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A global survey of 213 internal audit leaders by AuditBoard has revealed the profession is under acute strain, challenged by stagnant resources, the rapid rise of AI, and a persistent identity crisis. Despite the belief that AI will transform internal audit within five years, only 28% of leaders feel confident in their teams’ ability to audit AI risks, while 63% of organizations lack a formal governance framework for its use. Budget pressures remain intense, with 43% of teams seeing no increase in funding for 2025 and 18% reporting cuts, despite broader responsibilities. Meanwhile, just 24% believe their function is viewed as a trusted advisor. The report calls for a dual strategy: automating routine tasks using AI while enhancing critical human skills like professional skepticism, ethical judgement, and relationship-building.

 

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Citigroup has named a new chief financial officer as part of a leadership shake-up and overhaul of its business lines as the bank continues a restructuring led by chief executive Jane Fraser. Mark Mason will step down in March, and will be succeeded by Gonzalo Luchetti, who currently heads up the group's U.S. retail division, which will then be dismantled and folded into its wealth management division. Citigroup's retail bank, and Citigold, will also be integrated into the wealth division, with those businesses to be led by Kate Luft. She will report to Andy Sieg, the head of Wealth. Citigroup also said it would combine its branded-cards and retail-services businesses to form a new unit, U.S. Consumer Cards, which is to be led by Pam Habner. 

 

Financial Times

Reuters

Wall Street Journal

Cracker Barrel shareholders have voted to retain chief executive Julie Felss Masino despite ongoing issues stemming from a controversial logo change that has negatively impacted sales. Gilbert Davila, a board member since 2020, resigned after shareholders rejected his re-election, influenced by advisory firms recommending against him. Activist investor Sardar Biglari, who owns 3% of Cracker Barrel shares, criticized the management, saying: “Our campaign is about saving Cracker Barrel from a board and management team that are out of touch with Cracker Barrel's customer base.” Ms. Masino, who joined in July 2023, aimed to modernize the brand but faced backlash over the logo redesign, leading to a reversal back to the original logo. The company anticipates a decline in store traffic of 7%-8% in the first quarter of fiscal 2026.

 

US News and World Report

Wall Street Journal

Chinese export restrictions on yttrium, a rare earth vital to aerospace, semiconductors, and energy, have triggered shortages and a 4,400% surge in European prices. Although some controls have eased, the April restrictions remain, stalling exports to the U.S. and raising fears of long-term supply disruptions. “China’s export controls have undoubtedly prompted a scramble for yttrium,” said analyst Ellie Saklatvla. U.S. trade groups are urging domestic production, with Indiana-based ReElement Technologies aiming to supply 400 tons annually by March. Industry leaders warn of cost increases and slower production, though immediate shutdowns are unlikely.

 

Reuters

A U.S. bankruptcy judge has approved a $7m independent investigation into potential fraud at First Brands, the bankrupt auto parts maker accused of misusing invoice factoring to raise short-term cash. Allegations include double-selling invoices and withholding payments meant for financial institutions. The company has over $10bn in liabilities and is suing its founder Patrick James for allegedly misappropriating hundreds of millions of dollars - claims he denies. Judge Christopher Lopez tasked the U.S. DOJ’s bankruptcy watchdog with appointing the examiner, stressing the need for a fast, focused investigation.

 

Reuters

Starbucks is facing a shareholder lawsuit alleging it concealed falling sales in the U.S. and China, contributing to a 16% share price drop and $16bn loss in market value. A U.S. judge ruled shareholders can pursue claims that the company misled investors about its "reinvention plan" and risk disclosures in early 2024. This included statements that upgrades in equipment, staffing and scheduling would create a "better experience" for employees, and lead to increased customer spending and loyalty. In other news, the Starbucks Workers United union is expanding its strike, with baristas from 30 additional stores in 25 U.S. cities joining the protest. This brings the total number of striking locations to 95 across 65 cities. The strike commenced on Starbucks' Red Cup Day, a peak sales day for the company. Despite the strike, Starbucks reported that "99% of our 17,000 U.S. locations remain open," with minimal disruption noted.

 

AP News

Reuters

Verizon will lay off over 13,000 employees, its largest single workforce reduction, as the U.S. wireless carrier aims to lower costs and streamline operations. The cuts, mostly in the U.S., will be accompanied by converting 179 stores into franchises. CEO Dan Schulman said the company's cost structure “limits our ability to invest significantly in our customer value proposition.” Verizon expects to record up to $1.8bn in severance charges, with most employees departing by next month. Despite market pressures and competition, the company stressed the cuts are not due to AI. Schulman announced a $20m fund to support workers’ transitions.

