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☆ ‘Mattress Mack’: Houston Astros superfan has wagered $10 million to win $75 million if team wins World Series
▼ + stars: | 2022-10-28 | by ( Ben Morse | ) edition.cnn.com time to read: +3 min

If the Astros do regain their MLB crown – the team’s first title came in 2017 – McIngvale will win an eye-watering $75 million, which has been widely reported would be largest payout in sports betting history. Mack watches batting practice prior to Game 5 of the 2021 World Series between the Houston Astros and the Atlanta Braves at Truist Park. In an interview with CNN last year, McIngvale said he had bet $3.35 million back in June 2021 that the Astros would win last year’s World Series. “And I say, thanks to the Houston Astros for bringing Houston together. “It’s their birthday, it’s their anniversary but they’re there cheering on the Houston Astros.

☆ No U.S.-born Black players expected on World Series rosters
▼ + stars: | 2022-10-27 | by ( Associated Press | ) www.nbcnews.com time to read: +6 min

The Houston Astros celebrate winning the American League Championship Series to advance to the World Series at Yankee Stadium on Oct. 23. In 1979 alone, Willie Stargell and Dave Parker were among 10 Black players on the “We Are Family” Pittsburgh Pirates champions. “It’s been a story that’s been ongoing since the late 1980s, the decline of Black baseball players,” he said. Hall wasn’t on the Phillies’ roster for any of the first three rounds this postseason and isn’t expected to be on the World Series roster. Many Afro Latino players embrace Black identity, yet perhaps not for the same reasons that Black U.S. players do.

☆ Regulator Warns Hong Kong Companies About Auditor Resignations
▼ + stars: | 2022-10-27 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +4 min

Hong Kong’s accounting regulator is sounding the alarm over a surge in auditor resignations a month before or after a company’s reporting period ends. So-called “late auditor resignations,” which increased to 107 during the nine months ended Aug. 31 from 71 in the same period a year earlier, can jeopardize audit quality, the Accounting and Financial Reporting Council said Thursday. Audit firm resignations, and changes in general, are rare in the U.S., where companies are not required to switch firms after a certain number of years. In March, Enterprise Development announced annual results for the period that ended in December audited by Hong Kong accounting firm BOFA CPA Ltd. “We are concerned that audit quality may be compromised by late auditor resignations because the incoming auditor will have limited time to plan and conduct a proper audit in order to meet the listed entity’s deadline to announce their audited results,” she added.

☆ Companies Seek Guidance on New U.S. Minimum Tax as Launch Date Nears
▼ + stars: | 2022-10-26 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +7 min

Analyzing past securities filings, researchers from the University of North Carolina’s Tax Center found that fewer than 80 publicly traded U.S. companies would have paid any corporate minimum tax in 2021 had the tax been in effect. Businesses, including media company Liberty Media Corp., in recent weeks have pressed for additional information from the Treasury Department and the Internal Revenue Service on the implications of the tax. “It’s casting a very wide net,” David Rievman, a partner at law firm Skadden, Arps, Slate, Meagher & Flom LLP, said of the minimum tax. Among the concerns from businesses is that reorganizations could cause a company to become subject to minimum tax, or increase their tax liability. Without the deduction, the company would pay another level of corporate tax on that dividend.

☆ Dortmund draw 0-0 with Manchester City to join them in knockout stage
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

DORTMUND, Germany, Oct 25 (Reuters) - Borussia Dortmund drew 0-0 with already-qualified Manchester City on Tuesday to book their spot in the Champions League knockout stage with a game to spare. "We played much better in the second half. In the first half we conceded some balls and lost some counter-attacks," said City coach Pep Guardiola. "We finally rewarded ourselves against City with the point today," said Dortmund coach Edin Terzic. I have seldom seen a City game where they had so few chances."

☆ Finance Chiefs Switch Jobs, Retire as Companies Face Uncertainties
▼ + stars: | 2022-10-23 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +7 min

This compares with 8% in September 2021 and 11% in the same month in 2020, Russell Reynolds said. It is also leading some companies to prepare for a potential downturn by looking for CFOs with experience in cutting costs or restructuring operations, they added. Photo: NordstromNordstrom, meanwhile, last Monday said finance chief Anne Bramman will leave in December after more than five years in the role. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. That trend is continuing, with the slowing economy forcing finance chiefs into thinking about their next steps, she said.

