Latest news with #TrialBalance
Yahoo
7 days ago
- Business
- Yahoo
Chinese CFO arrested in the Philippines amid embezzlement accusations: Trial Balance
This story was originally published on To receive daily news and insights, subscribe to our free daily newsletter. The Trial Balance is weekly preview of stories, stats and events to help you prepare. A Chinese national identified only as Ziwén, 37, was arrested on May 28 in Makati City for allegedly embezzling hundreds of millions of Philippine pesos from a Philippine Offshore Gaming Operator where he served as CFO. Authorities have not disclosed the company's name, consistent with common practice in the Philippines where corporate identities are often withheld during active investigations. However, a local news outlet was given exclusive access to the arrest. Ziwén, who told police he was unaware of the charges, declined to comment to local media, stating he would consult his lawyer. Reports indicate he now faces 18 counts of qualified theft tied to an estimated 181 million pesos in missing funds, equivalent to about $3.2 million. Reports suggest the total may exceed 1 billion pesos, or roughly $17.9 million, when including diverted cash and cryptocurrency assets allegedly transferred to wallets under his control. The POGO, now shut down, was part of a sector that facilitates online bets for overseas clients from inside the Philippines, often targeting Chinese gamblers barred from such activity in their home country. The case adds to growing scrutiny of the POGO industry, which is in the midst of a crackdown by authorities in both the Philippines and China. The POGO industry and its structure has long faced criticism for weak regulatory oversight, suspected money laundering and links to transnational criminal networks. Here's a list of important market events slated for the week ahead. Monday, June 2 S&P final U.S. manufacturing PMI, May ISM manufacturing, May Dallas Fed President Lorie Logan speech Tuesday, June 3 Factory orders, April Job openings, April Wednesday, June 4 ADP employment, May S&P final U.S. services PMI, May ISM services, May Fed Beige Book Thursday, June 5 Initial jobless claims, week of May 31 U.S. trade deficit, April U.S. productivity, Q1 Friday, June 6 U.S. employment report, May U.S. unemployment rate, May On June 5, will publish a Q&A with Sudhanshu Priyadarshi, CFO of Keurig Dr Pepper. He breaks down how the company is navigating areas like tariffs and new health regulations across the globe, finance's role in managing a global supply chain, why it's important for CFOs to be able to tell stories about their data and more. Recommended Reading CFO crimes, litigation, financial control failures, ethics violations and more Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
20-05-2025
- Business
- Yahoo
NYC leads return-to-office as hybrid work increases: Trial Balance
This story was originally published on To receive daily news and insights, subscribe to our free daily newsletter. The Trial Balance is weekly preview of stories, stats and events to help you prepare. With return-to-office efforts being implemented across the country, new data from indicates that in the U.S., New York City is closest, by far, to pre-pandemic in-office working rates. Nationwide, office visits were 30.7% below April 2019 levels. However, New York City traffic was just 5.5% short of pre-pandemic traffic, the smallest drop in the country. Miami followed, down 15.3%, while other major metropolitan areas like Atlanta and Dallas stayed consistent with the national average. The data comes from Office Index, which uses anonymized location information from cell phones to measure real-world foot traffic of around 1,000 office buildings across 11 U.S. cities. This embedded content is not available in your region. Boston showed moderate improvement, though it still trailed New York City and Miami. San Francisco, while still the furthest from full recovery compared to the other cities in the report, posted the strongest year-over-year growth. This may reflect the impact of return-to-office mandates in the tech sector despite the numerous challenges the city faces that impact the workers there. April marked the third-busiest office month since the onset of the COVID-19 pandemic, behind only October and July 2024. Hybrid trends remain dominant, with midweek in-office appearances, especially Tuesdays and Wednesdays, surpassing 2019 levels in NYC. Mondays and Fridays continue to lag, likely due to hybrid work models allowing some employees to skip the commute and work from home on those days. Here's a list of important market events slated for the week ahead. Monday, May 19 U.S. leading economic indicators, April Tuesday, May 20 Richmond Fed President Tom Barkin speaks Boston Fed President Susan Collins at the Fed Listens event St. Louis Fed President Alberto Musalem speaks Federal Reserve Governor Adriana Kugler speaks Wednesday, May 21 Richmond Fed President Tom Barkin and Fed Governor Michelle Bowman at the Fed Listens event Thursday, May 22 Initial jobless claims, week of May 17 S&P flash U.S. services PMI, May S&P flash U.S. manufacturing PMI, May Friday, May 23 New home sales, April Federal Reserve Governor Lisa Cook speaks This week, some of the team will be in National Harbor, Maryland, for Gartner's CFO and Finance Executive Conference. There will be an event takeaway piece published this week (5/21), as well as multiple interviews from the event from CFOs and thought leaders that will roll out over the next few weeks. Recommended Reading Gov. Kathy Hochul to meet with execs on safety in NYC after murder of UnitedHealthcare CEO: Trial Balance Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-05-2025
- Business
- Yahoo
