Finance Knuggets
Aug 28, 2024
I recently heard about the Asian Management Excellence Awards 2025, which is open for nominations for exceptional leaders and outstanding management practices. The awards ceremony is set to take place in Bangkok, Thailand in January 2025, with the deadline for submission of entries being October 25, 2024. Another topic of interest was Deutsche Bank’s perspective on the U.S. economy and its recommendation to short the 10-year Treasury. In addition, there were discussions about a trial related to antitrust in the grocery sector, with the challenge of Kroger’s acquisition of rival Albertsons by the FTC.
There was also a focus on the impact of accounting on the financial ecosystem. The email discussed the shortage of accountants and the challenges in bolstering their ranks, citing reasons such as low pay, long hours, and perceived drudgery of the work. In recent news, there has been a discussion about the challenges of attracting younger individuals to the accounting profession. It has been noted that the long hours and perceived lack of excitement in the field are deterring many from pursuing careers in accounting. Additionally, the requirements to become a certified public accountant (CPA), such as obtaining a master’s degree and passing a series of exams, are seen as barriers that make accounting less appealing compared to other finance jobs.
In other news, there has been a development in the potential acquisition of Paramount, the owner of CBS and MTV. It was reported that Edgar Bronfman Jr. abandoned his bid to acquire Paramount, clearing the way for Skydance to move forward with their proposed merger agreement. This decision by Bronfman has solidified Skydance’s position as the likely acquirer of Paramount, bringing an end to the competition for the acquisition of the media company. Additionally, the Securities and Exchange Commission (SEC) recently announced settled charges against Sound Point Capital Management LP for failing to establish, maintain, and enforce written policies and procedures to prevent the misuse of material nonpublic information (MNPI) concerning its trading of collateralized loan obligations (CLOs).
Lastly, there was an incident involving Equiniti Trust Company LLC, a transfer agent, which issued millions of new shares of a public company at the direction of an unknown threat actor who had infiltrated an email chain. The threat actor’s instructions led to the liquidation of the shares and transfer of the proceeds to foreign bank accounts. This case serves as a reminder of the potential risks associated with cybersecurity breaches and unauthorized access to financial systems. Today in the financial news, it seems that investors are hesitant to break their habit of investing in T-Bills, as the IPO market has cooled off and investors are facing the dilemma of whether to rush into the fall window or wait until 2025. Additionally, there has been a significant drop in office values, overshadowing the revival of cities. On the sports front, NFL owners are set to vote on allowing private equity firms to invest in teams, and the Kelce brothers have signed a $100 million podcast deal with Amazon. In other news, Red Lobster is bringing on a former P.F. Chang’s leader as CEO, and Ken Griffin has revealed plans for Citadel’s Miami headquarters. Lastly, there’s talk of an Oasis reunion and RFK Jr. is making headlines. This has been a busy day in the world of finance and sports.
Stay Well!