☆ Here's why a new $40,000 electric vehicle tax credit for business owners may be relatively easy to get
▼ + stars: | 2022-10-21 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

"I think it's going to be a lot more straightforward and easy to take advantage of than the light-duty-vehicle tax credit," Ingrid Malmgren, policy director at Plug In America, said of the tax credit for commercial EVs. "It's really a great opportunity for business owners to reduce emissions in a cost-effective way." Business owners can get the tax credit for new vehicles purchased on or after Jan. 1, 2023. Because the financial benefit is structured as a tax credit, business owners must have a tax liability to benefit. A tax credit isn't available to single individuals with modified adjusted gross income of $150,000 and above.

In Spain, six vessels were frozen following sanctions imposed after Russia's invasion of Ukraine in February. The "majority" of the owners are paying their maintenance, crew, docking and insurance fees, a source with knowledge of the matter said. In March, Spain's Prime Minister Pedro Sanchez vowed, when announcing the freezing of one yacht in Spain, to hit Putin's allies "decisively" and "hard". read more read moreProposals by the United States and European Union to sell seized Russian assets and give the proceeds to Ukraine have stalled. In France, five yachts have been frozen.

☆ Nordstrom CFO Anne Bramman to Leave the Company
▼ + stars: | 2022-10-18 | by ( Jennifer Williams-Alvarez | Suzanne Kapner | ) www.wsj.com time to read: +3 min

Nordstrom Inc.’s finance chief is stepping down as the retailer confronts industrywide pressures including soft consumer spending and high inventory levels. The Seattle-based retailer said Monday evening that Anne Bramman will leave the company effective Dec. 2 after more than five years as CFO. Nordstrom’s senior vice president and chief accounting officer, Michael Maher, will serve as interim finance chief. Nordstrom is looking for ways to reduce its inventory levels, Mr. Nordstrom said during an earnings call in late August. Merchandise inventory levels increased 9.9% from a year ago, to around $2.4 billion, although they were lower than the previous quarter.

The widespread voter fraud in the 2020 election as alleged by Trump and his supporters was never proven. Election officials in three other states -- North Carolina, Arizona and Nevada -- reported similar incidents. In 16 North Carolina counties alone, officials noted unusually aggressive observers during May's primary elections, according to a state election board survey. When told to stop, they said they were following guidance from a Republican Party lawyer, said Henderson County Election Director Karen Hebb. As head of the Election Integrity Network, Mitchell is training election observers and is trying to build grassroots networks of conservatives ahead of the midterms.

☆ The Astros Deliver a Dramatic Reminder of Their Dominance
▼ + stars: | 2022-10-12 | by ( Tim Brown | ) www.wsj.com time to read: 1 min

The Houston Astros on Tuesday night seemed drawn to the sound of it, gushing from their dugout in twos and threes and then all of them, by the time Yordan Alvarez’s walk-off home run landed in the second deck of Minute Maid Park’s right field. For the second time in postseason history, a player had homered with two out in the bottom of the ninth inning to win a game, the first being Kirk Gibson for the Los Angeles Dodgers in the 1988 World Series. For the first time, Alvarez’s home run—with two runners on base—had overcome a deficit of more than one run.

☆ FASB Settles on Fair-Value Accounting for Measuring Crypto Assets
▼ + stars: | 2022-10-12 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +4 min

The Financial Accounting Standards Board on Wednesday said companies should use fair-value accounting for measuring bitcoin and other crypto assets, moving a step closer to a standard that could clear up uncertainty over reporting how much such holdings are worth. Companies and accountants want the FASB to adopt fair-value accounting instead, which would allow them to recognize losses and gains immediately and treat digital assets as financial assets. The FASB on Wednesday said fair-value accounting best captures the economics of crypto assets and determined the method would be a requirement rather than an option for companies. PREVIEWCompanies and investors have asked the FASB for years for rules on how to account for and disclose crypto assets. “Without these standards for the accounting and valuation of crypto assets, companies are reluctant to hold them,” she said.

