Two Firms Fined $1 Million Over China Bribes

An internet services provider and a construction products manufacturer have agreed to pay nearly $1 million between them to settle charges that foreign subsidiaries bribed Chinese officials to obtain contracts and receive preferential treatment.Both Akamai Technologies of Cambridge, Mass., and No...

By Matthew Heller • June 7, 2016

One Industry’s Earnings Are Flying High

After struggling for years to turn a profit, the fortunes of the airline industry are beginning to change, according to the International Air Transport Association, which on Tuesday predicted even higher earnings for the year.The group revised upward its 2016 forecast for the airlines industry, n...

By Katie Kuehner-Hebert • June 7, 2016

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Top 5 stories from CFO.com

From CPA licensure changes to undergoing a digital transformation, these are the most popular stories CFOs are reading. 

By CFO.com staff

Yellen Suggests No Rate Hike in ‘Coming Months’

Calling last month’s weak jobs report “concerning,” U.S. Federal Reserve Chair Janet Yellen has indicated that Fed officials may be reconsidering hiking the benchmark interest rate again “in the coming months.”The markets had been expecting the Fed to take another step in its “gradual easing” of ...

By Matthew Heller • June 7, 2016

Ex-Credit Union CFO Claims Wrongful Firing

The former CFO of Nutmeg State Financial Credit Union and his top aide have sued their former employer, alleging they were fired in retaliation for trying to expose accounting gimmicks intended to boost the chief executive’s pay.According to a complaint filed in Connecticut state court, both ex-f...

By Matthew Heller • June 6, 2016

Devon Energy to Sell $1B in Upstream Assets

Oil and natural gas producer Devon Energy said Monday it was selling about $1 billion of gas production and other assets as part of its program to cut costs through upstream divestitures.Devon’s rose more than 4.5% on news of the sales of producing assets in east Texas for $525 million, non-core ...

By Katie Kuehner-Hebert • June 6, 2016

Why HP’s Strategy Fell Apart

Back in 2008, while I was still a senior corporate IT executive in Chicago, I attended a lunch hosted by the CEO of CDW (the big Chicago area based value-added reseller and at the time one of my suppliers) where the guest speaker was Mark Hurd, at the time the chief executive of Hewlett-Packard. ...

By John Parkinson • June 6, 2016

Economic Optimism Rebounds From 3-Year Low

Business executives’ sentiment about the growth prospects for the U.S. economy has rebounded after two relatively gloomy quarters, according to the second-quarter AICPA Economic Outlook Survey.More than one-third (37%) of survey respondents expressed optimism about their organization’s anticipate...

By Matthew Heller • June 3, 2016

CFOs on the Move: Week Ending June 3

Robert Schriesheim, chief financial officer at struggling retailer Sears Holdings, has resigned. Schriesheim, 56, said he would pursue other career opportunities and devote more time to the four boards of directors on which he serves, as well as to his family. Before he joined Sears, Schriesheim ...

By David McCann • June 3, 2016

Tablet Market to Rebound (Slightly) in 2018

While the worldwide market for tablets has peaked, the detachable segment will drive a slight rebound starting in 2018, according to a new IDC Worldwide Quarterly Tablet Tracker forecast released Thursday.Worldwide tablet shipments are expected to decline for the second straight year in 2016, dro...

By Katie Kuehner-Hebert • June 2, 2016

DeVry’s Stock Tumbles After CFO Leaves

DeVry Education’s stock took a tumble after the for-profit higher education firm late Wednesday said that its chief financial officer Timothy Wiggins had resigned — a week after the abrupt departure of chief executive Daniel Hamburger.The Downers Grove, Ill.-based company did not give a reason wh...

By Katie Kuehner-Hebert • June 2, 2016

Vista Equity to Take Marketo Private for $1.79B

Vista Equity Partners is adding to its technology-oriented portfolio of investments by acquiring cloud-based marketing software provider Marketo for $1.79 billion, its biggest deal to date.Marketo had been the subject of speculation it would be sold to a tech giant such as Microsoft or SAP. But i...

By Matthew Heller • June 1, 2016

Banker Accused of Tipping Off Plumber to Deals

A former director at Barclays PLC has been charged with tipping off his “boat dock buddy” to impending deals involving clients as part of an insider trading scheme that netted $76,000 in illicit profits — and a remodeled bathroom.The U.S. Securities and Exchange Commission on Tuesday said Steven ...

