U.S. Inflation Picks Up the Most in 15 Months

U.S. consumer prices increased by the most in 15 months in April, but gains in inflation are likely to be limited, as the Commerce Department’s report on Friday also showed a deceleration in consumer spending last month.This appears to be the latest indication that economic growth was slowing aft...

By Lauren Muskett • May 31, 2019

CFOs on the Move: Week Ending May 31

Sergio Amodeo Radisson Hotel Group appointed Sergio Amodeo CFO of Radisson Hospitality AB and member of the Global Steering Committee for Radisson Hotel Group, effective June 1. Amodeo will take on the duties of Knut Kleiven, who is currently deputy president and CFO of Radisson Hospitality AB. K...

By Lauren Muskett • May 31, 2019

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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

Machine-Driven Enforcement and Wrestling with Clouds

It was supposed to get easier. In 2017, with the crush of post-financial crisis regulatory reforms largely behind them, most big businesses were expecting a lighter-handed approach to regulation.They were encouraged by President Donald Trump’s executive order on “reducing regulation and controlli...

By Vincent Ryan • May 30, 2019

IEA Warns of Climate Risk If Nuclear Capacity Drops

The International Energy Agency warned that a drop in nuclear energy production capacity could result in billions of tons of new carbon emissions, further threatening the international community’s ability to respond to climate-change risks.“Without policy changes, advanced economies could lose 25...

By Lauren Muskett • May 29, 2019

Frank Lonergo Steps Down as CSX Finance Chief

CSX finance chief Frank Lonergo is stepping down after 19 years at the railroad operator.CSX gave no explanation for the departure of Lonergo, who was named CFO in September 2015 and survived a management shakeup two years ago. He will be replaced on an interim basis by Kevin Boone, a vice-presid...

By Matthew Heller • May 29, 2019

Global Payments Agrees to Buy Total System Services

Global Payments announced it has reached an agreement to buy rival payment technology company Total System Services for about $21.5 billion in stock.The companies said, under the terms of the agreement, Total System shareholders would get 0.8101 Global Payments shares for each share of common sto...

By Lauren Muskett • May 28, 2019

Fiat Chrysler Proposes Merger With Renault

Fiat Chrysler has proposed a merger with Renault to create the world’s third-largest automaker, giving the two companies the ability to take the lead in the race to develop new electric and autonomous vehicles.Renault’s board of directors met Monday at its headquarters outside Paris to discuss th...

By Lauren Muskett • May 28, 2019

Salary Growth for Finance Professionals Slows

Smaller salary increases were the norm for finance professionals in 2018, including CFOs.Treasury and finance professionals got an average 3.5% base salary increase last year, according to the Association for Financial Professionals, compared with 4.3% the year before. Staff-level finance team me...

By Vincent Ryan • May 27, 2019

SEC Sues Alleged Cryptocurrency Pyramid Scheme Operator

The Securities and Exchange Commission has accused Daniel Pacheco of operating a multimillion-dollar cryptocurrency pyramid scheme.In a complaint, filed in U.S. District Court for the Central District of California, regulators alleged Pacheco of conducting a fraudulent, unregistered offering of s...

By Lauren Muskett • May 24, 2019

CFOs on the Move: Week Ending May 24

Derek Andersen Social media company Snap announced Derek Andersen, currently the company’s vice president of finance, as CFO. Andersen joined Snap in July 2018 after a seven-year run at Amazon, where he most recently was vice president of finance supporting Amazon’s digital video business. Anders...

By Lauren Muskett • May 24, 2019

Huawei Executive Accused of Stealing Trade Secrets

Silicon Valley chip startup CNEXmicrochip, which has the backing of Microsoft and Dell, has accused Huawei Technologies of stealing trade secrets, alleging in court documents that Huawei deputy chairman Eric Xu directed an employee to pose as a potential customer to collect information on researc...

By Lauren Muskett • May 23, 2019

NASCAR and International Speedway to Merge

In a deal announced on Tuesday, NASCAR will acquire International Speedway Corp. (ISC). The deal is valued at approximately $2 billion, and is expected to close by the end of 2019.Under the terms of the merger agreement, NASCAR will pay ISC shareholders $45 in cash, which represents a 2.0% premiu...

By Lauren Muskett • May 22, 2019

Four Key Strategies for Managing Pension Risk

CFOs at companies that offer defined benefits might be forgiven for feeling frustrated that, in addition to oversight responsibility for company financial performance, shareholder relations, accounting, tax, and myriad other functions, they also have to manage a pension plan.Compounding the chall...

