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Accounting firms are increasingly targeted by cybercriminals, with a significant shift from ransomware to data exfiltration, which is now involved in 91% of ransomware attacks, according to BlackFog. This double extortion scheme poses serious risks, as attackers can sell stolen data on the dark web, even if firms restore their files. The rise of remote work has expanded the attack surface, making sensitive data more accessible to criminals. To combat these threats, firms must adopt a prevention-first mindset, limiting access to sensitive information and securing devices used by remote employees. Authentication and monitoring controls should evolve to track login behavior and flag anomalies. Research from L Squared indicates that accounting firms face a 30 to 60% chance of a cyber event by 2025, emphasizing the need for proactive measures to protect client trust and ensure compliance with regulations.

 

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Salesforce has committed to investing $15bn in San Francisco over the next five years to accelerate the adoption of AI technology, as the company enhances its competitive stance against major players including Microsoft and Oracle. CEO Marc Benioff said that the investment reflects Salesforce's "deep commitment to our hometown." The announcement precedes the company's Dreamforce conference, which is expected to attract around 50,000 attendees and generate substantial local revenue.

 

Reuters

Tariffs, inflation and other threats such as eroding central-bank independence are all clouding the world economic outlook, the International Monetary Fund (IMF) said in its latest global outlook on Tuesday. The global economy is projected to grow by 3.2% this year, down from 3.3% last year.  Growth is projected to fall to 3.1% in 2026, as the protectionist measures being adopted in the United States and around the world take hold. The U.S. economy, meanwhile, is seen growing 2% this year and 2.1% in 2026, marginally up from what the fund predicted in July. “The United States negotiated trade deals with various countries and provided multiple exemptions,” IMF chief economist Pierre-Olivier Gourinchas wrote in a blog post, adding that most countries had also refrained from retaliating by raising tariffs on U.S. goods. Businesses also adapted quickly by boosting imports ahead of tariff increases and “re-routing” their supply chains.

 

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Federal Reserve Chair Jerome Powell left the central bank on track to reduce interest rates again at its meeting later this month by highlighting weakness in the job market despite lingering concerns over sticky inflation. In an address to the National Association for Business Economics conference in Philadelphia, he said the central bank is trying to balance against two risks that could call for competing policy steps, adding that cutting rates too quickly could “leave the inflation job unfinished,” but moving too slowly to reduce borrowing costs could spur “painful losses in the employment market.” Investors expect the Fed to lower its benchmark interest rate by a quarter-of-a-percentage point to the 3.75%-to-4.00% range, and then lower it again in December. Mr. Powell also hinted the central bank could be approaching the end of a more than three-year campaign to shrink a $6.6tn portfolio of Treasury securities that it acquired to provide stimulus after the 2020 pandemic upended the economy.

 

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Roger Ver, the prominent investor dubbed the "Bitcoin Jesus," has settled a U.S. tax evasion indictment by paying up to $49.9m without admitting guilt. The Justice Department announced that prosecutors will dismiss the indictment after Mr. Ver acknowledged failing to pay taxes on Bitcoin sales following his renunciation of U.S. citizenship in 2014. He was charged with evading over $48m in taxes from profits on $240m in crypto tokens; his lawyers initially sought a pardon from Donald Trump but later negotiated the settlement. Associate Deputy Attorney General Ketan Bhirud emphasized the importance of accurate tax filings, stating, "This resolution sends a clear message: Whether you deal in dollars or digital assets, you must file accurate tax returns and pay what you owe." “I am very grateful this case has been dismissed and appreciate the Trump administration’s leadership and professionalism in working towards this final resolution," Mr. Ver said in a statement. The former chief executive of the digital wallet developer Bitcoin.com began acquiring the cryptocurrency bitcoin in 2011 and actively promoted it. The case is United States v. Ver, 24-cr-103, in the U.S. District Court for the Central District of California.

 

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Goldman Sachs has announced its acquisition of Industry Ventures, a prominent venture capital firm managing $7bn in assets, for $665m in cash and equity, with an additional $300m contingent on performance through 2030. Chief executive David Solomon highlighted that Industry Ventures "pioneered venture secondary investing" and noted the increasing importance of such investments as companies remain private longer. Following the acquisition, all 45 employees from Industry Ventures will join Goldman Sachs, with its founder and senior directors becoming partners within Goldman Sachs Asset Management.

 

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President Trump’s proposal last week to impose 100% tariffs on Chinese imports from November 1st has raised concerns of higher prices and weaker demand, especially during the critical holiday season. Analysts warn the move could disrupt supply chains, prompt shipment delays, and compound cost pressures already driving up consumer goods prices. While most holiday stock is already in the U.S., future pricing could rise if tensions persist. Shares in major retailers, including Abercrombie, Best Buy, and Nike, fell following the announcement.

 

Reuters

General Motors (GM) is set to incur a $1.6bn negative impact in the upcoming quarter due to the reduction of tax incentives for electric vehicles (EVs) by the U.S. government and relaxed emissions regulations. Shares fell by 3% prior to market opening. The EV tax credit, which provided $7,500 for new EVs and up to $4,000 for used ones, ended last month. In a regulatory filing, GM disclosed it would record $1.2bn in non-cash impairment and other charges related to EV capacity adjustments, alongside $400m in charges primarily from contract cancellations and commercial settlements. GM cautioned that further impacts may arise as it realigns production, although it reassured that its Chevrolet, GMC, and Cadillac EV models currently in production will remain available to consumers.

