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☆ Why do we toss coins into fountains?
▼ + stars: | 2024-03-30 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +5 min

CNN —All over the world, and for centuries, people have thrown coins into fountains, wishing wells and rivers for good luck. Some fountains collect thousands, or even millions, of dollars worth of coins each year. George Rose/Getty ImagesWhere the money goesSome well-known fountains can collect thousands of dollars in coins each year. According to an NBC report from 2016, the Trevi Fountain accumulated about $1.5 million in coins that year. A spokesperson for the Mall of America in Minneapolis told CNN the fountains collect about $25,000 each year.

Persons: It’s, “, Trevi, Bill Maurer, Maurer, “ It’s, ”, Stefan Krmnicek —, —, Pen Rhys, Ganesha, George Rose, Basil E, ” Maurer Organizations: CNN, UC Irvine, University of California Irvine’s School of Social Sciences, Century Fox, University of Tuebingen, Bellagio, Casino, NBC, Trevi, The Metropolitan Museum of Art, New York City, of, Disney Parks Locations: Rome, England’s Northumberland County, England, Turkey, Rome's, Germany, East Asia, Shanghai, Oxford, Las Vegas , Nevada, New York, of America, Minneapolis, America

NASA awarded Blue Origin $172 million to develop a space station for both astronauts and tourists. The space station, called Orbital Reef, will need to be able to support human life. AdvertisementThe International Space Station won't be around forever, and NASA is pouring hundreds of millions of dollars into its potential replacements. One promising candidate is Orbital Reef — a joint venture between Jeff Bezos's space company Blue Origin and Sierra Space. "Think spacious modules with large windows to view Earth, our blue origin, while experiencing the thrill of weightlessness in complete comfort," Blue Origin states on its website.

Persons: —, Jeff Bezos's, Angela Hart, Chris Hadfield, Matthias Maurer, Blue, Thomas Pesquet, Hart, Artemis, George Scott, NASA's, NASA It's, Biden, there's Organizations: NASA, Service, Origin, NASA's, ISS, Space Station, Space, International, ESA, Artemis, Soyuz, Shepard

☆ The cost of key US weapons like artillery shells for Ukraine is soaring
▼ + stars: | 2024-03-16 | by ( Michael Peck | ) www.businessinsider.com time to read: +6 min

The cost to maintain a weapon is more than twice the cost to build it, a GAO official said. Related storiesThe Army estimated that O&S costs for the Excalibur — first deployed in 2007 — had soared 183% since a baseline estimate in 2011. Still, all this does raise the question of whether higher maintenance costs for US military equipment at least partially result from problems with design and manufacturing. "We don't know the specific extent of O&S cost growth due to design problems or poor sustainment management," Maurer said. "In some respects, those problems could lower O&S costs because systems cannot fly, operate, or sail as often as planned.

Persons: —, Ukraine —, Diana Maurer, Maurer, Michael Peck Organizations: US Army, Service, GAO, DOD, Department of Defense, Army, Navy, Air Force, US Navy, Raytheon, YouTube, US, EA, Hornet, Navy Multiband, Tactical Mission, Warfighter, Pentagon, Defense, Foreign Policy, Rutgers Univ, Twitter, LinkedIn Locations: Ukraine, China, Forbes

☆ On Holding co-CEO Marc Maurer on Q4 results: Very happy with where consumer demand is
▼ + stars: | 2024-03-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOn Holding co-CEO Marc Maurer on Q4 results: Very happy with where consumer demand isMarc Maurer, On Holding co-CEO, and Martin Hoffman, On Holding co-CEO and CFO, join 'Squawk on the Street' to discuss the company's quarterly earnings results, state of the consumer, impact of inflation, growth outlook, and more.

