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The U.S. Consumer Financial Protection Bureau (CFPB) is proposing to eliminate a registry that tracks nonbank corporate offenders, which was established under the Biden administration to monitor companies violating consumer laws. Acting Director Russell Vought expressed concerns that the compliance costs for businesses may outweigh the "speculative and unquantified benefits" of the registry. The CFPB is currently seeking public feedback on this proposed cancellation, marking a significant shift in the agency's approach under the Trump administration.

 

Reuters

U.S. energy officials are reevaluating the security risks associated with Chinese-made solar inverters after rogue communication devices were discovered within some units, potentially allowing unauthorized access to critical infrastructure. These inverters, essential for connecting renewable energy sources to power grids, have raised concerns about their ability to circumvent firewalls and disrupt energy supply, with experts warning of "catastrophic implications" if misused. As tensions with China escalate, the U.S. is considering bans on Chinese technology in energy systems, while other countries like Lithuania and Estonia are already taking steps to mitigate similar risks.

 

Reuters

The Trump administration has warned companies around the world that using artificial intelligence chips made by Huawei could trigger criminal penalties for violating U.S. export controls.

 

Financial Times

Jon Voight and Sylvester Stallone, along with major Hollywood unions and trade groups, have sent a letter to President Donald Trump advocating for tax measures to boost film and TV production in the U.S. The letter emphasizes that "returning more production to the United States will require a national approach and broad-based policy solutions.” The groups support Mr. Trump's proposal for a 15% corporate tax rate for domestic manufacturing, referencing the expired Section 199 of the federal tax code, which previously allowed film and TV productions to qualify for tax deductions. They also request the extension of Section 181 and increased caps on tax-deductible production expenditures to enhance financial stability for production companies. Amidst rising competition from states like New York, which recently increased its film tax credit, California is urged to enhance its own incentives to retain productions.

 

Bloomberg Tax

Los Angeles Times

UnitedHealth Group has announced the resignation of its chief executive, Sir Andrew Witty, following "some of the most challenging times any company has ever faced." Witty's departure comes five months after the tragic shooting of Brian Thompson, a top executive, during an investor conference in New York. Stephen Hemsley, the company's chairman, will take over as CEO while continuing in his role as chairman. Hemsley expressed gratitude for Witty's leadership, saying: "We are grateful for Andrew's stewardship of UnitedHealth Group."

 

NBC News

Microsoft is laying off about 6,000 people, or 3% of its workforce, across all levels, teams and geographies. “We continue to implement organizational changes necessary to best position the company for success in a dynamic marketplace,” a Microsoft spokesperson told CNBC. One objective is to reduce layers of management, the spokesperson said.

 

CNBC

United Airlines anticipates an improvement in flight operations at Newark Liberty International Airport as runway construction nears completion and the FAA considers temporary flight reductions. The airline has already cut 35 daily flights, approximately 10% of its Newark schedule, in response to recent air traffic control issues that have affected public confidence. United's executives reassured customers about safety and emphasized that the construction will conclude soon, allowing for a return to more reliable flight schedules.

 

Reuters

U.S. small-business confidence fell for a fourth straight month in April, the National Federation of Independent Business (NFIB) said on Tuesday, with the share of owners reporting job openings declining to the lowest level in more than four years. The business group's Small Business Optimism Index dropped 1.6 points to 95.8, the second straight month of a reading below the 51-year average of 98. The NFIB's Uncertainty Index eased 4 points to 92 last month. Additionally, 34% of small business owners reported job openings they could not fill, down 6 points from March. The share of small business owners expecting better business conditions fell 6 points to 15%. "This component, along with unfilled job openings, contributed the greatest to the Optimism Index's decline," said NFIB Chief Economist Bill Dunkelberg.