Former Tyson Foods CFO returns as board member despite past incidents: Trial Balance
This story was originally published on To receive daily news and insights, subscribe to our free daily newsletter. The Trial Balance is weekly preview of stories, stats and events to help you prepare. John R. Tyson, a fourth-generation heir to Tyson Foods, has been appointed to the company's board of directors after being removed from his role as CFO in 2024 following multiple alcohol-related incidents. Tyson, who previously served as both CFO and chief strategy officer, pleaded guilty to two separate events — one in which he was found asleep in a stranger's bed and another in which he was arrested for driving while intoxicated. He will now serve on the board's strategy and acquisitions and technology committees. His sister, Olivia Tyson, has also been named to the board. Though her corporate experience is limited, she will serve on the compensation and leadership development and technology committees. She has led the Tyson Family Foundation as president since 2018 and is also the co-founder of a small film production and financing company. John H. Tyson, their father, is the current Chairman of Tyson Foods and the only family member in a formal operational leadership role. He stepped down as CEO in 2006. No Tyson family members have served on the executive leadership team since John R. Tyson was replaced by Curt Calaway as interim CFO following his second arrest. The company has faced continued leadership turnover and public scrutiny beyond the conduct of its former CFO. It has been accused of using its market size to influence the broader meatpacking industry and was sued for allegedly making false climate-related claims. Despite criticism from some members of Congress for recently exploiting child labor and describing their practices as 'anti-American,' Tyson Foods has recently taken steps to cooperate with law enforcement to ensure its workforce maintains legal immigration or citizenship status. Here's a list of important market events slated for the week ahead. Monday, May 12 Monthly U.S. federal budget, April Tuesday, May 13 NFIB optimism index, April Consumer price index, April Core CPI, April Wednesday, May 14 — None scheduled. Thursday, May 15 Initial jobless claims, week of May 10 U.S. retail sales, April Producer price index, April Core PPI, April Empire State manufacturing survey, May Philadelphia Fed manufacturing survey, May Friday, May 16 Import price index, April Consumer sentiment (preliminary), May KPMG's audit tech platform, Clara, is a big part of how the Big Four firm looks to modernize how audits get done. This week, will publish a story based on an interview with Thomas Mackenzie, KPMG's audit chief technology officer and audit partner in charge of the firm's global solutions group. He breaks down how the company is using this new AI tool to bring in real-time data and flags risks early while detailing how it's also helping ease burnout by taking repetitive work off auditors' plates. With audit talent getting harder to keep, KPMG is betting that tech can help change the job for the better.
Yahoo
06-05-2025
- Business
- Yahoo
Warren Buffett details timeline for Greg Abel's CEO transition: Trial Balance
This story was originally published on To receive daily news and insights, subscribe to our free daily newsletter. The Trial Balance is weekly preview of stories, stats and events to help you prepare. Part 1 — Warren Buffett announces Greg Abel will be CEO by the end of 2025 Berkshire Hathaway's board voted to appoint Greg Abel as chief executive officer at the end of the year, following current CEO and Chairman Warren Buffett's announcement to step down as CEO at the company's largest-ever annual shareholder meeting on Saturday. Abel, who has been publicly named Buffett's successor since 2021, will take over as CEO, while Buffett, 94, will remain with the company as chairman of the board. Abel began his career in public accounting at PwC before joining CalEnergy in 1992 after working with the company as a client. When CalEnergy acquired MidAmerican Energy in 1999 and adopted its name, Abel was named president. That same year, Berkshire Hathaway acquired a controlling interest in MidAmerican. Abel became CEO in 2008, added the title of chairman in 2011, and the company was renamed Berkshire Hathaway Energy in 2014. Abel has served as vice chair of non-insurance operations at Berkshire Hathaway since 2018, overseeing a wide range of the conglomerate's businesses. Though he will become CEO, he will not succeed Buffett as board chair. That role has been reserved for Buffett's son, Howard Buffett, who will serve in a non-executive capacity. Buffett has led Berkshire Hathaway since 1965, transforming the struggling textile manufacturer into a diversified conglomerate and one of the world's most valuable companies. Often called the 'Oracle of Omaha,' Buffett's strategies are widely regarded as a benchmark in corporate capital allocation, long-term investing and leadership. During his tenure, Berkshire's market value grew from roughly $20 million to more than $800 billion, made several major acquisitions across industries and led the way in shareholder value, outperforming the S&P 500 for decades. Part 2 — This week Here's a list of important market events slated for the week ahead. Monday, May 5 ISM services, April Tuesday, May 6 Wednesday, May 7 Thursday, May 8 Friday, May 9 — None scheduled. Part 3 — Improving returns on investment capital The newest edition of the Metric of the Month column (5/7) with APQC CFO Perry Wiggins breaks down how finance chiefs can realize higher returns on invested capital. Beyond managing the metric 'thoughtfully and thoroughly,' Wiggins advises CFOs to focus on people, places, process and technology to drive improvement.
