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A coalition of 24 U.S. states has filed a lawsuit against President Donald Trump seeking to block a new 10% global tariff on imports, arguing he lacks the legal authority to impose the measure. The states claim the administration is improperly using Section 122 of the Trade Act of 1974, which allows temporary tariffs to address balance-of-payments crises, despite economists saying the U.S. does not face such a problem. The challenge follows a recent Supreme Court ruling that struck down Trump’s earlier tariffs, and if successful could force the government to refund billions of dollars in tariff revenue. The case adds further legal uncertainty to Trump’s broader strategy of using tariffs to reshape global trade and support domestic manufacturing.

 

New York Times

PBS

Politico

Reuters

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Federal Communications Commission Chairman Brendan Carr is proposing English proficiency requirement for overseas employees. Carr said the proposed rules would encourage communications providers regulated by the agency to bring call center jobs back to the U.S. “Americans get frustrated when they call a U.S. business and end up connecting with a call center located abroad,” he said. “Language and communications barriers often make it difficult for callers to promptly and efficiently get the results they want. And these foreign-based call centers often create a heightened security risk as well.” The proposal includes requirements that call center workers “be proficient in American Standard English and otherwise be trained appropriately for resolving issues with U.S. customers.”

 

Bloomberg

Capital One is laying off 1,139 employees at the former Discover headquarters in Riverwoods, marking a second wave of job cuts following the company's merger with Discover Financial Services. The layoffs were announced on February 23, with most employees' last day set for May 4. A Capital One spokesperson said: “As part of our continued journey to integrate Discover with Capital One, we announced the difficult decision to eliminate some Discover associate roles across the organization.” This brings the total number of layoffs since the merger to 1,748. The company is providing support to affected employees, including enhanced severance and career transition resources.

 

Chicago Sun Times

Chicago Tribune

Oracle is planning thousands of job cuts as the enterprise software company faces a cash crunch from a massive ​AI data center expansion effort. The job reductions will affect divisions across the company and may be implemented as soon as this month, according to people familiar with the matter.

 

Bloomberg

Kroger has reported better-than-expected quarterly profit but weaker sales, while issuing a conservative 2026 forecast as new chief executive Greg Foran focuses on boosting market share through lower prices and improved service. The retailer plans to reinvest cost savings into sharper everyday pricing and stronger fresh food offerings to attract price-sensitive shoppers. Fourth-quarter earnings came in at $861m, or $1.28 per share adjusted, up from $634m a year earlier. Revenues rose 1.2% to $34.73bn. Analysts polled by FactSet had expected revenues of $34.96bn and per-share earnings of $1.20. Same-store sales rose 1.2%. Looking ahead, Kroger expects identical sales growth of 1%–2% in 2026 and adjusted earnings of $5.10–$5.30 per share, both below market expectations. The company also plans $3.8–$4bn in capital spending and aims to make its e-commerce business profitable next year, supported by a hybrid delivery model using stores as fulfilment hubs. "I've been in food retail a long time and I know what good looks like", Mr Foran told analysts. "Kroger has all the ingredients to win. It's my job to bring it all together".

 

Cincinnati Enquirer

Reuters

Wall Street Journal

​Postmaster General David Steiner has told Reuters that the U.S. Postal Service (USPS) is hiring restructuring advisers as it could run out of money in early 2027. Consulting firm Alvarez & Marsal was hired for a brief ​engagement to help with planning for all scenarios, Steiner said. "We are out of cash in 12 months if ​we don't do anything different," Steiner explained. "I do not want to be in a ⁠position where we're six weeks out from running out of cash, and we say, Oh heck, what are we going ​to do?"

 

Reuters

Nike expects to record a $300m charge linked to cost-cutting measures, primarily related to employee severance costs following job cuts announced earlier this year. The restructuring is part of the company’s ongoing turnaround strategy aimed at improving efficiency and profitability. Nike said it is continuing to review its cost structure and may take additional actions that could result in further charges.

 

Wall Street Journal

Beyond Meat is rebranding itself as Beyond, dropping "meat" from its name to reflect its shift towards new product categories, including sparkling plant-protein drinks. Chief executive Ethan Brown said: "For me, it is an opportunity to reshape the company around very real food that is directly from plants." The company aims to simplify its ingredients and focus on plant-based options. Despite a decline in U.S. plant-based meat sales, Beyond plans to continue offering its traditional products while innovating with new items like Beyond Immerse and Beyond Ground, which are currently available online.

 

US News and World Report

Initial unemployment claims held steady in the seven days to February 28th, according to the Labor Department's latest weekly report, reinforcing perceptions that the jobs market is stabilizing. Applications were unchanged at 213,000, just below the 215,000 predicted among economists polled by the Wall Street Journal. The four-week moving average fell to 215,750, while continuing claims, reported with a one-week lag, rose 46,000 to a seasonally-adjusted 1.868m. "There is nothing in the latest claims data to change our view that the Fed will keep policy steady until June," said Nancy Vanden Houten, lead U.S. economist at Oxford Economics. "The picture of the labor market gleaned from the claims data and other related statistics is not one of deterioration." A separate report from the Labor Department found that labor productivity spiked 2.8% in the fourth quarter of 2025, well above the anticipated 1.9% rise. Unit labor costs also jumped by 2.8%, while real hourly compensation was up 3.1%.

