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The Securities and Exchange and Commission (SEC) has alleged that nine individuals - employees or agents of vendors at US Foodservice, an Ahold subsidiary - have aided and abetted a huge financial fraud by signing false audit confirmations sent to them by the auditors at US Foodservice. SEC allegations that US Foodservice employees contacted vendors and pressured them to sign false documentation come as a further blow to the food conglomerate whose reputation has suffered considerably over the past two years due to accounting impropriety.

The results of the sixth annual JPMorgan Fleming Asset Management International Cash Management Survey, carried out in conjunction with the Association of Corporate Treasurers (ACT) have been announced today. The survey finds the continuing growth in popularity of money market funds as an effective way to manage surplus cash, whilst the use of traditional bank deposits has declined.

Europe has overtaken the US as the world's leading market for new outsourcing contracts, according to the latest Quarterly Index from TPI, the leading international sourcing advisory firm. TPI's research reveals that in 2004 Europe represented 49% of the value of major outsourcing contracts (those worth over ?40 million) awarded worldwide, with the USstanding at 44% and Asia Pacific at 7%. The ?28 billion of contracts awarded by European companies last year is more than double the value in 2002.

In 2004, the number of rising stars exceeded the number of fallen angels - those corporates to fall from investment grade to junk status - for only the second time since 1998. A total of 43 rising stars were recorded globally in 2004, affecting rated debt worth $58.2 billion. The volume of debt affected by these actions is a record high even though the count of rising stars remains below the historical peak of 55 in 1997.

The ratings prospects at one of the world's leading automotive companies is forcing its finance arm, General Motors Acceptance Corporation (GMAC), to restructure its borrowing requirements in the event that that its parent, GM, suffers a downgrade. Strong cash flows and alternative sources of funding have been sought by GM's financial arm in the event of a downgrade ? the Detroit-based automotive manufacturer sits just one level above junk status by Standard & Poor's reckoning ? which would invariably see its bondholders start to sell GM stock as a result of their unwillingness to hold junk bonds. This would cut GMAC's ability to lend to its customers.

It's turning out to be a week of CFO departures, with the resignation of John Connors from Microsoft now followed by that of CFOs at Office Max, Sizeler Property Investors and Vital Images. Office Max, the US distributor of office products, announced the resignation of CFO Brian Anderson only two months after his tenure began. CEO Chris Milliken said: ?We are disappointed that Brian is leaving after only two months of service. We regret that his commitment to the company was not strong enough to allow him to make a long-term contribution.?

While many companies attempt to cut costs by simply moving work to an offshore outsourcer, the formula for reaping benefits by improving business process sourcing is much more complex, according to executives at a recent conference held by The Hackett Group, a business advisory firm.

The ?Private Equity Confidence Survey' conducted by Deloitte has found that venture capitalists (VCs) are confident that increased deal activity will be sustained for the first six months in 2005. Secondary buy-outs are expected to provide the largest source of new investment opportunities.

Data compiled by Dealogic shows that in 2004 the UK had the highest announced M&A volume in the European region - a total of $305.8 billion, up 45.3% from 2003.

Microsoft CFO John Connors is leaving the company for venture capital firm Ignition Partners. Connors, who will assist with the transition, has been with Microsoft for 16 years and was the company's CFO for the last five years.

State Street Corporation, the world's leading provider of services to institutional investors, has named Edward J. O'Brien as treasurer, effective January 3rd. O'Brien will have responsibility for oversight of State Street's balance sheet, liquidity and interest rate risk management activities worldwide and, in this capacity, will report to Edward Resch, State Street's Chief Financial Officer. He replaces Stefan Gavell, who has assumed a new role within State Street as global head of Regulatory Affairs.

The Association of Finance Professionals (AFP) has carried out a survey on Canada's finance professionals, asking 300 members of the finance community to rate the importance of treasury and finance-related issues. Below is a list of the top ten issues which respondents said were "important" or "very important" to them and the finance profession in Canada. How do they compare with your list?