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U.S. energy industry trade groups are intensifying lobbying efforts to protect clean energy tax credits from cuts proposed in the Republican budget plan. The House Ways and Means Committee has suggested phasing out several subsidies linked to wind, solar, and hydrogen technologies under the Inflation Reduction Act. Heather O'Neill, chief executive of Advanced Energy United, said: "Without these credits, American families will be worse off." The group has launched a national ad campaign targeting lawmakers in key states, emphasizing the economic benefits of these investments. Meanwhile, hydrogen industry lobbyists are advocating for the preservation of the federal 45V tax credit, which they claim could support 60,000 jobs annually and contribute over $12bn to GDP.

 

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UnitedHealth chief executive Andrew Witty has resigned for personal reasons, leading to the appointment of Stephen Hemsley as the new CEO, effective immediately. Mr. Hemsley previously held the CEO position from 2006 to 2017 and will continue in his current role as chair of the board. UnitedHealth also said it is suspending the reduced 2025 earnings outlook that it issued April 17th, as “care activity continued to accelerate while also broadening to more types of benefit offerings than seen in the first quarter” and the medical costs of new enrollees in the company’s Medicare plans remained higher than expected. The company said it expects to return to growth in 2026.

 

CNN

Financial Times

The Globe and Mail

Wall Street Journal

SAP has revised its diversity and inclusion targets, ceasing the aspirational goal of 40% women in the workforce. The company has replaced the 'Women in Executive Roles' KPI with the Business Health Culture Index (BHCI), which offers a comprehensive view of employee experience. SAP explained: “We are adjusting demographic targets to meet regulatory requirements,” as the Germany-headquartered software company highlighted its commitment to adapt to external changes, particularly in the U.S. The firm aims for a BHCI score of 80% to 82% by 2025 and plans to unify its diversity and inclusion office with corporate social responsibility to enhance its impact. Since 2012, SAP has tracked the share of women in its workforce, previously having achieved a goal of 35% by 2022.

 

The Times of India

The U.S. Consumer Financial Protection Bureau (CFPB) is proposing to eliminate a registry that tracks nonbank corporate offenders, which was established under the Biden administration to monitor companies violating consumer laws. Acting Director Russell Vought expressed concerns that the compliance costs for businesses may outweigh the "speculative and unquantified benefits" of the registry. The CFPB is currently seeking public feedback on this proposed cancellation, marking a significant shift in the agency's approach under the Trump administration.

 

Reuters

A statement from the Bank for International Settlements (BIS) revealed on Monday that global banking regulators are intensifying their focus on the financial risks posed by climate change, despite pushback from the United States. The Basel Committee on Banking Supervision has agreed to publish a voluntary disclosure framework for climate-related financial risks, aiming to influence national rulemaking. While European regulators, particularly the European Central Bank, are prioritizing climate risk management, the U.S. has scaled back its efforts.

 

Reuters

The House Ways and Means Committee held a hearing on Tuesday to discuss the so-called "One Big Beautiful Bill," which aims to extend provisions from the Tax Cuts and Jobs Act while introducing new tax breaks for various income types. Committee chair Jason Smith (R-MO) emphasized that the bill fulfills President Donald Trump's promise of "historic tax relief to working families." However, Democrats, led by Ranking Member Richard Neal (D-MA), criticized the bill for potentially worsening inequality and increasing the deficit. Key provisions include making certain tax cuts permanent, increasing the state and local tax deduction cap, and eliminating taxes on tips and overtime pay. The bill is expected to undergo changes in the Senate.

 

Accounting Today

Hundreds of Starbucks employees at more than 50 U.S. outlets have walked off the job since Sunday to protest the company's new dress code, according to Starbucks Workers United, which represents baristas at about 570 of the chain's more-than 10,000 company operated locations. The coffee chain on Monday implemented a new dress code that requires baristas to wear solid black tops, a change from prior practice that allowed any color, among other changes. Baristas argue that the dress code won’t improve operations or make their jobs easier, union delegate Michelle Eisen said in a statement from Workers United. “This policy change puts the burden on baristas, many of whom are already struggling to get by, to buy new clothes or risk being disciplined,” she said. The company has said it would provide two Starbucks-branded shirts free of charge but couldn’t guarantee they would arrive by May 12th, when the new dress code went into effect.