 

Bloomberg

Nasdaq

Reuters

Wall Street Journal

U.S. import prices increased by 0.2% in January, slightly above economists’ expectations of a 0.1% rise, according to the Labor Department. The increase matched an upwardly revised 0.2% gain in December and was driven mainly by higher prices for non-fuel imports, which rose 0.5% during the month. The rise in non-fuel import prices reflected increases in industrial supplies, capital goods, vehicles, consumer goods, and food products, while fuel import prices fell 2.2%, extending declines from December. On a year-over-year basis, import prices slipped 0.1%, following no change in December. Economists note that risks for higher import prices remain due to strong global demand for capital goods, rising oil prices, and earlier dollar depreciation. Meanwhile, export prices climbed 0.6% in January, also exceeding expectations and matching December’s revised increase. Agricultural export prices rose 0.2%, while non-agricultural export prices increased 0.7% for a second consecutive month. Annual export price growth slowed slightly to 2.6% from 3.1% in December.

 

Nasdaq

Bloomberg reports that private equity firm Roark Capital is exploring a potential IPO of Inspire Brands, the owner of Dunkin’, Arby’s, and Jimmy John’s, that could raise around $2bn. Inspire, created by Roark in 2018, operates a portfolio of major restaurant chains including Baskin-Robbins, Sonic Drive-In, and Buffalo Wild Wings, and generated over $32bn in global sales in 2024 with more than 33,000 restaurants worldwide. The possible listing comes amid expectations of a wave of private equity-backed IPOs in 2026.

 

Bloomberg

Reuters

Business executives who are CPAs are increasingly optimistic about the U.S. economy and their companies, according to the first-quarter AICPA and CIMA Economic Outlook Survey. The survey, which included 236 CPAs in leadership roles, revealed that 39% of respondents are optimistic about the economy's outlook, a rise from 28% in the previous quarter. Tom Hood, executive vice president of business engagement and growth at AICPA, said: "Business leaders are feeling a renewed sense of optimism this quarter." Additionally, 55% of executives expect business growth, up from 48% last quarter. The survey also noted a decrease in the number of executives anticipating a recession, dropping from 52% to 36%. Overall, projected revenue growth for the next 12 months is now expected to be 2.9%.

 

Accounting Today

CPA Practice Advisor

Enforcement activity against accounting and auditing firms saw a significant decline in 2025, as reported by Cornerstone Research. The SEC initiated only 10 enforcement actions, a drop from 31 in 2024, marking the lowest level in nine years. Monetary settlements also fell sharply to $31m, primarily occurring during Gary Gensler's final weeks as SEC chair. Jean-Philippe Poissant, coauthor of the report, stated: "Although enforcement activity often declines during administrative transitions, 2025 activity was significantly lower than in the first years of the prior two SEC chairs." Similarly, the PCAOB finalized 37 enforcement actions, down from 51 in 2024, with penalties totaling $17.6m, a 50% decrease from the previous year. Russell Molter noted that penalties under former Chair Erica Williams accounted for 75% of all monetary penalties in the PCAOB's history.

 

Accounting Today

Google has announced major changes to its Android app ecosystem, allowing rival app stores on Android devices and reducing developer fees, in a move aimed at resolving antitrust lawsuits and meeting new global regulations. Under the new system, third-party companies can register and launch their own app stores on Android, while Google will cut developer commissions from the standard 30% to as low as 15% or 10% for recurring subscriptions. Developers will also be able to choose alternative payment processors, with Google charging a 5% fee if its billing service is used. The changes are expected to help settle long-running litigation with Epic Games and address regulatory pressure in the U.S., E.U., U.K., and other markets. Epic said the reforms should resolve its concerns about Android competition rules. The move follows multiple antitrust investigations and regulatory actions against Google, including E.U. probes under the Digital Markets Act and earlier fines totaling €9.5bn ($11.04bn) for competition violations.

 

TechCrunch

Bloomberg

Reuters

Leonardo Maria Del Vecchio, son of the late Italian billionaire Leonardo Del Vecchio, is close to securing a multibillion-euro deal to buy the stakes of two siblings in the family holding company Delfin, potentially tripling his shareholding to 37.5% and making him the largest shareholder. The move aims to end years of succession disputes that have hindered decision-making and dividend payments at the Luxembourg-based investment group, which holds major stakes in EssilorLuxottica, Generali and Banca Monte dei Paschi di Siena. The proposed leveraged buyout would be financed by bank debt serviced through dividends.

 

Financial Times

Reuters