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The Financial Times reports that U.S. authorities are poised to announce one of the biggest cuts in banks' capital requirements in over a decade. Regulators are preparing to reduce the supplementary leverage ratio (SLR), according to people familiar with the matter cited by the newspaper. The SLR  is a rule that requires big U.S. banks to keep an extra layer of loss-absorbing capital, and an overhaul could enable more lending or other activities, and could incentivize banks to assume a larger role in intermediating Treasury markets.

 

Financial Times

Reuters

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Bloomberg reports that Starbucks has contacted private equity firms, technology companies and others as it considers options for its China business, including a possible stake sale. A transaction could value the assets at several billion dollars. Starbucks, which had more than 7,750 stores in China as of the end of March, generated about $740m net revenue in the country in the quarter through March.

 

Bloomberg

Reuters

Kraft Heinz is making a significant $3bn investment to upgrade its U.S. factories, marking its largest investment in a decade. Despite facing the second-lowest consumer sentiment in 70 years and cutting sales and profit forecasts, the company aims to enhance efficiency and offset tariffs imposed by the U.S. government. Pedro Navio, Kraft Heinz's president of North America, explained: "It goes beyond just efficiencies or dealing with the current tariff challenges," as he emphasized the long-term benefits of the investment. The upgrades are expected to create approximately 3,500 construction jobs.

 

Reuters

Amazon is laying off approximately 100 employees in its devices and services division, which includes businesses such as the Alexa voice assistant, Echo hardware, Ring video doorbells, and Zoox robotaxis. A spokesperson said: “As part of our ongoing work to make our teams and programs operate more efficiently, and to better align with our product roadmap, we’ve made the difficult decision to eliminate a small number of roles." Amazon chief executive Andy Jassy has been on a mission to trim costs across the company, laying off 27,000 employees since the beginning of 2022. Job reductions have continued this year, though at a smaller scale than in preceding years. The devices and services organization experienced layoffs in 2022 and 2023.

 

CNBC

Reuters

Tesla is set to resume shipping components from China to the U.S. for the production of its Cybercab and Semi trucks, following a recent truce in the U.S.-China trade war that has led to a rollback of tariffs. The company aims to begin trial production of these models in October, with mass production expected to start in 2026, although the situation remains uncertain due to potential changes in U.S. policy.

 

Reuters

The Wall Street Journal reports that Dick's Sporting Goods is closing in on a $2.3bn deal to acquire rival footwear retailer Foot Locker. The $24 per share offer, which represents a near-90% premium to Foot Locker's current price, could be finalized as soon as today.

 

Reuters

Wall Street Journal

In April, U.S. consumer prices rose by 2.3% year-over-year, marking the smallest annual increase in over four years. On a monthly basis, costs rose 0.2% after dipping 0.1% in March. The Labor Department's report revealed that grocery prices fell by 0.4%, largely due to a 12.7% drop in egg prices, which are still 49.3% higher than last year. Despite a 0.2% increase in prices from March to April, driven mainly by housing costs, inflation remains relatively contained. Analysts caution that the ongoing trade war may lead to higher retail prices in the future, as seen with a 1.5% rise in furniture costs. "Core" inflation, excluding food and energy, remained steady at 2.8%.

 

Des Moines Register

Los Angeles Times

NPR

Wall Street Journal

The Consumer Financial Protection Bureau is scrapping a Biden-era plan that would have limited the sale of Americans' private information by so-called data brokers. The agency has also ditched proposals that sought to extend consumer protections to the use of new digital payment technologies including cryptocurrency, and which would have banned certain terms in consumer finance products' fine print. Consumer Reports said the scrapping of the data broker proposal would leave consumers "vulnerable to scams and identity theft."

 

Reuters

AICPA and the National Association of State Boards of Accountancy have approved new model legislation to create an alternative path to CPA licensure. This initiative aims to attract more individuals to the accounting profession while ensuring public protection. The new pathway requires a baccalaureate degree with an accounting concentration, two years of experience, and passing the Uniform CPA Examination. Susan Coffey, CEO of AICPA, stated, "By aligning our model legislative framework with the laws recently adopted in certain states, we're encouraging removal of outdated barriers." The updated Uniform Accountancy Act will be released this summer, allowing states to adopt these changes to meet their specific needs. Currently, 14 states have enacted similar legislation.

 

Bloomberg Tax

Accounting Today

CPA Practice Advisor

Journal of Accountancy

The Federal Accounting Standards Advisory Board (FASAB) is soliciting input on emerging accounting issues related to federal agency reorganizations and abolishments, particularly in light of significant layoffs and agency eliminations led by the Department of Government Efficiency. "Federal agencies and their functions, from time to time, have been reorganized and abolished," FASAB said in its request for information. The board aims to gather practitioner responses to identify and address accounting challenges arising from these changes, including asset and liability transfers among federal entities. FASAB has posed several questions regarding the impact of recent reorganizations on reporting entities and the accounting issues encountered. Responses are due by July 15th 2025.

 

Accounting Today

Nike has requested a federal judge to dismiss a class action securities lawsuit, asserting that the claims are based on a “baseless theory” regarding the company's business strategy. The lawsuit alleges that former chief executive John Donahoe and other executives misled investors about the effectiveness of the Consumer Direct Acceleration (CDA) strategy, which aimed to boost direct sales. Despite acknowledging challenges, Nike's legal team argued that executives disclosed issues and adapted accordingly, saying: “Every major business strategy encounters challenges.” The lawsuit follows a significant drop in Nike's stock value in 2024, and plaintiffs must demonstrate that specific statements misled investors. Nike's lawyers contend that the lawsuit fails to meet this standard, emphasizing that the direct-sales strategy had previously driven revenues to record highs, nearly doubling to $21.3bn from 2020 to 2023.

 

The Oregonian

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 seasonal workforce program in Korea, which is aimed at addressing local labor shortages, is facing increasing scrutiny amid allegations of human trafficking and exploitation. Experts highlight systemic flaws in the program's management, including brokers reportedly extorting fees from workers. The U.S. has already banned imports of salt from Korea's largest producer over forced labor allegations, raising concerns that other agricultural and marine products could face similar sanctions. The Ministry of Gender Equality and Family has reported a rise in confirmed human trafficking cases, with nine linked to the seasonal worker program this year alone. Critics argue that the government's response has been inadequate, and warn that continued issues could lead to further economic repercussions, including additional U.S. sanctions.

 

The Korea Times