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Daily News

Daily News: Blockbuster, Abbott Labs, Microsoft, Starbucks, Facebook, Citig
2010-09-23 17:55:00
Blockbuster files for chapter 11 bankruptcy. Blockbuster (BLOKA.PK) announced earlier today that it has filed voluntary chapter 11 bankruptcy. The company said that it reached an agreement with a large group of bondholders to restructure its debt. The recapitalization plan would reduce the company?s debt from $1B to $100M, according to the statement. Blockbuster says it will continue normal operations while it moves through bankruptcy proceedings.Novartis wins approval for MS drug. Swiss pharmaceutical giant Novartis (NVS) won approval from the FDA for its Gilenya drug used to treat multiple sclerosis. It is the first oral drug that will be available to treat the disease. Until now, typical treatments consisted of cumbersome injections and infusions. The market for MS treatments is estimated to be around $8.6B.Abbott recalls bug-tainted baby formula. Abbott Laboratories (ABT) said it is recalling millions of units of its Similac powdered baby formula after two instances of contami...
Daily News: Deutsche Bank, BA, AIG, Microsoft
2010-09-22 20:23:00
Deutsche Bank dives on profit warning. Shares of Deutsche Bank (DB) are being pummeled in Frankfurt and premarket U.S. trading after Germany's No.1 bank warned it would book a Q3 loss stemming from its purchase of Postbank, and from "the poorer market conditions during the summer months." The warning was part of a prospectus for DB's ?10.2B share sale to pay for the acquisition of up to 30.6% of Postbank's outstanding shares (DB already owns 30% of Postbank). DB -8% premarket.Fed hints at QE 2.0. The Fed reiterated its commitment to near-zero interest rates yesterday, as expected, but opened the door to the possibility of more QE in the near future. In the key amendment to its policy statement, the FOMC shifted its focus from the weak economy to the possibility of disinflation: "The Committee will continue to monitor the economic outlook and financial developments and is prepared to provide additional accommodation if needed to support the economic recovery and to return inflat...
Daily News: Arena Pharmaceuticals, Johnson & Johnson, Novell, Rimm, Apple,
2010-09-18 00:41:00
FDA panel rejects Arena's diet drug. An FDA advisory panel dealt Arena Pharmaceuticals (ARNA) a heavy blow, rejecting its proposed obesity drug, lorcaserin, on concerns the drug didn't work well and carried potential safety problems. The FDA will make a final decision on the drug on Oct. 22, and will likely follow the panel's recommendation. To make matters worse, Arena may face investor lawsuits for failing to disclose the drug caused cancer in rats, information which was only revealed in briefing documents prepared by the FDA this week. Pharmaceutical firms have been drawn to the potential blockbuster profits of weight-loss drugs, but have struggled to get FDA clearance; earlier this week, an advisory panel split 8-8 on whether to approve a diet drug from Abbott Laboratories (ABT), and Vivus' (VVUS) drug was rejected by the panel in July. Shares of rival Orexigen (OREX), which also has a diet drug under review, rose 38% yesterday; shares of Arena dropped 42% in after-hours...
Daily News: Boeing, Citigroup, Arena Pharmaceuticals, BHP, BP, AIG
2010-09-15 23:56:00
Yen plummets on Japanese intervention. The yen tumbled from a 15-year high against the dollar after Japanese monetary authorities intervened in international currency markets for the first time since 2004. Finance Minister Yoshihiko Noda said the country unilaterally sold yen "to check excessive volatility in currency markets," with media reports suggesting Japan's intervention may have exceeded ¥100B ($1.2B). Comments from officials suggest this is a "strong conviction" intervention that could be followed by more action as needed, with 82 yen per dollar appearing to be the line of defense. The yen is -2.8% to 85.40 yen/dollar (6:00 ET), after reaching a high of 82.88 earlier today. Nikkei +2.3%.Boeing likely to lose WTO ruling. The WTO is expected to rule against Boeing (BA) today, finding it received some illegal subsidies from the U.S. The preliminary, confidential finding will come more than a year after the WTO ruled against Airbus in a similar case, and officials may feel pr...
