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Finance leaders have a unique chance to improve liquidity and reduce tax burdens with the new One Big Beautiful Bill Act. This legislation reinstates immediate expensing for domestic R&D costs starting in 2025, reversing the previous requirement to spread deductions over several years. Todd Sutherland, a partner at UHY, emphasizes that this change allows businesses to align tax treatment with innovation funding realities, saying: "These reforms provide finance leaders with a timely opportunity to enhance liquidity." Additionally, small businesses can amend past returns to deduct previously amortized R&D costs, potentially unlocking significant cash flow. CFOs and tax executives are urged to act swiftly and strategically to leverage these new opportunities for growth and innovation.

 

CFO

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Nestlé chair Paul Bulcke has stepped down weeks after firing chief executive Laurent Freixe for failing to disclose a romantic relationship with a subordinate. The decision comes after shareholders criticized his handling of the situation. He will be replaced by vice chair Pablo Isla on October 1st, some six months earlier than he had originally been due to succeed Mr Bulcke.

 

Euronews

Financial Times

Reuters

Ben & Jerry’s co-founder Jerry Greenfield has quit the ice cream brand he launched almost half a century ago, saying the Vermont-based company has lost its independence since Unilever put a stop to its social activism. Ben Cohen, who started the company with Mr Greenfield, shared a statement from him that said quitting was “one of the hardest and most painful decisions” he’d ever made. “Standing up for the values of justice, equity, and our shared humanity has never been more important, and yet Ben & Jerry’s has been silenced, sidelined for fear of upsetting those in power", he said in the statement. “And it’s happening at a time when our country’s current administration is attacking civil rights, voting rights of immigrants, women, and the LGBTQ community." A spokesperson for The Magnum Ice Cream Company, the Unilever subsidiary which controls Ben & Jerry's, said on Wednesday that it disagreed “with Jerry’s perspective and (has) sought to engage both co-founders in constructive conversation.”

 

CNN

BBC News

Financial Times

The Guardian

International investors who are pushing companies to do more on longer-term sustainability issues have cautiously welcomed a call by Donald Trump to ditch quarterly corporate reporting. "Responsible investment people have never been advocates of quarterly reporting, since it tends to encourage a greater focus on trading and less on good ownership," observed David Pitt-Watson, corporate governance expert and Fellow at Cambridge University's Judge Business School. "We want companies to consider the material impact of their strategies on a long-term view and plan accordingly to mitigate any sustainability-related risks, so if moving away from quarterly reporting can help achieve this without impacting transparency and disclosure then it could be positive," said Nick Duncan, Sustainable Investment director at investor Aberdeen.

 

Reuters

President Donald Trump has agreed to appoint an emergency board to review the dispute between the Long Island Rail Road and the unions that represent its employees, according to an executive order released by the White House. A White House spokesperson said Trump had acted at the unions' request "to bring both sides back to the negotiating table and prevent a strike that could have crippled the New York City area and disrupted the upcoming Ryder Cup on Long Island."

 

Reuters

U.S. retail sales increased by 0.6% in August compared to July, and by 5% on an annual basis, driven by back-to-school purchases. The Commerce Department's report indicated that spending rebounded after two months of declines. Excluding auto sales, retail sales rose by 0.7%. Electronics and appliance stores saw a 0.3% increase, while online retailers experienced a 2% rise. President Donald Trump's tariffs are impacting the job market and causing price hikes, yet consumers continue to spend. Clothing store sales advanced 1%, while receipts at sporting goods, hobby, musical instrument and book stores increased 0.8%. Food and beverage stores sales rose 0.3%, while online sales grew 2%. Sales at food services and drinking places, the only services component in the report, increased 0.7% after slipping 0.1% in July. "The American consumer appears to be in good spirits. That’s good news for the economy, but it may heighten debate over how aggressively the Fed needs to cut rates," said Ellen Zentner, chief economic strategist at Morgan Stanley Wealth Management. "The Fed's main concern right now is a softening labor market, but more data like this could convince the committee that it can proceed cautiously on rates."

