Square to Buy Installment Lender Afterpay for $29B

Payments firm Square has agreed to buy Australia’s Afterpay in a $29 billion deal that reflects the boom in “buy now, pay later” lending to consumers.Afterpay, which was founded in 2014, pioneered BNPL services in Australia, charging merchants a fee to offer small point-of-sale loans that shopper...

By Matthew Heller • Aug. 2, 2021

U.S. Economy Surges Back to Pre-Virus Levels

The U.S. economy grew in the second quarter at one of the fastest rates in decades but shortages of workers and supplies of crucial products could slow growth for the rest of the year.The Commerce Department reported Thursday that the nation’s gross domestic product expanded at an annual rate of ...

By Matthew Heller • July 29, 2021

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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

IMF Says Price Pressures Could Be ‘More Persistent’

The International Monetary Fund has warned that the transitory inflation pressures resulting from the COVID-19 pandemic could become “more persistent,” forcing central banks to take “preemptive action.”Echoing the U.S. Federal Reserve, the IMF said in its latest World Economic Outlook that the re...

By Matthew Heller • July 28, 2021

U.S. Factory Orders Climb 0.8% in June

New orders for U.S.-made goods increased in June, signaling that confidence in the economy remains strong despite supply chain issues.The Commerce Department reported Tuesday that orders for manufactured goods rose 0.8% to $257.6 billion in June following a 3.2% gain in February. Demand for durab...

By Matthew Heller • July 27, 2021

Bill.Com Buys Invoice2go to Boost AR Offerings

Payment automation software provider Bill.com has agreed to buy Invoice2go for about $625 million to enhance its accounts receivable offerings.Invoice2go allows business owners to send and track invoices through a mobile app or desktop dashboard while Bill.com supports a range of back-office oper...

By Matthew Heller • July 26, 2021

ECB Keeps Interest Rates Unchanged in Eurozone

With the latest wave of the COVID-19 pandemic pushing its inflation target further into the distance, the European Central Bank has pledged to keep interest rates at record lows.After a meeting of its 25-member Governing Council, the ECB said interest rates will remain unchanged in the 19 eurozon...

By Matthew Heller • July 23, 2021

Uber Freight Bulks up With $2B Transplace Buy

Uber has agreed to buy logistics planner Transplace for about $2.25 billion in a move to create one of the biggest platforms for arranging and tracking the shipment of goods.Freight accounted for just $302 million in gross bookings of Uber’s overall revenue of $19.5 billion in the quarter ended M...

By Matthew Heller • July 22, 2021

Retail Sales Rebound in June With 0.6% Gain

U.S. retail sales increased unexpectedly in June as the lifting of pandemic-related restrictions encouraged Americans to spend heavily at bars and restaurants.The Commerce Department reported that retail sales rose 0.6% last month after declining 1.7% in May. Economists had expected a 0.4% drop i...

By Matthew Heller • July 19, 2021

Zoom Buys Contact Center Firm Five9 for $14B

Zoom Video Communications has agreed to acquire cloud-based software firm Five9 for $14.7 billion in its biggest move yet to expand its offerings after experiencing meteoric growth during the pandemic.Five9’s customer-service platform will provide Zoom with an entrée into the $24 billion contact ...

By Matthew Heller • July 19, 2021

Industrial Production Hit By Chip Supply Crunch

U.S. industrial production rose less than expected in June as supply shortages, particularly of computer chips for autos, continued to constrain manufacturing output.The Federal Reserve reported that industrial production increased 0.4% last month after a 0.7% gain in May. Economists had expected...

By Matthew Heller • July 16, 2021

Labor Shortages Weighed on CFOs in Q2

CFOs continue to be optimistic about the U.S. economy despite concerns over labor availability and rising costs, according to The CFO Survey.The report, a collaboration of Duke University’s Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta (formerly known as the Duke/...

By Matthew Heller • July 16, 2021

SEC Alleges Fraud in Space SPAC Merger

In one of the first major enforcement actions of its kind, several parties involved in the planned merger of a SPAC and space exploration company Momentus have agreed to pay $8 million to settle allegations that they misled investors in statements promoting the deal.According to the U.S. Securiti...

By Matthew Heller • July 15, 2021

U.S. Consumer Prices Increase 5.4% in June

U.S. inflation rose at the fastest rate in 13 years in June, adding fuel to the debate over whether the surge in prices this year is only temporary.The Labor Department reported Tuesday that the consumer price index increased 5.4% from a year earlier, the largest jump since August 2008. Economist...

