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The House Judiciary Committee has decided against a proposal to strip the Federal Trade Commission (FTC) of its antitrust authority, reversing an earlier decision made by its Republican leadership. The proposal, which would have transferred the FTC's responsibilities to the U.S. Department of Justice, faced criticism for potentially undermining the FTC's ability to address unfair competition, particularly in ongoing cases against major companies like Amazon and Meta. FTC Chairman Andrew Ferguson emphasized the importance of the agency's role in investigating potential collusion among companies regarding content moderation policies.

 

Reuters

Tesla's board chair, Robyn Denholm, has refuted a Wall Street Journal report claiming that the board sought executive search firms to find a replacement for chief executive Elon Musk, saying that the report is "absolutely false." Denholm expressed the board's confidence in Musk's leadership, especially as he plans to dedicate more time to Tesla amid concerns over declining sales and his involvement in the Trump administration. The board is reportedly considering adding an independent director after some investors raised concerns about the board's independence and Musk's influence.

 

Financial Times

Reuters

The Guardian

Automatic Data Processing announced on an earnings call Wednesday that its treasurer, Peter Hadley, will take over Don McGuire as chief financial officer, effective July 1st. Chief executive Maria Black sought to emphasize the smooth transition, referencing the company’s “orderly succession planning” as she welcomed the new CFO and thanked Mr. McGuire for his work. In the third quarter ended March 31st, net earnings rose to $1.24bn, from $1.18bn a year earlier.

 

CFO Dive

John Woods, Vice Chair and Chief Financial Officer of Citizens Financial Group, will depart in August after over eight years with the bank. He is set to join State Street as their finance chief, succeeding Mark Keating.

 

Reuters

Swiss Re has projected that insured losses from natural disasters could reach $145bn in 2025, marking a nearly 6% increase from 2024. This figure is significantly above long-term averages and follows a record $137bn in losses last year. The report highlights the wildfires in Los Angeles as a major contributor, with losses estimated at $40bn. Swiss Re noted: "Underlying risk is increasing with economic and population growth as well as urban sprawl, including in areas vulnerable to natural catastrophes."

 

The I

The I

The U.S. economy contracted by 0.3% in the first three months of 2025, marking its first decline in three years, driven primarily by a surge in imports, as businesses rushed to bring in foreign goods ahead of President Donald Trump's impending tariffs. Net exports subtracted nearly five percentage points from headline GDP. That was the biggest quarterly drag from net exports on record dating back to 1947. The growth rate fell sharply from 2.4% in the previous quarter. Consumer spending increased 1.8%, the smallest increase since mid-2023. Mr. Trump attributed the economy's performance to Joe Biden, his predecessor in the Oval Office.  He commented: "This is Biden’s stock market, not Trump’s," he said. "Our country will boom, but we have to get rid of the Biden 'overhang.' This will take a while, has nothing to do with tariffs, only that he left us with bad numbers, but when the boom begins, it will be like no other. Be patient!!"

 

Fox News

Reuters

US News and World Report

Wall Street Journal

The National Association of Realtors' pending home sales index surged by 6.1 points in March, to 76.5, well above the 0.3 point decline expected among economists. The increase is the largest since December 2023. In the South, it rose 9.8 points, and was up by 4.9  and 4.8 respectively in the Midwest and West. In the Northeast it dropped 0.5 points. "While contract signings are not a guarantee of eventual closings, the solid rise in pending home sales implies a sizable build-up of potential home buyers, fueled by ongoing job growth," said NAR chief economist Lawrence Yun.

 

Nasdaq

Reuters

Walmart, Target, Amazon and other American retail giants are attempting to keep prices low on everyday household products amid rising tariffs by pressuring suppliers to absorb cost increases, dropping free perks from corporate offices, pausing some shipments of goods from China, and leaning on imported inventory. The average price of some 10,000 everyday household products sold online by these retailers is effectively flat since April 2nd. However, the chief executives of Walmart, Target, and Home Depot met with President Donald Trump last week, warning him that higher prices would be difficult to avoid and that certain products could become scarce if retailers decide not to sell them to avoid tariff costs. The success of these retailers has come partly due to efforts to import more items ahead of some tariff increases.

