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North American corporate finance leaders’ confidence dropped considerably in the year’s second quarter as economic and geopolitical uncertainties persist, according to Deloitte survey results published today. The Big Four firm's latest CFO Signals Report, which surveyed 200 CFOs in North America at groups with at least $1bn in revenue, found that only one in three think it’s a good time to take on greater risk as they seek to grow their business, down from 60% earlier this year. The respondents accompanied their increased caution with lowered projections for revenue, earnings, and capital investments. In North America, only 23% of CFOs rated the regional economy as “good now,” compared to 50% in the firm’s first-quarter survey. Internally, they cited hiring or retaining talent, lacking agility, and managing costs as top concerns for the second quarter, according to the latest results.

 

Bloomberg Tax

Sean Denham, formerly senior partner at Grant Thornton, became chief financial officer of SEI in March 2024 and added chief operating officer responsibilities in February 2025. Initially reluctant to leave practice, Mr. Denham was persuaded after discussions with SEI leadership, viewing the move as the “last act” of his career. Transitioning to a public company has been a learning curve, particularly in investor relations and regulatory filings. In his dual CFO-COO role, Mr. Denham is helping steer SEI from a vertical to a horizontal strategy, with an emphasis on capital allocation. On economic uncertainty, he stresses scenario planning and focusing on controllables, while advocating for accounting career engagement in the face of automation-driven changes. 

 

CFO

BP has appointed Simon Henry, the former CFO of Shell, as a non-executive director, effective September 1. Henry, who has over 30 years of experience at Shell, was instrumental in the $54bn acquisition of BG Group, which positioned Shell as a leading player in the liquefied natural gas market. He is also stepping down from his role as a non-executive director at Rio Tinto later this year. Meanwhile, Pamela Daley has resigned from the BP board for personal reasons, effective immediately.

 

Reuters

LVMH has named long-time executive Michael Burke as head of LVMH Americas. He will report LVMH managing director Stephane Bianchi. Mr Burke became chief executive of Christian Dior in 1986, and later led Louis Vuitton for around a decade until 2023. Under his leadership, the brand surpassed €20m in revenues.

 

Bloomberg

Reuters

President Trump has announced a 25% tax on goods imported from Japan and South Korea, citing ongoing trade imbalances with these key U.S. allies. The tariffs are set to take effect on August 1st. In letters posted on Truth Social, he warned both nations against counter measures and emphasized the importance of maintaining fair trade relations, adding: “If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge." This move marks a significant escalation in U.S. trade policy, potentially impacting various sectors reliant on imports from these countries.

 

Los Angeles Times

Apple has appealed a €500m ($587m) fine imposed by EU regulators for violating the Digital Markets Act. The European Commission found that Apple's restrictions on app developers, which prevent them from directing users to cheaper alternatives outside the App Store, constituted a breach of the new regulations. "Today we filed our appeal because we believe the European Commission's decision—and their unprecedented fine—goes far beyond what the law requires," the company said in a statement. "As our appeal will show, the EC is mandating how we run our store and forcing business terms which are confusing for developers and bad for users. We implemented this to avoid punitive daily fines and will share the facts with the court."

 

Tech Crunch

BBC News

Reuters

The Guardian

Skechers USA Inc. has approached the Wisconsin Supreme Court for guidance on the implications of the sham transaction doctrine, which the state revenue department uses against taxpayers. The footwear company is contesting a June appeals court decision that deemed its transfer of intellectual property to a holding company as a tactic for tax avoidance. The case presents the justices with an opportunity to clarify the century-old doctrine, which assesses the business purpose and economic substance of corporate transactions.

 

Bloomberg Tax

U.S. service providers barely expanded in June, helped by a pickup in business activity and bookings even as an index of employment contracted the most in three months. The Institute for Supply Management’s index of services rose nearly a point last month to 50.8, moving above the 50-mark separating expansion from contraction. Ten services industries reported growth in June, including transportation and warehousing, utilities and recreation. Six contracted, led by agriculture and construction. The ISM employment gauge dropped 3.5 points to 47.2, marking the third month of contraction in the last four. A measure of prices paid for materials and services eased in June but remained close to the highest level since late 2022. Separately, S&P Global's Services Purchasing Managers' Index for June came in at 52.9, down 0.8 points from May, but beating the forecast 52.8. "Viewed alongside an improvement in manufacturing growth reported in June, the services PMI indicates that the economy grew at a reasonable annualized rate approaching 1.5% in the second quarter, with momentum having improved since the lull seen in April. Rising demand for services has meanwhile encouraged firms to take on additional staff at a rate not seen since January," commented S&P Global Market Intelligence chief business economist Chris Williamson.

 

Advisor Perspectives

Bloomberg

The Financial Times reports that Shein has confidentially filed for an IPO in Hong Kong in a bid to apply pressure on U.K. regulators and accelerate its plans to list on the London Stock Exchange. Shein submitted papers for an IPO in London some 18 months ago but the process has been left in limbo by its failure to secure regulatory approval amid allegations of human rights abuses. U.K. and Chinese regulators have so far failed to agree on the appropriate language for the risk disclosure section of the company’s prospectus. These provisions relate to Shein’s supply chain exposure in China’s Xinjiang region, which has been heavily scrutinized over alleged human rights abuses against its indigenous Uyghur population. Chinese authorities have denied the claims. Shein has also faced criticism over its use of a tax loophole in Britain, which rivals claim has allowed it to undercut their prices and win over scores of new shoppers.

 

CNBC

Financial Times

The Daily Telegraph

The PCAOB has released its latest staff publication, "Audit Focus: Engagement Acceptance," which emphasizes crucial reminders for auditors working with smaller public companies. The publication outlines best practices for evaluating client information, including changes in ownership and management, as well as assessing the predecessor auditor's disagreements with management regarding accounting principles. The PCAOB staff highlighted four good practices, including assessing partner capacity, stating: "In both the acceptance and continuance process, audit firms have implemented a 'scorecard' where points are assigned to a partner based on the number and type of audits already served." This approach aims to manage partner workloads effectively to ensure quality engagement.

 

Accounting Today

CPA Practice Advisor

CFOs seeking to build effective finance teams must choose between two leading certifications from the Corporate Finance Institute: the FP&A-focused Financial Planning & Analysis Professional (FPAP) and the valuation-driven Financial Modeling & Valuation Analyst (FMVA). FPAP is designed for internal business decision-making and scenario planning, while FMVA suits roles in M&A and capital allocation. FPAP emphasises operational forecasting and cross-functional communication, with practical training in Power BI and headcount modelling. FMVA centres on deal analysis, DCFs, and LBOs. CFOs are urged to match certification choice to role requirements, FPAP for influencing business performance, FMVA for assessing business value, to avoid costly hiring mismatches. It concludes that certifications serve not just as filters, but as strategic tools for aligning talent with business goals.

 

The CFO

Joseph Stiglitz has declared the planned global minimum tax on multinational profits "probably dead in the water." After years of advocacy by Mr. Stiglitz, the OECD, and the Tax Justice Network, the initiative aimed to curb profit shifting to low-tax havens. However, the second Trump administration's opposition has derailed progress, labelling the tax regime as unfair and threatening "revenge taxes" on nations that comply. While most countries have retreated in the face of these threats, Spain is urging the European Union to resist. Mr. Stiglitz argues that the EU's economic strength could enable it to stand firm, cautioning that "if [Trump] gets what he wants, he always comes back for more." Despite the potential for resistance, he doubts the necessary political will exists within Europe.

 

The Observer