By David McCann • May 22, 2019

IRS Audit Rate for Highest Earners Falls by Half

The IRS’s overall audit rate fell last year to the lowest level since 2002, with audits of the highest earners declining by more than half.The audit data released as part of the IRS’s 2018 databook reflected the continuing impact of cuts on the agency’s enforcement budget. Between 2010 and 2016, ...

By Matthew Heller • May 22, 2019

Judge Rules Qualcomm Broke Antitrust Laws

A judge in the Northern District of California ruled in favor of the U.S. Federal Trade Commission against Qualcomm that the company violated antitrust laws, stifled competition, and charged improper fees to phone makers.“Qualcomm’s licensing practices have strangled competition … for years, and ...

By Lauren Muskett • May 22, 2019

Smart Moves to Make Now Ahead of a Recession

While predicting when a recession will hit is nearly impossible, it’s certainly not far-fetched that one could arrive relatively soon, given that the economic expansion is now into its second decade.For CFOs and other corporate leaders, however, the exact timing and duration of a recession matter...

By David McCann • May 21, 2019

Ford Cuts 7,000 White Collar Workers to Save $600 Million

As part of massive restructuring efforts, Ford announced it is cutting 7,000 white collar jobs or about 10% of its salaried staff worldwide – among other recent reduction measures expected to save the company about $600 million a year.On Monday morning, Ford workers opened an email from CEO Jim H...

By Lauren Muskett • May 20, 2019

Hollander Sleep Products Files Chapter 11

Hollander Sleep Products has filed for bankruptcy, citing a severe cash squeeze due in part to substantial price increases for materials.The Boca Raton, Fla.-based supplier of pillows, mattress pads and other bedding products said it has only $523,000 in cash on hand but secured lenders have agre...

By Matthew Heller • May 20, 2019

FCC Chair Signals Support for T-Mobile-Sprint Deal

The Chairman of the Federal Communications Commission, Ajit Pai, announced he has agreed to back wireless carrier T-Mobile’s takeover of Sprint after the companies pledged to expand mobile internet access in rural areas and help the rollout of 5G network technology. Sprint and T-Mobile also agree...

By Lauren Muskett • May 20, 2019

Capturing Post-Merger Value, Part Three: Executing the Plan

Part one of this three-part series looked at Capturing Post-Merger Value from Commercial Integration. Part two analyzed revenue synergies. The way you execute the merger integration work is critical to its acceptance by the organizations and the deal’s ultimate success. We believe that there are ...

By Vincent Ryan • May 17, 2019

KPMG to Restructure Audit Business in U.K.

KPMG has announced plans to restructure its U.K. auditing business but a regulator that has urged a broad overhaul of the Big Four accounting firms indicated the changes do not go far enough.The Competition and Markets Authority (CMA) recommended last month that the Big Four separate their audit ...

By Matthew Heller • May 17, 2019

CFOs on the Move: Week Ending May 17

Susan Kendall Susan Kendall has been named to the top finance spot at Citibank’s global consumer bank. She had been head of Citi investor relations.Aflac U.S. has chosen Steven Beaver to head finance. He joined the company in 2012 as vice president of corporate tax and most recently served as sen...

By Joan Urdang • May 17, 2019

U.S. Blacklists Huawei Amid Escalating Trade Dispute With China

As the trade dispute with China continues to escalate, the Trump administration hit Chinese telecoms giant Huawei with severe sanctions on Wednesday, adding another volatile element to the already incendiary U.S.-China trade dispute.The Commerce Department added Huawei Technologies and 70 affilia...

By Lauren Muskett • May 16, 2019

American Express Buys Restaurant Booking Service Resy

American Express signed an agreement to buy the digital restaurant reservation booking and management platform Resy.The companies did not disclose the terms of the deal. Resy reportedly has a valuation as high as $70 million. Founded in 2014, the company has raised $45 million. Its investors have...

By Lauren Muskett • May 15, 2019

Surgical Firm Drives Growth Via Value-Based Care

In health care’s ongoing, uphill march from a fee-for-service revenue model to a value-based care model, outpatient surgery is a stellar performer.In the last five years, more than 100 million Americans have had successful operations in ambulatory surgical centers (ASCs), which generally perform ...

By David McCann • May 15, 2019