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Two of Facebook parent company Meta’s best known executives, chief executive Mark Zuckerberg and former chief operating officer Sheryl Sandberg, are listed as witnesses in a scheduled eight-day non-jury trial starting tomorrow in Delaware centered on investor allegations of board mismanagement. Shareholders of Meta Platforms sued Zuckerberg and other current and former company leaders, claiming they continually violated a 2012 agreement between Facebook and the Federal Trade Commission to protect users' data. Zuckerberg is accused of operating Facebook as an illegal enterprise that allowed users' data to be harvested without their consent. Zuckerberg and the other defendants have dismissed the allegations in court filings as "extreme claims."

 

Financial Times

Reuters

The 2025 Summer Risk and Compliance Report

Each quarter, Hyperproof takes a deep dive into market trends in the GRC space. A new report just released that compares their data against reports from Accenture, BDO, PWC, and more so that security pros have the best data available to finish the year strong. 

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As the one-year anniversary of a devastating cyberattack approaches, Columbus leaders have approved a $23m investment to enhance the city's cybersecurity. Councilmember Nick Bankston said that the adoption of a "zero trust network" will be "transformational" for the city. The attack, attributed to the Rhysida cybercriminal group, compromised sensitive data of residents and employees, leading to two lawsuits against the city. “In today's world, cybersecurity is public safety. This $23 million investment in a Zero Trust Network is not just about protecting servers - it's about protecting the people of Columbus. By modernizing our infrastructure and adopting industry best practices, we are taking responsible, proactive steps to ensure that residents can trust their government to keep their information safe and services running securely,” Bankston said.

 

The Columbus Dispatch

The Irish state agency that manages debt and the sovereign wealth fund is to review security protocols after losing €5m ($5.9m) in a scam. The phishing attack at Ireland's National Treasury Management Agency (NTMA) was discovered last week after staff at the Ireland Strategic Investment Fund (ISIF), a sovereign development fund that the debt office also manages, voiced concern about a payment made to what they thought was an investee company. NTMA Chief Executive Frank O'Connor explained that it was found that a fraudulent payment request from a third party, designed to look like a legitimate request from the existing investee company, had been received at the time of an expected drawdown of funds.

 

Reuters

As the U.S. Congress embarks on "crypto week," several bills aimed at establishing a regulatory framework for stablecoins are set to advance, potentially encouraging companies to issue their own stablecoins. If passed, these regulations would require stablecoins to be backed by liquid assets and mandate monthly public disclosures of reserve compositions, signalling a significant step towards integrating cryptocurrencies into the financial mainstream.

 

Reuters

The U.S. Food and Drug Administration (FDA) has begun releasing drug rejection letters to increase transparency, starting with over 200 historical letters. Previously withheld by pharmaceutical firms, these documents can reveal serious concerns raised during drug development. FDA Commissioner Marty Makary said the move curbs companies' ability to “spin the results,” offering investors more clarity. Still unclear is whether future letters for unapproved drugs will be released in real-time. A 2015 FDA study found that only 17% of company press releases accurately reflected FDA concerns. The initiative, part of a broader “radical transparency” push, aims to level the playing field in biotech investing.

 

Bloomberg

Bank of America's latest global fund manager survey indicates that investor sentiment has reached its highest level since February, driven by increased profit optimism and a notable rise in risk appetite. Despite this "toppy" sentiment, the bank suggests that investors are more likely to engage in a "summer of hedging and rotation" rather than retreating from the market, as cash levels have fallen to a low that has triggered a sell signal.

 

Reuters

Aircraft, machinery, cars, chemicals and medical devices are the leading big-ticket items on the latest list of U.S. goods the European Commission has proposed to impose tariffs on if talks with Washington do not yield an agreement on trade. The package is designed to respond to U.S. tariffs on cars and car parts and a baseline tariff, currently at 10%; it also includes electrical and precision equipment as well as agriculture and food products worth a total of €6.35bn ($7.42bn). The European Union’s approach to U.S. tariffs is getting renewed attention this week after President Donald Trump sent a letter to the bloc threatening to impose 30% blanket tariffs on European imports beginning August 1st.

 

Financial Times

Wall Street Journal

U.S. Senators Elizabeth Warren and Jim Banks have cautioned Nvidia CEO Jensen Huang against meeting with companies in China that may undermine U.S. chip export controls during his upcoming trip. They expressed concerns that such meetings could legitimize firms collaborating with the Chinese military and emphasized the importance of adhering to export restrictions. Nvidia, meanwhile, is preparing to launch more affordable AI chips for the Chinese market, which has raised further alarms among lawmakers regarding national security implications.

 

Reuters

Morgan Stanley, Goldman Sachs, and Wells Fargo have agreed to pay a total of $120m to settle a lawsuit alleging they concealed conflicts of interest during the sale of ViacomCBS shares, which contributed to the collapse of Bill Hwang's Archegos Capital Management. The proposed settlement, filed in New York state court, requires judicial approval. Archegos, which once managed $36bn, collapsed in March 2021 after failing to meet margin calls on loans used for significant investments in ViacomCBS and other stocks. The settlement allocates $75m for common stock investors and $45m for preferred stock investors, with lawyers seeking 29% of the fund for fees.

 

Reuters

China's ruling Communist Party has instructed its top judicial bodies to enhance their understanding of international and foreign laws to strengthen the nation's legal framework against foreign sanctions and jurisdiction. The judicial guidance document is part of Beijing’s overall plan to “sharpen its legal tools to protect its overall national interests,” said Deng Yuwen, former deputy editor of Study Times, the official publication of the Central Party School, the party’s top ideological training center. Similar guidance was previously issued for police in 2019 and prosecutors in 2021.

 

South China Morning Post

Ford has agreed to a job protection scheme at its Cologne electric car plant covering more than 10,000 workers. Company and German employee representatives said voluntary redundancies are planned in response to sluggish adoption of electric vehicles (EVs). "The job cuts are primarily based on voluntary redundancies. The severance payments are generous and significantly better than usual in the automotive industry," works council head Benjamin Gruschka said. Ford has invested $2bn in transforming the Cologne site into an EV production hub.

 

Reuters

The International Ethics Standards Board for Accountants (IESBA) and the International Auditing and Assurance Standards Board (IAASB) have set up technical expert groups to support global implementation of their sustainability standards. The IESBA's IESSA Implementation Monitoring Advisory Group will support implementation of the International Ethics Standards for Sustainability Assurance (including International Independence Standards) and revisions to the IESBA code for sustainability reporting, while the IAASB's ISSA 5000 Technical Implementation Contact Group will support implementation of the International Standard on Sustainability Assurance.

 

Accounting Today

A Milan court has placed LVMH-owned luxury label Loro Piana under judicial oversight for 12 months for subcontracting production to suppliers that allegedly exploited migrant workers. The court said Loro Piana had handed the production of apparel, including jackets, to Evergreen Fashion Group. In some Italian factories, working hours largely exceeded the eight-hour legal standard, employees slept on shop floors and were paid a fraction of Italy’s legal minimum. The order means that a court will appoint a special administrator to oversee the company’s business and will be tasked to clean up the production process. The brand is not under criminal investigation. The decision by prosecutors at the Milan Tribunal marks the fifth intervention into working conditions in the luxury-goods industry in recent years, following similar probes into a unit of Giorgio Armani and other companies such as Valentino Bags Lab, Manufactures Dior and handbag firm Alviero Martini.

 

Bloomberg

Financial Times