|
|
|
|
|
Companies Scramble to Contain Business Fallout From Bridge Collapse
|
|
|
|
|
|
|
|
The Dali cargo vessel, which crashed into one of the Francis Scott Key Bridge’s support pillars. PHOTO: NATHAN HOWARD/REUTERS
|
|
|
|
Good morning, CFOs. The collapse of a major bridge along a crucial trade corridor outside Baltimore idled shipping at one of the East Coast’s busiest ports, tied up coal shipments and pushed retailers, truckers and industrial firms to reroute shipping volumes to contain the economic fallout of the catastrophic event.
Coal exporter Consol Energy said its operations were disrupted and that it was working with the U.S. Coast Guard, which has established a safety zone around the bridge site that has blocked vessel access to the company’s marine terminal. “Our primary concern is for the safety of everyone affected,” the company said.
Companies including Amazon.com with large distribution centers near the bridge were still assessing the impact that the port shutdown, closed roads and loss of the bridge would have on their operations. But logistics experts say a broader economic impact would likely be limited because of the large number of alternate highways and seaports along the densely-populated Eastern Seaboard.
Cruise operator Carnival warned its full-year earnings will take a hit from the collapse, which halted vessel traffic at a port Carnival uses. The company said it expects the disruption to hit annual adjusted earnings by up to $10 million. One of the company’s Carnival Cruise Line ships sailed year-round out of Baltimore, Chief Executive Josh Weinstein told investors on a conference call. He said the company has secured temporary space for that ship in Norfolk, Va., “which should help to minimize operational changes.”
|
|
|
Content from: DELOITTE
|
Making the Business Case for Sustainability
|
|
Framing sustainability action in finance’s language—as investment opportunities—may help C-suite leaders work together more closely to evaluate how to advance transformational decarbonization agendas. Keep Reading ›
|
|
|
|
|
|
|
📆 Earnings:
📈 Economic Indicators:
-
The Bureau of Economic Analysis releases its final estimate of fourth-quarter gross domestic product growth.
-
The Institute for Supply Management releases the Chicago Business Barometer for March.
-
The National Association of Realtors releases its Pending Home Sales index for February.
|
|
|
Companies Investing in Automation Are Slowing Hiring: Survey
|
|
Nearly 40% of companies that are investing in automation are slowing hiring, laying off employees or leaving job openings unfilled, according to a survey of finance chiefs by Duke University's Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta.
The quarterly survey included responses from approximately 440 chief financial officers across industries, as well as special questions about automation that weren't asked in previous surveys.
Just over half of CFOs in the survey said that, in the last 12 months, they implemented software, equipment or other technology to automate a task previously completed by employees. Eighty-seven percent of respondents who invested in automation listed cost savings as a motivation, according to the survey.
—Kristin Broughton
|
|
|
|
What Else Matters to CFOs
|
|
|
|
|
PHOTO ILLUSTRATION: THOMAS R. LECHLEITER/THE WALL STREET JOURNAL
|
|
|
|
Companies growing more comfortable with artificial intelligence are bringing the latest tools into their supply chains, with goals of cutting costs, speeding up distribution and getting ahead of potential disruptions.
The early steps suggest areas where logistics operators see the greatest near-term benefits from generative AI, the developing technology tool that can quickly sort through large amounts of information, make predictions and respond to questions in a humanlike voice.
|
|
|
-
Disney backed down from a long-running legal battle with Florida Gov. Ron DeSantis over control of the Orlando-area land that is home to its most important resort, ending a yearslong feud and handing the governor a political victory.
-
S&P Global cut its credit rating on Paramount Global to BB-plus from BBB-minus, or what is considered junk territory, citing continuing cord cutting and elevated investments required to support the buildout of streaming services.
|
|
|
|
|
50.7%
|
The collective market share held by Big Four accounting firms—Deloitte, Ernst & Young, PricewaterhouseCoopers and KPMG—in auditing U.S. public companies, excluding special purpose acquisition companies, according to research firm Ideagen Audit Analytics.
|
|
|
|
|
|
|
The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics ranging from corporate tax accounting, regulation, capital markets, management and strategy. Follow us on X @WSJCFO. The WSJ CFO Journal Team is reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew. You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.
|
|
|
|