 

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Luc Vernet, Secretary General of Farm Europe, argues that “the idea that biofuels compete with food production is untrue.” He emphasizes that production exceeds food demand, adding that: “the food market does not absorb all the production” of rapeseed oil, which is diverted to biofuels and other markets. The Danish EU Presidency is attempting to reform energy taxation rules, proposing to delay the new tax on food- and feed-crop-based biofuels until 2030. Critics, including the NGO Transport & Environment, claim that crop biofuels emit “16% more CO2” than fossil fuels and compete with food production. The report warns that meeting projected biofuel demand could require land equivalent to “the size of France” by 2030. Additionally, concerns about fraud in the biofuels market have arisen, with Vernet noting that millions of tonnes are linked to “the failure of controls and the lack of robust certification.”

 

EurActiv.com

Billionaire mining entrepreneur Robert Friedland, founder of Toronto-listed Ivanhoe Mines, says rising geopolitical tension is contributing to a “breakdown in the international order” with far-reaching consequences for global supply chains.

 

Financial Times

The Trump administration has cancelled the 6.2GW Esmeralda 7 solar project in Nevada. The project, spanning over 118,000 acres of public land near Tonopah, included facilities proposed by developers NextEra Energy Resources and Invenergy. “The Trump Administration’s lack of transparency around wind and solar projects has caused chaos and confusion,” Senator Catherine Cortez Masto, Democrat of Nevada, said in a statement. NextEra spokesperson Nail Nissan said the utility was “committed” to its portion of the project and would work with the Interior Department.

 

New York Times

Sentiment among U.S. small businesses fell in September to a three-month low, the National Federation of Independent Business (NFIB) reported on Tuesday, with optimism regarding the economy dimming and concerns about excess inventory rising. The NFIB's optimism index declined two points to 98.8, the first decline in three months and below the 100.8 expected among economists polled by the Wall Street Journal. The report’s uncertainty index rose seven points in August to 100, the fourth-highest reading in more than 51 years. A net 23% of small-business owners surveyed said they expect better business conditions in the next six months, down 11 percentage points from August. The net share of firms that viewed their inventories as too low sank last month by the most since 1997. While hiring plans are at the highest level since January, a seasonally adjusted 32% of owners reported job openings they couldn’t fill. 

 

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A fire at a garment factory in Dhaka, Bangladesh, has resulted in at least 16 fatalities and one injury, with the death toll likely to increase as rescue operations continue. The blaze ignited on the third floor of the seven-storey building and spread to an adjacent chemical warehouse containing hazardous materials. Bangladesh's poor fire safety standards have led to numerous such incidents, impacting the country's vital textiles sector, which employs millions and contributes over 10% to its GDP. Eight firefighting units managed to control the blaze after nearly three hours, but the fire persisted in the warehouse. According to eyewitnesses, the chemical warehouse stored bleaching powder, plastic and hydrogen peroxide, all of which can intensify fires. Plastic also releases toxic fumes when burned. Most of the deaths were caused by toxic gas and the building's roof door being locked, the fire service said. An investigation into whether the warehouse was operating legally is ongoing, added fire service director Mohammad Tajul Islam Chowdhury.

 

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President Trump on Tuesday called China “economically hostile” for not buying American soybeans and threatened to halt imports of cooking oil and other products from the country in retaliation. Ending business with China on cooking oil and “other elements of Trade” are possible forms of “retribution” that Mr Trump said he was weighing. “As an example, we can easily produce Cooking Oil ourselves, we don’t need to purchase it from China”, he wrote in a post on Truth Social. China has been the top buyer of U.S. soybeans by far, importing some 27m metric tonnes valued at nearly $12.8bn; however, it has not purchased any since May. The U.S., meanwhile, was China's top market for used cooking oil, importing a record 1.27m metric tonnes worth $1.1bn in 2024. However, after China cut tax rebates late last year and the U.S. imposed tariffs on Chinese goods this year, imports plunged 65% in January-August to 290,690 tonnes, or $286.7m.

 

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The European Union has fined Gucci, Chloé, and Loewe a combined €157m ($182m) for breaching the bloc’s competition rules by fixing resale prices at retailers stocking the brands’ products. On Tuesday, the European Commission said the three luxury groups deprived retailers of pricing independence and reduced competition while protecting the brands' own sales channels from retailer competition. Kering was given a €119.7m fine, Chloé €19.7m, and Loewe €18m.

 

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Nike chief executive Elliott Hill announced the renaming of the company's 400-acre headquarters in Beaverton, Oregon, to the Philip H. Knight Campus, honouring Phil Knight, who co-founded the company in 1964. Mr Knight played a significant role in designing the campus, which reflects a college-like atmosphere, and Mr. Hill noted that the renaming aligns with the former CEO's entrepreneurial spirit, encouraging employees to adopt a more innovative mindset. The campus, which opened in 1990, has been expanded over the years and will celebrate the renaming with the 87-year-old in the spring.

 

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