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The Securities and Exchange Commission (SEC) has proposed allowing publicly traded companies to replace quarterly earnings reports with twice-yearly filings, marking a major potential shift in corporate reporting requirements that have existed for more than five decades. The proposal, backed by SEC Chair Paul Atkins and long supported by President Donald Trump, would end the requirement for companies to publish detailed financial results every quarter within 45 days of the end of each reporting period. Companies choosing semiannual reporting would instead disclose results twice a year by selecting the option in their annual SEC filings. Supporters, including some exchanges and large corporations such as JPMorgan Chase, argue that quarterly reporting imposes significant administrative costs, encourages short-term decision-making, and discourages companies from going public. Nasdaq has also argued that the current system creates a disproportionate burden for smaller businesses. However, investors and asset managers warned that less frequent reporting could reduce market transparency, increase volatility, and widen information gaps between institutional investors and ordinary shareholders. Critics said quarterly disclosures help maintain fairness and provide timely information for evaluating company performance and allocating capital.

 

Financial Times

Reuters

The Accountant Online

The Financial Stability Board (FSB) has warned that the private credit industry’s role in fuelling the AI boom could backfire, and a sharp correction could precipitate “sizeable” losses. On AI loans, the global finance watchdog said that a “sharp correction in asset valuations, which have increased rapidly, could lead to sizeable credit losses to private credit investors . . . This could be triggered by any significant shortfall in the supply of electricity, a critical factor in the construction and operation of datacenters, which could lead to delays or cancellations of projects.” The FSB found that the healthcare, services, and tech sectors have become the biggest borrowers of private credit.

 

Financial Times

Reuters

The Guardian

The ISM Non-Manufacturing PMI has come in at 53.6 for April, missing expectations of 53.7 and declining from 54.0 in the prior month, signalling a slowdown in the pace of expansion across the U.S. services sector. While the index remains above the 50 threshold indicating continued growth, the weaker reading suggests moderating momentum in key areas such as business activity, new orders, employment, and supplier deliveries, raising concerns about resilience in a sector that represents a significant share of the U.S. economy.

 

Investing

U.S. federal prosecutors allege lawyers from elite Wall Street firms supplied confidential information to an insider trading ring that generated tens of millions of dollars in illicit profits. Nineteen people were arrested, including attorney Nicolo Nourafchan, who federal prosecutors in Boston said was at the center of the decade-long scheme. Nourafchan worked from 2013 to 2023 at law firms including Sidley Austin, Latham & Watkins and Goodwin Procter. The firms were not identified in the indictment, but it described corporate deals that they had previously announced they worked on. “The trading on unannounced financial news alleged here not only violated the securities laws, but it also took advantage of the ​special access and ethical duties that come with a law license," U.S. Attorney Leah Foley said.

 

Financial Times

Reuters

SEC.gov

Apple is to pay $250m to settle a false advertising lawsuit over the launch of new AI features in 2024, when the iPhone-maker advertised a still yet-to-be-released “personalized” Siri voice assistant. The proposed settlement filed in California federal court would apply to people in the U.S. who purchased all models of the iPhone 16 and the iPhone 15 Pro between June 10th, 2024 and March 29th, 2025. Apple did not admit any wrongdoing, but agreed to a deal that will resolve claims in a large consolidated class action lawsuit filed last year. "Apple promoted AI capabilities that did not exist at the time, do not exist now, and will not exist for two or more years, if ever, all while marketing them as the breakthrough innovation," lawyers wrote.

 

Financial Times

The Verge

BBC News

Five major publishers including Elsevier, Hachette, McGraw Hill and MacMillan have filed a lawsuit against Meta Platforms in Manhattan federal court. They allege that Meta unlawfully used millions of their works, including textbooks and novels, to train its Llama AI models. Meta has denied wrongdoing, claiming that training AI on copyrighted material can qualify as fair use.

