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The Supreme Court will today hear arguments regarding President Donald Trump's authority to impose a worldwide tariff regime, a case that could challenge Congress' power over taxation. The Trump administration claims that the International Emergency Economic Powers Act (IEEPA) grants the president broad powers to regulate trade during emergencies. Georgetown Law professor Josh Chafetz observed: “It's going to be a huge blow to Congress if Mr. Trump essentially can try to raise as much money as he wants by levying tariffs.” A ruling in favor of Mr. Trump could undermine congressional authority and complicate future legislative actions. Conversely, a decision against him may pressure Congress to legislate on tariffs, as noted by Molly Reynolds from the Brookings Institution. The outcome could significantly impact the balance of power between the presidency and Congress.

 

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Bloomberg

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CPA Practice Advisor

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The U.S. government is investigating whether JPMorgan Chase provided fair banking access to its customers, as the White House cracks down on "debanking" practices allegedly targeting conservative public figures. Jonathan Gould, head of the Office of the Comptroller of the Currency, said Tuesday that he is looking to ensure that large banks have abandoned previous policies that may have contributed to the debanking of certain industries or clients.

 

Financial Times

Reuters

Comptroller of the Currency Jonathan Gould has said the agency is committed to promptly reviewing potential bank mergers. Gould said the OCC would not see applications as "inherently worthy of skepticism," in the latest indication that the Trump administration is taking a friendlier approach to deals.

 

Reuters

Sam Bankman-Fried’s fraud trial was “fundamentally unfair” and the jury only heard “one side of the story,” the FTX founder’s lawyer has told a New York appeals court. Alexandra Shapiro was almost immediately and then repeatedly interrupted by the three-judge panel on the 2nd Circuit U.S. Court of Appeals as she tried to make her case. Bankman-Fried was convicted in November 2023 of seven criminal counts for fraud against customers of FTX and lenders to the hedge fund Alameda Research.

 

CNBC	Financial Times

Cement group Lafarge is on trial in France for allegedly paying jihadist groups, including the Islamic State, to operate its plant in Syria during the civil war there. The company, which pleaded guilty in the U.S. to similar charges, is accused of funding terrorism and violating international sanctions. The trial involves former executives and staff, with Lafarge potentially facing fines of up to $1.2m. The inquiry began in 2017 after media reports and complaints regarding its Syria operations. The trial is expected to last until mid-December.

 

Daily Sabah

France 24

Approximately 60,000 residential customers in New Jersey are set to receive a $4.9m settlement related to a class action lawsuit against Middlesex Water Co. and 3M for violations concerning the presence of the toxic "forever chemical" PFOA in their drinking water. The settlement, announced on October 3, aims to reimburse individuals for costs incurred while avoiding contaminated water, a response to reports from October 2021 that the water supply exceeded state contaminant limits. Lead attorney Stephen DeNittis described this agreement as potentially setting a precedent for similar cases nationwide, offering compensation for those who incurred out-of-pocket expenses due to water quality issues.

 

Inside Climate News

Wall Street is adjusting to the election of Zohran Mamdani as New York City’s mayor, amid concerns around the city's competitiveness and business climate. Mamdani's platform focuses on affordability, proposing measures like a rent freeze and increased taxes on the wealthy, which have raised apprehensions among investors about the potential impact on the financial sector. Tim Ghriskey, a senior portfolio strategist, observed: "It will be an interesting experiment," as he highlighted a degree of uncertainty about how far Mamdani can push his agenda and how it will be received.

 

Reuters

About half (47%) of Americans consider the large U.S. trade deficit with other countries to be an economic emergency, according to a poll. The poll, which was commissioned by the Alliance for American Manufacturing, was published ahead of the Supreme Court sitting today to hear oral arguments regarding the legality of wide-ranging tariffs imposed by President Donald Trump under a law meant for emergencies. The sentiment was shared across party lines.

 

Reuters

President Donald Trump's administration announced on Monday that it will partially fund the Supplemental Nutrition Assistance Program (SNAP) following rulings from federal judges requiring the program to continue. The exact amount beneficiaries will receive and the timeline for when funds will appear on their debit cards remain uncertain. The average monthly benefit is approximately $190 per person. The U.S. Department of Agriculture had previously stated that November benefits would not be distributed due to the federal government shutdown, prompting food banks and nearly 42m Americans to seek alternative grocery access.

 

Los Angeles Times

PacifiCorp, the utility owned by Berkshire Hathaway, has warned of potential liquidity issues and the risk of losing its investment-grade status due to claims amounting to $55bn from victims of the 2020 wildfires in Oregon. A judge's decision to accelerate the trial schedule could exacerbate financial strain, with PacifiCorp indicating that this pressure might hinder its ability to secure necessary funding for operations. The utility has already set aside $2.85bn for these lawsuits, admitting it cannot serve as an "insurer of last resort" while also emphasising its commitment to maintaining electrical service during wildfire threats.

 

Reuters

Corporate bankruptcies are surging, with 117 large firms filing in the past year - a 44% rise over the long-term average - including 32 “mega bankruptcies” with over $1bn in assets. This wave of distress spans multiple sectors and is driven by refinancing pressures, inflation, and weakening demand. CFOs are advised to spot early warning signs including late payments, erratic ordering, credit downgrades, and executive turnover. Proactive steps include assessing exposure, tightening credit terms, strengthening internal monitoring, and reviewing contractual rights. Early action and legal advice are key to minimizing losses if a customer files for bankruptcy.

 

CFO

The world is headed for a “climate breakdown” at a global average temperature rise of 2.8C under existing government policies, according to the latest UN report ahead of global climate talks. In a speech marking the report’s release, UN Secretary-General António Guterres said that if existing national climate action plans are fully implemented by 2035, global warming would reach 2.3C to 2.5C by the end of the century. “That is progress, but nowhere near enough,” Guterres said. “Current commitments still point to climate breakdown . . . and the path to a liveable future gets steeper by the day.”

 

Inside Climate News

Financial Times

Perfluoroalkyl and polyfluoroalkyl substances (PFAS) are emerging as a significant risk for the insurance industry, similar to asbestos. Alera's 2025 Property & Casualty Market Outlook highlights environmental liability as a key concern, especially with increasing litigation and regulatory scrutiny. Recent settlements, such as 3M's $10.3bn agreement over PFAS pollution, underscore the financial stakes. 

 

Insurance Journal

A listeria outbreak tied to recalled pasta meals has sickened 27 individuals and resulted in six fatalities across 18 states, according to the U.S. Centers for Disease Control and Prevention (CDC). The outbreak, which began in August 2024, has led to two new deaths reported in Hawaii and Oregon. One case involved a pregnant woman who lost her fetus due to the illness. The contaminated pasta, produced by Nate's Fine Foods in California, prompted a recall of over 245,000 pounds of products, including various pasta types sold at major grocery chains like Walmart, Trader Joe's, Albertsons, and Kroger. The CDC advises consumers to check their refrigerators for recalled items, as symptoms of listeria can be severe, particularly for vulnerable populations.

 

US News and World Report