Watchdog Warns of ‘Significant’ PPP Fraud Risk

The streamlining of the approval process for Paycheck Protection Program loans to small businesses has created a “significant” risk of fraud, according to the federal government’s internal watchdog.The Government Accountability Office said in a report that the Small Business Administration requir...

By Matthew Heller • June 26, 2020

Ally Financial’s Takeover of CardWorks Called Off

Ally Financial will not be completing its $2.7 billion acquisition of CardWorks, dealing a blow to its plans to diversify beyond auto loans.The two companies said Wednesday they had agreed to terminate the merger agreement they had announced in February, citing the impact of the COVID-19 pandemic...

By Matthew Heller • June 25, 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

D&B Seeks to Raise up to $1.38B in IPO

Dun & Bradstreet is expecting to raise up to $1.38 billion in an initial public offering that would value the business data and analytics firm at as much as $8.4 billion.D&B said Wednesday in a regulatory filing that it will offer 65.75 million shares at a price range of between $19 and $...

By Matthew Heller • June 24, 2020

Bill Ackman Files for Largest-Ever SPAC Offering

Billionaire investor Bill Ackman’s hedge fund is planning to raise $3 billion from the public in a bet on the boom in blank check mergers.The initial public offering for Pershing Square Tontine Holdings would be the largest-ever for a so-called special purpose acquisition company. Ackman’s Pershi...

By Matthew Heller • June 24, 2020

Tech Industry Blasts Trump Halt on H-1B Visas

President Donald Trump has temporarily halted the H-1B visa program, cutting off a critical source of high-skilled foreign labor for tech companies.An executive order signed by the president on Monday also restricts H-2B visas for seasonal employees, L-1 visas for corporate executives, and J-1 vi...

By Matthew Heller • June 23, 2020

ServiceNow Buys Data Management Startup

ServiceNow, a provider of digital workflow management solutions, is buying Belgian startup Sweagle to help customers keep their software up and running.Sweagle is a pioneer in IT configuration management automation, using machine learning to identify and help prevent potentially costly software c...

By Matthew Heller • June 22, 2020

New Bill Offers Second Loans to PPP Borrowers

Small business owners may get a second bite at the coronavirus relief apple under proposed legislation that would extend the Paycheck Protection Program.The Prioritized Paycheck Protection Program (P4) Act would allow businesses with fewer than 100 employees to apply for a second loan if they hav...

By Matthew Heller • June 19, 2020

Cinema Chain Merger Heads for Court Fight

U.K-based Cineworld has called off a $2.1 billion deal to acquire Canada’s Cineplex, setting the stage for a legal battle between the two giant movie theater operators.In terminating the $34-per-share deal before a June 30 deadline, Cineworld, the owner of the Regal theater chain, said it had “be...

By Matthew Heller • June 15, 2020

Amazon, Goldman to Offer SMB Credit Lines

Amazon is teaming up with Goldman Sachs in a marriage of tech and Wall Street aimed at expanding  Amazon’s lending platform for small businesses.CNBC reported that small business owners who sell items on Amazon will soon be receiving targeted invitations from Goldman’s Marcus consumer banking bra...

By Matthew Heller • June 11, 2020

Small Businesses See Recession as ‘Short-Lived’

Small business optimism over the economy rebounded in May after reeling from the coronavirus outbreak and owners believe a recession will be “short-lived,” according to a closely-watched survey.The National Federation of Independent Business said its Small Business Optimism Index increased 3.5 po...

By Matthew Heller • June 9, 2020

ECB Adds $672B to Pandemic Relief Program

The European Central Bank announced Thursday it will expand its emergency bond-buying program to provide additional stimulus to a eurozone economy battered by the coronavirus pandemic.The move will add 600 billion euros ($672 billion) to the Pandemic Emergency Purchase Programme (PEPP) that the E...

By Matthew Heller • June 4, 2020

Templar Energy Goes Bankrupt to Complete Sale

Oil and gas driller Templar Energy has filed for Chapter 11 bankruptcy to effectuate a sale of its assets amid plunging commodity prices.The company had begun the sale process in February, attracting a dozen indications of interest by mid-April. But it said Monday that it had decided to use the b...

By Matthew Heller • June 2, 2020

Libbey Files Chapter 11 Amid ‘Dramatic’ Slump

Libbey, one of the world’s largest makers of glass tableware, filed for Chapter 11 bankruptcy on Monday, citing the “unprecedented” impact of the coronavirus pandemic on demand for its products.The company had been pursuing a restructuring of its balance sheet even before the pandemic forced it t...

