News

Credit

S&P Cuts Kraft Heinz Rating to Near Junk Grade

The rating agency believes Kraft Heinz "will be unable to meaningfully grow adjusted EBITDA" amid "significant" competition from other manufacturers.

Matthew Heller
June 21, 2019
People

Sealed Air Fires CFO Amid SEC Investigation

The Bubble Wrap maker terminated Bill Stiehl over an ongoing investigation into the company’s accounting practices.
Banking & Capital Markets

Israeli Company Defrauds SPAC Investors

To get a merger approved, the company, Ability, and two of its executives lied to investors about a "game changing" product, says the SEC.
The Economy

Global Cannabis Sales Could Hit $15B This Year

The surge of CBD products combined with Canada's recent legalization of marijuana helped the industry's growth.
Banking & Capital Markets

Puerto Rico Reaches Deal Over $35B in Debt

The deal with supporting creditors “will reduce the amount of Commonwealth-related bonds outstanding to less than $12 billion.”
Payments

Facebook Unveils Libra Cryptocurrency

The project would bring a consumer-friendly version of digital currencies to smartphones around the world.
M&A

Sotheby’s in Deal With Drahi to Go Private

The $3.7 billion transaction values Sotheby's at $57 per share, a premium of 61% to last week's closing share price.
Banking & Capital Markets

Slack’s Unusual Route to Public Markets

The workplace-messaging app’s direct listing values the tech company at $23 billion.
The Economy

IEA Cuts Oil Demand Forecast

Oil demand growth falls to its lowest level in years as the global economy slows.
Banking & Capital Markets

Volkswagen Aims to Raise $2.1B From Truck Unit IPO

The carmaker plans to invest proceeds into transforming auto production as it readies to launch electric vehicles.
Regulation

PwC Fined Over Audit Failure

The company was fined $5.8 million over its audit of technology firm Redcentric.
Banking & Capital Markets

Fiverr IPO Soars as Trading Begins

Shares of the Israeli online freelancer platform jumped on the company's first day of trading.
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