David Pen wrote a new blog post: Youtube Server Error - Daily News
2010-07-14 14:33:00
David Pen wrote a new blog post: Youtube Server Error - Daily News YouTube Server Error. Clicked a link on Twitter that was supposed to be a Diana Ross video and I got this message... 500 Internal Server Error Sorry something went wrong. A team of highly trained monkeys has been dispatched to deal ... Read the original here: Youtube Server Error US Post Today. - Youtube.com Down 502 Server Error. Headlines and ... Comments: 0
How I Get My Daily News
2010-02-01 05:03:00
The interest in the internet is exponentially growing with increase in online activities. More people are logging on to do things online. Given its quick and efficient means of information delivery,...
Son of Chitown Daily News to Debut in November
2009-10-29 08:10:00
When the Chicago blogosphere's star local news site, Chitown Daily News, suddenly folded in early September due to dwindling finances, editor Geoff Dougherty promised to return "within eight weeks" with a new, more sustainable local news site. True to his word, this week in Crain's Chicago Business, Dougherty announced the upcoming debut of Chicago Current...a monthly print publication with a companion website. Huh?...
Chi-Town Daily News Folds -- What's Next?
2009-09-11 22:37:00
News broke this morning that the Chi-Town Daily News had laid off the entire staff on Wednesday night, and that founder and editor-in-chief Geoff Dougherty was working to create a new for-profit public affairs publication in its place. See our full coverage in A/C....
Daily News Takes on Albany
2009-03-29 22:26:00
The New York Daily News is doing a series called "Capitol Offenses", detailing and recounting Albany's colossal suckitude. Battered by an unprecedented national economic meltdown, New York is suffering an enormous, well-chronicled fiscal crisis. Spending must be slashed, or taxes must be raised, or both - all within the next ...
Anchorage Daily News Claims Own Anti-Palin Story Wasn?t Paper?s Fault
2009-01-11 13:40:00
-By Warner Todd Huston Remember when you were a kid and you and your best friend got caught doing something you two weren’t supposed to be doing? Remember the first words blurted from your mouth was, “Well, it’s HIS fault?” It’s a common reaction for a kid trying to avoid the wrath of Mom that he ...
Delving Into the White Collar Criminal Mind
2008-06-10 18:57:00
Faithful readers know that we’re kind of fascinated here at Audit Trail with crime, especially the White Collar variety. So imagine our delight when we came across this piece from the folks at the Corporate Crime Reporter on just what types of people commit white collar crime. It’s an interesting read, especially once ...
Wall Street?s Betting and Insurers are Sweating
2008-06-05 05:58:00
According to the folks at the Newseum, the biggest news today — at least, according to US newspaper coverage — is that we now have both Democratic and Republican presumptive nominees for the Presidential race. While some of us are most excited about the prospect for meaty discussions of fiscal and economic policy (and ...
Cha-clunk: Hard Times for Millionaires
2008-06-03 23:21:00
As we mentioned last week , the ripples of the economic slowdown keep on spreading — from folks struggling to pay mortgages to Fortune 500 companies upping prices — and now to millionaires, according to the NYT. Meanwhile, CFO is reporting that it’s looking increasingly likely that International Financial Reporting Standards are ...
Outdoors: Tips for beginning fishermen - Bowling Green Daily News
2008-06-01 11:06:00
Outdoors: Tips for beginning fishermenBowling Green Daily News,  United States -5 hours agoBy GEORDON T. HOWELL This Saturday and Sunday brings Kentucky?s Annual Free Fishing Weekend, which means that fishing licenses are not required for anglers … More: continued here © The Pro Fisher Guy for Pro Bass Fishing Strategies, Tips, Info and Secrets, 2008. | ...
Energy Price Ripples and Calculating (accurately, please) Subprime Losses
2008-05-29 04:07:00
Feeling pinched at the pump? Us, too. And we aren’t the only ones. It’s not just the little guys feeling the squeeze as energy costs soar. Big guys are feeling it, too. Like the folks at Dow Chemical, who say they’re having to raise prices by 20% to cope with ...
Fraud, Fraud From Here to There
2008-05-28 05:28:00
Happy back-from-the-holiday, everyone. Lots of interesting reading to kick off the week — and a good bit of it centered around fraud. Like the news that Dell has been found guilty of fraud by a New York court. In an interesting twist, this is unrelated to Dell’s $50+ M earnings restatements last ...
