June 2008 - Posts
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Tight credit markets plus a down economy add up to a buyer's market. Economic gloom abounds these days, but there is one ray of sunshine: the mergers-and-acquisitions market. Companies have more acquisition opportunities now than a year ago, when...
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The former HealthSouth CEO does not want to travel to Alabama to testify in a civil lawsuit because he enjoys the comforts of his white-collar prison. For Richard Scrushy, the imprisoned former CEO of HealthSouth, the grass is greener on his side of the...
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The company's previous finance chief had been fired after a court found he had destroyed documents pertaining to a lawsuit against the carrier filed by Hawaiian Airlines. The struggling Mesa Air Group announced on Friday that it has accepted the resignation...
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The flagging media company is showing signs of a cash flow problem. Philadelphia Media Holdings, publisher of the Philadelphia Inquirer and the Philadelphia Daily News , defaulted on a June interest payment and is looking for new ways to repay its loans...
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After only three weeks on the job, BearingPoint's new CFO calls it quits. BearingPoint Inc.'s new CFO, Eileen Kamerick, has resigned after just three weeks on the job. According to a regulatory filing by the management and technology consulting...
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Less availability not only will cause fares to rise, it also will push more business travlers to book full-fare seats. The fares themselves won't go up that much, on average, because RASM takes into account the retrenchment in seats. And leisure travel...
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UBS comes clean on the causes of its whopping write-downs. Although only time will tell if it remains at the top of the subprime-loss heap, UBS takes the prize for the most forthcoming mea culpa. In April it published a 50-page document titled "Shareholder...
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The subprime-mortgage meltdown is strikingly similar to major financial crises in other countries. Will the aftermath be as costly? Is the U.S. economy in a recession? By a well-known rule of thumb — two or more consecutive quarters of negative...
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The rating agencies have got off lightly from regulation—so far. IF CREDIT-RATING agencies evaluated themselves in secret, they might well be upgrading their own outlooks. For much of the past year they were numbered among those most vulnerable...
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Companies trying to obtain credit may soon find an even more unfriendly environment. A Federal Reserve official painted a bleak picture of the outlook for U.S. banks on Wednesday, saying he expects more losses and writedowns from financial institutions...
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The object is to give executives from a range of companies a voice on issues growing out of reporting convergence. Seeking to give a voice to corporate executives in the drive toward reporting convergence, Financial Executives International created a...
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Moody's, S&P, and Fitch announce agreement with New York Attorney General Cuomo, boosting independence and transparency. The top three credit rating agencies, as expected, signed an agreement with New York Attorney General Andrew Cuomo that reforms...
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A loss-plagued mortgage lender is being propped up by new bank facilities and new commitments from owners GMAC and Cerberus Capital Management. Staving off a potential bankruptcy of its troubled home-mortgage lender, Residential Capital LLC, GMAC Financial...
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Embattled MBIA and Ambac are ready to concede that their credit ratings will drop. Bond insurers MBIA and Ambac Financial Group are dropping their resistance to ratings downgrades from Moody's Investors Service, reversing their position after the...
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A white paper from the accountancy cautions that corporate tax executives should be brought into convergence discussions right away. PricewaterhouseCoopers cautioned in a new report that serious tax issues stemming from a shift to international financial...
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Ian Griffiths helped oversee the break-up of media group Emap after too many years with a stationary share price. Here, the CFO talks about delivering deals in the middle of the credit crunch. Watching Emap's share price during recent years was the...
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Yes, there are all kinds of professional benefits. But do you have the time to reap them? Although money is probably not one of them, outside board service promises CFOs rich rewards: broadened professional horizons, top-flight networking opportunities...
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Bracing for a recession, many companies are reining in capital spending. But some say they must forge ahead. Capital spending generally goes as the economy goes — which means it's currently in the doldrums. Growth of U.S. capital expenditures...
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More companies are adopting provisions to recoup cash from executives involved in malfeasance. Companies are catching onto the idea of clawback contract provisions — some of which are designed to punish executives for faulty financial statements...
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A settlement is reported close in New York Attorney General Cuomo's probe of the business, while SEC homes in on debt-rating conflicts as well. Everybody, it seems, wants to turn the tables on the ratings agencies. On Tuesday, questions about reforming...
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Steven Harris helped draft the legislation that created the board he'll join on June 9. Former Senate Banking Committee staffer Steven B. Harris was named to the Public Company Accounting Oversight Board. Harris had helped draft the Sarbanes-Oxley...
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In the aftermath of the subprime meltdown, how are property-sector CFOs coping? "We are in the eye of the storm," says Simon Melliss, the long-serving finance chief of Hammerson, one of the UK's largest property groups. This particular storm...
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Lower interest rates will do their job, it says, and create the environment for 20-percent domestic IPO growth. Ernst & Young is forecasting a surprising 20-percent rise in U.S. initial public offerings this year, as lower interest rates and corporate...
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Lower interest rates will do their job, it says, and create the environment for 20-percent domestic IPO growth. Ernst & Young is forecasting a surprising 20-percent rise in U.S. initial public offerings this year, as lower interest rates and corporate...
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Big investors and compensation consultants, both with much to gain and lose, dig in and defend their ground over "Say on Pay." For a measure that fewer than 10 of the 17,000 or so U.S. public companies have adopted, "Say on Pay" certainly...
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