Corporate Finance: Page 43
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Karpovich, Vlada. "Woman doing paperwork" [Photograph]. Retrieved from Pexels.
Strings Attached: Guidelines for Seeking Coronavirus Relief Funds
On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES Act provides more than $2 trillion in emergency relief to address the economic fallout from the COVID-19 crisis, including $500 billion in aid for businesses, states, and munici...
By Gene Kohut • April 13, 2020 -
Karpovich, Vlada. "Woman doing paperwork" [Photograph]. Retrieved from Pexels.
Prudential to Sell South Korean Insurance Business
Prudential Financial announced it has reached an agreement to sell Prudential Life Insurance Company of Korea to Korean financial services provider KB Financial Group for approximately 2.3 trillion Korean won ($1.9 billion).Prudential Life Insurance was the eleventh-largest insurer in the South K...
By Lauren Muskett • April 10, 2020 -
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TrendlineTop 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 -
Karpovich, Vlada. "Woman doing paperwork" [Photograph]. Retrieved from Pexels.
CFOs On the Move: Week Ending April 10
Patrick Wood Kemin Industries appointed Patrick Wood as CFO. Wood joined the ingredient manufacturer in 2013 as a senior accountant before becoming an accounting manager a year later. The following year, he was promoted to controller for Kemin Animal Nutrition and Health in North America, and in ...
By Lauren Muskett • April 10, 2020 -
Karpovich, Vlada. "Woman doing paperwork" [Photograph]. Retrieved from Pexels.
6.6 Million Americans File Unemployment Claims
The number of Americans filing initial claims for unemployment rose to more than 6.6 million for the week ended April 4, according to the Department of Labor.Nearly 17 million people have filed unemployment claims in the last three weeks as the coronavirus pandemic wreaks havoc across the global ...
By Lauren Muskett • April 9, 2020 -
Karpovich, Vlada. "Woman doing paperwork" [Photograph]. Retrieved from Pexels.
The Restructuring Remedy
The COVID-19 pandemic threatens a global economic crisis, unlike any faced in our lifetimes. As a restructuring professional for 38 years, I have lived through my share: the savings and loan crisis, stock market crash, and junk bond crash of the 1980s; the dot-com bubble of the late 1990s; the po...
By Vincent Ryan • April 9, 2020 -
Karpovich, Vlada. "Woman doing paperwork" [Photograph]. Retrieved from Pexels.
Mortgage Forbearance Requests Skyrocket as COVID-19 Halts Economy
The number of forbearance requests to mortgage lenders rose 1,896% between the week of March 16 and the week of March 30, according to the Mortgage Bankers Association (MBA).That follows a jump of 1,270% between March 2 and March 16.The CARES Act, signed into law on March 27 to help limit the eco...
By Lauren Muskett • April 7, 2020 -
Karpovich, Vlada. "Woman doing paperwork" [Photograph]. Retrieved from Pexels.
Macy’s CFO Paula Price to Step Down
Paula Price Macy’s chief financial officer Paula Price will leave the company on May 30 after less than two years in the role.Price will remain an advisor to Macy’s through November 2020. An external search for her replacement is underway, the company said.“I want to thank Paula for her leadershi...
By Lauren Muskett • April 7, 2020 -
Karpovich, Vlada. "Woman doing paperwork" [Photograph]. Retrieved from Pexels.
Is the Coronavirus An ‘Existential Threat’ For Retailers?
The coronavirus pandemic represents an “existential threat” to the entire retail sector and there will be a “fundamental changes” to the longer-term business model, Steve Sadove, former chairman and CEO of Saks, said in a Thursday CNBC “Squawk Box” interview.E-Commerce Doesn’t Offset Loss Of Foot...
By Vincent Ryan • April 7, 2020 -
Karpovich, Vlada. "Woman doing paperwork" [Photograph]. Retrieved from Pexels.
Airbnb Gets $1B Capital Infusion From PE Firms
Airbnb has secured a $1 billion investment from private equity firms Silver Lake and Sixth Street Partners as it seeks to weather the plunge in demand due to the coronavirus pandemic.The investment, which is a combination of debt and equity, increases Airbnb’s cash reserves to around $4 billion. ...
By Matthew Heller • April 7, 2020 -
Karpovich, Vlada. "Woman doing paperwork" [Photograph]. Retrieved from Pexels.
Japan to Declare Emergency, Approves $1T Stimulus Package
Prime Minister Shinzo Abe of Japan is preparing to declare a state of emergency as early as Tuesday as COVID-19 cases mount in the capital of Tokyo.It is expected that the Japanese government will convene an unofficial meeting of experts on Monday and Abe will address the government’s coronavirus...
By Lauren Muskett • April 6, 2020 -
Karpovich, Vlada. "Woman doing paperwork" [Photograph]. Retrieved from Pexels.
Jamie Dimon Warns of a ‘Bad Recession’ Due to Coronavirus Crisis
JPMorgan Chase chief executive officer Jamie Dimon said he expects the economic fallout from the coronavirus pandemic to include a bad recession and strain the financial system in ways similar to the 2008 financial crisis.In his annual letter to shareholders, Dimon said the largest bank in the U....
By Lauren Muskett • April 6, 2020 -
Karpovich, Vlada. "Woman doing paperwork" [Photograph]. Retrieved from Pexels.
Google Launches ‘Mobility Reports’ to Monitor Social Distancing
Google has launched a website to track mobility across geographic locations to track the impact of social-distancing measures put in place to curb the spread of COVID-19.The company said the COVID-19 Community Mobility Reports could help governments and public health officials make decisions that...
By Lauren Muskett • April 3, 2020 -
Karpovich, Vlada. "Woman doing paperwork" [Photograph]. Retrieved from Pexels.