What Folks Say on Say on Pay
2008-05-22 16:41:00
It seems that the Presidential Campaign is bringing the issue of executive compensation into the national dialog again — not that we’d ever stopped talking about it ourselves, but we’re a little odd that way. The Executive Compensation blog has an interesting round-up, from an Economist piece that nicely lays out the most ...
AOL Execs Deal and Countrywide Whistles Blow
2008-05-20 21:04:00
Happy Tuesday, everybody. Ever so much exciting news this week, from SEC charges of fraud by AOL execs to a former Countrywide staffer with a new whistleblower case to a new study that says IT folks are still struggling with compliance, nearly 6 years after SOX. Meanwhile, more and more companies ...
NY DAILY NEWS: WHY TERROR THUGS LIKE BARACK
2008-05-16 12:31:00
EDITOR’S NOTES: This screamer headline from today’s New York Daily News, one of the most liberal unionista newspapers on the planet! Coupled with their lead headline story,  “Barack’s Kumbaya Foreign Policy Dangerous “. I wouldn’t believe it if I hadn’t seen it with my own peepers. The Daily News is throwing Barry under the subway. He’s ...
Is It Opposite Day? Accounting Hire Slowdowns and Falling CEO Pay
2008-05-16 07:11:00
So, all that talk about the accountant shortage and this year’s resulting banner crop of shiny new accounting grads? Looks like the Big 4 may have hired all the accounts they care to for the time being. Apparently, smaller outfits are still hiring, but things are sloowww — and worse than slow ...
50 Minutes on Subprimes, the Global Pool of Money & Crunched Credit
2008-05-14 04:04:00
So, maybe some people have bigger plans this week than hunkering down for a nice thorough analysis of what factors contributed to the meltdown in the subprime market, but not us. If you’ve got a little free time and an interest in an interesting exploration, check out these collaborations between NPR’s All Things Considered ...
No one-track career for this civil engineer - Philadelphia Daily News
2008-05-13 05:10:00
David H. Cushwa, 82, of Bala Cynwyd, a civil engineer and railroad enthusiast, died of a stroke April 30 at Lutheran Hospital in Fort Wayne, Ind. He had become ill while traveling home from Chicago,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Preventing Another Societe Generale
2008-05-13 03:48:00
Financial news in 2008 ? from French bank Société Générale?s $7 bn loss to millions of write-downs at other major financial institutions amid hefty subprime losses ? underscores the importance for financial institutions of implementing effective governance, risk and compliance (GRC) strategies. But GRC is a complex challenge, and while many institutions may be tempted to ...
No one-track career for this civil engineer - Philadelphia Daily News
2008-05-12 06:05:00
David H. Cushwa, 82, of Bala Cynwyd, a civil engineer and railroad enthusiast, died of a stroke April 30 at Lutheran Hospital in Fort Wayne, Ind. He had become ill while traveling home from Chicago,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]
A. Barton Lewis | Mortgage banker, 82 - Philadelphia Daily News
2008-05-10 07:56:00
A. Barton Lewis, 82, of Radnor, a mortgage banker, died of Parkinson's disease Monday at Devon Manor. For 41 years, Mr. Lewis headed A. Barton Lewis & Co., a mortgage brokerage in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Friday Accounting Grad Bonanza
2008-05-09 16:22:00
It’s been longer than we care to share since, Econ 101, but the steady hand of supply and demand is impressive still today. Seems like only yesterday [links] that we were reading all over about how hard it is to find qualified accounting folk, and how in-demand they are, and voila! Today we ...
Poison Pill Partnerships, Meltdown Investigations and More . . .
2008-05-06 16:26:00
It’s shaping up to be quite a busy week for Wall Street. Bloomberg’s got the skinny on the latest goings-on in Microsoft’s bid for Yahoo! (as in, rough day for Yahoo! shareholders although happier days may come), and Professor Bainbridge has an interesting related take on just what might have soured things in the ...
Market Messes, Possible Fixes, and What Keeps CSOs Up at Night
2008-05-03 05:33:00
Howdy, everyone. There’s all kind of news today from the the world of finance. FASB is saying we-told-you-so about the subprime fallout, and just about everyone else is still scrambling to deal with the leftover mess. According to Financial Week, Senator Menendez (of the great state of New Jersey and the ...
Conflict Disclosure: No-Brainer or Not?
