March, 2023

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Silicon Valley Bank shut down by US banking regulators

Financial Times M&A

Tech-focused lender had faced deposit outflows and failed in eleventh-hour attempt to raise new capital

Banking 130
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Dear Representative, FNMA Has Gone Rogue!

Appraisers Blog

Dear representative, waiving/eliminating property appraisal for lending purposes is wanton recklessness. Fannie Mae’s decision to waive/eliminate property appraisal for lending purposes is nothing more than wanton recklessness that could have serious repercussions in the future. The truth of the matter is that appraisals are an essential part of any mortgage transaction and should not be taken lightly or eliminated without due consideration.

Appraisal 143
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Global Corporate Governance Trends for 2023

Harvard Corporate Governance

Posted by Richard Fields and Rusty O’Kelley, Russell Reynolds Associates, on Friday, March 10, 2023 Editor's Note: Rich Fields leads the Board Effectiveness practice and Rusty O’Kelley co-leads the Board and CEO Advisory Partners in the Americas at Russell Reynolds Associates. This post is based on their Russell Reynolds memorandum. Keeping up with the ever-changing trends in global corporate governance is no easy task, as countries introduce new governance rules that trigger knock-on effects

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Charting the Future of Valuation: Reflections from EY’s Global Valuation Leader

IVSC

Adrian Nicholls. Adrian Nicholls is the EY Global Valuation, Modeling & Economics (VME) leader, overseeing a team of over 4,000 professionals worldwide. Adrian is a member of the Royal Institution of Chartered Surveyors (RICS), a certified RICS business valuer, former Chair of RICS UK Business Valuation Board, member Global Valuation Board, and a former board member of the Valuations Special Interest Group at the Institute of Chartered Accountants in England and Wales.

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How to Leverage Intent Data for Better Outcomes

Speaker: Susan Spencer, Principal of Spencer Communications

Intent signal data can go a long way toward shortening sales cycles and closing more deals. The challenge is deciding which is the best type of intent data to help your company meet its sales and marketing goals. In this webinar, Susan Spencer, fractional CMO and principal of Spencer Communications, will unpack the differences between contact-level and company-level intent signals.

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Elon Musk Values Twitter at $20 Billion

NYT M&A

The billionaire bought the social media company for $44 billion in October and took it private.

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Sony Wanted To Block Activision Microsoft Merger, But May Be Giving Ammo To Antitrust Fight

Benzinga

PlayStation owner Sony Group Corp (NYSE: SONY ) has been vocal in its attempt to block rival Microsoft Corporation (NASDAQ: MSFT ), manufacturer of the Xbox, from buying video game publisher Activision Blizzard (NASDAQ: ATVI ) for roughly $69 billion. And while it would appear that Sony would get its way — with the Federal Trade Commission (FTC) suing Microsoft over the deal , citing antitrust issues — the company may soon find itself under regulatory scrutiny as well.

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More Trending

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Stepping up: Becoming a high-potential CEO candidate

Mckinsey and Company

The road to becoming CEO is a difficult ascent for even the most seasoned leaders. Here are four keys to making the journey a success.

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Emerging trends in ESG governance for 2023

Harvard Corporate Governance

Posted by Maureen Bujno and Kristen Sullivan, Deloitte & Touche LLP, on Sunday, March 26, 2023 Editor's Note: Maureen Bujno is a Managing Director, and Kristen Sullivan is a Partner and leads Sustainability and ESG at Deloitte & Touche LLP. This post is based on their Deloitte memorandum. Related research from the Program on Corporate Governance includes The Illusory Promise of Stakeholder Governance (discussed on the Forum here ) by Lucian A.

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M&A Deal Killers: Business Deal Breaker #5

Viking Mergers

Having a deal fall apart at the last minute is every business owner’s nightmare. But if you take the time to anticipate what could go wrong, you can have time to address and resolve potential issues. If you are not sure what to look for, know that you’re not alone. Most owners are just like you; they don’t know exactly what does or does not need to be done from a financial perspective to prepare to sell their business.

Start-ups 130
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SVB Deposits Saved, But Is It A Bailout?

Global Finance

The FDIC’s sudden takeover of both Silicon Valley Bank and Signature Bank casts a shadow, no matter what you call it.

Banking 128
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Statement of Cash Flows vs. Cash Flow Statement

Speaker: Wayne Spivak - President and Chief Financial Officer of SBA * Consulting LTD, Industry Writer, and Public Speaker

The old adages that "cash is king" and "you can’t spend profits" still hold true today. But however well-known these sayings might be, it requires a change in mindset to properly implement a cash flow management system that predicts your business's runaway as accurately as possible. Key to this new mindset is understanding the difference between the Statement of Cash Flows, a historical look at the source and uses of cash, and the Cash Flow Statement, which uses transaction history and forward-l

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The Collapse of Silicon Valley Bank: The Start of Great Financial Crisis 2.0?

