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The Morning Ledger: CFOs Fear to Overlook Risks as Data Piles Grow |
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Fiber optic cables connect data server equipment in Moscow, Russia, Dec. 26, 2017. PHOTO: ANDREY RUDAKOV/BLOOMBERG NEWS
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Good morning. Corporate finance chiefs say forming a cohesive and complete assessment of a company from proliferating data streams in an increasingly digital workplace has emerged as a top challenge to managing risks, write CFO Journal's Nina Trentmann and Ezequiel Minaya.
Low confidence: Faced with the mission to modernize systems and processes to keep pace with competitors amid increasing global risk, only 39% of more than 670 finance executives around the world said they are highly confident about managing their company’s risks, according to a survey by Workday Inc.
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Visibility takes time, money: Recruiter Hays PLC is investing about £10 million ($13 million) a year on updating its systems. Part of that goes toward integrating nonfinancial information, which is automatically loaded into the finance system in a process that doesn’t require the data to be reconciled. "We all have one version of the truth," said CFO Paul Venables.
To get data, you need the right people: Nearly 75% of survey respondents said that finance roles will have to be redefined amid the rise of robotics and artificial intelligence. CFOs need to hire data scientists, statisticians, data security professionals and IT delivery specialists to master the transition of their department, the Workday survey said.
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Blackstone Group LP, Microsoft Corp. and Union Pacific Corp. are among the companies reporting earnings today. The WSJ's Jay Greene has four things to watch in Microsoft's results.
U.S. jobless claims data are due out at 8.30 a.m. E.T., with economists surveyed by the WSJ predicting a slight uptick to 220,000 from 214,000 last week.
Auto-industry representatives are expected to argue during a U.S. Commerce Department hearing Thursday that President Trump’s proposed tariffs on car imports would costs jobs and increase car prices.
The European Union will launch measures on Thursday designed to prevent a surge of steel imports into the bloc following the U.S. imposition of tariffs on incoming steel and aluminium, reports Reuters.
The U.S. Senate Finance Committee plans to vote Thursday on President Trump’s nomination of tax attorney Charles Rettig as the next commissioner of the Internal Revenue Service, according to Accounting Today.
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The U.S. Securities and Exchange Commission building in Washington, D.C., U.S. PHOTO: ANDREW HARNIK/ASSOCIATED PRESS
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The U.S. Securities and Exchange Commission is seeking information on the stock and bond indexes that underpin 98% of the $3.6 trillion market for exchange-traded products as well as their providers. Currently, the firms that create the indexes are not monitored by the regulator, reports Bloomberg.
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Wall Street's dark pools will get a little clearer after the SEC voted to approve regulations to require the trading platforms to tell investors more about how they handle orders and any preferential deals they cut with clients.
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The SEC also voted Wednesday to provide disclosure relief for certain securities offerings related to employee compensation, and to seek public comment on ways to modernize its rules for employee stock compensation, reports the Journal of Accountancy.
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The U.S. Commerce Department has opened an investigation into whether uranium imports threaten national security, a move that could lead to tariffs or other protections against foreign producers of the radioactive material that fuels nuclear power plants.
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The U.S. Justice Department on Wednesday sought to fast-track its appeal of the court decision allowing AT&T Inc. to buy Time Warner Inc., while offering the first hints of its legal arguments for the next phase of proceedings.
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Bugdroid, the Android mascot, is seen in front of a Google logo. PHOTO: DADO RUVIC/REUTERS
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Google parent Alphabet Inc. may need to rethink its business model for the Android operating system it gives away for free to other phone makers after the European Union slapped the technology giant with a record $5 billion fine for abusing its power over the industry. The EU's move also puts pressure on U.S. regulators and lawmakers to curb the power of the Silicon Valley giant.
Unilever PLC, the Anglo-Dutch maker of Dove soap and Magnum ice creams reported anemic sales growth and lower profit as it discounted some products and struggled to raise prices on others in North America and Europe.
Papa John’s International Inc. recently ousted Chairman John Schnatter held talks to merge the pizza company with Wendy’s Co., people familiar with the matter said.
International Business Machines Corp.'s revenue rose 3.7% from a year earlier to $20 billion, helped by growth in new business lines that for the first time constituted more than half of overall sales.
Toys “R” Us Inc. has reached a settlement with a group of lenders that will shield them from future litigation while boosting the recoveries of the retailer’s vendors and other creditors.
Morgan Stanley’s second-quarter earnings rose 39% from a year ago, wrapping up a big-bank earnings season that showed continued strength in the economy and few signs that global tensions are spilling over into the financial sector.
Less than a year after China’s Ofo Inc. entered the U.S. with big ambitions, the world’s largest bike-share company plans to shut down most of its operations in the country, people familiar with the matter said.
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The IFRS Foundation Trustees have appointed the former governor of the Finnish central bank, Erkki Liikanen, as chair, the IFRS Foundation said in a statement. The trustees are responsible for the governance and oversight of the International Accounting Standards Board, the setter of International Financial Reporting Standards used in more than 140 jurisdictions, reports Ms. Trentmann. Mr. Liikanen succeeds Michel Prada, who has served as chair since 2011.
Mr. Liikanen takes up the position having served two seven-year terms as the Governor of the Bank of Finland. He has also since 2004 been a Governor of the International Monetary Fund and a Member of the Governing Council of the European Central Bank. Mr. Liikanen has been appointed for an initial three-year term, according to the IFRS Foundation.
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A construction worker helped build a mixed-use development in Coral Gables, Fla., U.S., June 2018. PHOTO: LYNNE SLADKY/ASSOCIATED PRESS
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Manufacturers across the U.S. expressed concern about tariffs, with many reporting higher prices and supply-chain disruptions in the wake of new trade policies, according to a Federal Reserve report released Wednesday.
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Retailers have to decide now what to order for the holiday season to beat the tariffs. They run the risk of ending up with excess inventory.
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The Chinese yuan hit lows not seen since last July, and the gap between onshore and offshore rates widened, suggesting greater pessimism among foreign traders.
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The EU will impose duties from Thursday on Chinese electric bicycles in a move to curb cheap imports that European producers say are flooding the market, reports Reuters.
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There are now 487 electric-vehicle makers in China, according to the latest official tally, and most are brand new. Local governments are eager to support Beijing's quest to become a world power in electric-vehicle technology.
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Many U.S. homeowners are inadequately insured for natural-catastrophe damage ahead of the height of the Atlantic hurricane season.
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De La Rue PLC, a U.K. banknote printer, has appointed Helen Willis as chief financial officer with immediate effect. She succeeds Jitesh Sodha who resigned in March. Ms. Willis has been interim CFO since April 16.
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Mr. Sodha was appointed CFO of Spire Healthcare Group PLC on Tuesday. Compensation details were not immediately available.
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