2008-04-29 19:31:00
Happy Tuesday, everyone. It seems that the PCAOB is considering a rule requiring accounting firms to disclose to audit committees any potential conflicts of interest between themselves and the operations they’re auditing. Fierce Sarbox says it’s a no-brainer, and we’re inclined to agree. Anybody out there want to argue otherwise? That’s ...
Trust, and Exec Comp and even some live-blogging
2008-04-22 17:57:00
Last week was pretty exciting for many of us at Approva. Our own Monica Elliott and Brian Groves attended COLLAORATE 08, which we’ll be telling you more about shortly (stay tuned!). We can tell you about one highlight right away, though — Chris Heller from Grey Sparling solutions live-blogged Monica’s session on strengthening ...
CDOs and Other Terms We Wish We Didn?t Know
2008-04-21 21:11:00
Happy Monday, everyone. Not-good news out today from Bank of America, which just posted a 77% decline in quarterly profit, with losses being blamed on ongoing credit problems. They’re not the only ones — not by a long shot — who are a little cash-strapped these days. Are we the only ones ...
Econ Snapshots and a Flashback from the Singing CPA
2008-04-16 22:17:00
So much in the news this week! First up, all kinds of economic news, most of which can be categorized as less than optimistic. Reuters reports that bankruptcies were up by 38% last year. Global food prices are on the rise, fueling inflation domestically and elsewhere. (You think .3% is bad? ...
Acronym Soup: GAAP, IFRS, and FASB. OK?
2008-04-15 05:50:00
So, it like domestic accounting standards (GAAP) are on their way out, to be replaced by international ones. CFO Magazine has good background on what’s likely to happen, and their follow-up this week is equally worth reading. Because things are almost never as straightforward as they seem, we recommend also reading Accountants Round ...
Monitoring Financial Controls ? A Success Story
2008-04-11 21:18:00
Today we?d like to focus on a company we?ve been working closely with ? a Fortune 100 retailer with billions in revenue, nearly 100,000 Employees, PeopleSoft Financial Management System (FMS) v.8.4 ? and concerns about how to reduce risk, rein in compliance costs and improve efficiency in their operation. The challenges facing the company ...
Government Risk and Compliance ? No, It?s Not a Typo
2008-04-09 17:51:00
Of course we usually use this space to address GRC issues — that is, Governance, Risk and Compliance. But today the news is all-too full of government risk and compliance issues. First-up, news that internal auditors reviewing the finances of the District of Columbia are calling the CFO’s office a “material weakness” that ...
Another day, another exec pay story (or two)
2008-04-07 22:57:00
It seems like exec pay issues are generating even more ink than usual these days. This week is no exception. Today’s NYT is following up on last week’s piece with one today contrasting predictions for what 2008 would mean for exec pay with what’s actually happening. So far, we haven’t seen nearly ...
Joe Joslin's Fishing Toledo Report - Sulphur Southwest Daily News
2008-04-06 14:04:00
Joe Joslin's Fishing Toledo ReportSulphur Southwest Daily News, LA -Apr 4, 2008FISHING REPORTS/BASS: Most bass anglers are catching some bass these days but not all are catching high numbers nor quality fish. There are several factors … More: continued here © The Pro Fisher Guy for Pro Bass Fishing Strategies, Tips, Info and Secrets, 2008. | ...
Daily Forex Market News - Do you really need Daily News?
2008-04-04 00:00:00
The currency market is particularly sensitive to market news, such as the non-farm payroll data announcement. Volatility during these periods of news announcements is notoriously high, and fortunes are literally made and lost in a short time span of a few minutes. With these characteristics, it?s no wonder that many retail Forex traders pay extra attention ...
Grassroots Advocacy on Exec Accountability ? and (surprise!) more on Bear
2008-04-02 19:12:00
The New York Times this week had an interesting piece on a Colorado man, Lew Ellison, who worked for 30 years at Qwest Communications — and his efforts since its insider trading scandal-induced demise to create tougher corporate fraud laws. Having seen colleagues lose their life savings, Ellison has joined with local advocacy groups ...