 

Wall Street Journal

A federal judge ruled on Wednesday that Apple must loosen its grip on its App Store and stop collecting a commission on some app sales, and has referred the matter to federal prosecutors for a criminal contempt investigation. “Apple willfully chose not to comply with this court’s injunction”, Judge Yvonne Gonzalez Rogers said in a ruling late Wednesday that singled out chief executive Tim Cook and alleged that another company executive lied under oath. “It did so with the express intent to create new anticompetitive barriers”. The order came in a case between Apple and "Fortnite" developer Epic Games, which accused the Cupertino firm of monopolistic behavior. “We’ve been fighting Apple for a long time”, said Epic CEO Tim Sweeney. “It’s a huge victory for developers”. On Wednesday, the judge ordered the company to allow developers to steer users to alternate methods of paying for services or subscriptions offered in the App Store. Apple also can no longer impose fees in such scenarios or restrict the ability of software makers to offer links or otherwise communicate alternate payment options with consumers.

 

CNN

New York Times

Reuters

Wall Street Journal

House Republicans from high-tax states are in conflict with party leaders regarding the $10,000 cap on the state and local tax (SALT) deduction. During a recent meeting, pro-SALT Republicans, including Reps. Nick LaLota (R-NY), Mike Lawler (R-NY), and Andrew Garbarino (R-NY), expressed their dissatisfaction with the current proposals. Mr. LaLota said “There needs to be a fixed result or there won't be a bill,” emphasizing the urgency of reaching an agreement. The lawmakers discussed a potential $25,000 SALT cap for individuals, but no formal offer was made. The ongoing negotiations are critical as the GOP aims to pass a multi-trillion-dollar tax cut package while keeping revenue losses within a $4.5tn limit. The SALT issue remains a significant hurdle for the House GOP as they navigate their legislative agenda.

 

Bloomberg Tax

Alimentation Couche-Tard has taken a significant step forward in its bid to buy Japan's Seven & i Holdings, after the 7-Eleven owner granted it access to the kinds of financial information it had been pushing for. The Canadian firm has signed a non-disclosure agreement with the convenience store chain to “progress transaction discussions, facilitate due diligence, and collaborate on plans to engage with regulators”. The agreement includes a "standstill" clause to prevent a hostile offer being made while data is being shared. “We appreciate the special committee of Seven & i engaging in substantive discussions regarding our proposal and providing access to diligence”, Couche-Tard chief executive Alex Miller said in a statement.

 

Bloomberg

Financial Times

The Japan Times

Reuters

Corporate America's commitment to diversity, equity, and inclusion (DEI) has significantly waned, particularly following the Trump administration's push against such initiatives. According to an analysis by the Washington Post, S&P 500 companies mentioned DEI only four times in their 10-K filings in 2024, a stark decline from an average of nine mentions in 2020. Andrew Jones, principal researcher at The Conference Board Governance and Sustainability Center, noted: "The number one way that companies have responded to DEI scrutiny and backlash is adjusting language." The shift has led many corporations to abandon traditional DEI terminology in favour of more neutral terms like "belonging." The Supreme Court's decision to strike down affirmative action in college admissions has intensified this trend, prompting companies to rebrand their DEI efforts to avoid legal and political backlash.

 

Washington Post

The PCAOB has released new downloadable datasets related to its inspection reports, which were previously only available in PDF format. PCAOB chair Erica Williams said: "With the release of these downloadable datasets, we are continuing our efforts to drive audit quality by increasing transparency." The datasets include information from Part I.A and Part I.B of inspection reports, covering deficiencies and noncompliance with PCAOB standards. The data spans back to 2018 for annually-inspected firms and 2019 for triennially-inspected firms, with updates planned on a quarterly basis. This initiative aims to enhance accessibility and transparency in audit quality.

 

Accounting Today

Gary Cohn, former adviser to Donald Trump and current vice chair of IBM, warns that holiday shoppers may face significant price increases due to tariffs. He said: “The vast majority of small business toy stores cannot order toys today because they cannot afford the 145% tariff.” The situation is reportedly causing many small businesses to reconsider their inventory orders, potentially leading to closures. As the U.S. economy shows signs of slowing growth, with expectations of a drop to a 0.8% annual rate, consumer sentiment is also declining due to tariff-related uncertainties. This week's employment report is anticipated to reveal a slowdown in hiring, further complicating the economic outlook.

 

NJ.com

The Federal Communications Commission (FCC) is set to vote on May 22 to implement a rule that would prohibit Chinese laboratories deemed a national security risk from testing electronic devices for use in the U.S. FCC Chair Brendan Carr stated that this measure aims to close potential security loopholes by ensuring that only trustworthy labs are involved in the testing process. The proposed rule follows previous bans on telecommunications equipment from companies like Huawei and ZTE, and it may expand to include all labs in China and other foreign adversaries, while also requiring disclosure of licenses for entities with significant ties to these countries.

 

Reuters