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13th October 2025
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THE HOT STORY
IPO market on course to hit four-year high
U.S. IPOs rebounded strongly through the third quarter, raising $15.9bn - nearly double the previous quarter - and marking the highest quarterly total since the fourth quarter of 2021, according to EY. IPO proceeds for the first nine months of 2025 rose 21% year-on-year to $33bn, with volumes up 49% to 180 offerings. The surge reflects investor resilience amid persistent geopolitical risk and optimism around AI, fintech, defence, and healthcare themes. Private equity exits have also surged, with PE-backed IPO proceeds up 68% globally. However, EY also warned of obstacles ahead. “Long-term [interest] rates have faced upward pressure due to idiosyncratic dynamics and rising concerns around fiscal sustainability,” the Big Four firm said. “Elevated bond yields increase discount rates, making IPO valuations less attractive and forcing issuers to deliver clear profitability paths, not just narratives.” Additionally, it said “political instability, such as the U.S. government shutdown, and concerns over Federal Reserve independence raise risk premiums.” 
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RISK & COMPLIANCE
Most companies suffer some risk-related financial loss deploying AI
Nearly every large company to have introduced artificial intelligence has incurred some initial financial loss, according to an EY survey, due to such factors as compliance failures, flawed outputs, bias, or disruptions to sustainability goals. The survey was based on responses from 975 executives overseeing AI at companies with annual sales exceeding $1bn from around the world in July and August 2025. It was focused on what it terms "Responsible AI" adoption, a series of metrics assessing whether companies have established internal governance policies for AI, communicated clear usage guidelines, and monitored compliance. Companies with more fully developed "Responsible AI" policies reported stronger performance on sales, cost savings, and employee satisfaction metrics, EY said.
TECHNOLOGY
Finance regulators step up AI oversight
Global financial regulators are intensifying their oversight of artificial intelligence as its usage among banks and financial institutions increases. A report from the Financial Stability Board highlights concerns regarding the reliance on similar AI models and hardware across institutions, which could lead to vulnerabilities and herd behaviour. Additionally, the Bank for International Settlements has stressed the "urgent need" for financial authorities to enhance their capabilities in understanding and using AI technology effectively.
ECONOMY
Warning of potential for financial market crash
The Financial Stability Board (FSB), the G20's risk watchdog, says surging global share prices and other assets have left markets susceptible to a crash amid the current uncertain economic and geopolitical backdrop. "While most jurisdictions have seen a rebound in financial markets in recent months, valuations could now be at odds with the uncertain economic and geopolitical outlook, leaving markets susceptible to a disorderly adjustment," said a letter from FSB Chair Andrew Bailey dated October 8 and published ahead of G20 meetings in Washington this week. "The need for global standards and cooperation therefore remains abundantly clear," the letter said.
Budget deficit hit $1.8tn in fiscal 2025
The U.S. federal government recorded a $1.8tn budget deficit for the 2025 fiscal year, according to the nonpartisan Congressional Budget Office (CBO), $8bn lower than 2024’s deficit, showing little improvement despite higher revenues. Economists view the continued large shortfall as concerning given that the economy is expanding. Total revenues rise 6% to $308bn, while total spending declined 4% to $301bn. The CBO did not include an official deficit-to-GDP ratio, but based on estimates, it equals roughly 5.9% of GDP, down slightly from 6.4% in 2024.
U.S. consumer sentiment levels out in October
U.S. consumer sentiment has remained at a steady level in October so far, with the impact of the federal government shut down yet to become apparent in households. The University of Michigan's Surveys of Consumers on Friday said its Consumer Sentiment Index was little changed at 55, from a final reading of 55.1 in September. It was above the 54.2 expected among economists polled by Reuters. The survey's measure of consumer expectations for inflation over the next year fell to a still-high 4.6% this month from 4.7% in September. "Overall, consumers perceive very few changes in the outlook for the economy from last month. Pocketbook issues like high prices and weakening job prospects remain at the forefront of consumers’ minds," Joanne Hsu, the director of the Surveys of Consumers, said in a statement. "At this time, consumers do not expect meaningful improvement in these factors. Meanwhile, interviews reveal little evidence that the ongoing federal government shutdown has moved consumers’ views of the economy thus far."
