The Financial Accounting Standards Board has scrapped a rule on the valuation of bank debt that critics said distorted the financial performance of banks.
The rule took effect as the financial system was starting to crumble in 2007 but banks soured on it, with JP Morgan Chase CEO Jamie Dimon calling it “one of the more ridiculous concepts that’s ever been invented in accounting.” Read more.
Activist investor Starboard Value is urging Yahoo to shake up its management and strongly consider a sale of the company’s core Internet business.
In an open letter to Yahoo, Starboard Managing Member Jeffrey Smith said Wednesday that the board of the beleaguered Sunnyvale, Calif., company must accept that “significant changes are desperately needed.” Read more.
U.S. market outpaced by Asia Pacific and Europe in funds raised in initial public offerings in 2015, says Renaissance Capital.
Even if every future vacancy was filled by a woman, it would take until 2024 to achieve boardroom parity, the GAO says.
Starboard Value hints at making a bid to oust the Yahoo board if it is “unwilling to accept the need for significant change.”
Business units and functions are far more likely to value internally conducted financial analyses over those farmed out to third parties.
Employers added 257,000 jobs in December, the biggest gain for all of 2015 and another sign that strong job growth is continuing.
The restaurant chain expects a 14% drop in same-store sales for the fourth quarter and discloses it is under federal investigation.
Critics said the rule added confusion to banks’ earnings statements and distorted their financial performance.
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