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The Securities and Exchange Commission (SEC) has seen a significant reduction in its workforce, losing 16% of its staff since last year, primarily due to early retirement offers from the Trump administration. The decline has left critical divisions, such as Trading and Markets, with staffing losses of up to 20%. Joel Seligman, a professor at Washington University School of Law, warned that "cuts to the size of the staff . . . can lead to significant gaps in the performance of the SEC in preventing fraud." Jessica Wachter, who was the SEC's chief economist before she stepped down earlier this year, said: "If something breaks in the markets, it makes a difficult matter much worse . . . It's important to keep sufficient levels of staffing so that critical knowledge concerning these functions doesn't get lost."

 

U.S. News

The Financial Times reports that Apple plans to shift the assembly of all U.S.-sold iPhones to India as soon as next year, in order to mitigate risks related to tariffs on goods imported from China. The plans would see Apple double its annual iPhone output in India to more than 80m units. It currently makes 20% of iPhones in the country, although China is still by far its biggest production base. 

 

Times of India

Bloomberg

Financial Times

Reuters

The U.S. has proposed new fees on Chinese vessels docking at its ports, a move that Cosco Shipping Corporation warns could destabilize global trade. The company said: “These actions risk undermining the security, resilience, and orderly operation of global industrial and supply chains.” The revised U.S. proposal, which is less severe than earlier versions, still pressures Chinese ship operators and builders. Analysts, including Omar Nokta from Jefferies, suggest that while the plan may not disrupt global shipping prices, it could lead to Cosco losing market share.

 

Business Times SG

Labor rights group International Rights Advocates has filed a lawsuit against Starbucks, alleging the company sourced coffee from Cooxupe, a Brazilian cooperative linked to slave-like working conditions. The lawsuit, presented in U.S. District Court, claims Starbucks violated U.S. trafficking laws by continuing to purchase coffee from Cooxupe despite repeated citations for forced labor. Terry Collingsworth, founder of International Rights Advocates, said: “Consumers are paying obscene amounts for a cup of Starbucks coffee that was harvested by trafficked slaves”. Starbucks has denied the allegations, asserting that it only sources from a small portion of Cooxupe's members and adheres to ethical sourcing standards. Cooxupe has stated it is not involved in the lawsuit and lacks access to its details.

 

ABC News

Toshiba Europe researchers have used so-called quantum key distribution (QKD) cryptography to transfer messages over a 250km German commercial telecommunications network in a milestone towards next-generation data security.

 

Financial Times

Meta is cutting an unspecified number of staff from its Reality Labs unit. The cuts affect teams within Oculus Studios, Meta's in-house game development arm for Quest virtual reality headsets. Employees working on titles including Supernatural, a VR fitness game, are among those affected. "These changes are meant to help Studios work more efficiently on future mixed reality experiences for our growing audience," a Meta spokesperson said.

 

Reuters

U.S. Interior Secretary Doug Burgum has issued a stop-work order for Equinor's Empire Wind project off New York's coast, citing inadequate environmental analysis during its approval under the Biden administration. The decision, which has sparked criticism from New York Governor Kathy Hochul as "federal overreach," threatens the project's contribution to renewable energy and local jobs, and has prompted Equinor to engage with authorities to address the concerns.

 

Reuters

Christopher Willcox, the British banker tasked with overhauling Nomura’s global investment operations after a $2.9bn hit from the collapse of Archegos, says ‘basic’ changes have increased the group’s control over risk.

 

Financial Times

A coalition of 67 French media companies, including TF1, France TV, and BFM TV, has filed a lawsuit against Meta in Paris, alleging that the tech giant’s dominance in digital advertising stems from illegal practices including the mass collection and use of personal data for targeted ads. The legal action, backed by 200 publications and law firms Scott+Scott and Darrois Villey Maillot Brochier, marks another European challenge for Meta, which also faces a $582m unfair competition case in Spain and recent EU fines alongside Apple.

 

Reuters

Italy and the United States have issued a joint statement opposing 'discriminatory' taxes on digital services, indicating a potential shift in Italy's stance on a levy that has frustrated Washington. The statement followed Italian Prime Minister Giorgia Meloni's meetings with President Donald Trump, who praised her as a 'very special person' and a 'friend.' The current Italian tax imposes a 3% levy on revenues from digital companies with sales exceeding €750m ($853.35m), generating less than €500m annually for the state. The two nations emphasized the need for a 'non-discriminatory environment' to attract investments from leading tech firms. However, the statement did not confirm whether Italy would eliminate the tax.

 

Gdn Online

Goldman Sachs shareholders have approved substantial pay packages for CEO David Solomon and President John Waldron, including retention bonuses totalling $160m. Despite opposition from proxy adviser Glass Lewis, who highlighted the bank's "continued inability to align pay with performance," the proposals passed. Two-thirds (66%) of votes backed the pay plans, the lowest level of support since 2016. Additionally, shareholders voted against a proposal to consider eliminating "discriminatory" diversity, equity and inclusion goals for compensation inducements.

 

Financial Times

Reuters

U.S. demand for durable goods soared last month, according to the Commerce Department, driven by a surge in the commercial-aircraft business, as companies got orders in ahead of President Donald Trump's tariff announcements at the start of April. New orders for manufactured goods increased by 9.2% to $315.7bn in March, compared to a 0.9% rise in February. Economists were predicting an increase of just 2%. Transportation equipment orders rose by 27% on the month, while civilian aircraft orders popped by 139%. Orders for civilian capital goods were up by 29.4%.

 

The Hill

Wall Street Journal

A Financial Literacy Month survey conducted by The Harris Poll on behalf of AICPA found that more than one third of American adults have felt cautious (37%) or uncertain (36%) about their financial situation in the past 12 months. The trend highlights a growing concern among individuals about their financial stability. When asked about new financial behaviors they have adopted in the past 12 months, 28% of Americans reported that they have been charging less on their credit cards. Over a quarter (27%) said they have started saving or increased their savings rate in the past 12 months, with those ages 18 to 44 significantly more likely to have done so than those ages 45+ (37% versus 19%). “Money is one of the biggest stressors in many Americans’ lives, at times causing anxiety and tension with a spouse, partner, or other family members,” says Dan Snyder, CPA/PFS, AICPA's director of personal financial planning. “Taking control of your financial situation and finding comfort with what you can and can’t control is a good starting point to help alleviate financial uncertainty.”

 

CPA Practice Advisor