Become more informed in minutes...

Federal Reserve Vice Chair for Supervision Michelle Bowman has urged major Wall Street banks to support proposed capital rule changes, emphasizing that the plans would reduce overall industry requirements and should not be undermined by demands for institution-specific concessions. Despite the proposals being seen as broadly favorable to banks, some executives continue to push for further easing, raising concerns among regulators about delays to one of the most significant post-crisis regulatory overhauls. Bowman is aiming to finalize the reforms by year-end, balancing industry input with the need for consensus among regulators and avoiding prolonged disputes that could stall implementation.

 

Bloomberg

The smart play is control

Great rounds aren’t built on one big shot. They’re built on disciplined execution. Spend management works the same way.

Add BILL Spend & Expense and get:

• Smart controls that empower your team to spend confidently within set limits.
  
• Real-time visibility and AI that help you get a cleaner close every month.
  
• Flexible rewards that turn everyday business spending into cash back and travel perks.

Control isn’t something you clean up later. It’s something you build in from the start.

Book your demo and qualify for the Titleist Vokey wedge.

Take a demo

 

Fortune profies Dell Technologies finance chief David Kennedy, examining how he built a 27-year career within the company by deliberately rotating across roles and functions. Starting as an intern, Mr. Kennedy pursued diverse experiences in finance, sales, operations, and international postings, emphasizing continuous learning, mentorship, and cross-functional exposure to deepen his business understanding. His career path highlights an alternative to job-hopping, showing that long-term growth and advancement can be achieved within a single organization through strategic role changes and skill expansion.

 

Fortune

American Express has reported first-quarter earnings per share of $4.28, ahead of expectations of $4.02, as card member spending rose 9% to $428bn, marking the strongest growth in three years driven by travel, entertainment and luxury retail. Revenues increased 10% to $18.9bn, with resilient demand from affluent customers supporting performance despite inflation and geopolitical uncertainty, while credit quality remained strong and the company reaffirmed its full-year guidance.

 

Bloomberg

Reuters

Wall Street Journal

Hasbro has delayed the release of its first-quarter results following a cybersecurity incident but expects first-quarter sales of $970m–$985m, ahead of forecasts, driven by strong demand for its Magic: The Gathering franchise, while warning that investigation costs and operational disruptions will impact the second quarter. It plans to publish its results on May 20th.

 

The Boston Globe

Reuters

Nasdaq has announced it will launch a suite of new products to support its plan to extend U.S. equities trading to 23 hours a day, five days a week, aiming to meet growing global demand for access to U.S. markets. The expanded trading schedule, expected to begin on December 6th pending regulatory approval, will run from 9 p.m. to 8 p.m. ET and be supported by enhanced data analytics and market visibility tools across its exchanges, as investor participation rises worldwide through digital platforms.

 

Reuters

The Labor Department has reported that new applications for unemployment benefits totalled 214,000 in the seven days to April 18th, up 6,000 from a week earlier, and ahead of the 210,000 expected among economists surveyed by the Wall Street Journal. The four-week moving average of claims rose 750 to 210,750, while continuing claims increased from 1.81m to 1.82m. 

 

Bloomberg

Reuters

US News and World Report

Wall Street Journal

KPMG will reduce the number of partners in its U.S. assurance business to enhance productivity and align staffing with market needs. The decision follows the firm's previous offers of early retirement packages to partners. KPMG said: "This action is connected to a multi-year strategy to align the size, shape and skills of our team to the power of our audit platform." The firm aims to better serve clients and protect capital markets through the restructuring.

 

Bloomberg Tax

Financial Times

Nike has announced plans to lay off 1,400 employees, primarily in operations and technology, as part of an ongoing restructuring aimed at improving efficiency and supporting long-term profitable growth. The cuts, which follow several years of workforce reductions, are linked to efforts to streamline its operations division and reduce reliance on direct-to-consumer sales, with the company expecting around $300m in related charges, while management emphasised the changes are a continuation of its broader turnaround strategy.

 

New York Times

The Oregonian

Reuters

Warner Bros. Discovery shareholders have overwhelmingly approved the proposed $111bn merger with Paramount, clearing a key hurdle in the deal that would combine major film studios and media assets under David Ellison, though regulatory approvals are still pending. The transaction continues to face opposition from parts of the Hollywood community, while a separate advisory vote rejected a proposed executive compensation package, without affecting its implementation.