Persons: Marc Maurer, Martin Hoffman

☆ Grayscale Faces New Risk-Management Challenge With Bitcoin ETF Approval
▼ + stars: | 2024-01-13 | by ( Mark Maurer | ) www.wsj.com time to read: 1 min

Grayscale Investments launched the Grayscale Bitcoin Trust ETF on Thursday. Grayscale CFO Ed McGee spoke with CFO Journal about the financial implications of the ETF and how he expects his role to change as a result. Photo: Michael Nagle/Bloomberg NewsWith the Securities and Exchange Commission’s approval of U.S. exchange-traded funds holding bitcoin, cryptocurrency asset manager Grayscale Investments must focus more on managing risk and communicating with participants, Chief Financial Officer Ed McGee said. Stamford, Conn.-based Grayscale was one of several firms that launched a spot bitcoin ETF on Thursday after the SEC approval of the vehicles the previous day. The Grayscale Bitcoin Trust , which the company converted into a spot bitcoin ETF, saw $2.3 billion in trading volume in its first day on the New York Stock Exchange.

Persons: Ed McGee, Michael Nagle Organizations: Investments, Bloomberg, Securities, Exchange, SEC, New York Stock Exchange Locations: Stamford, Conn

☆ Tiger Woods ends Nike partnership after 27 years
▼ + stars: | 2024-01-08 | by ( Jessica Golden | ) www.cnbc.com time to read: +3 min

Tiger Woods during the pro-am as a preview for the Hero World Challenge at Albany Golf Course in Nassau on Nov. 29, 2023. Tiger Woods' 27-year partnership with Nike has come to an end. "Phil Knight's passion and vision brought this Nike and Nike Golf partnership together and I want to personally thank him, along with the Nike employees and incredible athletes I have had the pleasure of working with along the way," Woods wrote. In a statement, the company said: "For over 27 years, we have had the honor to partner with Tiger Woods, one of the greatest athletes the world has ever seen. Yet, Woods brought significant exposure to the Nike brand.

Persons: Woods, Tiger Woods, Phil Knight's, Mark Steinberg, Tiger, Roger Federer, Marc Maurer, it's, TaylorMade, aren't, Brian Yarbrough, Edward Jones, Eric Smallwood, LeBron James, Smallwood, — CNBC's Gabrielle Fonrouge Organizations: Nike, Nike Golf, CNBC, Apex Marketing, Golfers, CNBC PRO Locations: Nassau, Swiss, Orlando, Oregon

☆ SEC, FASB Take Closer Look at Companies’ Statement of Cash Flows
▼ + stars: | 2023-12-04 | by ( Mark Maurer | ) www.wsj.com time to read: +1 min

Supermarket chain Sprouts Farmers Market is among the U.S. companies that made a revision to their cash-flow statements this year. Photo: Patrick T. Fallon/Bloomberg NewsU.S. regulators and standard setters are taking a closer look at cash-flow statements, particularly how such corporate disclosures may lag behind other financial statements in terms of usefulness for investors and the quality of the information that companies provide. The cash-flow statement helps investors figure out where a company is getting its money, how it is using it and if it has enough runway to operate and even survive. The Securities and Exchange Commission is reviewing how companies treat errors in these statements. In an unrelated move, the Financial Accounting Standards Board, which sets accounting rules for U.S. companies, is considering whether to require expanded disclosure on the cash-flow statement for financial institutions.

Persons: Patrick T Organizations: Fallon, Bloomberg News U.S, Securities, Exchange Commission, Board

☆ PwC’s China and Hong Kong Units Fined in Training Exam Cheating Probe
▼ + stars: | 2023-12-01 | by ( Mark Maurer | ) www.wsj.com time to read: 1 min

More than 1,000 workers at PwC China and PwC Hong Kong engaged in training-exam misconduct from 2018 to 2020, according to the PCAOB. Photo: Alyssa Schukar for The Wall Street JournalThe Public Company Accounting Oversight Board fined PricewaterhouseCoopers’s China and Hong Kong units over training exam misconduct from hundreds of employees as part of its first set of enforcement settlements with audit firms in the region since it gained full access to inspect them late last year. PwC Hong Kong and PwC China agreed to pay a combined $7 million to settle claims that they failed to detect or prevent extensive and improper answer sharing on tests for mandatory internal training courses, the U.S. auditing watchdog said Thursday.

