Become more informed in minutes....

Global companies have boosted hiring for professional roles towards the end of the year, according to an index from recruiter Robert Walters. The boost was especially evident in retail, technology and healthcare, but demand for financial services recruits was less impressive, the survey showed. Job vacancies for professional roles globally were up nearly 9% month on month in October, compared with a 5% fall in September. "The latest figures...[are] a positive hint toward more traditional recruitment cycles returning, whereby October and the final quarter tends to be busy as companies ramp up seasonal hires or look to spend remaining hiring budgets before the close of the year," said Robert Walters chief executive Toby Fowlston.

 

Reuters

File Your Company’s BOI Report in 10 Minutes to Avoid Fines

As a CFO or finance leader, you've likely heard about Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA). But understanding the requirements is just the start—the real task is filing your company’s BOI report(s) and maintaining updated information with the government.

With 97% of U.S. businesses required to file, many companies are still figuring out where to begin. Avoid falling behind and facing penalties of up to $591 per day, per legal entity.  Access FileForms’ BOI Quick Reference Guide—a comprehensive, step-by-step resource to help you navigate the filing process. With this guide, you’ll have everything you need for a quick, smooth, and compliant submission from an expert who can help you through the entire reporting process.

Get Access Here

 

The FASB has proposed a new accounting standards update to provide guidance on how business entities should account for government grants. Currently, U.S. GAAP lacks specific rules, leading many businesses to rely on IAS 20 by analogy. The proposed update aims to reduce variability in accounting practices by incorporating IAS 20 with targeted improvements. Jackson Day, the FASB's technical director, emphasized that "It will not be a cut and paste of IAS 20," highlighting that the scope and recognition thresholds will differ. The update will clarify how to recognize, measure, and present government grants, including those related to assets and income, and will require disclosures about the nature and terms of the grants. FASB is seeking comments on the proposal by March 31st 2025.

 

Accounting Today

CPA Practice Advisor

The Accountant

Archer-Daniels-Midland Co. (ADM) has restated its earnings following the identification of accounting errors, a crucial move to restore investor confidence. The Chicago-based company clarified that its consolidated results for 2023 and the first two quarters were unaffected by the review. The restatements addressed overestimated intersegment sales for 2023, which were previously inflated by $1.28bn. Despite these adjustments, ADM's operating profits for its three units remained unchanged. The company has faced significant challenges since January, including a loss of billions in market value and investigations by the Department of Justice and Securities and Exchange Commission. As part of its recovery efforts, ADM has appointed AT&T Inc.'s top lawyer to its board and implemented new controls.

 

Accounting Today

Ericsson CEO Börje Ekholm says Europe is one of the weakest telecom markets in the world - and policymakers must encourage more consolidation and cut regulation there or else the Swedish telecom equipment maker will continue to shift investments to overseas markets. “Europe is falling behind,” Ekholm said. “The natural conclusion of that is we’ll be shrinking in Europe and growing in North America.” Relocating Ericsson’s headquarters from Sweden to the US is “always a question that comes up,” he said, observing that Ericsson has deep ties to Sweden, “But, you know, we always need to also look at: How will the world look in the future? So we don’t know . . . Would we relocate at some point in time? That could well happen.”

 

Luxembourg Times

Comcast is pressing ahead with plans to spin off its NBCUniversal cable television networks including MSNBC and CNBC, according to sources. The company recently told investors it was considering divesting its cable networks into a separate company owned by Comcast's shareholders. "We think there could be an opportunity to play some offense," commented Comcast President Michael Cavanagh during the company's third quarter investor call.

 

Reuters

Hotels group Marriott International is set to lay off approximately 833 employees starting January 3, as part of a strategic review aimed at enhancing its global business effectiveness. The company filed a notice with the Maryland Department of Labor, indicating that this decision is part of a broader effort to improve operational efficiency.