 

The Hollywood Reporter

Los Angeles Times

New York Times

U.S. business activity has recovered in April, with the S&P Global Composite PMI rising to 52.0 from 50.3 in March, indicating a return to expansion after near-stagnation, driven by a surge in manufacturing activity, where the PMI reached a 47-month high of 54.0 as firms increased production and built inventories amid concerns over supply disruptions and rising costs. The improvement was supported by stronger new orders and a modest rebound in the services sector to 51.3, though overall growth remains subdued, with economists noting the economy is still struggling to sustain annualized growth above 1%. At the same time, the conflict involving Iran has significantly disrupted global supply chains, particularly shipping through the Strait of Hormuz, leading to longer supplier delivery times and sharp increases in input costs for commodities such as oil, fertilizers, and metals. This has pushed businesses’ input prices to an 11-month high and output prices to their highest level since mid-2022, signalling mounting inflationary pressure.

 

Reuters

Finance departments are significantly increasing investment in artificial intelligence (AI), with a majority of CFOs planning substantial budget increases as they seek to scale AI beyond pilot projects and unlock greater value. According to Bain & Co., over half of CFOs expect enterprise-wide AI spending to rise by more than 15% in the next year, while three-quarters of finance leaders anticipate higher internal AI budgets, even though only a minority report strongly positive results so far; notably, success rates improve when AI is deployed at scale rather than in limited trials. The primary benefits identified include faster processing and improved efficiency, with speed seen as the biggest advantage, while challenges have shifted from technology limitations to issues around implementation, talent, and change management, as firms aim to embed AI more deeply into core finance operations.

 

CFO

The IRS is changing its approach to the commensurate-with-income (CWI) standard, which was established in 1986. Recent guidance indicates that the IRS may now more readily apply CWI to assert significant adjustments, as seen in its September 2025 Notice of Deficiency to Meta Platforms, claiming over $54bn in adjustments. Gregory Ossi, founder of Greg Ossi Law, emphasizes that "taxpayers should assess their exposure to CWI periodic adjustments." This shift raises questions about the implications for intercompany transactions and compliance with tax treaty obligations. Companies must now consider potential CWI adjustments in their transfer pricing strategies to mitigate risks.

 

Bloomberg Tax

U.S. Health and Human Services Secretary Robert F. Kennedy Jr. has said he would support a potential ban on junk food advertising on television, particularly to protect children, though he indicated a preference for voluntary industry action rather than mandatory regulation. Speaking at a Senate hearing, Kennedy aligned with surgeon general nominee Casey Means, who has also advocated restricting such ads, signaling growing political focus on limiting the promotion of unhealthy foods. He referenced the precedent of tobacco advertising, where companies voluntarily agreed to restrictions, suggesting a similar approach could be applied to the food industry. The proposal is expected to face strong opposition from major food and beverage companies, which collectively spend nearly $14bn annually on advertising in the U.S., much of it promoting fast food, sugary drinks, and snacks. 

 

CNBC

BP faced significant opposition from shareholders at its annual meeting, with only 47% supporting its proposals to reduce climate reporting requirements. The company sought to revoke previous resolutions from 2015 and 2019, claiming they were redundant due to mandatory disclosures. New chair Albert Manifold defended the exclusion of a resolution from activist investor Follow This, stating it was not submitted correctly. Mark van Baal, chief executive of Follow This, remarked that the defeat indicated shareholders' refusal to let BP abandon its reporting commitments. More than 25% of shareholders backed a resolution on capital expenditure justification.

 

Financial Times

Daily Mail

The Guardian

More than 15 international law firms have formed the Global Legal Tech Alliance to harness artificial intelligence in transforming legal services. The alliance aims to create a “structured, law-firm-led platform” to tackle challenges in AI and legal technology, as stated by Hogan Lovells. Sebastian Lach, a partner at Hogan Lovells, emphasized that the alliance will enable faster implementation of innovations and foster a unique learning environment for legal professionals. Member firms will benefit from the Global Legal Tech Alliance Academy, which offers training resources, and the Global Legal Tech Alliance Forum for idea exchange. