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USA
22nd July 2025
 
THE HOT STORY
PCAOB welcomes George Botic as acting chair
The SEC has appointed George Botic as the acting chair of the PCAOB, effective July 23rd, following Erica Williams' resignation. Mr. Botic, a CPA with extensive experience, previously directed the PCAOB's Division of Registration and Inspections. Experts like Steve Soter and Richard Chambers noted that the PCAOB's regulatory approach may shift under the new leadership, potentially leading to less aggressive oversight compared to Ms. Williams' tenure. Mr. Chambers remarked: "If you look back at the Sarbanes-Oxley Act, the governance structure over the PCAOB sort of ensured this kind of connection over the long term between the regulatory philosophy and the SEC."
C-SUITE
PwC hires NSA exec to lead cyber threat consulting division
PwC has hired the former executive director of national cyber security at the National Security Agency (NSA) as a partner and leader in its newly created Cyber, Data & Technology Risk division. Morgan Adamski has joined the Big Four firm as a partner and leader in the division after more than 15 years of federal service, most of which were spent in the National Security Agency (NSA). She leaves as the highest-ranking civilian and third in command at U.S. Cyber Command (USCYBERCOM).
KPMG U.S. appoints chief strategy officer
KPMG has named Phil Isom, previously head of the Big Four firm's global M&A practice and corporate finance practice, as chief strategy officer. He succeeds Talley Lambert. KPMG has also announced a raft of national managing partners and principals.
McKinsey alters leadership selection policy
McKinsey is changing the way it picks its leaders for the first time in years in an effort to circumvent the internal tensions and infighting that marked its past two elections. Its global managing partner will now be elected to a single six-year term, with a confirmation vote at the four-year mark on whether the leader should complete the full term. At present, the company's 750 senior partners vote to elect a firmwide leader every three years, and that person can stand for two terms. “This will strengthen the process for how my successor and hopefully future ones” are elected, explained current leader Bob Sternfels. “It’s a nod toward continuity and sets up a process where we have less of the big elections and more continuous leadership over a six-year period.” He added that the McKinsey board will be reduced from 30 members to 12.
Subway welcomes Burger King leader as CEO
Subway has appointed Jonathan Fitzpatrick, a former executive at Burger King, as its new chief executive, effective July 28th. Fitzpatrick, who previously served as president and CEO of Driven Brands, is the first CEO hired since Subway's acquisition by Roark Capital in 2024. The sandwich chain, founded in 1965, has faced declining sales against competitors like Jersey Mike's and Firehouse Subs. In response, Subway has attempted to modernize its offerings, including launching chef-developed sandwiches.
ECONOMY
Conference Board's Leading Economic Index declined last month
A report released by the Conference Board on Monday showed its reading on leading U.S. economic indicators fell by slightly more than expected in the month of June. Its Leading Economic Index declined 0.3% to 98.8 in June, a stronger fall than the 0.2% expected by a consensus of economists polled by the Wall Street Journal. The coincident economic index rose 0.3%, while the lagging economic index was unchanged. "For a second month in a row, the stock price rally was the main support of the LEI," said Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board. "But this was not enough to offset still very low consumer expectations, weak new orders in manufacturing, and a third consecutive month of rising initial claims for unemployment insurance."
WORKFORCE
Four-day workweek 'brings improvements in workers’ well-being'
A four-day working week could bring significant benefits to workers' mental and physical health while also improving performance, according to a new study by researchers in the U.S. and Ireland published in the journal Nature Human Behaviour. Income was not reduced as part of the six-month trials, which involved almost 3,000 employees working across 141 organizations based in Australia, Canada, Ireland, New Zealand, the U.K. and the U.S. Employees were given a reduction in their weekly working time of one to four hours, five to seven hours, or eight hours. “We see global trends (not just in high-income countries, but in many low- and middle-income countries) where workers are struggling with burnout, long work hours and little time for themselves and for their families,” said study author Wen Fan, associate professor of sociology at Boston College in the U.S., adding: “Our four-day work week is a potential way to reimagine how we can reconstruct the work arrangement in order for workers to benefit, and the societies to benefit as well.”
RISK
AI-powered FX tool launched by Citigroup and Ant International
Citigroup and Ant International have launched a pilot program that leverages artificial intelligence to assist clients in managing foreign exchange risk and reducing hedging costs, particularly in the aviation sector. Kelvin Li from Ant International highlighted that the pilot has already demonstrated a "30% hedging cost savings" for a major airline, showcasing the potential efficiency of AI-enabled FX hedging solutions.
