Industry News

 

Accounting

Facebook’s earnings more than doubled in the fourth quarter, reflecting the tax benefit from a change in the way companies account for stock payments to employees. The social-media giant reported that net income rose to $3.57 billion, up from $1.56 billion a year ago, while full-year 2016 earnings were $10.22 billion, up from $3.69 billion. (CFO)
http://ww2.cfo.com/accounting-tax/2017/02/accounting-change-facebook/

Information Systems

European software giant SAP said Tuesday it had patched multiple vulnerabilities in its cloud-based enterprise platform HANA that could have allowed hackers to fully compromise databases and business applications without a valid username or password. HANA runs SAP’s latest database, cloud and other more traditional business apps. According to Onapsis, the security company that uncovered the “zero day” vulnerabilities, they rank among the most critical ever found in the software. (CFO)

http://ww2.cfo.com/data-security/2017/03/sap-patches-critical-flaw-business-software/

Supply Chain Management

The Trump administration opened an investigation on April 26 into whether an influx of foreign aluminum is damaging U.S. manufacturers severely enough to threaten national security, beginning a process that could lead to curbs on imports, Commerce Secretary Wilbur Ross said. (Industry Week)

http://www.industryweek.com/trade/trump-administration-opens-trade-investigation-aluminum

Market Analytics

One or more unknown traders made more than $1 million in illicit profits by trading in General Communication Inc. call option contracts in advance of its acquisition by Liberty Interactive, the U.S. Securities and Exchange Commission has alleged.(CFO)
http://ww2.cfo.com/fraud/2017/04/sec-insider-trading-telecom-deal/
Finance

U.S. banks posted a 7.7% jump in profit in the fourth quarter while the number of unprofitable banks and “problem banks” continued to fall. In its latest Quarterly Banking Profile, the Federal Deposit Insurance Corp. said federally-insured commercial banks and savings institutions reported aggregate net income of $43.7 billion in the third quarter, up $3.1 billion from a year earlier. (CFO)
http://ww2.cfo.com/banking-capital-markets/2017/03/banks-profits-rise-q4/