By Matthew Heller • May 31, 2016

Consumer Spending Rises at Fastest Pace Since ’09

The economy seems to be picking up steam after a sluggish first quarter, as consumer spending rose in April at the fastest pace in nearly seven years.Personal spending rose 1% in April from a month earlier — the largest one-month jump since August 2009, the Commerce Department said on Tuesday. Pe...

By Katie Kuehner-Hebert • May 31, 2016

Boosting Valuation with Enterprise Risk Management

Companies with high valuations typically market effectively, meet sales forecasts, and produce high-quality products. These actions often have a snowball effect. They attract more investors, customers, and media attention, ultimately bolstering business value.What keeps these companies from crumb...

By Steven Minsky • May 31, 2016

Pending Home Sales Hit 10-Year High in April

Pending home sales in the U.S. reached their highest level in April since before the real estate crash, the latest indication of a strong spring home-buying season.The National Association of Realtors said Thursday its seasonally adjusted pending home sales index surged 5.1% last month to 116.3 a...

By Matthew Heller • May 27, 2016

CFOs on the Move: Week Ending May 27

Vanguard, one of the world’s largest investment firms with $3.5 trillion of assets under management, has tapped Michael Rollings to lead its finance division. He had been CFO of MassMutual Financial Group. Rollings replaces Glenn Reed, who will remain a member of the firm’s senior leadership team...

By David McCann • May 27, 2016

Lenovo Posts First Loss In Six Years

Huge acquisition and restructuring costs as well as weak sales for its smartphones business led China’s Lenovo to post its first loss in six years.The Hong Kong-based manufacturer of personal computers and other consumer electronics on Thursday reported a net loss of $128 million for the year end...

By Katie Kuehner-Hebert • May 26, 2016

Microsoft All But Silences Its Smartphone Business

Microsoft on Wednesday said that it would cut 1,850 jobs in the company’s smartphone hardware business, as part of its efforts to streamline the unit in the face of continued weak sales. A majority — 1,350 — of the job cuts will occur in Finland, where the mobile business that Microsoft acquired ...

By Katie Kuehner-Hebert • May 26, 2016

N.Y. Sues Domino’s for ‘Wage Theft’ at Franchises

New York’s attorney general has accused Domino’s Pizza of “rampant wage theft” in a lawsuit that may test whether franchisors can be held liable for labor violations at their franchisee stores.Attorney General Eric Schneiderman filed the suit earlier this week under the theory that Domino’s is th...

By Matthew Heller • May 25, 2016

New Equipment Lending Drops 10%

New borrowing from equipment finance companies dipped sharply in April amid a climate of uncertainty among business owners over economic conditions and the U.S. presidential election.Companies signed up for $7.3 billion in new loans, leases, and lines of credit last month, down 10% from March and...

By Matthew Heller • May 24, 2016

SWIFT Launches Plan to Brace Network’s Security

The Society for Worldwide Interbank Financial Telecommunication on Tuesday unveiled a five-point plan to reinforce the security of SWIFT’s payments system in the wake of the Bangladesh Bank heist.Speaking at the European Financial Services Conference in Brussels, chief executive Gottfried Leibbra...

By Katie Kuehner-Hebert • May 24, 2016

How Starting At Zero Can Really Add Up

It can be puzzling for investors when you give something away for free. Yet that’s just what Intuit does with its free tax offering: TurboTax Absolute Zero.Essentially, during a portion of tax season, we give taxpayers with relatively straightforward tax situations a risk-free way to try our soft...

By Neil Williams • May 24, 2016

Best Buy Forecasts Lower Profits; CFO Departing

While Best Buy on Tuesday posted better-than-expected results, the electronic retailer’s stock slipped on guidance and the announcement of chief financial officer Sharon McCollam’s pending departure.The Minneapolis-based firm said that non-GAAP diluted earnings per share from continuing operation...

By Katie Kuehner-Hebert • May 24, 2016

SEC Considering Tighter Regulation of ETFs

The U.S. Securities and Exchange Commission is conducting a sweeping review of exchange-traded funds to determine whether new rules are warranted to reduce risks for investors.SEC Chair Mary Jo White on Friday outlined the scope of the review, citing the “astounding” growth of the ETF sector. The...

By Katie Kuehner-Hebert • May 20, 2016

Gap Worn Down By Declining Sales

The Gap announced it would close about 75 stores, including all Old Navy outlets in Japan, as it reported its fifth straight quarter of lower revenue and profit.The closures of the Old Navy stores and some Banana Republics mostly outside of North America by the end of Gap’s business year are part...

By Matthew Heller • May 20, 2016