Persons: Alyssa Schukar Organizations: Wall Street, Company Locations: China, Hong Kong, PwC Hong Kong, U.S

"These measures could boost (earnings) growth and help asset prices recover in 2024," Liu said. As per the forecasts, the consumer staples and software sectors are set to post earnings growth of 40% and 30%, respectively. The consumer discretionary and industrial sectors are each expected to see roughly 20% growth, while the real estate sector may grow 18%. Such stable or growth-centric government policies would also boost investor confidence in the e-commerce and consumer sectors, Lau added. Maurer, however, points to how cheap Chinese stocks are and that the risks might already be priced in.

Persons: Minyue Liu, Liu, John Lau, Lau, Alec Jin, Jin, Caroline Yu Maurer, Maurer, Patturaja Murugaboopathy, Vidya Ranganathan Organizations: BNP, Management, Asia Pacific, SEI, Reuters, Reuters Graphics, Stock Connect, HSBC Asset Management, Thomson Locations: Asia, China, Shanghai, U.S

☆ EY and PwC Diverge in Choice of Global Head
▼ + stars: | 2023-11-21 | by ( Mark Maurer | ) www.wsj.com time to read: 1 min

Two of the world’s largest accounting firms, Ernst & Young and PricewaterhouseCoopers, picked global chairs with starkly different backgrounds but tailored to the specific problems they are facing, from governance issues to slowing revenue growth. EY picked Janet Truncale, 53, head of its Americas financial-services business as its new global chair and chief executive last week. Truncale, who rose from being an EY intern to her appointment as the first woman to run a Big Four firm, is a certified public accountant by training with core skills in auditing, accounting and consulting, which will be key to moving the firm beyond the abandoned split of its advisory and audit arms into separate businesses.

Persons: Ernst &, EY, Janet Truncale, Truncale Organizations: Ernst, Ernst & Young, PricewaterhouseCoopers

☆ EY Picks Janet Truncale as Global Chair as Accounting Firm Looks Beyond Failed Split
▼ + stars: | 2023-11-15 | by ( Mark Maurer | ) www.wsj.com time to read: 1 min

Ernst & Young appointed Janet Truncale as global chair and CEO, effective July 2024. Photo: Ernst & YoungErnst & Young executives selected the head of its Americas financial services business as the new global chair to succeed Carmine Di Sibio , the architect of the failed split of its audit and advisory businesses, as the Big Four accounting firm works to move out of the shadows of the botched plan. Janet Truncale will be the first woman to serve as global chair and chief executive of the roughly 395,000-person firm, effective July 1, 2024. The 18-person global executive committee on Wednesday told partners they had elected her to a four-year term, among the six nominees, making the ratification official.

Persons: Ernst, Young, Janet Truncale, Young Ernst, Carmine Di Sibio Organizations: Ernst, Young, Big, Wednesday

☆ Yelp Profit Soared With Help From IRS Guidance on R&D Tax Deductions
▼ + stars: | 2023-11-10 | by ( Jennifer Williams-Alvarez | Mark Maurer | ) www.wsj.com time to read: 1 min

Yelp’s office in San Francisco. The company’s third-quarter earnings included $15 million from a one-time tax adjustment after new IRS guidance. Photo: Jeff Chiu/Associated PressYelp ’s profit rocketed more than sixfold in its latest quarter, and it wasn’t entirely due to restaurant reviews. The surge in earnings was in part the effect of a one-time tax adjustment related to deductions for research and development, following recent guidance from the Internal Revenue Service.

Persons: Jeff Chiu, Yelp Organizations: Associated, Internal Revenue Service Locations: San Francisco

☆ EY Lays Out U.S. Governance Overhauls After Failed Split
▼ + stars: | 2023-11-06 | by ( Mark Maurer | Alexander Saeedy | ) www.wsj.com time to read: 1 min

Ernst & Young’s global executive board is preparing to vote on a successor to Carmine Di Sibio, the global chairman and chief executive, in coming weeks. Photo: tolga akmen/Agence France-Presse/Getty ImagesErnst & Young is stepping up its U.S. governance overhaul efforts, a bid to give partners there a greater voice in firm strategy, following the failed separation of its audit and advisory businesses earlier this year. The proposal comes as the Big Four accounting firm continues to work to untangle the mess left by its decision in April to scrap plans to split auditing and consulting into two different firms. EY spent $600 million and more than a year working on the split.