Brian DeChesare

If you are currently breathing oxygen, you’ve undoubtedly seen the stories about Silicon Valley Bank’s collapse over the past few days. In 24 hours, it went from “We’re fine, but we took some losses and need additional capital” to “The FDIC is taking over, the government has guaranteed uninsured deposits, and there might be additional bank runs and a financial crisis or three.

Banking 123
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Adani seeks to sell stake in cement business for $450mn to reduce debt

Financial Times M&A

Indian group has sought lenders’ approval for disposal as it tries to boost investor confidence after fraud claims

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Generative AI: Unlocking the future of fashion

Mckinsey and Company

While still nascent, generative AI has the potential to help fashion businesses become more productive, get to market faster, and serve customers better. The time to explore the technology is now.

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Russell 3000 Boards Becoming More Diverse

Harvard Corporate Governance

Posted by Subodh Mishra, Institutional Shareholder Services, Inc., on Tuesday, March 14, 2023 Editor's Note: Subodh Mishra is Global Head of Communications at Institutional Shareholder Services. This post is based on an ISS Corporate Solutions memorandum by Paul Hodgson, Senior Editor; Aditi Aier, Senior Associate; and Carmen Luk, Senior Associate at ISS Corporate Solutions.

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Mastering Intent Data: Understanding its Importance & Best Practices

Speaker: Joe Apfelbaum, CEO of Ajax Union

In this webinar, Joe Apfelbaum, CEO of Ajax Union and business strategist, will take you through the ABCs of intent data. You'll learn how to effectively use it to drive business results, with practical tips on how to leverage both company and contact intent data to maximize your marketing efforts. Whether you're a seasoned marketer or just getting started, this webinar is a must-attend for anyone looking to stay ahead in the ever-evolving world of digital marketing.

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M&A Deal Killers: Business Deal Breaker #4

Viking Mergers

Deciding to move forward with selling your business can be tough – but also incredibly exciting! After years of building and growing your company, the time has come to begin working on an exit strategy that will benefit you, your business, and your future lifestyle. While exploring different exit options may feel daunting, rest assured that you are not alone, and this is a normal phase in the business owning life cycle.

Appraisal 130
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Lamborghini's Best Year Ever, Again: Q&A With CFO Paolo Poma

Global Finance

Are luxury cars untouched by economic slowdown and inflation? The latest results from Italian luxury automaker Lamborghini suggests so. CFO Paolo Poma believes the company can even improve its profitability, despite economic headwinds. Global Finance spoke with Poma—who has been managing director and CFO since 2017—when he recently visited New York.

Finance 126
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Managing the business risk that is cyber

Norman Marks

I am pleased to announce that my latest book is now available on Amazon (see below). The intent is to help business leaders and information security practitioners discuss cyber risk in business rather than technical language, enabling executives and the board to make informed and intelligent business decisions.

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Commodity Hedge Funds: The Most Lucrative “Hidden Gem” in Finance?

Brian DeChesare

If you want to work in the most cyclical role in the finance industry, it’s hard to beat commodity hedge funds. But a few related areas, such as commodity desks at banks, commodity trading advisors (CTAs), and physical commodity trading shops could put up a good fight for that “most cyclical” title. Many of the largest hedge funds put commodity trading within their global macro strategies , but plenty of smaller funds, banks, and desks make it a separate category or focus on commodit

Finance 119
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The next frontier of customer engagement: AI-enabled customer service

Mckinsey and Company

AI-enabled customer service is now the quickest and most effective route for institutions to deliver personalized, proactive experiences that drive customer engagement.

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Larry Fink’s Annual Chairman’s Letter to Investors

Harvard Corporate Governance

Posted by Larry Fink, BlackRock, Inc., on Friday, March 17, 2023 Editor's Note: Larry Fink is Founder, Chairman and CEO of BlackRock, Inc. This post is based on Mr. Fink’s annual letter to investors. Music plays a big role in my life. As a kid growing up in California, I used to go to the local record shop, buy a piece of vinyl and listen to the album on my record player.

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M&A Deal Killers: Business Deal Breaker #3

Viking Mergers

Financials, forecasts, and client concentrations are all critical components to facilitating a successful M&A transaction and showing buyers a business is a low-risk investment. In addition to these obvious factors, there are some lesser-known items that are just as important – and if not carefully curated prior to the deal closing, could sabotage a transaction or scare off the perfect buyer.

