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Companies are expressing optimism about President Donald Trump's new tax law, known as the One Big Beautiful Bill Act (OBBB), which allows immediate expensing of domestic capital costs. AICPA Vice Chair Jan Lewis said: "It gives a definite advantage to domestic R&D." The legislation is expected to ease concerns amid tariff uncertainties, with 19% of Russell 3000 companies mentioning it in earnings calls. Companies like Johnson & Johnson and AT&T are already planning significant investments and expansions, with AT&T anticipating up to $8bn in cash tax savings. However, some firms, including Ford Motor and Boeing, are still evaluating the law's impact. AICPA chief executive Mark Koziel cautioned that the tariff situation complicates the financial landscape for businesses.

 

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The Trump administration is reallocating Federal Emergency Management Agency (FEMA) staff to expedite the hiring of 10,000 Immigration and Customs Enforcement (ICE) agents. The move, which involves transferring over 100 employees from FEMA's human resources and security teams, has raised concerns about FEMA's ability to respond effectively during the critical hurricane season. Former FEMA officials worry that the transfers could exacerbate staffing shortages, especially as the agency has already faced resignations and departures. Deanne Criswell, a former FEMA head, expressed concern about the non-voluntary nature of the reassignments, observing: "They're already short staffed because they've lost so many."

 

U.S. News

Asia-U.S. sea freight rates are projected to continue declining throughout 2025 due to an oversupply of shipping capacity and shifting trade routes influenced by tariffs and geopolitical tensions. Average spot rates for containers have already decreased significantly, with a 58% drop for the U.S. west coast and 46% for the east coast since June 1. While vessel rerouting is helping to mitigate some losses by absorbing excess capacity, ongoing uncertainties in trade relations, particularly between the U.S. and China, are expected to exert further pressure on freight rates.

 

Reuters

The U.S. federal judiciary's electronic case filing system has been compromised in a sweeping cyber hack that is understood to have exposed sensitive court data in several states. The Administrative Office of the U.S. Courts, which manages the federal court filing system, first determined how serious the matter was around July 4, said a source. The office, and also the Justice Department and individual district courts around the U.S., are still trying to determine the full extent of the incident. “It’s the first time I’ve ever seen a hack at this level,” observed one person with knowledge of the incident who has more than two decades' experience on the federal judiciary.

 

Politico

PepsiCo has been accused of anticompetitive and unfair business practices in a proposed class action lawsuit filed in Manhattan by the operator of an Italian restaurant. The lawsuit, based on the Robinson-Patman Act enacted in 1936, alleges Pepsi is violating a provision of antitrust law that forbids sellers from playing favorites with pricing and discount opportunities, creating an uneven playing field where one merchant pays a higher price than another for the same products. The case, Michael Giannasca v. PepsiCo Inc, U.S. District Court, Southern District of New York, No. 1:25-cv-06440, seeks unspecified monetary damages on behalf of a nationwide class of Pepsi purchasers that was estimated to be in the thousands.

 

Reuters

McDonald's has ended four quarters of declining or weak growth, reporting a 3.8% rise in global second-quarter like-for-like sales, beating the 1% decline expected among analysts polled by FactSet. Total revenues in the three months to June 30th rose 5% to $6.8bn, while net income was up 11% to $2.25bn. Adjusted for restructuring charges and other one-time items, the company earned $3.14 per share, in line with Wall Street forecasts. The chain’s second-quarter efforts to bring in customers in the U.S., where sales were up 2.5%, included a meal timed to the launch of the Minecraft movie and a Squishmallows themed limited-time offer. Its new McCrispy chicken strips also boosted customer traffic after they were added to the menu in May. Chief executive Chris Kempczinski said that its McValue menu is working, as are digital deals for app users.

 

CNN

Bloomberg

Chicago Tribune

Wall Street Journal

Shopify has reported a 42% rise in second-quarter gross merchandise volume (GMV) on a constant-currency basis to $87.84bn, driven by a surge in European merchant activity. Revenues in the three months to the end of June reached $2.68bn, up from $2.05bn, surpassing analyst forecasts of a more modest $2.55bn, according to LSEG. Net income rose from $906m, or 35 cents per share adjusted, compared to $171m a year earlier and the 29 cents expected on Wall Street. Merchant solutions, its largest segment, generated a 37% rise in revenue, to $2.02bn, while subscription solutions revenue rose by 17% to $656m. “We had factored into our guidance some potential impact from tariffs, which did not materialize”, Shopify finance chief Jeff Hoffmeister said on a conference call. “As we continue to expand our platforms capabilities, add new products, and build for where commerce is heading, Shopify is becoming even more compelling to a wider range of businesses than ever before".

 

Bloomberg

CNBC

Reuters

Wall Street Journal

X is using parent company xAI’s Grok artificial intelligence tools to handle more of the social media site’s advertising business. Roman Grachev, head of ads engineering, said Wednesday that Grok is being deployed to improve targeting based on user data, and to evaluate whether ads look good or bad. X is also likely to introduce ads in chatbot answers.

 

Financial Times

The Information

Google has announced a $1bn investment over three years to provide artificial intelligence training and resources to U.S. universities and nonprofits. Over 100 institutions are already participating. Senior Vice President James Manyika said: "We're hoping to learn together with these institutions about how best to use these tools." The initiative aims to address concerns surrounding AI's role in education.

 

Reuters

President Donald Trump is expected to sign an executive order (EO) later today allowing alternative assets such as private equity, cryptocurrencies and real estate into 401(k)s. A senior White House official said the EO will direct the U.S. Secretary of Labor to review fiduciary guidance on private market investments in 401(k) and other defined-contribution plans that are governed by the Employee Retirement Income Security Act of 1974 (ERISA). While there is no law prohibiting plan sponsors from offering private market investments to employees, they have traditionally steered clear of them because they have a fiduciary duty to provide a menu of prudent, reasonably priced investments to plan participants. The president’s executive order won’t change policy, but it will clarify his position to the rest of the government, Jaret Seiberg, a financial services policy analyst at TD Cowen Washington Research Group, said in a research note. “It will still require the agencies to craft new rules. That could take into 2026,” he added.

 

CNN

CNBC

Financial Times

President Donald Trump has signed an executive order imposing a 25% tariff on India for its purchases of Russian oil, raising the total tariffs on the country to 50%. This decision, effective 21 days post-signing, allows both India and Russia a window to negotiate with the U.S. administration regarding the import taxes. The move marks a significant escalation in trade tensions between the U.S. and its ally, India.

 

Bloomberg

PBS

Washington Post

The 15% tariff on E.U. goods could jeopardize nearly $2bn in alcohol sales and 25,000 jobs in the U.S., according to a letter from 57 industry groups to President Donald Trump. The Toasts Not Tariffs Coalition, which includes major producers like Diageo and Pernod Ricard, has called for a better trade deal. The coalition highlighted the tariff's impact on the holiday season, a crucial time for sales. The letter stated: "As we approach the critical holiday season, we implore you to secure this important deal for the U.S. as soon as possible." The E.U. has also considered retaliatory measures.

 

US News and World Report