Persons: Ernst, Carmine Di Sibio, tolga, Young, EY Organizations: Agence France, Getty, Ernst, Big

☆ Bain to Buy Guidehouse in $5 Billion Deal
▼ + stars: | 2023-11-06 | by ( Mark Maurer | Laura Cooper | ) www.wsj.com time to read: 1 min

Bain Capital acquiring Guidehouse is the latest move by private-equity firms to scoop up professional-services providers. Photo: Nikolas Kokovlis/Zuma PressBain Capital said it would acquire Guidehouse, a consulting firm that advises government organizations and businesses, in a deal valuing it at $5.3 billion including debt. The firms announced the agreement on Monday. The move is the latest by private-equity firms to scoop up professional-services providers as consulting growth in certain areas slows. It is also a rare deal for an asset class that is struggling to find exits and to return capital to awaiting limited partners.

Persons: Nikolas Kokovlis, Zuma Press Bain Organizations: Bain Capital, Guidehouse, Zuma Press, Zuma Press Bain Capital

☆ Bain Close to Buying Guidehouse in $5 Billion Deal
▼ + stars: | 2023-11-06 | by ( Mark Maurer | Laura Cooper | ) www.wsj.com time to read: 1 min

Bain Capital acquiring Guidehouse is the latest move by private-equity firms to scoop up professional service providers. Photo: Nikolas Kokovlis/Zuma PressBain Capital is close to acquiring Guidehouse, a consulting firm that advises government organizations and businesses, in a deal valuing it at $5.3 billion including debt. An agreement could be announced as soon as Monday, according to people familiar with the situation, barring any last-minute delays.

Persons: Nikolas Kokovlis Organizations: Bain Capital, Guidehouse, Zuma Press Bain Capital

☆ Big Companies Push Back on Proposed Expansion of Disclosure on Expenses
▼ + stars: | 2023-10-31 | by ( Mark Maurer | ) www.wsj.com time to read: 1 min

The finance chief of Starbucks questioned whether the company could accurately break down its inventory and manufacturing expenses under the U.S. accounting standard-setter’s proposal. Photo: Richard B. Levine/Zuma PressExecutives at large public companies are concerned about the Financial Accounting Standards Board’s plan requiring them to further break down labor and other operating expenses that appear on their income statements, with some saying it would impose significant costs and not aid their investors. The U.S. accounting standard-setter in July issued a proposal that mandated quarterly disclosure of the amounts of employee compensation, depreciation of property and equipment, amortization of intangible assets such as trademarks, and inventory expenses in the footnotes further clarifying the income-statement entries.

Persons: Richard B, Levine Organizations: Zuma Press

☆ Former Inspectors of Public-Company Audits Say Process Needs Retooling
▼ + stars: | 2023-10-26 | by ( Mark Maurer | ) www.wsj.com time to read: 1 min

The Public Company Accounting Oversight Board is in the middle of a transformation under Chair Erica Williams, who took the helm in January 2022. Photo: Ting Shen for The Wall Street JournalThe process to inspect the audits of U.S. public companies needs an upgrade, according to some of the people who should know best—former inspectors who did the work over the last two decades. Former inspectors of the U.S. auditing watchdog say inspections are a useful tool for detecting potential deficiencies in audits of public companies, but that public reports on the process are limited in scope, lack details and not released in a timely fashion.

Persons: Erica Williams, Ting Shen Organizations: Public Company, Wall Street

☆ Grayscale CFO Outlines Next Steps Toward Offering a Bitcoin ETF After Court Victory
▼ + stars: | 2023-10-20 | by ( Mark Maurer | ) www.wsj.com time to read: 1 min

In August, a federal appeals court ruled that the SEC needed to reconsider Grayscale’s application to launch its first bitcoin ETF. Photo: Pavlo Gonchar/Zuma PressGrayscale Investments is preparing to roll out its first bitcoin exchange-traded fund pending Securities and Exchange Commission approval after a legal victory overturning the regulator’s rejection of its application. In August, the Stamford, Conn.-based cryptocurrency asset manager made headlines when a court ruled that the SEC shouldn’t have rejected its application to convert its bitcoin trust into a spot bitcoin ETF. A panel of judges said the company showed that its proposed bitcoin ETF is materially similar to futures-based bitcoin ETFs that have been previously approved. The ruling marked a pivotal setback for the SEC, which has been focused on regulating the crypto industry.

