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Google's Threat Intelligence Group has warned that a hacking group has been impersonating IT personnel to break into companies’ Salesforce tools, using the access for data theft and extortion. The hackers use voice calls to trick employees into visiting a purported Salesforce connected app setup page and unwittingly install a modified version of Salesforce's Data Loader tool. Technical infrastructure linked to the campaign shares characteristics with suspected ties to the loosely organized ecosystem known as “The Com,” known for small, disparate groups engaging in cybercriminal and sometimes violent activity. A Salesforce spokesperson said “there’s no indication the issue described stems from any vulnerability inherent in our platform.” The spokesperson said the voice calls used to trick employees “are targeted social engineering scams designed to exploit gaps in individual users’ cybersecurity awareness and best practices.”

 

Bloomberg

Reuters

A study conducted by Wakefield Research on behalf of Coupa, a provider of an artificial intelligence-driven spend-management platform, found that 40% of finance chiefs and other finance chiefs in the U.S. see AI as a top growth strategy for 2025. Thirty-nine percent said M&A activity is their main focus, with 38% citing an expanded workforce, and 37% broadening their product offerings. Coupa reported that growth “remains a priority, but with a sharper focus on efficiency, consolidation and long-term scalability rather than unchecked expansion.” Finance leaders “are not ignoring risks, but rather positioning their organizations for sustainable growth in an unpredictable world.”

 

CFO

Starbucks has named its North America chief coffeehouse officer Mike Grams to chief operating officer. In addition to leading the company's cafés in North America, Mr. Grams will now oversee global coffeehouse development and supply chain operations, chief executive Brian Niccol said in a statement.

 

Reuters

Wall Street Journal

President Donald Trump's tariff plan would reduce deficits by $2.8trn over 10 years, but could also shrink the economy and increase inflation. According to the Congressional Budget Office (CBO), the tariffs could raise the average annual inflation rate by 0.4% in 2025 and 2026, leading to reduced purchasing power for households. The CBO's analysis indicates that while the tariffs could cut deficits, they would also decrease household wealth and GDP by 0.06 percentage points annually. Recent court rulings have allowed the tariffs to remain in effect, despite challenges. Mr. Trump's recent announcements include increasing tariffs on steel and aluminum imports to 50%, which could further impact consumer prices.

 

AP News

Des Moines Register

The Hill

Reuters

A new report from the Federal Reserve suggests that economic activity declined slightly in the U.S. over the last several weeks, indicating tariffs and elevated concerns are rippling across the economy. The latest Beige Book compilation of anecdotes from businesses across the Fed's 12 member districts, published Wednesday, stated that they all "reported elevated levels of economic and policy uncertainty, which have led to hesitancy and a cautious approach to business and household decisions." Hiring was “little changed” across most of the Fed’s 12 districts, with seven describing employment as “flat” amid widespread growth in applicants and lower turnover rates. Prices increased at a “moderate” pace, with a few districts describing the increases as "strong, significant, or substantial." Regionally, Boston, New York and Philadelphia all reported declining economic activity, while Richmond, Atlanta and Chicago were among the districts reporting better growth.

 

Bloomberg

CNBC

Canadian firms and labour leaders are warning that the doubling of U.S. tariffs on Canadian steel and aluminum from 25% to 50% will trigger immediate job losses and disrupt sales. The hike affects Canada as the top exporter of both metals to the U.S. It supplies more aluminum than the next ten countries combined. Unifor President Lana Payne stressed that the steel industry will feel an immediate impact, with ripple effects expected in the auto and aerospace sectors. Hundreds of steelworkers have already lost their jobs since initial tariffs began. Tim Houtsma, CEO of Marid Industries, said U.S. sales are no longer viable, forcing companies to cut costs. The Aluminium Association of Canada, which includes Rio Tinto, indicated members may pivot to European markets. Prime Minister Mark Carney confirmed Canada is preparing retaliatory measures if ongoing U.S. negotiations fail.

 

Reuters

Texas has removed New York asset manager BlackRock from a list of companies that were seen to be boycotting the energy industry. Texas Comptroller Glenn Hegar said the decision reflected the firm's retreats from industry climate groups such as the Net Zero Asset Managers initiative. Hegar also observed that BlackRock has lowered its support for shareholder environmental resolutions and backed a new Texas Stock Exchange. BlackRock "has acknowledged the real social and economic costs, both here in Texas and globally, that come from limiting investment in the oil and gas industry," Hegar said.