By Matthew Heller • July 13, 2021

Fed Says Economy Not at Risk From Inflation Surge

The U.S. Federal Reserve has told Congress it isn’t planning to change its zero interest rate policy despite the recent surge in inflation.As measured by the price index for personal consumption expenditures, inflation has jumped from 1.2% in December 2020 to 3.9% in May, well above the Fed’s inf...

By Matthew Heller • July 12, 2021

Crypto Startup Circle to Go Public Through SPAC

Payments and digital currency startup Circle has announced it will go public through a merger with a SPAC, giving investors another opportunity to invest in the crypto space.Circle will merge with Concord Acquisition Corp., which is backed by former Barclays boss Bob Diamond, with the combined en...

By Matthew Heller • July 9, 2021

EU Regulator Clears Aon Merger With Willis

The European Commission has conditionally approved insurance broker Aon’s proposed $30 billion acquisition of Willis Towers Watson, citing Aon’s agreement to sell assets to address antitrust concerns.According to Insurance Journal, the EU’s move lifts “a major roadblock” to the deal, which would ...

By Matthew Heller • July 9, 2021

10-Year Treasury Yield Drops to Five-Month Low

The 10-year U.S. Treasury yield fell to the lowest level since February on Wednesday, continuing a slide that appears to reflect investor uncertainty over the pace of the economic recovery.The yield on the benchmark Treasury note fell 5 basis points to 1.318% at 4:00 p.m., while the yield on the ...

By Matthew Heller • July 8, 2021

Oil Prices Hit 6-Year High Amid OPEC Discord

Oil prices retreated Tuesday after hitting their highest level in six years amid concern over the lack of an OPEC agreement on increasing production.Futures for West Texas Intermediate crude, the U.S. oil benchmark, for August initially traded as high as $76.98 per barrel Tuesday, a price not see...

By Matthew Heller • July 7, 2021

U.S. Home Prices Rise at Record 14.6% Rate

U.S. home prices rose at the highest rate in more than 30 years in April as buyer demand continued to outstrip supply.Average national home prices increased 14.6% year over year in April, up from a 13.3% annual pace the prior month, according to the S&P CoreLogic Case-Shiller National Home Pr...

By Matthew Heller • June 29, 2021

Visa Buys Tink in $2.1B Open Banking Play

Visa said Thursday it had agreed to buy Swedish fintech startup Tink for $2.1 billion in a move to grab a chunk of Europe’s fast-growing open banking market.Under European law, banks must provide third-party firms with access to customer data if the customers have consented. This has created an o...

By Matthew Heller • June 24, 2021

Equipment Finance Borrowings Jump 20% in May

New business volume for equipment finance companies rose 20% in May though supply chain shortages continued to slow the recovery in capital spending.The Equipment Leasing and Finance Association said the 25 companies it surveys for its Monthly Leasing and Finance Index signed up for $8.1 billion ...

By Matthew Heller • June 23, 2021

Fed Officials See Inflation Surge Lasting Longer

U.S. Federal Reserve officials now believe the “temporary” surge in inflation may last longer than they originally expected as prices rise in the wake of the reopening of the economy.Headline price inflation was up 5% year over year in May and the Dow Jones estimate for a 3.4% gain in the Fed’s p...

By Matthew Heller • June 23, 2021

U.S. Home Sales Slide Again Amid Low Supply

The slide in U.S. home sales continued for a fourth straight month in May amid a supply crunch that has fueled record-high prices.The National Association of Realtors reported Tuesday that existing home sales fell 0.9% last month from April to a seasonally adjusted annualized rate of 5.8 million ...

By Matthew Heller • June 22, 2021

Small Business Hiring Continues to Lag in May

A record number of small business owners reported unfilled job openings in May, reflecting the lingering impact of the COVID-19 pandemic’s disruption to the labor market.According to the National Federation of Independent Business, 48% of small business owners said they could not fill job opening...

By Matthew Heller • June 4, 2021

Fed to Unwind Emergency Corporate Bond Program

The Federal Reserve has announced it will begin winding down the first-of-its-kind program created to support the corporate bond market during the COVID-19 pandemic.The Secondary Market Corporate Credit Facility, the Fed’s first foray into corporate debt, was part of a suite of programs establish...

By Matthew Heller • June 3, 2021