By Matthew Heller • June 1, 2020

Pier 1 to Liquidate After 58 Years in Business

A bankruptcy court judge has approved Pier 1 Imports’ plan to completely wind down its operations, sealing the demise of the home furnishing company after 58 years in business.As part of the plan, Pier I will begin an “orderly liquidation” of its remaining stores as soon as reasonably possible af...

By Matthew Heller • June 1, 2020

Cisco Adds ThousandEyes to Watch Internet

Cisco Systems has done another software deal, announcing it will acquire internet monitoring startup ThousandEyes as it continues to shift away from its core hardware business.The deal adds to a capability in monitoring that Cisco has been building since it acquired AppDynamics in 2017. ThousandE...

By Matthew Heller • May 29, 2020

U.S. Factory Orders Tumble 17.2% in April

Orders for U.S. durable goods plunged for a second straight month as businesses tightened capital spending amid the coronavirus pandemic.The Commerce Department reported Thursday that factory goods orders declined 17.2% month to month in April, following the 16.6% drop in March. Economists polled...

By Matthew Heller • May 28, 2020

Tuesday Morning Joins Retail Chapter 11 Parade

Discount home-goods retailer Tuesday Morning filed bankruptcy on Wednesday as its in-store sales only business model left it unable to weather the fallout from the coronavirus pandemic.As USA Today reports, “The company joins a growing list of retailers that have tumbled into Chapter 11 bankruptc...

By Matthew Heller • May 27, 2020

Equipment Finance Borrowings Dip 7% in April

New business volume for equipment finance companies dropped 7% in April as companies lowered capital spending amid the coronavirus crisis.The Equipment Leasing and Finance Association said the 25 companies it surveys for its Monthly Leasing and Finance Index signed up for $8.2 billion in new loan...

By Matthew Heller • May 27, 2020

Merck Enters Race to Develop COVID Vaccine

Merck is adding its muscle to the battle against COVID-19, announcing moves to develop a vaccine with an Austrian biotech firm and a research nonprofit.The world’s largest vaccine maker said Monday it will acquire Vienna-based Themis, which has been working with the Institut Pasteur on a COVID-19...

By Matthew Heller • May 26, 2020

Another 2.4M Workers File First-Time Jobless Claims

The U.S. labor market experienced another wave of first-time unemployment claims last week, indicating layoffs are continuing at a high rate even though some states are reopening their economies.The Labor Department reported Thursday that 2.44 million Americans filed for first-time benefits in th...

By Matthew Heller • May 21, 2020

JCPenney Files Chapter 11 Despite Turnaround Gains

After 118 years in business, JCPenney has filed for bankruptcy protection, saying the coronavirus pandemic has “wiped out” the progress it had been making in its “Plan for Renewal” transformation strategy.The iconic retailer entered the Chapter 11 process after reaching a restructuring agreement ...

By Matthew Heller • May 18, 2020

Core Inflation Posts Record 0.4% Drop in April

U.S. underlying inflation declined by a record amount in April as the coronavirus crisis sent consumer prices into a “disinflationary shock.”The Labor Department reported Tuesday that the core consumer price index, which excludes food and fuel costs, fell 0.4% in April — the largest monthly drop ...

By Matthew Heller • May 12, 2020

KKR Makes $750 Million Beauty Bet on Coty

Private-equity giant KKR is making a bet on cosmetics maker Coty that could ultimately total $4 billion and give it a majority stake in such hair care brands as Wella and Clairol.As part of a deal announced on Monday, Coty will sell preferred stock to KKR for $750 million, giving it a cash infusi...

By Matthew Heller • May 12, 2020

7.7% of U.S. Mortgages Now in Forbearance

The U.S. mortgage forbearance rate rose to nearly 7.7% of all active mortgages last week as Americans continued to seek relief from payments amid the coronavirus crisis.According to data firm Black Knight, 225,000 more borrowers took advantage of government and bank mortgage forbearance programs,...

By Matthew Heller • May 11, 2020

Virus Slams U.S. With Massive April Job Losses

The U.S. economy shed 20.5 million jobs in April, driving the unemployment rate up to a post-World War Two high and underscoring the devastating toll of the coronavirus pandemic on the labor market.The job losses were the steepest since the Great Depression, with the pain spread broadly across in...

By Matthew Heller • May 8, 2020