 

Reuters

President Donald Trump has doubled down on his support for skilled immigrants who can train U.S. workers in high-tech industries. Speaking at the U.S.-Saudi Investment Forum in Washington, he emphasized that allowing this is not at odds with his “Make America Great Again” agenda. Trump told an audience of business executives: “I love my conservative friends. I love MAGA. But this is MAGA . . . Those people are going to teach our people how to make computer chips, and in a short period of time, our people are going to be doing great. And those people can go home.” The MAGA movement has opposed expanding H-1B visas, and other programs designed to let skilled immigrants into the U.S.

 

U.S. News

Walmart shares closed up around 6.5% on Thursday, at $107.11, after the retailer posted strong third-quarter results and lifted its full-year outlook. In the three months to October 31st, revenues hit $179.5bn, from $169.6bn in the same period a year earlier. Net income increased to $6.14bn, or 62 cents per share adjusted, from $4.58bn. Analysts polled by LSEG expected revenues of $177.43bn and per-share earnings of 50 cents. Like-for-like sales excluding fuel for Walmart U.S. rose 4.5%, and were up 3.8% at Sam's Club, while e-commerce sales grew 27% globally and by 28% in the U.S. Customer transactions rose 1.8%, and the average ticket increased by 2.7%. 

 

USA Today

Arkansas Democrat-Gazette

CNBC

New York Times

The Labor Department has belatedly published its September jobs report, almost seven weeks behind schedule due to the federal government shutdown. U.S. employers added 119,000 jobs, while the unemployment rate hit 4.4%, its highest since October 2021. Average hourly earnings increased 0.2% for the month and 3.8% from a year ago, compared to respective forecasts for 0.3% and 3.7%. The health care sector added 43,000 jobs, bars and restaurants 37,000, and social assistance 14,000. Professional and business services saw a decline of 20,000, transportation and warehousing 25,000, and the federal government 3,000. Employment data for October and November will be published on December 16th. Meanwhile, the Labor Department's latest weekly report revealed that initial claims for state unemployment benefits dropped 8,000 to a seasonally-adjusted 220,000 in the seven days to November 15th. Economists polled by Reuters had forecast 230,000 new claims. The number of people receiving unemployment benefits after an initial week of aid increased 28,000 to a seasonally adjusted 1.974m during the week ended November 8th.

 

CNBC

NPR

New York Times

Reuters

The European Commission has proposed a major overhaul of the Sustainable Finance Disclosure Regulation (SFDR), aiming to simplify ESG reporting rules and improve the EU’s financial competitiveness. Under the new proposal, asset managers will no longer need to report negative environmental or social impacts across their entire portfolios. Instead, the system will shift to revised ESG fund categories with specific exclusion thresholds, including a new category for environmental and social “transition” investments. Nonprofit groups strongly oppose the changes, warning that removing requirements for full portfolio-level impact reporting will leave investors without crucial transparency. The revised framework - described as an “earthquake” for the industry - must still be approved by EU lawmakers and member states. The changes would apply not only to asset managers but also banks, insurers, and pension funds. Only the largest institutions would continue to face entity-level ESG reporting under the Corporate Sustainability Reporting Directive (CSRD).

 

Bloomberg

Google has launched its largest AI infrastructure hardware engineering center outside the U.S. in Taiwan, signaling strong confidence in the island's tech sector. At the opening, Taiwan President Lai Ching-te emphasised the nation's role as a “key hub for building secure and trustworthy AI.” The move highlights deepening tech ties between the U.S. and Taiwan amid rising tensions with China, which has faced scrutiny over its AI systems. U.S. envoy Raymond Greene said the center reflects a robust U.S.-Taiwan partnership. Taiwan’s chip giant TSMC remains central to the global AI supply chain.

 

Reuters

The U.S. Government has lifted 40% tariffs on Brazilian imports including beef, coffee, cocoa and fruit, reversing measures imposed in July that had significantly raised U.S. food prices. The decision, effective from November 13th, may trigger refunds on duties already paid and follows similar tariff removals on other agricultural imports. Brazil supplies around one-third of U.S. coffee and has become a major beef source.

 

Reuters

The U.S. has officially ceased penny production, precipitating a significant shortage that is affecting retailers across the country. The final penny was minted on November 12th, marking the end of over 230 years of production. While the average consumer may not feel the pinch directly, businesses are struggling to provide correct change, with many rounding purchases to the nearest nickel. Dylan Jeon, senior director of government relations for the National Retail Federation, said: "We've heard from our retail members that they have stores in multiple locations . . . that are currently out of pennies. Others are worried that their inventory will be out in the very near future. So it's definitely something that's impacting any cash-accepting business." Retailers are also incentivizing customers to bring in their pennies, offering rewards including gift cards.

 

U.S. News