Start-ups 130
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VC And Crypto Investors Eye Alternatives After US Bank Failures

Global Finance

The Middle East could prove a profitable oasis.

Banking 126
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Skymint Gets Sued, Cannabis Market In Michigan Affects Several Companies & More

Benzinga

Michigan cannabis operator Skymint is under the control of a receiver, according to Crain’s Detroit Business. A lawsuit filed at the Ingham County Circuit Court in Lansing alleges the company owes more than $127 million to Canadian investment firm Tropics LP, a subsidiary of Calgary-based Sundial Growers Inc. ’s (NASDAQ: SNDL ) investment firm SunStream Bancorp Inc , which announced in Nov 2022 that it closed a $6.25M senior secured term loan to SKYMINT Brands.

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How to get started with generative AI in healthcare and life sciences

Avanade

The potential in health and life sciences for ChatGPT and open AI, more generally called generative AI, is enormous, but like any other technology, we need to identify how to leverage it and how to get started.

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Taking fear out of innovation

Mckinsey and Company

The risk and ambiguity inherent in innovation can make employees shy away from it. Creating an innovation culture where risk-taking is embraced must start at the top.

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The Credit Suisse Collapse and the Regulation of Banking

Harvard Corporate Governance

Posted by Lucian A. Bebchuk (Harvard Law School) , on Monday, March 27, 2023 Editor's Note: Lucian Bebchuk is the James Barr Ames Professor of Law, Economics, and Finance and Director of the Program on Corporate Governance at Harvard Law School. Related research from the Program on Corporate Governance includes Self-Fulfilling Credit Market Freezes by Lucian Bebchuk and Itay Goldstein.

Banking 279
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5 Ways to Grow the Value of Your Business

Viking Mergers

Growing the value of a business is a critical concern for any entrepreneur or business owner. Entrepreneurs commonly hear that a company will be worth 3-5x (or some other range of multiples) of the EBITDA or other financial indicators. But what differentiates earning the high end of that range from the low? And how can you move your business from 3x to 5x to 7x?

EBITDA 130
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Bankruptcy’s Roaring Return

Global Finance

With rising interest rates, out-of-control inflation and declining government support, 2023 marks the return of bankruptcies.

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Elliott Management Reportedly Eyes Purchase Of Parts Of This Ailing AMC Theatres Rival

Benzinga

Activist fund Elliott Management is reportedly pursuing ailing movie theater chain Cineworld Group plc (OTC: CNNWQ ) (OTC: CNWGQ ). Paul Singer-owned Elliott is looking to buy Cineworld’s operations in eastern Europe and Israel, Sky News reported on Saturday. The fund was contemplating a bid for the whole of the U.K.-based. Full story available on Benzinga.

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IRS Announces 2024 Increases for ACA Employer Shared Responsibility Penalties

ThomsonReuters

Rev. Proc. 2023-17 (Mar. 9, 2023) Available at [link] The IRS has announced 2024 indexing adjustments to the applicable dollar amount used to calculate employer shared responsibility payments under the Affordable Care Act. As background, applicable large employers (ALEs) may be liable for an employer shared responsibility penalty under Code § 4980H(a) if they fail to offer minimum essential coverage to a sufficient number of full-time employees.

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What is design thinking?

Mckinsey and Company

Design thinking is a systemic, intuitive, customer-focused problem-solving approach that organizations can use to respond to rapidly changing environments and to create maximum impact.

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Applying Economics – Not Gut Feel – To ESG

Harvard Corporate Governance

Posted by Alex Edmans (London Business School), on Monday, March 13, 2023 Editor's Note: Alex Edmans is Professor of Finance at London Business School. This post is based on his recent paper. Related research from the Program on Corporate Governance includes The Illusory Promise of Stakeholder Governance (discussed on the Forum here ) and Will Corporations Deliver Value to All Stakeholders?

Finance 278
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M&A Deal Killers: Business Deal Breaker #2

Viking Mergers

The best way to ensure a smooth business sale is to anticipate potential business deal breakers or deal killers and address them before it is time to close the deal. Our 5-part M&A Deal Killers series digs into the top business deal breakers in business sales and how you can identify, prevent, and resolve them. Today’s focus is Deal Killer #2: Unresolved Issues.

Comps 130
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SPAC Wind-Downs Release Billions

Global Finance

Billions of dollars are due to flow back to hedge funds and other investors over the course of 2023 as the SPAC craze dies down.

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