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The European Securities and Markets Authority (ESMA) has cautioned crypto companies against misleading customers regarding the regulatory status of their products. In a statement, ESMA highlighted that the practice of offering both regulated and unregulated products on the same platform poses significant investor protection risks. Under the EU's new crypto rules, companies must obtain a crypto asset service provider licence to operate across the bloc. Reuters notes that regulators around the world have long been concerned about the risks faced by crypto investors, with the collapse of various crypto platforms, including FTX in 2022, leaving millions of investors out of pocket.

 

Reuters

The 2025 Summer Risk and Compliance Report

Each quarter, Hyperproof takes a deep dive into market trends in the GRC space. A new report just released that compares their data against reports from Accenture, BDO, PWC, and more so that security pros have the best data available to finish the year strong. 

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The Wall Street Journal reports that federal agencies have experienced significant workforce reductions through voluntary departures, early retirements, and buyouts, reducing the need for additional layoffs. Agencies including the Veterans Affairs (VA) and Labor Departments say attrition has helped meet staffing goals, with the VA expecting 30,000 employees to leave by fiscal year-end. “There should not be a rush to implement [the] extreme plans that were created by Elon Musk before there has been time to review and evaluate the consequences,” said Everett Kelley, national president of the American Federation of Government Employees, referring to the Tesla and SpaceX leader who led the Department of Government Efficiency, the agency which claims to have saved taxpayers more than $170bn with its aggressive cost-cutting.

 

The Wall Street Journal

The U.S. Consumer Financial Protection Bureau (CFPB) has reached a settlement with FirstCash Inc. for alleged violations of the Military Lending Act, which requires the company to set aside $5m for affected servicemembers and their families. In addition to the restitution, FirstCash will pay a $4m fine and must comply with the Military Lending Act moving forward. The settlement is pending court approval and addresses concerns over unlawful pawn loans issued by the company.

 

Reuters

Sixty-nine of the approximately 110 lawyers in the Federal Programs Branch, the U.S. Justice Department unit charged with defending against legal challenges to signature White House policies, including restricting birthright citizenship and cutting funds to Harvard University, have quit. They have voluntarily left the unit since President Donald Trump's election in November or have announced plans to leave, according to a list compiled by former Justice Department lawyers and seen by Reuters. "Many of these people came to work at Federal Programs to defend aspects of our constitutional system," observed one exiting lawyer, who added: "How could they participate in the project of tearing it down?"

 

Reuters

Attorney General Pam Bondi has dismissed her personal ethics adviser, Joseph Tirrell, who had served nearly 20 years at the Justice Department. His termination on July 11 was executed without a stated reason, following a pattern seen in other recent dismissals within the department. Tirrell, who previously worked at the FBI, was responsible for overseeing ethics matters, including financial disclosures and conflict of interest waivers for senior officials. His removal coincides with the firing of approximately 20 employees linked to Special Counsel Jack Smith's investigations.

 

Bloomberg Tax

Brazilian President Luiz Inácio Lula da Silva has announced plans to impose retaliatory tariffs on the United States if President Donald Trump follows through on his pledge to increase import taxes by 50%. Lula said: “If there's no negotiation, the reciprocity law will be put to work. If he charges 50 from us, we will charge 50 from them.” The escalation raises concerns of a potential tariff war reminiscent of the U.S.-China trade conflict. Lula's administration views Trump's actions as an attempt to influence Brazil's domestic politics, particularly regarding the criminal trial of former President Jair Bolsonaro. Political analysts suggest that Trump's interference may inadvertently strengthen Lula's position ahead of upcoming elections, with some calling it “a game changer.”

 

U.S. News & World Report

The European Union is preparing to step up its engagement with other countries hit by U.S. President Donald Trump’s tariffs, such as Canada and Japan, following a slew of new threats to the bloc and other U.S. trading partners. “We need to explore how far, how deep we can go in the Pacific area with other countries," commented E.U. competition chief Teresa Ribera this morning. She also highlighted the E.U.’s continuing trade talks with India, which are expected to be completed by the end of the year.

