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Some of the biggest U.S. consulting firms have offered billions in additional cuts to their contracts after the Trump administration told them that they needed to come up with deeper price concessions, or face consequences. The Wall Street Journal reports that seven of the 10 largest consulting firms to the government, including Accenture, Booz Allen, Deloitte, and IBM, have now offered up to $20bn in savings by proposing to either terminate existing contracts or reduce the scope of their work within federal agencies. Some are proposing to offer credits toward their work, or artificial intelligence services free of charge. The Trump administration has been cracking down on the consulting industry more broadly, with the Department of Government Efficiency regularly announcing new cancellations of consulting contracts. The Department of Defense earlier this month also said it planned to cut $5.1bn in consulting contracts.

 

Wall Street Journal

In the current economic landscape, the role of the CFO has evolved significantly, focusing on more than just financial reporting. Cash flow is now recognized as the essential element of a thriving organization, with strategic tax incentive planning emerging as a crucial tool for its protection. The U.S. tax code offers numerous federal and state credits and deductions aimed at fostering business growth, innovation, and sustainability. However, many companies fail to capitalize on these opportunities due to a lack of awareness or the belief that they are too complex.

 

CFO

Kroger is undergoing significant leadership changes, with the abrupt resignation of chief executive Rodney McMullen and multiple executive departures over the last six months. Interim CEO Ron Sargent is yet to set a timeline for naming a permanent leader. In total, the company has seen five top executives exit in just over a year, including chief financial officer Gary Millerchip, who left for Costco, and marketing officer Stuart Aitken, who is pursuing other opportunities. Joe Kelley has been promoted to senior vice president of retail divisions, replacing Kenny Kimball. The changes reflect the most significant executive turnover at Kroger since the COVID-19 pandemic.

 

Cincinnati Enquirer

Boston Scientific has announced the upcoming retirement of Dan Brennan as executive vice president and chief financial officer. He will be succeeded by Jon Monson, current senior vice president of investor relations.

 

Investing

The International Monetary Fund has said that the economic gains from artificial intelligence - global output is expected to be boosted by around 0.5% a year between 2025 and 2030 - will outweigh the costs of rising carbon emissions by the data centres that are needed to run AI models. "Despite challenges related to higher electricity prices and greenhouse gas emissions, the gains to global GDP from AI are likely to outweigh the cost of the additional emissions," the IMF said. "The social cost of these extra emissions is minor compared with the expected economic gains from AI, yet it still adds to the worrisome build-up of emissions," the group said in its report titled "Power Hungry: How AI Will Drive Energy Demand."

 

Reuters

The International Monetary Fund has significantly downgraded its growth forecasts for both the U.S. and global economies, citing the impact of President Donald Trump's tariffs. The IMF now predicts global growth will be just 2.8% this year, down from 3.3% in January, with U.S. growth expected to slow to 1.8%, a drop from 2.7%. Pierre-Olivier Gourinchas, the IMF's chief economist, observed: “We are entering a new era. This global economic system that has operated for the last eighty years is being reset.” The IMF has raised the odds of a U.S. recession from 25% to 37%, while economists at JPMorgan estimate a 60% chance. Inflation in the U.S. is projected to rise to about 3% by year-end, exacerbated by the tariffs. Meanwhile, China's growth is also expected to slow to 4% due to reduced demand from U.S. imports.

 

CNBC

Los Angeles Times

Washington Post

Wall Street Journal

President Donald Trump said on Tuesday that he has "no intention" of firing Federal Reserve Chair Jerome Powell, just a day after calling him a "major loser" and suggesting that he be removed from the post. Speaking at an event swearing in new SEC chair Paul Atkins, who previously served as a member of the agency during the George W. Bush presidency, Mr. Trump said: “I would like to see him (Powell) be a little more active in terms of his idea to lower interest rates. It is a perfect time to lower interest rates." The issue of how to respond to the Fed’s caution on cutting rates has appeared to create divisions within the Trump administration. Last week, Treasury Secretary Scott Bessent said Fed independence was a “jewel box that has got to be preserved.” Even if Mr. Trump doesn’t ultimately oust Mr. Powell, his efforts to discredit him could do lasting harm to an institution that has long sought to remain apolitical and technocratic, according to Peter Conti-Brown, a Fed historian at the University of Pennsylvania. He added: “The very integrity and buy-in on a bipartisan basis that the Federal Reserve is going to be a straight shooter is what gives the Fed its authority, its maneuverability.”

 

CNN

New York Times

Reuters

Wall Street Journal

The White House has confirmed that there are no immediate plans to revoke the tax-exempt status of climate-focused non-profits, despite rising concerns following President Donald Trump's comments in recent days about Harvard University's charitable status. A White House official said: "No such orders are being drafted or considered at this time." The White House did issue an Earth Day statement on Tuesday outlining steps the Trump administration said it is taking to protect the environment, including supporting carbon capture and storage technology, nuclear energy, and geothermal energy; expanding responsible logging and forest management; and ending the forced use of paper straws. The statement promoted Trump's tariffs on China as a way to reduce "reliance on China's high-pollution industries, ensuring the U.S. leads by example with cleaner production and responsible global stewardship."

 

US News and World Report

Reuters reports that the U.S. Department of Justice (DOJ) has backed away from a plan to break up its Washington-based tax division and send prosecutors to offices throughout the country. A new plan would house tax attorneys within the DOJ's civil and criminal divisions, otherwise keeping intact the unit which specializes in enforcing the tax code. The initial plan to send tax attorneys to U.S. attorneys' offices was part of a broader proposed shakeup at the DOJ. That proposal drew criticism from dozens of former tax officials, including Rod Rosenstein, the second in command at the DOJ during the first Trump administration. "If the goal is to increase efficiency and our return on investment, eliminating the Tax Division would be an epic failure," the officials wrote, saying that decentralizing the division would risk inconsistent application of tax law.

 

Reuters

U.S. oil and gas producer ConocoPhillips is set to implement layoffs as part of a major restructuring effort dubbed "Competitive Edge" following its $23bn acquisition of Marathon Oil. The company, which is advised by Boston Consulting Group, has begun reorganizing its operations and plans to streamline corporate and support functions, with job cuts expected in the fourth quarter, though the scale remains undecided. A ConocoPhillips spokesperson said: "We have informed employees that workforce reductions are anticipated."

 

Reuters

Intel is to unveil plans this week to cut more than 20% of its workforce in a move to streamline operations and reduce bureaucratic inefficiencies. The layoffs are part of a broader strategy to refocus on an engineering-driven culture.

 

Bloomberg

Tesla has reached a confidential settlement in a lawsuit filed by Raina Pierce, a former worker at its Fremont factory, who alleged racial harassment and discrimination. Pierce claimed her manager referred to the facility as “the plantation” and that she faced racial slurs from supervisors. The lawsuit, which highlighted systemic anti-Black racism at the California plant, was part of a broader pattern of legal actions against Tesla regarding workplace discrimination. Pierce's attorney, Hunter Pyle, confirmed the settlement followed court-ordered arbitration and mediation. Tesla continues to face multiple lawsuits alleging it has failed to adequately address racial harassment. California's Department of Fair Employment and Housing has also filed a suit against the company.

 

The Columbian