Blackstone Adds Takeda Unit to Health Roster

Blackstone Group said Monday it had agreed to acquire the over-the-counter business of Japan’s Takeda Pharmaceuticals as the private equity giant continues its push into health care.Takeda Consumer Healthcare Co.’s (TCHC) portfolio includes the Alinamin line of energy drinks and Benza Block, a le...

By Matthew Heller • Aug. 24, 2020

AmEx Buys Kabbage in SMB Solutions Move

American Express is buying most of cash flow management startup Kabbage to boost its financial technology offerings to small businesses.Kabbage, which started out in 2009 as an online lender, uses machine learning to determine a business’s eligibility for a loan and the repayment. It also provide...

By Matthew Heller • Aug. 18, 2020

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Tax policy shifts: What CFOs need to know to stay ahead

Discover how evolving tax policies are creating new opportunities and challenges for CFOs.

By CFO.com staff

Japan’s GDP Falls by Record 27.8% in Q2

Japan’s economy suffered its worst quarter on record as the country reeled from the hit to consumer spending caused by the coronavirus pandemic.The Japanese government said Monday that the world’s third-largest economy contracted by 7.8% in the second quarter, translating to an annualized rate of...

By Matthew Heller • Aug. 17, 2020

OPEC Lowers Oil Demand Forecast for 2020

OPEC lowered its forecast for world oil demand in 2020 but still sees a record-breaking rebound next year assuming the coronavirus will largely be under control.In its latest monthly oil report, OPEC said demand will tumble by 9.06 million barrels per day (bpd) this year, up 110,000 bpd from the ...

By Matthew Heller • Aug. 13, 2020

July Jump in Prices Eases Disinflation Fears

A measure of underlying inflation increased by the most in 29-1/2 years in July as the disinflationary impact of the coronavirus pandemic continued to wear off.The Labor Department reported Wednesday that the consumer price index rose 0.6% for the second month in a row. Economists polled by Marke...

By Matthew Heller • Aug. 12, 2020

Barry Diller’s IAC Buys MGM Stake for $1 Billion

Media mogul Barry Diller’s IAC/Interactive Corp. disclosed it has acquired 12% of MGM Resorts International for about $1 billion in a bet on the casino operator’s nascent online-gambling business.IAC’s portfolio of online brands includes Angie’s List, the Daily Beast, and Vimeo. It spun off Tinde...

By Matthew Heller • Aug. 11, 2020

U.S. Job Gains Slow to 1.8M in July

U.S. job growth slowed in July after a two-month surge, indicating the labor market has a long road ahead to recover from the coronavirus pandemic.The Labor Department reported Friday that employers added 1.8 million jobs last month, the third-straight month of improvement after the spring lockdo...

By Matthew Heller • Aug. 7, 2020

Teladoc Buys Livongo in Telemedicine Mega-Deal

Teladoc Health said Wednesday it is buying Livongo Health in an $18.5 billion mega-deal that underscores the growth potential of telemedicine as the coronavirus pandemic accelerates the use of virtual health platforms.Both Teladoc, a provider of virtual care services, and Livongo, a data-based he...

By Matthew Heller • Aug. 5, 2020

U.S. Consumer Spending Rises 5.6% in June

U.S. consumer spending rose sharply for a second straight month in June though economists fear the recovery may be dampened as Americans face a surge in coronavirus infections and the loss of additional unemployment benefits.The Commerce Department said Friday that consumer spending, which accoun...

By Matthew Heller • July 31, 2020

U.S. Economy Shrinks by Record 32.9% in Q2

The U.S. economy contracted at a record rate in the second quarter, underscoring the drastic impact of the coronavirus pandemic and suggesting a long road to recovery.The Commerce Department reported Thursday that gross domestic product from April to June plunged 32.9% on an annualized basis, ref...

By Matthew Heller • July 30, 2020

U.S. Durable Goods Orders Jump 7.3% in June

New orders for U.S. durable goods rose for a second straight month in June but hopes of a sustained recovery in manufacturing appear slim due to the resurgence of the coronavirus pandemic.The Commerce Department reported that orders for goods that are meant to last three years or more climbed 7.3...

By Matthew Heller • July 28, 2020

Nike to Cut Jobs As Part of Digital Sales Push

Nike announced a management reshuffle and job cuts on Wednesday as part of its shift toward digital sales amid the coronavirus pandemic.The footwear giant said the leadership changes and “strategic alignment” of its operating model will “create even greater focus and agility” as it implements the...