Persons: Pavlo Gonchar, SEC shouldn’t Organizations: SEC, Zuma, Securities, Exchange Locations: Stamford, Conn

☆ The Latest Tool to Refinance Short-Term Debt: Double-Dip Financing
▼ + stars: | 2023-10-13 | by ( Mark Maurer | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/the-latest-tool-to-refinance-short-term-debt-double-dip-financing-4cfe96ff

Persons: Dow Jones

☆ Accounting Graduates Drop By Highest Percentage in Years
▼ + stars: | 2023-10-12 | by ( Mark Maurer | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/accounting-graduates-drop-by-highest-percentage-in-years-5720cd0f

Persons: Dow Jones, 5720cd0f

☆ Molson Coors Steps Up Stock Buybacks as Bud Light Boycott Aids Business
▼ + stars: | 2023-10-10 | by ( Mark Maurer | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/molson-coors-steps-up-stock-buybacks-as-bud-light-boycott-aids-business-e19d7d2c

Persons: Dow Jones Organizations: molson, coors

☆ On Holding CEOs talk sustainability and launch of sneaker subscription service
▼ + stars: | 2023-10-04 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Marc Maurer and Martin Hoffmann, Co-CEOs of Swiss sports apparel brand On Holding , told CNBC's Jim Cramer that they aim to make their products sustainable. On Holding rolled out Cyclon, a sneaker subscription service where customers pay a monthly fee to return their old sneakers every six months in exchange for new ones. On Holding is also trying to get out of using fossil fuels, Maurer said, and the company recently showcased a new shoe made from carbon emissions. The sneaker is not yet for sale, but Maurer said he expects it to enter the broader market in 2025. "So we feel we have work to do in getting that down, but we don't have risk to our profitability."

Persons: Marc Maurer, Martin Hoffmann ,, CNBC's Jim Cramer, Cyclon, Maurer, It's, Hoffmann Locations: Swiss

☆ Our mission is to be the most premium sports brand, says On Holding Co-CEO Martin Hoffmann
▼ + stars: | 2023-10-04 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOur mission is to be the most premium sports brand, says On Holding Co-CEO Martin HoffmannOn Holding Co-CEOs Martin Hoffmann and Marc Maurer join 'Mad Money' host Jim Cramer to talk its new subscription service, reiterating its guidance and more.

Persons: Martin Hoffmann, Marc Maurer, Jim Cramer Organizations: Holding Co

☆ On Holding Co-CEOs go one-on-one with Jim Cramer
▼ + stars: | 2023-10-04 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

On Holding Co-CEOs go one-on-one with Jim CramerOn Holding Co-CEOs Martin Hoffmann and Marc Maurer join 'Mad Money' host Jim Cramer to talk its new subscription service, reiterating its guidance and more.

Persons: Jim Cramer, Martin Hoffmann, Marc Maurer Organizations: Co

☆ Mark Maurer — Reporter at The Wall Street Journal
▼ + stars: | 2023-09-28 | by ( Mark Maurer | ) www.wsj.com time to read: 1 min

Mark MaurerMark Maurer is a reporter on The Wall Street Journal’s CFO Journal team. Based in New York, he writes about corporate finance, accounting, auditing and regulation of companies. Before joining the Journal, he covered New York commercial real estate as associate web editor and reporter at The Real Deal. Prior to that, he was a copy editor at the Star-Ledger. He completed the Knight-Bagehot fellowship program in economics and business journalism at Columbia University in 2019.

Persons: Mark Maurer Mark Maurer Organizations: Real, Star, Columbia University Locations: New York, Real Deal

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