March 2009 - Posts
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Credit crisis? What credit crisis? So much for a credit crunch...at least in the corporate bond market. The volume of global investment-grade debt issuance hit a record $824.4 billion in the first quarter of 2009, according to Marketwatch...
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The International Accounting Standards Board takes a stab at simplifying how companies account for deferred taxes. The International Accounting Standards Board has proposed changes to simplify its income-tax accounting guidelines. The feedback the standard...
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Parent Sun-Times Media Group joins rival Tribune Co. in Chapter 11 bankruptcy protection — despite having zero bank debt. The Chicago Sun-Times became the latest newspaper — and the second large Chicago daily — to write a Chapter...
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What can a CFO do about an economic crisis? "Don't waste it," says finance veteran Ken Goldman. If the economy caught your company overburdened with debt or short of cash, then Ken Goldman's financial advice is probably not going to...
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In our M&A Roundup for the week ended March 29, Suncor's $18.39-billion purchase of Petro-Canada tops the sale of Calgary-based Oilexco's North Sea assets. Deloitte, Time Warner also do some buying. The oil industry's version of the Calgary...
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The deal that marries Petro-Canada and Suncor will deliver tax-free treatment to U.S. investors. Last week, the nearly century-old Suncor Energy Inc. and the relatively new Petro-Canada (not quite 35 years old yet) agreed to merge in a deal that would...
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Without it, the company could not survive, says the Administration, which also is bearish on the viability of General Motors. The Obama Administration is promoting Chrysler's wedding with Fiat, which it believes is Chrysler's last chance to survive...
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A $124 million default by a Long Island mall could be the tip of an iceberg. The next credit crunch will come in the commercial real estate business, where many heavily leveraged companies are experiencing a loss of tenants and lower rents due to the...
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U.S. companies believe they will spend more than European ones did to adopt the global rules, according to an Accenture survey. U.S. executives expect to pay more than their European counterparts did to convert to International Financial Reporting Standards...
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At the behest of the White House, another company seeking government bailout money calls on a former CFO to lead — and restructure — its business. For the time being, Nardelli will stay at Chrysler. Frederick "Fritz" Henderson gave...
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The casino firm puts up not only its own share of scheduled joint-venture financing, but its partner's portion as well. The partner, Dubai World, is suing to back out of the deal. MGM Mirage said today that it has provided $200 million of funding...
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A new study that tracks free-cash margins says that the metric is set to drop to recession levels. The median free cash flow for non-financial companies could sink by 50% during the next year, especially if the recession continues to choke revenue...
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More companies are on the edge than ever before, Standard & Poor's says. Credit defaults are more likely now than at any time on record, according to a key measure employed by Standard & Poor's. The number of global "weakest links"...
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Led by IBM, companies resume their slashing ways. After six weeks of steady declines in the pace of large layoff announcements, this week brought a reversal of the trend, with some of the biggest names in business paring their work forces. IBM, which...
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Bank of Florida joins the chorus of financial institutions that see the problems of taking a bailout outweighing the gains. The Bank of Florida said it is withdrawing its application for federal bailout money, the latest indication that the financial...
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The Obama administration unveils core elements of its financial-regulation agenda. Tim Geithner has not had an easy time of it, but he is probably too busy to dwell on his tribulations. Three days after unveiling a plan to cleanse banks of their troubled...
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The shares that short sellers are betting against. What do a coffee company, a financial planner and a shopping-mall operator have in common? All are among the ten listed firms most in the sights of short-sellers, who borrow shares in the hopes of making...
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Firms sharply scaled down share repurchases in the latest quarter, a trend likely to continue, says S&P. Companies continued to scale down repurchases of their own shares - with the fourth-quarter drop-off in buybacks occurring at a particularly...
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IASB and FASB have pledged to work together on several big projects, though loan loss reserves will raise thorny issues. For what could be the first time in history, a meeting of accounting standard-setters this week may have some relevance to the critical...
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The paper market rebounds sharply in the latest week, after falling in the prior period. The commercial paper market, led by financial issuers, rebounded sharply in the most recent week after falling in the prior seven days. Total outstanding commercial...
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Believe it or not, it can help make you healthier. Are you feeling more fit these days? If so, you can possibly thank the recession. So posits Chris Ruhm, a professor of economics at the University of North Carolina at Greensboro, whose research shows...
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Shareholder actions say that the computer products reseller didn't disclose alleged accounting improprieties. Computer products reseller Insight Enterprises Inc., which recently disclosed that it was the target of its second Securities and Exchange...
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The CFO of Major League Baseball fields questions about debt, labor costs, and the steroid problem. To invoke the name of a 1949 baseball movie: it happens every spring. Well, two things actually happen, observes Jonathan Mariner, the executive vice president...
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The congressman says bank examiners are keeping the credit markets clogged. How can the U.S. financial system improve its lending standards, yet keep cash flowing at high enough levels to help the overall economy recover and reduce its exposure to...
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One-time Broadway giants Garth Drabinsky and Myron Gottlieb are convicted in Canada of a $400m fraud. Star witness is the VP for finance. Note to Mel Brooks: It's no longer fiction, as two of the biggest of Broadway's former producing bigshots...
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