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More than three-quarters of companies worldwide link sustainability targets to executive pay, according to a new report from KPMG International. The study, Incentivizing Long-term Value Creation: Linking sustainability metrics to board members’ pay, found that 78% of businesses now link senior execs' compensation to sustainability performance, with the most common targets relating to climate change and internal workforces, often focusing on female leadership and injury rates. While more companies linked sustainability to short-term targets (40%) compared to both short-term and long-term incentives (37%), KPMG said that investors generally expect to see a balance between both short-term and long-term targets to measure board performance. “Despite ongoing economic and geopolitical uncertainty, the findings make clear that linking executive compensation to sustainability performance is becoming increasingly widespread within the world’s largest companies,” said Nadine-Lan Hönighaus, global ESG governance lead at KPMG International. “For business leaders, transparency in linking sustainability performance to executive pay is key. The starting point should be a small number of performance indicators that are measurable, meaningful, and decisive in steering and improving a company’s sustainability performance.”

 

Digit

U.S. Attorney General Pam Bondi has said many of the judges who have recently ruled against the administration of President Donald Trump need to be removed. "These judges obviously cannot be impartial. They cannot be objective," Bondi said during an interview on Fox News' "The Ingraham Angle" show. "They are district judges trying to control our entire country, our entire country, and they are trying to obstruct Donald Trump's agenda."

 

U.S. News

The Consumer Financial Protection Bureau (CFPB) has asked a court to reverse a previous enforcement case against Townstone Financial, which it had won last year. Acting Director Russ Vought said: "CFPB abused its power, used radical 'equity' arguments to tag Townstone as racist with zero evidence." The CFPB is also seeking to return a $105,000 penalty to Townstone. The case, initially brought in 2020, accused the lender of racial discrimination in mortgage marketing. A joint motion filed in federal court claims the agency's investigation was flawed and should never have been initiated. Dan Bishop, an advisor in the White House Office of Management and Budget, indicated that agency lawyers misled their superiors regarding enforcement decisions.

 

Reuters

CalPERS, California's largest public pension fund, has filed an amended lawsuit against UnitedHealth Group, alleging the company engaged in a fraudulent profit-making scheme through its Medicare Advantage business. The lawsuit claims that executives profited from nonpublic information, resulting in losses exceeding $76.3m for CalPERS alone. The 158-page complaint details questionable billing practices and alleges that UnitedHealth manipulated the system through "upcoding" to inflate payments. "UnitedHealth induced providers to find new diagnoses by paying bonuses to providers who upcoded," the lawsuit states. UnitedHealth has denied the allegations, asserting that the complaint lacks substance and misrepresents their practices. The company has until May 20 to respond to the amended complaint.

 

The Columbian

AICPA is urging the Treasury Department and the IRS for clearer regulations regarding the SECURE 2.0 Act of 2022. This act mandates that new 401(k) and 403(b) plans automatically enroll eligible employees starting in 2025, with an initial contribution rate of at least 3% of their pay. Kristin Esposito, AICPA director of tax policy and advocacy, commented: "The purpose for our letter is to provide input to Treasury and the IRS in order to further clarify the rules." The AICPA has made several recommendations, including clarifying investment requirements for trustee-directed plans and defining "predecessor employer" for small business status.

 

Accounting Today

CPA Practice Advisor

The Accountant Online

The Personal Consumption Expenditures (PCE) price index rose by 0.3% in February, matching January's increase, according to the Commerce Department. Over the past year, prices have increased by 2.5%, while core inflation, excluding food and energy, rose by 0.4%. At the same time, the report showed that consumer spending accelerated 0.4% for the month, below the 0.5% forecast. That came as personal income posted a 0.8% rise, against the estimate for 0.4%. Goods prices increased 0.2%, led by recreational goods and vehicles, which increased 0.5%. Gasoline offset some of the increase, with the category falling 0.8%. Services prices were up 0.4%. Households also grew more cautious with their money, as the personal saving rate increased to 4.6%, the highest since June 2024.

