Verizon to Buy TracFone in $6B Wireless Deal

Verizon Communications is buying TracFone for more than $6 billion in a deal that will make it the largest provider of wireless prepaid services in the U.S.TracFone, a unit of Mexico’s América Móvil SAB, is the largest reseller of wireless services in the U.S., with 21 million subscribers. It off...

By Matthew Heller • Sept. 15, 2020

Moody’s Pushes Turkey Debt Rating Down to B2

Moody’s Investor Service downgraded Turkey’s credit rating further into junk territory, citing its depleted foreign-exchange reserves and the policies of President Recep Tayyip Erdogan’s government.With its Moody’s sovereign issuer and senior unsecured debt ratings now down to B2 from B1 — five n...

By Matthew Heller • Sept. 14, 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

Gilead to Buy Cancer Drugmaker for $21 Billion

Gilead Sciences has agreed to acquire Immunomedics for about $21 billion, giving it a potential blockbuster breast cancer drug to add to its oncology pipeline.The U.S. Food and Drug Administration granted accelerated approval in April to Immunomedics’ Trodelvy treatment for patients with metastat...

By Matthew Heller • Sept. 14, 2020

Discount Legend Century 21 Files for Chapter 11

Off-price retail pioneer Century 21 Stores filed for bankruptcy on Thursday with a plan to close all its stores, citing the refusal of its insurers to cover its losses from the coronavirus pandemic.The liquidation of Century 21’s assets through the Chapter 11 bankruptcy process would end a run of...

By Matthew Heller • Sept. 10, 2020

GM Takes 11% Stake in EV Truck Maker Nikola

General Motors said Tuesday it is taking an 11% stake in electric vehicle startup Nikola in a move to commercialize its Ultium all-electric battery system and hydrogen fuel cell technology.Under the terms of the deal, GM will receive $2 billion in Nikola stock in return for providing Nikola with ...

By Matthew Heller • Sept. 8, 2020

Unemployment Dips to 8.4%, Job Gains Slow

U.S. unemployment fell more than expected in August but the pace of job growth continued to slow, fueling concerns about the strength of the economy’s recovery from the coronavirus pandemic.The Labor Department reported Friday that U.S. employers added 1.4 million jobs in August, the fourth conse...

By Matthew Heller • Sept. 7, 2020

Business Optimism Rebounds From Virus Shock

U.S. business executives are feeling a bit better about their companies’ prospects but are still deeply concerned about the economy amid the coronavirus pandemic, according to Association of International Certified Professional Accountants.In the AICPA Economic Outlook survey for the third quarte...

By Matthew Heller • Sept. 3, 2020

KKR Sells Epicor Software to CD&R for $4.7B

Epicor Software is moving to a new private-equity home, with KKR agreeing to sell the business software firm to Clayton Dubilier & Rice for $4.7 billion.The deal comes four years after KKR acquired Epicor from British private-equity firm Apax Partners for $3.3 billion.Austin, Texas-based Epic...

By Matthew Heller • Aug. 31, 2020

SEC Expands Investor Pool for Private Offerings

The U.S. Securities and Exchange Commission on Wednesday approved a final rule allowing financially sophisticated investors to participate in private placements even if they do not meet thresholds for income or net worth.Since 1982, the SEC had limited eligibility to participate in private offeri...

By Matthew Heller • Aug. 26, 2020

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

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