☆ XPO Logistics Names CFO Ahead of Planned Spinoff of Freight Brokerage Business
▼ + stars: | 2022-10-10 | by ( Kristin Broughton | Jennifer Williams-Alvarez | ) www.wsj.com time to read: +4 min

XPO Logistics Inc. named a new finance chief ahead of the planned spinoff of its freight brokerage business later this year, part of an ongoing effort to split the sprawling transportation company into smaller pieces. Carl Anderson will take over as chief financial officer on Nov. 8, Greenwich, Conn.-based XPO Logistics said Monday. XPO Logistics in 2021 spun off its supply-chain business GXO Logistics Inc., which provides services such as warehousing and e-commerce. XPO Logistics reported a total profit of $141 million during the quarter, down 10% from a year earlier. During his tenure as finance chief, Mr. Tulsyan played a key role in the spinoff of the GXO supply-chain business.

☆ Costco Not Ready to Cut Prices as Shipping, Commodities Costs Fall
▼ + stars: | 2022-10-06 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +7 min

Richard Galanti, Costco Wholesale CFO Photo: Costco Wholesale Corp.“It takes time for changes to come through,” Mr. Galanti said. A company’s freight costs vary depending on whether they are fixed by contract for a period of time or based on spot-market rates that can change more quickly. The length of contracts as well as the company’s ability to renegotiate the terms of its agreements also affect the retailer’s freight costs, he said. These cost pressures will persist, as wages don’t tend to come down once they have gone up, Mr. Galanti said. Price increases have also hit food court items such as individual sodas and whole pizzas because of rising costs, Mr. Galanti said earlier this year.

☆ Denver's most expensive home lists for $28.9 million and features a stunning charred wood treatment
▼ + stars: | 2022-10-03 | by ( Ray Parisi | ) www.cnbc.com time to read: +6 min

Dusk view of the main house looking into the glass-encased great room. Nate PoltaThe local trend in Denver sales prices may bode well for the new $28.9 million listing. Primary bedroom Nate PoltaThe main house includes five bedrooms and eight bathrooms. Nate PoltaThe residence includes a self-sustaining solar energy system, in-floor heating and Lutron shades. The view from above the lap pool and sundeck reveals an array of solar panels on the pool house roof.

☆ College costs keep snowballing despite Biden’s efforts to ease student debt burden
▼ + stars: | 2022-10-01 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Shannon-Pettypiece-Circle-Byline-Template.Jpg | Shannon Pettypiece | ) www.nbcnews.com time to read: +6 min

Loans from private banks have gone up even faster, with some charging more than 13% for student loans this fall, people familiar with the industry said. Borrowers with existing loans that have variable rates have started seeing their monthly payments go up from the higher rates, they said. Increased costs mean many students have to borrow more money at higher rates, further exacerbating the student debt problem the Biden administration set out to address. The problem is the cost of higher education,” said Betsy Mayotte, president of The Institute of Student Loan Advisors. “We commend this administration for responding to the call of addressing of the student loan debt crisis,” said Derrick Johnson, president of the NAACP.

☆ With Interest Rates Rising, Companies Look to Unload Pension Liabilities
▼ + stars: | 2022-09-28 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +6 min

Rising interest rates are boosting corporate pension plans, providing finance chiefs with an option to lighten their companies’ balance sheets and transfer obligations to insurers. PREVIEWWhen interest rates rise, liabilities for defined-benefit plans—a type of pension plan that promises fixed amounts to participants—shrink. They can also move just a portion of their pension obligations, but that still requires a high funding status. “If interest rates level off or decrease, the funded status could fall pretty quickly,” said Matt McDaniel, a partner at Mercer who advises companies on pension risk transfers. Recent stock market declines have hurt some defined-benefit pension plans invested in publicly traded equities, Mr. McDaniel said.

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☆ Messi comes off the bench to notch double as Argentina beat Jamaica
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +1 min

Sep 27, 2022; Harrison, New Jersey, USA; Argentina forward Lionel Messi (10) celebrates his goal against Jamaica during the second half at Red Bull Arena. Mandatory Credit: Vincent Carchietta-USA TODAY SportsSept 27 (Reuters) - Second-half substitute Lionel Messi scored two late goals as Argentina beat Jamaica 3-0 in a World Cup warm-up in New Jersey on Tuesday. Messi, who also scored twice in a 3-0 win over Honduras in Miami on Friday, is looking to lead Argentina to their third World Cup title and first since 1986. They have one more tune-up against United Arab Emirates on Nov. 16 before they begin their World Cup campaign against Saudi Arabia on Nov. 22. Register now for FREE unlimited access to Reuters.com RegisterReporting by Rory Carroll in Los Angeles; Editing by Peter RutherfordOur Standards: The Thomson Reuters Trust Principles.