 

Bloomberg

CSX Corporation has announced a tentative five-year contract agreement with the Brotherhood of Locomotive Engineers and Trainmen (BLET), covering approximately 3,400 locomotive engineers. The deal includes competitive pay, improved healthcare, and changes to work rules aimed at enhancing job predictability and quality of life, according to CEO Joe Hinrichs. While the agreement still requires ratification by union members, CSX has already secured contracts for 54% of its unionized workforce, with ongoing negotiations for the remaining groups.

 

Reuters

Microsoft is laying off about 6,000 people, or 3% of its workforce, across all levels, teams and geographies. “We continue to implement organizational changes necessary to best position the company for success in a dynamic marketplace,” a Microsoft spokesperson told CNBC. One objective is to reduce layers of management, the spokesperson said.

 

CNBC

The Trump administration has warned companies around the world that using artificial intelligence chips made by Huawei could trigger criminal penalties for violating U.S. export controls.

 

Financial Times

Hudson's Bay Co. is set to decide on buyers for its assets and store leases by early to mid-June, said Ashley Taylor of Stikeman Elliott LLP during a court appearance on Tuesday. The retailer has received 17 bids for its operations, including intellectual property and customer databases. Additionally, 12 parties have submitted bids for 39 store leases, indicating a potential interest in reviving retail operations. As of now, 90% of the inventory has been sent to stores, with liquidation sales expected to conclude by June 1st. These sales have generated over C$129.5m ($93m) in receipts, exceeding previous forecasts. Jennifer Bewley, Hudson's Bay's chief financial officer, noted that the sales have “generated cash in excess of the applicants' operating needs.” The company, burdened by C$1.1bn in debt, was granted court protection under the Companies' Creditors Arrangement Act on March 7th.

 

The Globe and Mail

At the Saudi-U.S. Investment Forum, BlackRock chief executive Larry Fink observed that approximately $23tn is currently held in cash by investors due to ongoing uncertainties surrounding the U.S. economy and its deficits. He said: "When there is uncertainty, you are going to keep more and more money in cash," as he highlighted cautious sentiment among global investors. Despite the volatility, Fink noted that many investors remain overweight on U.S. assets, although there is a growing interest in markets including Europe, the Gulf region, India, and Japan.

 

Reuters

U.S. small-business confidence fell for a fourth straight month in April, the National Federation of Independent Business (NFIB) said on Tuesday, with the share of owners reporting job openings declining to the lowest level in more than four years. The business group's Small Business Optimism Index dropped 1.6 points to 95.8, the second straight month of a reading below the 51-year average of 98. The NFIB's Uncertainty Index eased 4 points to 92 last month. Additionally, 34% of small business owners reported job openings they could not fill, down 6 points from March. The share of small business owners expecting better business conditions fell 6 points to 15%. "This component, along with unfilled job openings, contributed the greatest to the Optimism Index's decline," said NFIB Chief Economist Bill Dunkelberg.

 

The Hill

Bloomberg

Reuters

The world's first commercial-scale e-methanol plant has commenced operations in Denmark. The new plant, which is in Kasso in southern Denmark, cost an estimated €150m ($167m) and will produce 42,000 metric tons, or 53m liters, of e-methanol annually, according to its joint owners Denmark's European Energy and Japan's Mitsui. Shipping giant Maersk is a customer and will buy part of the production as a low-emission fuel for its fleet of container ships. Annual production at the plant is enough to power one large 16,000 container vessel sailing between Asia and Europe. "Production from Kasso . . . is of course just a literal drop in the ocean, so we need to scale up and we need to bring costs down," observed Emil Vikjar-Andresen, head of European Energy's Danish Power-to-X team.

 

Reuters