 

Bloomberg

The European Commission is set to propose a new tax targeting companies with a net turnover exceeding €50m ($58.44m) to bolster the European Union's common budget. The initiative aims to ensure that large companies contribute more, with a "bracket" system in place for higher revenues. Notably, the proposal will apply to all large firms operating within the E.U., regardless of their headquarters.

 

Financial Times

Reuters

Kraft Heinz is preparing to split its business, spinning off a significant portion of its grocery division into a new standalone entity that could be valued at up to $20bn. The remaining company would concentrate on its faster-growing sauces and condiments brands, such as Heinz Ketchup and Grey Poupon mustard. The move comes as consumer demand shifts toward healthier, less processed foods, weighing on sales of traditional staples like processed cheese and ready meals. Kraft Heinz may finalize a split in the coming weeks, but no final decision has been approved by the board yet. The company is still exploring other options with advisers and determining which brands will be included in the new spun-out entity.

 

The Times of London

Wall Street Journal

The Japanese parent of Indeed and Glassdoor is to cut 1,300 roles across the two job sites amid a shift toward artificial intelligence, according to a memo seen by Reuters which detailed that the cuts are mostly in the U.S. and within the research and development, growth, and people and sustainability teams. Recruit Holdings did not provide a specific reason for the layoffs, but CEO Hisayuki "Deko" Idekoba said "AI is changing the world, and we must adapt by ensuring our product delivers truly great experiences for job seekers and employers."

 

Reuters

Kohl's remains optimistic despite President Donald Trump's recent tariffs on several countries, including Bangladesh and Thailand. Chief financial officer Jill Timm said during a recent quarterly call that the retailer has diversified its supply chain to mitigate reliance on any single country. Timm noted: “We expect our inventory to be down high-single-digits by the end of the year,” emphasizing a careful approach to business adjustments. The company believes that tariffs will not significantly impact its financial performance. Timm also mentioned that if tariffs affect product costs, Kohl's can adjust orders or shift production to countries with lower tariffs. Interim-chief executive Michael Bender added that the company is focused on meeting customer needs, especially as many consumers are financially strained. “We're trying to focus on value and restoring that confidence”, Bender said.

 

Milwaukee Journal Sentinel

The Wall Street Journal reports that a new wave of highly realistic "superfake" luxury handbags is challenging the traditional luxury goods market. These counterfeits, often indistinguishable from genuine products without X-ray or forensic tools, are made with high-quality materials and cost between $500 and $5,000. Sold via encrypted platforms and promoted by influencers, superfakes appeal to younger consumers disillusioned by luxury markups. Factories in China, sometimes run during ghost shifts, use insider knowledge, stolen tech packs, and even genuine items as templates. While some see fakes as potential stepping stones to future customers, others warn of lost sales and eroded brand trust. Despite the threat, the Wall Street Journal notes that luxury brands still invest more in advertising than in anti-counterfeiting measures.

 

Wall Street Journal

U.S. customs duty collections surged again in June as President Donald Trump's tariffs gained steam, topping $100bn for the first time during a fiscal year and helping to produce a $27bn budget surplus for the month. The Treasury Department said that total budget receipts last month rose 13% to $526bn, while outlays fell 7% to $499bn. Receipts for the first nine months of the fiscal year rose 7%, to a record $4.008tn, driven in part by withheld taxes from higher employment and wages, while outlays grew 6% to a record $5.346 tn.

 

Reuters

Air India CEO Campbell Wilson has said that the investigation into last month's crash of a Boeing 787-8 Dreamliner is ongoing and cautioned against drawing premature conclusions following the release of a preliminary report. The report highlighted confusion in the cockpit and indicated that the fuel cutoff switches had flipped, leading to a loss of thrust, but did not identify a specific cause or make recommendations for immediate action.

 

Reuters

Walmart has recalled approximately 850,000 Ozark Trail 64-ounce stainless steel insulated water bottles due to safety concerns. The U.S. Consumer Product Safety Commission reported that the bottle's screw-top lid can “forcefully eject,” potentially causing injuries, including blindness. At least three customers have already reported injuries, with two individuals stating they were blinded when the cap struck their eye. The bottles, sold for about $15 since 2017, should be returned to Walmart for a refund.

 

The Oregonian

Reuters