 

The Baltimore Sun

Walmart has raised its annual sales and profit forecast for the third consecutive time, indicating a potential gain in market share as consumers increasingly purchase groceries and merchandise both online and in-store. The uptick in guidance came alongside the retailer's third-quarter earnings report. The three months to October 31st brought revenues of $169.59bn, up from $160.8bn in the same period a year earlier. Same-store sales rose 5.3% at Walmart and 7% at Sam's Club. Net income increased to $4.58bn, or 58 cents per share adjusted, compared to $453m in 2023. Analysts surveyed by LSEG expected revenues of $167.7bn and adjusted per-share earnings of 53 cents. Walmart U.S. transactions rose 3.1%, and average ticket increased by 2.1% year over year. E-commerce sales rose 22% in the U.S., with gains coming from roadside pick-ups and home delivery. 

 

CNBC

New York Times

Reuters

Washington Post

H&R Block and Intuit shares dropped 8.2% and 5.1% respectively on Tuesday, following reports that President-elect Donald Trump's Department of Government Efficiency (DOGE), which is run by billionaires Elon Musk and Vivek Ramaswamy, is looking at developing a free app for people to file their taxes. The DOGE discussions follow the roll out of a pilot program from the IRS for taxpayers to file their returns for free online as part of the Biden administration’s Inflation Reduction Act. Jefferies wrote that the selloff in Intuit was “unwarranted,” as an app is “unlikely to be a high priority in a long list of initiatives” to reduce government waste, while the IRS pilot program “had little success.” More than 100,000 taxpayers used the new Direct File program to file their taxes this year, which marked the first time the system was in operation, according to the Treasury Department. 

 

Bloomberg

CBS News

CNBC

California voters have narrowly defeated Proposition 32, which aimed to raise the minimum wage to $18 an hour. The initiative received 49.2% support, reflecting a shift in voter sentiment amid rising inflation and economic uncertainty. While supporters argued that the increase was necessary for low-income workers, opponents feared it would lead to higher consumer prices and job losses. The outcome indicates a growing reluctance among Californians to accept further wage hikes, even in a state known for progressive policies. Nevertheless Joe Sanberg, an anti-poverty activist, stated: “The fight for higher wages and economic dignity for millions of California workers doesn't end here.”

 

Los Angeles Times

Private equity giant Blackstone is nearing a deal for closely-held Jersey Mike’s Subs in a deal that would value the sandwich chain at around $8bn including debt. Sources close to the matter say that the acquisition of Jersey Mike’s, the second largest sub-style sandwich company in the U.S. by sales, behind Subway, could be announced shortly. Private equity firms have shown increasing interest in franchise operators. Last year, Roark Capital agreed to buy Subway, in a deal that people familiar with the matter told Reuters valued the U.S. sandwich chain at up to $9.55bn, including debt.

 

Bloomberg

Reuters

Wall Street Journal

The Ito family behind Japanese retail group Seven & i Holdings plans to raise over ¥8tn ($51.66bn) to take it private by the end of this financial year. Their Ito-Kogyo vehicle has established a special purpose company, which is in talks with Japan's three largest lenders and major U.S. financial institutions, and intends to complete the deal by March 2025. Seven & i is under pressure to enhance value and fend off a $47bn takeover bid from Canada's Alimentation Couche-Tard. Junro Ito is Seven & i’s vice president and the son of late Masatoshi Ito, founder of Seven & i. Ito-Kogyo is a company affiliated with the vice president, and is Seven and i’s second-largest stakeholder with an 8.2% stake.

 

Bloomberg

CNBC

Reuters

NHK

Frustration over rising grocery prices has led to the coining of "Colesworth," a term combining the names of Australia's largest supermarket chains, Coles and Woolworths that has been named Word of the Year by the Australian National University's Dictionary Centre. Senior researcher Mark Gwynn noted that the term has gained traction as Australians express their dissatisfaction with the perceived duopoly and unfair pricing practices. "This combination has seen the word 'Colesworth' used in a fairly derogatory way", he said. "[Coles and Woolworths] share the lion's share of the market and can keep prices fairly high, as well as get up to some fairly, what we would [consider], . . . dodgy practices". The ANU's Word of the Year shortlist also included terms like "climate trigger," reflecting significant societal discussions in Australia.

 

ABC News

AFR

The New Zealand Herald

The Guardian