 

Bloomberg Law

The Guardian

Air and wastewater may help spread bird flu on California dairy farms, according to the findings of research which sampled 14 infected farms and which points to more transmission routes than previously understood. Researchers found the H5N1 virus in the air during milking, in cows’ breath and in farm wastewater, indicating multiple possible routes of transmission beyond contact with contaminated milk. The study published in PLOS Biology found many infected cows showed no obvious signs of illness, suggesting the virus may be spreading undetected within herds. The results raise the risk of exposure for workers through inhalation or contact with contaminated surfaces. “Targeted interventions in the dairy parlors to reduce the amount of aerosols in the air and inactivation of ‘sick milk’ prior to disposal will provide additional barriers to infection of farm workers and likely other farm animals,” the researchers wrote.

 

Bloomberg

The Justice Department is offering signing bonuses of up to $25,000 for “well-qualified candidates” who will be in an office focused on investigating youth transgender treatments and litigating the Trump administration's immigration agenda. The head of the DOJ's Civil Division also informed all his attorneys that they will begin receiving a “retention incentive allowance” ranging from around $60 to $220 every pay period through Thanksgiving. The DOJ has lost 3,402 lawyers out of a total of 12,955 between the beginning of last year and January 31 this year, according to Office of Personnel Management data.

 

Bloomberg Law

Financial Times

Samsung Electronics board chairman ​Shin Je-yoon has called on unionized workers to resolve pay ‌disputes with management. In an internal ⁠memo to employees, ​Shin Je-yoon said a planned strike could hurt investors and ​employees and have "serious consequences" for ​the Korean economy, and he was "worried about losing ​market leadership amid fleeing customers and falling competitiveness" if strikes disrupted deliveries ​and production. "It's time to resolve the ​problem through sincere dialogue," Shin ​said.

 

Reuters

Anthropic is finalizing a $1.5bn ​joint venture with Blackstone, Goldman Sachs and other ​Wall Street firms ​to sell artificial intelligence tools ⁠to private equity-backed companies. Anthropic, ​Blackstone and Hellman & ​Friedman are anchoring the deal. Each company is expected to invest roughly $300m; Goldman Sachs is also set to ​be a founding ​investor, ⁠putting in around $150m.

 

Wall Street Journal

Amazon is expanding its logistics ambitions by launching Supply Chain Services, offering its global fulfilment and transportation network to businesses beyond its marketplace. The move mirrors the evolution of Amazon Web Services, turning internal infrastructure into a commercial product. The service integrates warehousing, shipping and delivery into a single platform, positioning Amazon as a full third-party logistics provider competing with firms such as DHL Group. With a vast existing network and growing demand for outsourced logistics, Amazon is targeting a share of the $1.3tn global market, aiming to capitalize on rising expectations for fast, reliable delivery.

 

Wall Street Journal

Amgen is facing fresh demands from the IRS for additional taxes linked to profits booked in Puerto Rico, on top of the $10.7bn it has already said it may owe. The dispute centers on allegations that the biotech group shifted U.S. earnings to the lower-tax jurisdiction, echoing an earlier case covering 2010–2015 that remains before the Tax Court. The company said the latest proposed adjustments relate to the 2016–2018 period and could significantly increase its overall liability.

 

Bloomberg Tax

Nearly a year after immigration raids began in Los Angeles, the impact on Latino shopping centers remains significant. Business owners report a decline in customer visits and sales, with many shoppers opting for quick trips to buy essentials rather than leisurely outings. Sandy Sigal, a mall operator, said: “They're afraid there's going to be a raid and who knows what happens.” Arturo Sneider, chief executive of Primstor Development, noted a 10%-15% drop in nonessential sales, as shoppers prioritize essential needs. The atmosphere has been described as a “direct sort of racial, ethnic assault,” affecting community morale and attendance at local events. Retailers are also struggling with hiring and absenteeism, further complicating their recovery. Despite a decrease in ICE arrests, the agency has said it plans to remove 1m individuals this fiscal year. 

 

Los Angeles Times