TRADE
China-linked ships to face U.S. port fees from October 14th
The U.S. is set to impose port fees on vessels linked to China starting October 14th, which could cost the top ten cargo carriers approximately $3.2bn in 2026. The move aims to reduce reliance on Chinese-built ships and strengthen U.S. shipbuilding, but has already created uncertainty among carriers. S&P noted: “The uncertainty has added another layer of geopolitical risk to fleet deployment strategies.” In response, Beijing has pledged countermeasures against these fees, further escalating tensions between the two countries as they prepare for an upcoming APEC summit.
LEGAL
Lawsuit challenging Trump H-1B visa fee describes potential harms
A lawsuit filed by employers and unions in the U.S. District Court for the Northern District of California argues that the Trump administration overstepped congressional authority when it introduced a $100,000 fee on H-1B visas. The complaint details the kinds of harms the fee could have on health care, education and religious groups that seek to employ foreign talent to complement their workforce. Although Trump's proclamation last month focused on information technology and software, and also science, technology, engineering and math fields, the plaintiffs contend that its harms will be more widespread.
WORKFORCE
Hyundai plant was deadly before ICE raid
Three workers have died since Hyundai Motor started construction of its $7.6bn auto plant in Georgia in 2022, according to a Wall Street Journal report citing a review of federal records. The facility, which is operated through a joint venture between Hyundai and South Korea's LG Energy Solution, hit the headlines last month after an immigration raid by U.S. Immigration and Customs Enforcement agents led to the detention of hundreds of South Korean workers. Current and former workers, including safety coordinators who helped oversee construction of the plant, said the work environment involved poorly trained workers and managers unwilling to enforce safety standards.
MANUFACTURING
Manufacturers shift focus to supply chain costs amid global uncertainty
Uncertainty surrounding tariffs and the economy is driving manufacturing chief executives to prioritize supply chain resilience and artificial intelligence  investments, according to a 2025 CEO Outlook survey conducted by KPMG. Sixty-three percent of the 400 manufacturing CEOs surveyed said supply chain challenges, including disruptions to global supply chains, are hindering their ability to innovate at scale. Some are refining or renegotiating their agreements with suppliers to incorporate tariff-related costs, while others are using dynamic pricing or financial hedging. Uncertainty in the business operating environment is “casting a very, very long shadow for manufacturers,” said Brian Higgins, KPMG’s U.S. industrial manufacturing sector leader. “Economic policy uncertainty has been difficult to navigate, to say the least.”
FIRMS
BDO cuts jobs under pressure from Apollo debt
BDO USA has slashed costs as it managed an expensive debt agreement with Apollo Global Management that it took on to fund an employee stock ownership plan. The cuts, driven in part by the high interest costs of the debt, have affected business lines including audit, tax and advisory. Apollo is the biggest lender to BDO through a $1.3bn loan facility agreed to in August 2023, according to filings. BDO used the debt from Apollo to fund its ESOP in 2023. A participant in January filed a proposed class action, alleging workers were overcharged to join the plan.
CORPORATE
Levi Strauss raises FY guidance on strong Q3 sales
Levi Strauss has raised its full-year outlook, after seeing its turnaround strategy continue to gain traction with shoppers in the third quarter. The three months to August 31st saw sales rise 7% from a year earlier to $1.54bn, and net income come in at $218m, or 34 cents per share adjusted, up from $20.7m. Analysts surveyed by LSEG expected sales of $1.5bn and per-share earnings of 31 cents. Direct-to-consumer revenues rose 11%, while wholesale was up 3%. “This is not happening by accident", chief financial officer Harmit Singh said Thursday. “We narrowed our focus, exited low-margin brands and really doubled down on Levi’s”. 
INTERNATIONAL
E.U. energy tax shake-up: what’s next?
On September 22nd, the E.U. introduced an amended draft of its energy taxation directive, aiming to balance economic realities with environmental goals. Key changes include a 10-year exemption for aviation and maritime fuels and a delay in tax rate increases linked to inflation, now set for 2041. Jodi Ader, senior manager at RSM US, notes that businesses face a "mixed bag" of compliance challenges, with energy-intensive industries potentially benefiting from zero-rated renewable electricity. However, fossil fuel-dependent sectors may incur higher costs. Companies are encouraged to model scenarios and adapt their supply chains to mitigate future tax impacts. The directive reflects the E.U.'s commitment to transitioning towards cleaner energy while imposing higher costs on fossil fuels.
 

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