By Matthew Heller • July 22, 2020

EU Agrees to $857B Economic Recovery Plan

Overcoming deep divisions over some of its terms, European leaders agreed Tuesday to a historic deal to rebuild EU economies ravaged by the coronavirus crisis.Under the agreement, which was reached after a contentious five-day summit in Brussels, the EU will borrow 750 billion euros ($857.33 bill...

By Matthew Heller • July 21, 2020

Briggs & Stratton Files Chapter 11 to Effect Sale

Gas engine maker Briggs & Stratton filed for bankruptcy on Monday to effectuate a sale of the company as it faces losses, pending debt payments and the coronavirus crisis.As part of the Chapter 11 filing, private equity firm KPS Capital has made a $550 million “stalking horse” offer to buy al...

By Matthew Heller • July 20, 2020

Housing Starts Rebound With 17.3% Increase

Construction of U.S. homes rose in June by the most in nearly four years though hopes of a sustained recovery in the housing market may be fading due to the resurgence in COVID-19 cases.The Commerce Department reported Friday that housing starts increased 17.3% to a seasonally adjusted annual rat...

By Matthew Heller • July 17, 2020

HPE Buys Silver Peak in SD-WAN Push

Hewlett Packard Enterprise has agreed to acquire Silver Peak for about $925 million to accelerate its push into the growing software-defined wide-area networking (SD-WAN) market.As Reuters reports, demand for SD-WAN services “is increasing with many workers doing jobs remotely due to the COVID-19...

By Matthew Heller • July 14, 2020

Analog Devices Buys Rival Chipmaker Maxim

Semiconductor maker Analog Devices said Monday it would acquire rival Maxim Integrated Products for about $21 billion in a move to add automotive and data center solutions to its portfolio.The all-stock deal would create a chipmaking giant with a combined enterprise value of $68 billion and combi...

By Matthew Heller • July 13, 2020

Muji Files Chapter 11, Plans Online Focus

The U.S. arm of Japanese home-goods retailer Muji has filed for bankruptcy after struggling to generate enough business to overcome its high rent costs.The Chapter 11 filing came 13 years after Muji opened its first U.S. store in the SoHo neighborhood of New York City. While Muji U.S.A. has expan...

By Matthew Heller • July 13, 2020

IEA Raises Oil Demand Forecast for 2020

The International Energy Agency raised its forecast for world oil demand in 2020 but warned that the recent surge in COVID-19 cases could threaten the recovery from the sharp decline in the first half of the year.In its latest monthly report, the IEA said it is now projecting demand will fall by ...

By Matthew Heller • July 10, 2020

Sur La Table Files Chapter 11 With Sale Plan

High-end kitchenware retailer Sur La Table has filed for bankruptcy with a plan to close nearly half of its stores and consummate a sale to private-equity firm Fortress Investment Group.The Chapter 11 filing came two weeks after Sur La Table, which also offers cooking classes at many of its store...

By Matthew Heller • July 9, 2020

Sunrun to Buy Vivint in $3.2B Solar Mega-Deal

Sunrun has agreed to acquire Vivint Solar for $3.2 billion in a major residential solar industry consolidation aimed at creating economies of scale to lower customer acquisition costs.The all-stock merger of two of the top three residential solar companies solidifies Sunrun’s leadership of the ma...

By Matthew Heller • July 8, 2020

Nielsen to Exit Businesses, Cut 3,500 Jobs

Media ratings firm Nielsen said Tuesday it will exit several smaller, underperforming markets and non-core businesses in the second half of this year to cut costs and improve operational efficiency.Nielsen has been restructuring as it moves toward splitting into two independent, publicly-traded c...

By Matthew Heller • July 7, 2020

Uber Buys Postmates in Food Delivery Bet

Uber said Monday it had agreed to buy Postmates for $2.65 billion, making a major move to expand its ride-sharing business amid declining demand for ride-sharing.The announcement of the deal comes a month after Uber failed in its bid to buy rival GrubHub, which was instead sold to European delive...

By Matthew Heller • July 6, 2020

Largest Pizza Hut Franchisee Files Chapter 11

NPC International, the largest franchisee of Pizza Hut restaurants, filed for Chapter 11 bankruptcy on Wednesday as the decline of the Pizza Hut brand continues to eat into its profits.The company has $903 million in debt and has pre-negotiated a restructuring agreement with about 90% of its firs...

By Matthew Heller • July 1, 2020

Lululemon Sees Fitness Future in Mirror

Athletic wear retailer Lululemon is acquiring startup Mirror for $500 million in a move to capitalize on the boom in home workout solutions.Mirror sells an interactive screen — which costs nearly $1,500 before tax and installation fees, plus ongoing subscription fees of $39 per month — through wh...

By Matthew Heller • June 30, 2020