 

Bloomberg

Reuters

US News and World Report

Data from the Federal Reserve published on Tuesday reveals that U.S. industrial production rose just 0.1% in August, reflecting a modest gain in manufacturing activity and a decline in utilities. Manufacturing output, which accounts for three-fourths of total industrial production, rose a better-than-expected 0.2% Excluding autos, factory production ticked up 0.1%. Mining and energy extraction climbed 0.9%, while output at utilities dropped 2%. Relatedly, the Commerce Department reported that business inventories rose 0.2% in July from June, and 1.5% on the year. Retail inventories increased 0.2% in July as estimated in an advance report published last month. They gained 0.2% in June. Motor vehicle inventories rose 0.5%, rather than 0.3% as previously reported. They advanced 0.9% in June. Retail inventories excluding autos, which go into the calculation of GDP, edged up 0.1% as initially reported. Wholesale inventories rose 0.1% in July, while stocks at manufacturers increased 0.3%.

 

Bloomberg

Nasdaq

Reuters

Import prices in the U.S. rose unexpectedly last month by 0.3%, driven by nonfuel imports, Labor Department data showed Tuesday. Economists polled by the Wall Street Journal had instead expected prices to fall 0.2%. Import prices exclude duties, such as tariffs imposed on imports by the Trump administration, as well as transportation costs.

 

Wall Street Journal

Performance Food Group and US Foods have agreed to share information and evaluate regulatory considerations related to a potential merger. Illinois-based US Foods approached its food distribution rival, which has a market capitalization of $16.3bn, this summer with a request for information, arguing that a combination would bring together the best of both companies, resulting in more growth opportunities, complementary geographic reach and operational efficiencies. US Foods, which is valued at around $18bn, said on Tuesday it was "pleased with PFG's decision" to engage.

 

Bloomberg

Reuters

Wall Street Journal

TikTok's American operations may be acquired by a consortium including Oracle, Andreessen Horowitz, and Silver Lake Management. The tentative agreement, discussed by President Donald Trump and Chinese President Xi Jinping, aims to create a U.S.-based version of TikTok. Under the deal, ByteDance's stake would drop below 20% to comply with U.S. national security laws. Treasury Secretary Scott Bessent said: "This deal wouldn't be done without proper safeguards for U.S. national security." The deadline for ByteDance to divest has been extended to December 16th, allowing TikTok to continue operating in the U.S.

 

Bloomberg

CNBC

Wall Street Journal

KPMG dismissed financial warning signs at Silicon Valley Bank and two other regional banks before they collapsed in 2023, according to a report from a Senate Homeland Security and Governmental Affairs subcommittee. The Big Four firm issued clean audit reports for Silicon Valley Bank, Signature Bank, and First Republic Bank in the weeks before the lenders failed as rising interest rates slashed the value of capital the banks had available to cover steep customer withdrawals. The report found that KPMG failed to take a wider view of which threats could impact the banks' financial statements. It recommends a slate of proposals to ensure the audit industry responds to market and governance risks, including requiring companies to periodically hire a new auditor. In response, KPMG described the report as "misguided and erroneous," adding it adhered to U.S. audit standards and stood by its audit opinions.

 

Bloomberg Tax

Insurers have lost a London High Court bid to appeal against a judgment that hands aircraft lessors $1bn-plus from their war risks insurance policies to cover the loss of jets stuck in Russia since the invasion of Ukraine. Reuters notes that the lawsuit has become a bellwether for similar cases fought in other jurisdictions, including the United States. Lessors AerCap, Dubai Aerospace Enterprise, Merx Aviation, KDAC Aviation Finance, Falcon and Genesis had led the claims against insurers including AIG, Lloyd's, Chubb, Swiss Re and HDI Global Specialty.

 

Reuters

PwC U.K.’s revenue growth flattened this year as the Big Four accounting firm acknowledged “tough” job cuts amid a marked slowdown from the buoyant expansion of the past three years. Revenues hit £6.35bn ($8.66bn), from £6.33bn in the year prior, with consulting contributing £1.98bn and its tax unit rising about 6% to £1.22bn. Overall profits rose from £1.14bn to £1.37bn. U.K. partners took home average pay of £865,000.

 

Bloomberg

Financial Times

LA28 has officially named Starbucks as the coffee partner for the 2028 Olympics and Paralympics, marking the brand's first entry into the Olympic arena. Starbucks will provide specially designed coffeehouses in various venues, including the Olympic village and competition sites. Tressie Lieberman, executive vice president and global chief brand officer of Starbucks, said: “Starbucks is proud to bring connection, culture, community and incredible coffee to the world stage.” The partnership adds to LA28's growing list of sponsors, which includes Honda, Delta, and Comcast, as it aims to cover $2.5bn of the Games' estimated $7.1bn budget. LA28 chair Casey Wasserman emphasized the significance of this collaboration, saying: “This is our chance to co-create a Games that will resonate for generations to come.”

 

Los Angeles Times