Oil prices drop below $100
2008-04-02 09:32:00
World oil prices slid under $100 per barrel, extending recent sharp losses on mounting concerns that slowing global growth could dampen energy demand, traders said.New York's main oil contract, light sweet crude for delivery in May, lost 72 cents to reach $100.88 per barrel after earlier touching as low as $99.55.London's Brent North Sea crude for May fell 39 cents to $99.91 per barrel. It earlier tumbled as low as $98.99.Yesterday, New York crude had slumped by $4.04 and London Brent had dived by $3.47."Market participants still remain concerned over slowing fuel demand in the US, with figures last week showing US oil demand over the last four weeks averaging around 2.2 per cent lower than one year ago, said Sucden analyst Andrey Kryuchenkov."It seems that consumers are starting t feel record high gasoline (petrol) prices and refineries are cutting down on their production due to slipping profit margins."Crude oil prices have fallen since Friday when the US government confirmed t...
Some easy listening on the blame game
2008-04-01 20:26:00
We came across an interesting discussion this week from the BBC’s BizDaily — a conversation about where the blame should lie for the credit crunch. It begins with an argument that the current auditing model, where for-profit businesses pay fees to other for-profit businesses to regulate them, is fundamentally flawed due to inherent conflicts of interest ...
Market waves still rocking the boat
2008-03-31 22:35:00
So, the Bear Stearns “thingy” has left quite a wake, and waves keep rolling and rolling. According to the New York Times, Senators Chris Dodd, Max Baucus and Charles Grassley are planning investigations to find out details on just what the Fed’s deal with Bear Stearns entailed — and what the deal might ultimately ...
Thoughts on Global Governance Standards
2008-03-28 04:33:00
The general idea behind global governance standards is that, if all companies either adhere to the same standard or are measured against the same standard, then investors and other observers will be able to assess how well they are governed. Governance is important because well governed companies attract a premium to their share-price, and poorly ...
Trust, Fraud, GAAP, and a little something else
2008-03-26 22:13:00
Happy Wednesday, everyone. Interesting reading today from our friend Eric Krell at Business Finance, covering a study (registration required) from Protiviti (speaking of old friends). Eric does a nice job summing up what the study concludes about the state of fraud risk management strategies at FORTUNE 1000 companies and large not-for-profits (hint: they ...
It?s 2008 ? Do You Know Where Your ERP Privacy Controls Are?
2008-03-25 21:20:00
The past week has been a fascinating one for data privacy breaches. First, we have the Hannaford Brothers exposé affecting up to 4.2 million customers, illustrating how creative hackers have gotten with ?the first large-scale piracy of card data while the information was in transit.? Clearly, the simple act of encrypting data isn?t ...
Wall Street Woes Make Congress Go, ?More Oversight!?
2008-03-21 04:28:00
News this week continues to be dominated by economic issues. The WSJ explores limit to the SEC’s oversight of investment banks, and the NYT has the details on calls from Congress for more regulation and oversight. In light of the above, we aren’t surprised to read news from executive search firm AE Feldman that there’s a surge ...
Market Waves and Audit Raves
2008-03-19 16:51:00
Happy Wednesday, everyone. Lots of news this week. On the heels of Bear Stearns’ collapse, USA Today provides interesting analysis of what preceded this latest meltdown, as well as an interesting (if gloomy) take on the macro and even global effects of what’s happened to our financial system in the wake of ...
Carrots for compliance?
2008-03-12 21:30:00
Lots of interesting things to read today, ladies and gentlemen. First up, word from Financial Week that Senator Elizabeth Dole is proposing to make SOX provisions 302 and 404 voluntary for banks, arguing that the regulations are overly burdensome. Speaking of banks, more news today from French Bank Societe Generale — word that ...
Compliance Mandate without Executive Buy-in is like a Bird without Wings
2008-03-11 19:03:00
We at Approva just wrapped up our first-ever user group meeting for our Houston-Dallas customers, and I?m pleased to report that it was, by all accounts, both informative and useful for our customers. We gathered at the Houston headquarters of Reliant Energy and kicked things off with a discussion of experiences, lessons learned, challenges ...
Yea or Nay on Say on Pay?
2008-03-06 17:52:00
There’s quite a debate going on about shareholders exercising a role in determining exec compensation — or Say on Pay. According to the BDO Seidman survey we mentioned earlier this week, a majority of CFOs surveyed personally believe that shareholders should have a say on executive compensation plans (though less than a third of ...
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