 

The Hill

Bloomberg

Norway's sovereign wealth fund has divested all shares in Paz Retail and Energy due to its involvement in supplying fuel to Israeli settlements in the occupied West Bank. This decision follows a stricter interpretation of ethical standards by the fund's Council on Ethics, which said: "By operating infrastructure for the supply of fuel to the Israeli settlements on the West Bank, Paz is contributing to their perpetuation." The divestment is part of a broader trend among European financial entities to sever ties with Israeli companies amid escalating calls for boycotts since the Gaza conflict began in October 2023.

 

Reuters

Google has agreed to pay $50m to settle a lawsuit alleging systemic racial bias against Black employees. The preliminary settlement, which covers over 4,000 employees in California and New York, awaits judicial approval. Plaintiffs claim that Google fosters a "racially biased corporate culture," whereby Black employees are relegated to lower-level positions, receive lower pay, and face limited advancement opportunities. April Curley, a plaintiff who worked to enhance outreach to historically Black colleges, said that she was stereotyped and denied promotions, ultimately being dismissed while preparing a report on the company's racial bias. Despite the settlement, Google, a subsidiary of Alphabet, denies any wrongdoing, asserting compliance with applicable laws. The case is Curley et al v Google LLC, U.S. District Court, Northern District of California, No. 22-01735.

 

U.S. News

3M has agreed to pay up $450m to resolve lawsuits over natural resource contamination stemming from PFAS, or so-called “forever chemicals.” New Jersey Attorney General Matt Platkin’s office said 3M is expected to pay $285m this year, with additional amounts payable over the next 25 years. The total amount could reach $450m, according to Platkin’s office. “Corporate polluters must be held accountable when they contaminate our state’s water supply,” Platkin said.

 

Fortune

The IRS has been authorized to share tax data with Immigration and Customs Enforcement (ICE) following a federal judge's ruling. U.S. District Judge Dabney Friedrich denied a preliminary injunction sought by nonprofit groups, asserting that undocumented immigrants who pay taxes do not have the same privacy protections as U.S. citizens. Alan Butler Morrison, representing the plaintiffs, expressed disappointment but noted: "The case is far from over." The agreement is part of the Trump administration's broader immigration enforcement strategy, which has faced criticism for violating privacy laws. Friedrich clarified that the IRS can only disclose information that assists in criminal investigations, emphasizing that taxpayer identities remain protected.

 

The Baltimore Sun

NPR / National Public Radio

Citigroup is facing a renewed lawsuit alleging it caused over $1bn in losses by facilitating a significant fraud at the now-bankrupt Mexican oil and gas services firm Oceanografia. The 11th US Circuit Court of Appeals ruled that 30 vendors, creditors, and bondholders sufficiently claimed that Citigroup aided the fraud, overturning a previous dismissal. The plaintiffs assert that Citigroup advanced $3.3bn to Oceanografia from 2008 to 2014, despite being aware of the company's excessive debt and fraudulent activities. Circuit Judge Britt Grant observed: "Citigroup is one of the world's most sophisticated financial institutions," and said it could not have been unaware of Oceanografia's misconduct.

 

U.S. News

Workers at Ford's plants in Cologne, Germany, are on strike today in response to planned job cuts affecting the company's European operations. Ford announced in November that it would reduce its workforce by approximately 14% due to declining demand for electric vehicles and insufficient government support for the transition. The strike follows a vote by workers favoring industrial action, as labor representatives urge management to explore alternative restructuring measures.

 

Reuters

Pope Leo XIV has outlined his papacy's vision, highlighting artificial intelligence as a significant concern for humanity. In his inaugural address, he expressed commitment to the inclusive values championed by his predecessor, Pope Francis, saying: "In our own day, the church offers everyone the treasury of its social teaching in response to another industrial revolution and to developments in the field of artificial intelligence." Leo emphasized the need to address the challenges AI poses to human dignity, justice, and labor. As Francis had previously warned,  he said AI must remain human-centric to prevent technology from undermining human relationships.

 

Sky News

The Independent UK