Enterprise Tech Agenda: 2016

After the Consumer Electronics Show (3,600 exhibitors with nearly 500 of them venture-backed; all three Las Vegas Conference Center halls plus 10 hotel conference center venues; 160,000 attendees) I thought I would sift through all of the themes and things I’ve seen lately and share some thoughts...

By John Parkinson • Jan. 12, 2016

BP to Lay Off About 4,000 Workers

Plummeting oil prices have forced BP to lay off about 4,000 workers.A BP spokesman told Bloomberg that the cuts will affect workers in places including Angola, Azerbaijan, and the United States. There will be 600 layoffs within BP’s North Sea operations, which currently has about 3,000 employees....

By Katie Kuehner-Hebert • Jan. 12, 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

SEC to Increase Scrutiny of Mutual Funds

After the failure last year of a high-yield bond fund overseen by Third Avenue Management, the U.S. Securities and Exchange Commission is stepping up its efforts to maintain liquidity in the markets amid the proliferation of hard-to-sell assets.The SEC on Monday said in its annual report on exam ...

By Katie Kuehner-Hebert • Jan. 11, 2016

SunEdison Shares Plunge on Restructuring

SunEdison’s shares plunged 39% to $3.34 on Thursday — the most since September 2001 – after the company announced deals to improve its balance sheet that analysts contend are costly.The Maryland Heights, Mo., developer of clean energy is taking a series of steps, including taking on about $950 mi...

By Katie Kuehner-Hebert • Jan. 8, 2016

CFOs on the Move: Week Ending Jan. 8

Beth Schiavo has been chosen to head finance at management consultancy North Highland. She is a former assurance partner at Ernst & Young, which employed her for 23 years.Scott DiValerio Scott Di Valerio has been named to the top finance spot at RetailMeNot. He succeeds interim CFO Lou Agnese...

By Joan Urdang • Jan. 8, 2016

World Bank Warns ‘Perfect Storm’ May Be Brewing

The current slowdown in four of the five largest emerging economies could combine with turmoil in the financial markets to create a “perfect storm” for the global economy, the World Bank has warned.Launching its annual Global Economic Prospects report, the bank said growth had slowed to 2.4% in 2...

By Matthew Heller • Jan. 8, 2016

Pot Bank Loses Legal Battle With Fed

A Colorado judge has ruled the U.S. Federal Reserve acted properly in denying approval to a credit union seeking to become the first financial institution to serve the state’s marijuana industry.The Fourth Corner Credit Union sued the Fed’s Kansas City branch in July for rejecting the bank’s appl...

By Matthew Heller • Jan. 7, 2016

Pension Accounting Change Boosts Ford’s Results

Ford Motor said Thursday it is making a change in its accounting for its huge pension obligations that will boost its 2015 pre-tax profit by $1.5 billion and level the playing field with the other Big Three automakers.The change to mark-to-market accounting means Ford will now recognize pension a...

By Matthew Heller • Jan. 7, 2016

Activist Urges Management Shakeup at Yahoo

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 ac...

By Katie Kuehner-Hebert • Jan. 6, 2016

SEC Escapes Suit Over Political Disclosure Rule

A federal judge has thrown out a lawsuit aimed at forcing the U.S. Securities and Exchange Commission to require that public companies disclose their political contributions.A watchdog group, Campaign for Accountability, brought the lawsuit in May on behalf of an Aetna investor who claimed the SE...

By Matthew Heller • Jan. 5, 2016

IT Spending Forecast Mixed for 2016

Some information technology organizations are bullish about their prospective spending for 2016, while others appear to be hunkering down, according to “IT Spending and Staffing Outlook for 2016: Divergence Ahead,” a report released Tuesday by Computer Economics.Overall, the Irvine, Calif.-based ...

By Katie Kuehner-Hebert • Jan. 5, 2016

Eurozone Inflation Rate Sluggish

The inflation rate in the eurozone slowed in December 2015, raising expectations that the European Central Bank will try even more stimulus measures to boost growth.The headline inflation rate remained unchanged at 0.2%, missing expectations for a rise to 0.3% and still far short of the bank’s ta...

By Katie Kuehner-Hebert • Jan. 5, 2016

GM, Lyft Driving Toward Driverless Car Future

GM is making a $500 million bet that it can use Lyft’s rideshare technology to provide self-driving cars to customers.Lyft announced Monday it was closing a $1 billion funding round led by a $500 million investment from GM, which would have a seat on its board.The companies envision an integrated...