SUPPLY CHAIN
Egg supplier Vital steps up growth push
Vital Farms, the leading U.S. brand of pasture-raised eggs, is investing heavily in its farmer network as it races to secure supply amid rising competition and looming tariffs. The Austin-based company has added 200 new farms since late 2023, offering up to $200,000 per farm in bonuses to help cover construction costs and secure long-term commitments. Chief executive Russell Diez-Canseco said the push is essential as rival buyers drive up demand and prices in the wake of an avian flu-induced shortage. The company, now partnered with 500 farms, aims to hit $1bn in sales by 2027, backed by increased production capacity and strategic facility expansions.
CORPORATE
Couche-Tard resumes share buyback
Alimentation Couche-Tard has announced the resumption of its share repurchase program, following the termination of its $46bn bid for Japan's Seven & i Holdings. The company plans to buy back up to 77.1m shares, valued at approximately $4.2bn, to enhance shareholder value. Couche-Tard's market capitalization stands at about $15.95bn. The decision to scrap the acquisition was made after Seven & i declined to engage constructively in negotiations, which would have marked Japan's largest foreign buyout. The buyback program is set to commence on July 23rd and will run until July 22nd 2026.
Avalara files for U.S. IPO
Avalara has filed for a U.S. IPO, indicating plans to trade on public markets again three years after being taken over by Vista Equity Partners in a deal valuing it at $8.4bn. Founded in 2004, Avalara runs a cloud-based software platform that helps companies with tax compliance. Its clients include Adidas, Crocs, and Reebok.
DEALS & TRANSACTIONS
Chevron acquires Hess after winning legal battle with ExxonMobil
Chevron has acquired Hess in a $53bn deal following the fulfilment of all necessary closing conditions. The development follows a favourable arbitration outcome regarding Hess’ offshore asset in Guyana. The acquisition introduces premier assets to Chevron’s portfolio, including the Guyana Stabroek Block and the US Bakken formation, Offshore Technology reports. Chevron chairman and CEO Mike Wirth said: “This merger of two great American companies . . . enhances and extends our growth profile well into the next decade, which we believe will drive greater long-term value to shareholders.” the Federal Trade Commission (FTC) also reversed its prior restriction, allowing John Hess to join Chevron’s Board of Directors, pending Board approval.
TAX
Tax law's $3.4tn deficit bombshell
President Donald Trump's new tax and spending law is projected to increase U.S. deficits by $3.4tn over the next decade, leaving millions without health care coverage, according to a report published Monday by the Congressional Budget Office (CBO). The law, signed on July 4th, permanently extends Mr. Trump's 2017 income-tax cuts and includes various tax breaks for businesses. The CBO's analysis indicates a $4.5tn drop in revenues and a $1.1tn reduction in spending through 2034. The law is expected to result in 10m Americans losing health insurance by 2034, with new Medicaid work requirements set to begin by the end of 2026. As inflation rises, low-income families may face increased economic hardship, exacerbated by the law's provisions. The Trump administration cites record tariff collections as a potential offset to the deficit.
INTERNATIONAL
Microsoft to stop using engineers in China for some tech support
Microsoft is to cease using China-based engineers to provide technical assistance to the U.S. military following a media report which prompted Senator Tom Cotton, an Arkansas Republican who chairs the chamber's intelligence committee and also serves on its armed services committee, to send a letter to Defense Secretary Pete Hegseth about the company's reported practices. The investigative journalism outlet ProPublica detailed Microsoft's use of Chinese engineers to work on U.S. military cloud computing systems under the supervision of U.S. "digital escorts" hired through subcontractors who have security clearances but often lacked the technical skills to assess whether the work of the Chinese engineers posed a cybersecurity threat, Reuters reports. Hegseth has  ordered a two-week review of Pentagon cloud deals. 
U.K. tax office unveils modernization plan
The U.K. tax office, His Majesty's Revenue & Customs (HMRC), has announced a new roadmap aimed at modernizing and automating the tax and customs system, while abandoning the Making Tax Digital (MTD) initiative for corporations. HMRC said: “HMRC will modernise services for Corporation Tax (CT), beginning with a renewal of internal systems for CT to provide the foundation for future improvements.” The shift is designed to better accommodate the diverse needs of the corporate sector, moving away from the previous MTD requirements that mandated digital record-keeping and quarterly submissions.
AND FINALLY...
San Francisco start-up claims to have cracked alchemy
San Francisco-based Marathon Fusion, a start-up focused on using nuclear fusion to generate power, says the process could be used to produce gold from mercury.
 

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