☆ MLB roundup: Guardians clinch AL Central title for first time since 2018
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +13 min

Hunter Dozier capped the Royals' scoring with an RBI single to make it 13-11 following Ryan O'Hearn's two-run double. Astros 6, Orioles 3 (11 innings)Christian Vazquez's two-run single capped a four-run 11th inning and visiting Houston defeated Baltimore. Jeimer Candelario followed Schoop's RBI single with a run-scoring single of his own. The White Sox's loss allowed the Cleveland Guardians to clinch their first American League Central title since 2018. Yadier Molina had an RBI single for the NL Central-leading Cardinals, who dropped consecutive games to the Dodgers after winning Friday.

☆ Tender to sell Evergrande's Hong Kong headquarters to close on Oct 31
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +1 min

The Evergrande Center of China Evergrande Group is seen amid other buildings in Shanghai, China, September 24, 2021. REUTERS/Aly Song/File PhotoHONG KONG, Sept 26 (Reuters) - A tender sale of China Evergrande Group's (3333.HK) headquarters in Hong Kong will close on Oct. 31, real estate services firm Savills said, appointed by receivers to dispose of the asset. Lenders of struggling Evergrande appointed receiver Alvarez and Marsal earlier this month to seize the China Evergrande Center in Hong Kong, a Companies Registry filing showed, as the world's most indebted developer struggles to emerge from its debt crisis. read moreSavills said in a statement on Sunday the sale of the 27-storey office tower in the Wan Chai district will include existing tenancies. Register now for FREE unlimited access to Reuters.com RegisterReporting by Clare Jim; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ GSK Taps Burberry Executive As CFO
▼ + stars: | 2022-09-26 | by ( Jennifer Williams-Alvarez | Mark Maurer | ) www.wsj.com time to read: +3 min

Pharmaceutical firm GSK PLC hired the finance chief of British luxury fashion group Burberry Group PLC to lead its finances as it works to develop new medicines after the recent spinoff of its consumer-health business. Brentford, U.K.-based GSK, a maker of cancer and asthma medications, on Monday named Julie Brown as chief financial officer and executive director, effective next spring. Ms. Brown serves as chief operating and financial officer at Burberry, a role she has held since 2017. “Julie is a highly experienced CFO with a tremendous understanding of the biopharma sector,” Emma Walmsley, chief executive officer at GSK, said in a release. Burberry on Friday said a search is under way for the successor of Ms. Brown.

Since January, the average 30-year fixed mortgage rate has increased by over three percentage points, according to Freddie Mac. See more mortgage rates on Zillow Real Estate on ZillowMortgage calculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. Mortgage rates started ticking up from historic lows in the second half of 2021 and have increased significantly so far in 2022. Inflation remains elevated, but has started to slow, which is a good sign for mortgage rates and the broader economy. What is a good mortgage rate?

☆ Waymo Fills Finance Chief Role as Autonomous-Vehicle Company Looks to Expand
▼ + stars: | 2022-09-23 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +3 min

Waymo LLC hired a new finance chief as the autonomous-vehicle company works to boost self-driving capabilities and expand in multiple regions. The Mountain View, Calif.-based company, a subsidiary of Google parent Alphabet Inc., on Friday said it named Elisa de Martel as chief financial officer. The company’s interim head of finance and its controller have covered the company’s finances while Waymo looked for a permanent CFO, according to a spokeswoman. Two months earlier, Waymo’s biggest competitor— General Motors Co. subsidiary Cruise—began offering driverless rides to the public in San Francisco. Waymo since 2017 also has tested its driverless technology in semitrucks.

☆ Yogurt Maker Chobani Names New CFO as It Still Weighs an IPO
▼ + stars: | 2022-09-22 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +2 min

The New Berlin, N.Y.-based company, known for its Greek-style yogurt, on Thursday named Tarkan Gürkan as chief financial officer. Mr. Gürkan stepped into the role on an interim basis in June after former CFO Jody Macedonio stepped down the same month. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. PREVIEWMr. Gürkan previously served as chief investment officer at the family office of Chobani founder and Chief Executive Hamdi Ulukaya. An IPO is still on the table, the spokeswoman said, adding that Mr. Gürkan will help take the company public if market conditions improve.

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