 

Reuters

Meta has entered a 20-year agreement with Constellation Energy to enhance the output of an Illinois nuclear plant, addressing the rising energy demands of artificial intelligence and computing. The deal, effective from June 2027, will increase the Clinton Clean Energy Center's capacity by 30 megawatts, preserving 1,100 jobs and generating $13.5m in annual tax revenue. Urvi Parekh, Meta's head of global energy, said: "Securing clean, reliable energy is necessary to continue advancing our AI ambitions." The partnership is indicative of a growing trend of tech companies collaborating with nuclear energy providers to meet their power needs, as seen with similar investments from Amazon and Google.

 

Wall Street Journal

The recent notice from the Treasury Department and the IRS provides interim guidance on the corporate alternative minimum tax (CAMT), aimed at easing compliance burdens for applicable corporations. The guidance introduces an optional simplified method for determining applicable corporation status, reducing thresholds from $1bn to $800m and from $100m to $80m. This change is part of the broader effort to clarify the CAMT regulations, which were amended by the Inflation Reduction Act of 2022.

 

Tax Notes

Apple has filed a legal challenge against a European Union order requiring the company to open its ecosystem to competitors like Meta and Google, arguing that the demands are "unreasonable" and hinder innovation. The EU's Digital Markets Act mandates that Apple provide access to its technology for rival smartphone and device manufacturers, which Apple claims poses significant privacy and security risks to its users. The legal dispute is expected to be lengthy, but until resolved, Apple must comply with the EU's interoperability requirements.

 

Reuters

The Wall Street Journal reports that some big clients decided to take their business elsewhere after several law firms struck deals to avoid punitive White House executive orders. The capitulating firms, which include some of the industry’s largest and best-known, agreed to provide about $1bn in pro bono work. Some clients, including financial services provider Morgan Stanley, technology corporation Oracle, and others in the airline and pharmaceutical industries, are planning or are already giving more work to those firms that have been targeted by Trump or his administration but did not relent, according to general counsels. The Journal says Microsoft had also expressed skepticism about working with a law firm that came to a deal with the Trump administration. General counsels doubt whether they could trust a firm to negotiate deals and win their own cases in court if they did not resist demands from Trump, the report says.

 

Law

NJ.com

Wall Street Journal

Roark Capital has acquired Dave's Hot Chicken in a $1bn deal. Dave's chief executive Bill Phelps said: “This is one of the great entrepreneurial journeys of our time, and now we begin the next chapter in the story.” The chain, which has opened over 400 locations since its inception in 2017, plans to expand with 155 new franchises by 2025. Roark Capital, known for owning Subway and other popular brands, aims to unlock growth and value for franchise partners through this acquisition.

 

USA Today

Al.com

CNBC

Los Angeles Times

The private equity wave in the accounting sector is nearing its initial term end, prompting firms to evaluate their future. PE investments have significantly boosted profitability, offering aging partners lucrative exit options. Koltin Consulting Group chief executive Allan Koltin remarked, "They'll go down in the history books as grand-slam home runs," highlighting the rapid success of these investments. Notable transactions include Citrin Cooperman's shift from New Mountain Capital to Blackstone, marking a historic transfer of ownership. While PE brings growth opportunities, concerns about cultural impacts and potential debt burdens persist. Tim Brackney, CEO of Springline Advisory, noted the need for firms to maintain their identity amidst these changes, saying:  "The soul of any company is the culture." As PE continues to reshape the market, firms must navigate the balance between growth and preserving their core values.

 

Accounting Today

20,000 Volkswagen employees have voluntarily resigned as part of a joint agreement with unions, according to the German newspaper Bild. The initiative, known as Zukunft Volkswagen (Future Volkswagen), aims to reduce the workforce by 35,000 jobs in Germany by 2030. The resignations are linked to a deal that includes seniority-based incentives of up to €400,000. "The first measures of our 'Future Volkswagen' are taking shape, and we are on course," said personnel manager Gunnar Kilian. "With measurable progress in factory costs in Wolfsburg, and job cuts in accordance with social contracts at Volkswagen's six German locations, we are speeding up our transformation."

 

ANSA.it

Reuters

Long queues and midnight store openings have marked the global launch of Nintendo’s Switch 2, a console upgrade that analysts see as a catalyst for the next wave of video game industry growth. In the Ikebukuro shopping district of Tokyo, dozens of successful applicants to a sales lottery by electronics retailer Bic Camera lined up before the store opened to collect their devices. The console is selling for $449 in the US, while in Japan it is selling two different versions: a ¥69,980 ($486) multi-language and region-lock-free model, and a version for ¥49,980 that displays only Japanese text and must be linked to a Nintendo account registered in Japan. Nintendo last month forecast sales of 15m Switch 2 units during the current financial year, as well as 4.5m Switch units. President Shuntaro Furukawa said the company will strengthen production capacity to respond to strong demand and focus on sales promotion in an effort to exceed the forecast.

 

Bloomberg

Financial Times

The Japan Times

Reuters