By Katie Kuehner-Hebert • Jan. 4, 2016

CFOs on the Move: Week Ending January 1

Transportation company CRST International has named David Souza finance chief. Previously, he was CFO for the Americas at CEVA Logistics.Chip Molloy Under Armour, which manufactures athletic clothing, has chosen Chip Molloy to lead the finance function, effective Jan. 19. Molloy, who will take ov...

By Joan Urdang • Jan. 4, 2016

Valeant Stock Falls 10% on News of CEO’s Illness

Shares of Valeant Pharmaceuticals tumbled on Monday after the troubled drugmaker said CEO Michael Pearson had been stricken with pneumonia, forcing him to take an extended medical leave.A team of executives including CFO Robert Rosiello will take over Pearson’s duties in the interim, but Bloomber...

By Katie Kuehner-Hebert • Dec. 28, 2015

Lower Supply Seen Pushing Bitcoin Price up

The price of bitcoin is expected to more than double next year in part because of slower growth in the supply of the digital currency, Reuters reports.Bitcoin hit $500 last month for the first time since August last year, with Chinese demand for a pyramid scheme set up by a Russian fraudster cite...

By Matthew Heller • Dec. 23, 2015

Toshiba to Post Record Net Loss, Cut Jobs

Reeling from a $1.3 billion accounting scandal, Toshiba will post a record net loss this year and cut around 5% percent of its workforce as it focuses on semiconductors and nuclear energy.The Tokyo company has been restructuring in the wake of the disclosure that it overstated profits by more tha...

By Katie Kuehner-Hebert • Dec. 21, 2015

FTC Rejects Staples’ Offer on Office Depot Deal

The U.S. Federal Trade Commission has rejected Staples’ latest attempt to win antitrust approval for its $5.5 billion deal to buy Office Depot, the office supply retailer said Monday.Staples said it had proposed divesting up to $1.25 billion of commercial contracts as a remedy for antitrust conce...

By Katie Kuehner-Hebert • Dec. 21, 2015

CFOs on the Move: Week Ending Dec. 18

Thomas Mangas has been promoted from the top finance spot to CEO at Starwood Hotels & Resorts Worldwide, effective Dec. 31. Alan Schnaid, principal accounting officer and corporate controller, will take over for him.Kenneth Krause Safety products developer and manufacturer MSA Safety has prom...

By Joan Urdang • Dec. 18, 2015

Pharma Exec Shkreli Accused of Hedge Fund Fraud

Controversial pharma executive Martin Shkreli has been charged with misappropriating money from investors in hedge funds that he managed and lying about their financial performance to cover up his trading losses.Federal prosecutors accused Shkreli of ensnaring investors through “a web of lies and...

By Matthew Heller • Dec. 18, 2015

Rite Aid Posts 22% Revenue Increase

Rite Aid on Thursday reported third-quarter growth in revenue and same-store sales, citing “significant contributions” from its new pharmacy services unit.The No. 3 drugstore operator, which is being acquired by Walgreens Boots Alliance, posted a 22% jump in revenue to $8.15 billion, below analys...

By Matthew Heller • Dec. 17, 2015

Pension Plan Funding to Rise With Interest Rates

U.S. corporate pension plans will remain underfunded at the end of this year but could reach full funding in 2018 if interest rates increase as expected, according to Moody’s Investors Service.In a report released Tuesday, Moody’s estimates the aggregate funded status will be at 78% at the end of...

By Matthew Heller • Dec. 16, 2015

Three Men Charged in $2M Hacking Scheme

Three men who operated an email spamming business have been charged with hacking into the computers of four companies as part of a scheme that compromised the personal information of more than 60 million people.Paul Fishman, U.S. Attorney for New Jersey, said the operators of A Whole Lot of Nothi...

By Matthew Heller • Dec. 15, 2015

PCAOB Adopts New Form for Naming Audit Partner

After a six-year rulemaking process, the Public Company Accounting Oversight Board has voted to require audit firms to disclose the names of each audit engagement partner in a new form as well as the names of any other audit firms that participated in an audit.The new rules represent a compromise...

By Matthew Heller • Dec. 15, 2015

CFOs Plan to Spend Cautiously in 2016 (Video)

The Duke University/CFO Global Business Outlook survey for the fourth quarter of 2015 shows executives’ confidence in the U.S. economy essentially unchanged from last quarter, rising slightly to 60.3 from the previous quarter’s 60.0, on a scale from 0 to 100 (and still down from the year’s zenith...

By CFO Editorial Staff • Dec. 15, 2015