THE collapses of Enron and WorldCom in the early years of this century turned book-cooking into front-page news. Investors lost over $200bn; in 2002 the stockmarket fell by over a fifth between April and July. In response, America’s Sarbanes-Oxley Act set up a new body, the Public Company Accounting Oversight Board (PCAOB), to supervise auditors. […]
Read more
PRESIDENT DONALD TRUMP’S effort to change America’s tax code is approaching the finishing line. Republican negotiators from the Senate and the House of Representatives this week hashed out a consensus bill behind closed doors. On December 13th, Mr Trump expressed confidence that he would be able to sign the reform into law before Christmas. The […]
Read more
THE new “Star Wars” film opens this week. “The Last Jedi” arrives in cinemas in time to boost expected ticket sales for the year to about $11bn in America, only slightly down from last year’s record. But the American film industry is in trouble. Tickets sold per person have declined to their lowest point since […]
Read more
THE scale is staggering, even by the standards of scandal-worn South Africa. Steinhoff, a retailer that is one of the country’s best-known companies, admitted to “accounting irregularities” on December 6th when it was due to publish year-end financial statements. Its chief executive, Markus Jooste, resigned, and the firm announced an internal investigation by PwC. Within […]
Read more
“WE ARE used to dealing with political crises, but not a break in the rule of law,” says the boss of a big Barcelona cement firm, of Catalonia’s constitutional crisis. Fearing separatists in the region would declare independence, as they did on October 27th, he shifted its headquarters to Madrid. That ended decades of family […]
Read moreThe Trump administration may be more open to the Disney-Twenty-First Century Fox deal than other proposed media mergers, billionaire investor Mario Gabelli told CNBC on Thursday. “From my point of view, the one good news is that the administration … is more friendly towards Fox than they would to CNN,” Gabelli said on “Squawk Box,” […]
Read moreDisney wants to win the streaming wars by having three distinct products: A family-friendly movie and TV service, a sports streaming platform and an adult-focused Hulu. “We think it’s quite a compelling opportunity for the company, and we think it’s really compelling from a consumer perspective,” Disney CEO Bob Iger told CNBC’s David Faber on […]
Read moreTwenty-First Century Fox’s decision to sell $52 billion of assets to Disney seems like odd timing. On the surface, Fox may have benefited by waiting until a federal judge rules on AT&T’s $85 billion deal acquisition offer for Time Warner. That trial date is set for March 19, although a verdict may not come until […]
Read moreApple Maps now provides a detailed look at the inside of US and international airports. The update rolled out just as the busy holiday travel season begins, and provides travelers with a look at airport terminals security checkpoints, baggage claim locations, restrooms, restaurants and more. If there are multiple floors in an airport, travelers will […]
Read moreDisney’s strategy of buying key media content assets from Twenty-First Century Fox to beef up content for its own streaming services will not work, according to one Wall Street firm. On Thursday, Disney announced a deal to acquire certain Twenty-First Century Fox assets including movie studios and cable entertainment properties. “We are weighing in – […]
Read more