The Latest
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CFOs worry over rising operations cost: Grant Thornton
Finance chiefs are banking on GenAI to offset cost pressures in the face of persistent inflation, with 71% of CFOs still expecting a jump in net profit.
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Powell: Inflation data deny Fed ‘greater confidence’ needed to cut rates
The Fed chair is just one of many policymakers who, in the face of persistent price pressures, has voiced no urgency in reducing borrowing costs.
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Biden tax negotiator rejoins KPMG as election weighs on Pillar 2 prospects
Although the U.S. has yet to sign on, the OECD’s new Pillar Two tax rules already apply in more than 30 countries, Michael Plowgian said.
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70% of CEOs feel ready to deliver on responsible GenAI
The intense focus on safe and ethical GenAI use comes as the technology’s rapid rise is prompting scrutiny from governments around the world.
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Opinion
The CFO’s role in curbing third-party cybersecurity risk
With vendor-related cyber risks spiking rapidly, the stakes are too high for CFOs to treat the issue as merely an IT concern, writes cybersecurity consultant AJ Yawn.
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ChatGPT grabs the shadow IT crown: report
Generative AI tools emerged as the latest villain in the enterprise battle to curb SaaS bloat and rationalize software portfolios, Productiv analysis found.
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How AI speeds ‘hugely time-consuming’ pricing, quote tasks
Artificial intelligence could cut anywhere from 30% to 70% of the time businesses spend on the quote process, according to Lydia DiLiello, CEO of Capital Pricing Consultants.
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Retail sales surge as economy enters Q2 spurred by spend-happy consumers
After the release of the retail sales data, the Federal Reserve Bank of Atlanta upgraded its estimate for the annualized rate in first quarter GDP growth to 2.8% from 2.4%.
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Customers Bancorp boots CFO for ‘cause’
Carla Leibold was terminated Wednesday over a violation of company policy, a characterization she reportedly disputes. Philip Watkins was promoted to take her place, the company said.
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NYCB hires new CFO, general counsel
The beleaguered Long Island-based lender brought aboard four executives Friday whose careers had crossed paths with that of newly minted CEO Joseph Otting.
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Scribd promotes CFO to CEO following expansion push
Scribd is tapping its former CFO for the role after moving to streamline its offerings, including breaking its document and book content into two distinct platforms.
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Cyberattacks pose biggest business threat, small companies say
Small businesses in professional services are more concerned about cyber risk than those in manufacturing or other services, the U.S. Chamber of Commerce said.
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Suspended ADM CFO’s pay ticked up in 2023 to $4.5M
The majority of Vikram Luthar’s pay package for last year came from $3.4 million in stock awards, according to Archer Daniels Midland’s proxy filing.
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Tech vendor Docyt adds voice feature to AI-driven accounting tool
Docyt is among the software vendors racing to capitalize on recent advancements in AI. Many of them are zeroing in on the corporate finance market.
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Lack of uniform standards and disclosures a roadblock to scaling transition finance: report
A lack of standardized definitions, metrics and transition finance instruments endorsed by international organizations threatens broader adoption, the CFA Institute said.
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CFOs mull future benefits for AI in tax: insightsoftware
When it comes to bringing AI into tax, it remains a bit of a “wait and see” for finance chiefs, said insightsoftware’s Josh Schauer.
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PCAOB levies record $25M fine on KPMG Netherlands for exam cheating
The $25 million penalty is the largest fine of any type imposed by the auditor watchdog since it was created in 2002 following the Enron accounting scandal.
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Inflation outruns forecasts, prompting market bets on fewer Fed rate cuts
Futures traders cut from 56% to 17% the odds that the Fed will conclude 2024 having trimmed the main rate by more than a half percentage point.
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KFC names new CFO amid push to boost sales
The finance leadership change comes as KFC struggles with dwindling traffic in a dicey economic environment.
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Interim CFO requests skyrocket 46%: BTG
Companies are turning to interim financial leadership more frequently as they struggle to fill widening gaps in their accounting and finance functions.
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Hiring will likely grow even as economy slows in Q2, Q3: Conference Board
Employment will likely remain strong as the supply and demand for labor gradually come into better balance, economists said.
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Nation-state actors drive up cyberthreats
Microsoft and Hewlett Packard Enterprise are among companies that have recently reported high-profile cyber intrusions attributed to nation-state actors.
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Capital One’s Discover bid tops biggest Q1 tech-related deals
The proposed Capital One-Discover merger made the list because of fintech issues that are at stake in the $35.3 billion deal.
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6 tips to tackle unpaid invoices as average DSO rises to 59 days
Monitoring and keeping DSO in check is key to preventing cash flow difficulties, Allianz Trade’s Ano Kuhanathan says.
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Companies fall short on curbing cybersecurity risks from vendors: Moody’s
Cyberrisks are mounting, with artificial intelligence likely to increase the threat of attack in the short to medium term, Moody’s said.