How to Use and Not Use Chapter 11 in Bad Economic Times
As the United States and much of the world reel from the coronavirus pandemic, many businesses’ revenues have been shut off (or close to it). Employees must stay home, and customers are holding back payments. Companies looking to make it out of these dark times need to remember a few things.Avoid...
By Vincent Ryan • April 3, 2020 -
Karpovich, Vlada. "Woman doing paperwork" [Photograph]. Retrieved from Pexels.
CFOs On the Move: Week Ending April 3
Joseph Dorrego Joe Dorrego was named finance chief and chief operating officer at FOX News Media. Dorrego has been with Fox Corporation for more than 15 years, most recently as chief investor relations officer and executive vice president of corporate initiatives. Dorrego joined the media company...
By Lauren Muskett • April 3, 2020 -
Karpovich, Vlada. "Woman doing paperwork" [Photograph]. Retrieved from Pexels.
Zoom Issues Apology After Security Lapses
The chief executive officer of Zoom, Eric Yuan, has issued an apology to users as the video teleconferencing platform faces increased scrutiny from law enforcement and security experts.The company said user volume jumped as social-distancing measures moved businesses and schools to meet online. Z...
By Lauren Muskett • April 2, 2020 -
Karpovich, Vlada. "Woman doing paperwork" [Photograph]. Retrieved from Pexels.
Luckin Coffee Crashes After Company Admits COO ‘Fabricated Transactions’
China’s Luckin Coffee crashed 75% Thursday morning after the company withdrew previous financial statements and said its COO has been involved in fabricating transactions over the past year.In a new filing, Luckin said an internal accounting investigation has revealed that COO Jian Liu allegedly ...
By Lauren Muskett • April 2, 2020 -
Karpovich, Vlada. "Woman doing paperwork" [Photograph]. Retrieved from Pexels.
Whiting Petroleum Files for Bankruptcy Amid Oil Price Plunge
Whiting Petroleum announced it has reached an agreement with noteholders to pursue a consensual financial restructuring after filing for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas.The shale producer at one time was the largest oil producer in North Dakot...
By Lauren Muskett • April 1, 2020 -
Karpovich, Vlada. "Woman doing paperwork" [Photograph]. Retrieved from Pexels.
Zoom’s Privacy Practices Questioned Amid Rising Popularity
The video teleconferencing platform Zoom is facing legal scrutiny amid a surge in popularity as schools and businesses move meetings online in response to the coronavirus pandemic.The company on Monday received a letter from New York Attorney General Letitia James expressing concern Zoom’s securi...
By Lauren Muskett • March 31, 2020 -
Karpovich, Vlada. "Woman doing paperwork" [Photograph]. Retrieved from Pexels.
Mortgage Company Suspends Lending for Two Weeks
Impac Mortgage Holdings said it was instituting a two-week suspension of all lending activity, effective March 30, in hopes that the pause will give the Fed’s efforts to stabilize the mortgage-backed security markets time to take effect.The company, a micro-cap residential mortgage originator and...
By Lauren Muskett • March 30, 2020 -
Karpovich, Vlada. "Woman doing paperwork" [Photograph]. Retrieved from Pexels.
SoftBank-Backed Satellite Startup Files for Bankruptcy
Satellite internet startup OneWeb filed for bankruptcy and reduced its workforce after it couldn’t obtain new funding from investors due to the financial impact of the COVID-19 pandemic.Before the pandemic, the company was in talks with SoftBank, its biggest backer, about possibly raising another...
By Lauren Muskett • March 30, 2020 -
Karpovich, Vlada. "Woman doing paperwork" [Photograph]. Retrieved from Pexels.
Mortgage Relief Could Cripple Loan Servicers
Mortgages represent the lion’s share of household debt, so the mortgage industry may play a critical part in seeing consumers through the COVID-19 pandemic.But mortgage bankers and nonbank mortgage providers are worried that the $2 trillion stimulus package passed by the House of Representatives ...
By Vincent Ryan • March 27, 2020 -
Karpovich, Vlada. "Woman doing paperwork" [Photograph]. Retrieved from Pexels.
Virus Relief Bill Delays CECL Rule for Banks
The $2 trillion emergency relief package now headed to President Trump’s desk gives large banks a temporary reprieve from a major change in bank accounting standards, marking a rare intervention by Congress in what is normally the domain of the Financial Accounting Standards Board.Large publicly-...
By Matthew Heller • March 27, 2020 -
Karpovich, Vlada. "Woman doing paperwork" [Photograph]. Retrieved from Pexels.
Cybersecurity Insurer Chubb Hit With Possible Ransomware Attack
Cybersecurity insurance provider Chubb has been investigating a data breach that gave hackers unauthorized access to information belonging to a third party.A company spokesperson confirmed the “security incident” but said there was no evidence Chubb’s own network was affected and it remained “ful...
By Lauren Muskett • March 27, 2020 -
Karpovich, Vlada. "Woman doing paperwork" [Photograph]. Retrieved from Pexels.
CFOs On the Move: Week Ending March 27
Peter Farr Peter Farr was appointed CFO at newspaper publisher McClatchy. Farr has served as controller and chief accounting officer (CAO) since joining the publisher in 2018 and will continue in his role as CAO. He succeeds Elaine Lintecum who will serve as special advisor to the CEO until her r...
By Lauren Muskett • March 27, 2020 -
Karpovich, Vlada. "Woman doing paperwork" [Photograph]. Retrieved from Pexels.
Jobless Claims Smash Record
A record 3.28 million Americans filed unemployment claims last week, according to the Labor Department, as the economic impacts of the novel coronavirus outbreak rippled across the global economy.The previous weekly record was 695,000 in October 1982. The peak during the Great Recession was 665,0...
By Lauren Muskett • March 26, 2020
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