 

US News and World Report

CNBC

Pending sales of U.S. homes last month rebounded in February from a record low, according to the National Association of Realtors (NAR), as calmer weather and a greater selection of houses provided some optimism headed into the critical spring selling season. The group's Pending Home Sales Index, based on signed contracts, rose 2% to 72. Economists polled by Reuters had forecast contracts, which become sales after a month or two, rebounding 1%. On an annual basis, they decreased 3.6%. Pending sales climbed 6.2% in the South, the U.S.’s biggest home-selling region, following a 9.2% decline a month earlier. They also increased in the Midwest, but fell in the West and Northeast. "Despite the modest monthly increase, contract signings remain well below normal historical levels," commented NAR chief economist Lawrence Yun. “A meaningful decline in mortgage rates would help both demand and supply – demand by boosting affordability, and supply by lessening the power of the mortgage rate lock-in effect.”

 

USA Today

Bloomberg

Reuters

Wall Street Journal

The U.S. Department of Justice has launched a deregulatory task force. The DOJ's Anticompetitive Regulations Task Force will gather public comment from businesses, consumers and advocacy groups on state and federal regulations that could pose barriers to competition, and advocate against such rules. Abigail Slater, who leads the DOJ's antitrust division, said: "This Antitrust Division will stand against harmful barriers to competition whether imposed by public regulators or private monopolists."

 

Reuters

Health and Human Services Secretary Robert F. Kennedy Jr. has said the department he leads would cut 10,000 full-time employees spread across agencies that respond to disease outbreaks, approve new drugs, provide insurance for the poorest Americans and more. “We’re going to eliminate an entire alphabet soup of departments and agencies while preserving their core function,” Kennedy said in a video posted on X.  The job cuts include 3,500 at the Food and Drug Administration, 2,400 at the Centers for Disease Control and Prevention, and 1,200 at the National Institutes of Health. Doreen Greenwald, the national president of the National Treasury Employees Union, said: “The administration’s claims that such deep cuts to the Food and Drug Administration and other critical HHS offices won’t be harmful are preposterous.”

 

Reuters

Wall Street Journal

Companies outside the US which supply the American government have been told to comply with President Donald Trump’s executive order banning diversity, equity and inclusion programmes. Companies with U.S. government contracts have been told to confirm their compliance in a questionnaire entitled "Certification Regarding Compliance With Applicable Federal Anti-Discrimination Law." The demand had been sent out to firms by the U.S. embassy in Paris on Friday. "American interference in the inclusion policies of French companies, along with threats of unjustified tariffs, is unacceptable," France's Ministry of Foreign Trade said in a statement.

 

Financial Times

The New York Times

Reuters

The Federal Deposit Insurance Corporation (FDIC) has announced that banks can now engage in certain cryptocurrency activities without prior regulatory approval, provided they manage their risks effectively. This marks a significant shift from previous FDIC policy, which mandated advance clearance for such activities. The decision follows a similar move by the Office of the Comptroller of the Currency, which also aims to facilitate banks' entry into the crypto sector.

 

Reuters

The Brazilian government has decided to abandon its proposal to tax major tech firms, primarily due to concerns about potential backlash related to President Donald Trump's tariff threats. Instead, officials will prioritize a bill aimed at regulating competition among digital platforms in Brazil. This legislation, which entered public consultation in January 2024, seeks to address anti-competitive practices like "killer acquisitions." Previously, there were indications that a tax on global tech giants, including Amazon, Google, and Meta, would be introduced if federal revenue projections fell short. However, the government is cautious about the timing of such a bill, as it could complicate ongoing trade discussions with the U.S. regarding tariffs. Brazilian Finance Minister Fernando Haddad noted the expectation of prolonged tariff negotiations with Washington.

 

US News and World Report

The Turkish Competition Board has initiated an investigation into Apple and several partners, including Destek Bilisim, Easycep Bilisim, Getmobil Technology, and HB Bilisim, to determine if they manipulated reseller sales prices. The inquiry aims to ensure fair competition in the market.

 

Al Arabiya News

Türkiye Today