Former FTX CEO found guilty of fraud

Nearly a year after the collapse of his $40 billion cryptocurrency exchange, former FTX CEO Sam Bankman-Fried was found guilty Thursday on seven federal counts.

By Gabrielle Saulsbery • Nov. 2, 2023

NJ ranks worst in business taxes with NY close behind

The Garden State may rise from dead last in corporate tax rankings if a 2.5% business tax surcharge expires at the end of this year as scheduled, the Tax Foundation said.

By Jim Tyson • Nov. 2, 2023

SolarWinds CFO avoids charges in SEC action

A cybersecurity suit filed by the SEC names the company’s chief information security officer as a defendant but not its CFO, although the agency previously put both executives on notice.

By Alexei Alexis • Nov. 1, 2023

Companies relying on foreign sales see Q3 earnings slump 4.7%

The dollar rose against other major currencies during the third quarter, eroding revenues at large companies such as Pfizer and Exxon Mobil, FactSet said.

By Jim Tyson • Oct. 31, 2023

Biden’s AI order calls for guardrails to protect workers

The effort highlights growing concerns in Washington over the risks posed by artificial intelligence as companies rush to adopt it.

By Alexei Alexis • Oct. 31, 2023

Small businesses imperiled by credit crunch: Goldman

Federal Reserve officials begin meeting Tuesday to assess several crosscurrents in the economy as companies adjust to the highest borrowing costs in 22 years.

By Jim Tyson • Oct. 30, 2023

Weighing the benefits: Why more employers are transferring DB risk

Moving away from defined benefit plans as the primary retirement program doesn’t require terminating the plan outright.

Oct. 30, 2023

Gensler says SEC aims to avoid overreach on climate risk rule

The SEC chief has come under fire for proposing that companies release data on the greenhouse gas emissions by their suppliers and customers.

By Jim Tyson • Oct. 26, 2023

Gensler says single platform of AI data may trigger financial turmoil

While recognizing the transformative power of AI, Gensler said the technology will likely prompt “herding” in financial markets, creating instability.

By Jim Tyson • Oct. 25, 2023

Risks to earnings put CFOs on defensive: AFP

Rising borrowing costs are straining balance sheets and complicating efforts by CFOs to refinance debt.

By Jim Tyson • Oct. 24, 2023

Trump tasked his ex-CFO, ex-attorney with ‘reverse engineering’ asset values, Cohen testifies

Ex-attorney and former “fixer” Michael Cohen testified as a key witness for the state in its $250 million civil fraud case against his former boss Donald Trump.

By Maura Webber Sadovi • Oct. 24, 2023

Fed warns of stability risk from $24T commercial real estate market

Prices for commercial properties slumped 3.9% from the second quarter of last year to Q2 2023, well below the 3.3% average annual growth beginning in 1997.

By Jim Tyson • Oct. 23, 2023

CFOs should proceed cautiously as SBA loan access eases, experts say

The Small Business Administration's new loan rules are expanding credit access to more companies but experts warn that it could lead some borrowers to take on too much debt.

By Chris Gaetano • Oct. 20, 2023

Powell signals Fed likely to forgo rate hike on Nov. 1

After rapidly hiking rates to a 22-year high, policymakers aim to finely tune monetary policy and curb inflation to 2% without triggering a downturn. 

By Jim Tyson • Oct. 19, 2023

Ransomware projected to see banner year amid ‘big game hunting’

Cyber risk management company Resilience said 2023 is on track to become “the most financially damaging year” for ransomware victims since 2021.

By Alexei Alexis • Oct. 19, 2023

Consumers plan to sustain robust spending: Fed economists

Unexpectedly high consumer spending this year followed a 37% leap in household median wealth between 2019 and 2022, according to the Fed.

By Jim Tyson • Oct. 18, 2023

US accounting degree graduates plunge 7.4%

Students snub accounting for reasons ranging from comparatively low pay to tough requirements for certification, according to financial executives.

By Jim Tyson • Oct. 17, 2023

Cost-cutting failed to save Rite Aid from Chapter 11

The pharmacy chain filed for bankruptcy as it struggled to offload $4 billion in debt, minimize its retail footprint and deal with thousands of opioid-related lawsuits.  

By Grace Noto • Oct. 17, 2023

Criminals’ AI adoption intensifies scam threat

With AI, a criminal can now more easily mimic the voice of a trusted person at an organization as part of a sophisticated payment fraud scam, says Trustpair CEO Baptiste Collot.

By Alexei Alexis • Oct. 17, 2023

Procurement must adapt to era of ‘sudden upheavals’: McKinsey

Even as supply chain disruptions wane, companies should adjust procurement to a period of volatile prices and global strife, McKinsey said.

By Jim Tyson • Oct. 16, 2023

PCAOB says 42% of auditors botched quality reviews

Since early 2022 the PCAOB has tightened standards, stepped up enforcement and intensified inspections of auditing firms.

By Jim Tyson • Oct. 13, 2023

KPMG taps new vice chair of tax

27-year KPMG alum Rema Serafi will become the first woman to serve as the firm’s vice chair of tax as it looks to craft strong, tech-forward tax offerings.

By Grace Noto • Oct. 13, 2023

How UiPath kept its finance team lean as it scaled up

The goal is to increase team productivity through automation tools, but “doing more with less” might motivate some companies using the technology, CFO Ashim Gupta says.

By Suman Bhattacharyya • Oct. 13, 2023

Inflation persists above 2%, defying Fed

Core inflation sped up during the past two months, underscoring the central bank’s challenge of restoring price stability.

By Jim Tyson • Oct. 12, 2023

Inflation, worker scarcity slam small business confidence: NFIB

Optimism among small businesses has flagged even as economic growth this year has exceeded expectations.

By Jim Tyson • Oct. 11, 2023