had paid.The agency had earlier estimated in March that more than 330,000 importers may qualify for reimbursements on duties or deposits linked to over 53 million shipments. In its initial rollout, the platform covers about $127 billion in duty payments eligible for electronic refunds.
Tariff refunds What US Customs and Border Protection has said
The process to return reciprocal tariff payments starts on April 20 through a newly launched online platform, CAPE (Consolidated Administration and Processing of Entries), operated by US Customs and Border Protection.This move follows a February 20, 2026 judgment by the US Supreme Court, which ruled that tariffs introduced by Donald Trump were unlawful. The court found that these duties had been imposed under the International Emergency Economic Powers Act without adequate legal backing.Also Read | Iran has closed Strait of Hormuz completely: What does this mean for India’s crude oil, LPG, LNG supplies?The tariffs impacted a wide range of exports from countries including India. To receive repayments, importers in the US are required to submit claims which include shipment details, applicable tariff classifications and proof of payment. Once approved, these refunds along with interest are expected to be processed within 60 to 90 days. Eligibility is limited to those who originally paid the tariffs, primarily US importers and businesses.The total amount to be refunded is estimated at around $166 billion, with nearly $12 billion tied to Indian goods.The tariff structure began at 10% on April 2, 2025, before escalating quickly. Duties on Indian goods increased to 25% by August 7, 2025, and further to 50% by August 28, remaining at that level until early February 2026. On February 6, 2026, rates were lowered to 18% following negotiations. However, the Supreme Court’s ruling later that month nullified the entire regime, effectively rendering the tariffs void and paving the way for refunds.
What it means for India
Exporters and end consumers are not permitted to file claims directly, although some companies, such as FedEx, may opt to pass on the refunded amounts at their discretion.According to Global Trade Research Initiative (GTRI), around 53% of India’s shipments to the US, which largely comprises textiles and apparel, were subject to higher tariffs. This makes them the largest contributors to the refund pool. Of the nearly $12 billion tied to Indian exports, textiles and apparel are estimated to account for around $4 billion, followed by engineering goods with a similar share and chemicals contributing about $2 billion, while other sectors make up the remainder.However, what is important to understand is that these refunds will not flow directly to Indian exporters. The payments are meant only for US importers who bore the tariff burden.Also Read | Explained: On way to 4th largest, how India slipped to 6th rank & what it means for 3rd largest economy dream“Payments go only to US importers, and exporters have no legal right to claim them. Indian exporters, therefore, have no direct legal route to claim refunds,” explains Ajay Srivastava, founder of GTRI.Hence, any potential recovery of these refunds will depend on commercial discussions. Exporters will need to actively engage with their US counterparts to negotiate a share of the refunded duties, particularly in cases where earlier pricing factored in tariff costs. GTRI explains that this can be done by reopening contracts, adding rebate-sharing clauses, asking for price revisions or credit notes, and using invoices and tariff data to show how costs were absorbed. “Exporters with stronger bargaining power, especially in textiles and engineering goods, may secure better terms in future orders,” the think tank says.Industry bodies such as the Apparel Export Promotion Council, Engineering Export Promotion Council of India and Chemexcil can also assist exporters with guidance on contract renegotiation and sector-specific approaches, it adds.
John Ternus will take over running the technology giant as Cook steps up to become executive chairman.
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The State Bank of Pakistan (SBP) has received $1 billion from the Ministry of Finance of the Kingdom of Saudi Arabia, marking the second tranche of a $3 billion deposit agreed recently, the central bank said on Tuesday.
According to the statement issued by the central bank, the second tranche was received with a value date of April 20, 2026.
The first tranche of $2 billion had already been received on April 15, 2026, bringing the total inflows under the arrangement to $3 billion.
The development comes days after Prime Minister Shehbaz Sharif’s visit to Saudi Arabia, where he engaged in diplomatic efforts aimed at promoting regional peace.
During his visit, the premier met Crown Prince Mohammed bin Salman in Jeddah and expressed appreciation for the Kingdom’s continued support for Pakistan’s economic stability. He also conveyed solidarity with Saudi Arabia in light of recent regional developments.
Earlier on April 16, Finance Minister Muhammad Aurangzeb had announced that Saudi Arabia would provide $3 billion in additional financial support, with disbursement expected shortly.
He also noted that Riyadh had extended the tenure of its existing $5 billion deposit, removing the earlier annual rollover requirement.
The Saudi funding has strengthened Pakistan’s external position as it repaid $2 billion in debt to the United Arab Emirates (UAE).
The amount was kept with the central banks as a safe deposit.
Saudi Arabia has been a key financial partner for Pakistan, having provided support packages during previous economic challenges, including a $6 billion assistance programme in 2018 comprising deposits and oil facility arrangements.
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Billions to be paid! US starts refund process for Trump tariffs: Can Indian exporters claim? – The Times of India
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