Yahoo
15-04-2025
- Business
- Yahoo
Former Siena Heights University CFO says she was fired for finding fraud: Trial Balance
This story was originally published on To receive daily news and insights, subscribe to our free daily newsletter. The Trial Balance is weekly preview of stories, stats and events to help you prepare. Debi Andrews, the former CFO of Siena Heights University, a small Catholic college in Adrian, Michigan, claims she was fired for refusing to lie to the school's board of directors about budget irregularities and for allegedly advising a colleague to file a sex discrimination complaint against university president Douglas Palmer. According to the complaint, 'had Andrews not opposed Defendants' fraud and encouraged her coworkers to complain about [Palmer's] discriminatory behavior, she would not have been terminated.' The university said it is taking the allegations seriously but told MLive it cannot discuss pending litigation or personnel matters. It said it believes personnel decisions were made after 'a thorough and careful review of the situation.' Andrews, who took the position in February 2024, reported that athletic coaches were making improper check requests from "fundraising accounts.' She also said expenses were improperly labeled as student-related when money was being spent for personal use. In the summer of that same year, just months into her role, Andrews opposed Palmer's proposed budget because she claimed it was 'not based on sound accounting.' She said she refused to lie to the board of directors about 'what the university had done in order to secure the funding.' Days later, according to the complaint, she was placed on unpaid leave. The case also details how Andrews and Palmer's working relationship deteriorated after she advised a female administrator to file a sexual harassment complaint against Palmer. The unnamed employee's working relationship with Palmer allegedly changed after the administrator refused to join him at a local bar. Though it isn't clear how Andrews believes Palmer found out about the advice she gave to another employee, she links this as the second of two causes that ultimately led to her dismissal. Andrews' lawsuit also names the university's former director of human resources Fran Johnson, saying she told others that Andrews was having inappropriate relationships with university staff in campus facilities. These allegations were used, according to the lawsuit, as the basis for a 'retaliatory and unfounded investigation' launched after Andrews was placed on unpaid leave. In an interview with MLive, Johnson denied all allegations against her. Siena Heights University's financial impact is felt far beyond the university's campus. The college is owned by the Adrian Dominican Sisters, who have notably led multiple shareholder activism campaigns at companies like Dicks Sporting Goods, Smith and Wesson and American Outdoor Brands Corporation. Their efforts, which have been supported by major investors like BlackRock, have led to changes around corporate responsibility, particularly around firearms. Here's a list of important market events slated for the week ahead. Monday, April 14 Philadelphia Fed President Patrick Harker speaks Atlanta Fed President Bostic speaks Tuesday, April 15 Import price index, March Empire State manufacturing survey, April Wednesday, April 16 U.S. retail sales, March Industrial production, March Home builder confidence index, April Thursday, April 17 Initial jobless claims, week of April 12 Housing starts, March Building permits, March Philadelphia Fed manufacturing survey, April Friday, April 18 San Francisco Fed President Mary Daly speaks Among the content this week, will publish two stories breaking down the financial state of the cannabis industry. Legal experts, fractional CFOs, business owners selling cannabis products and educators in cannabis accounting share insights on what finance leaders can learn from this rapidly evolving, capital-intensive and regulatory-strenuous sector.
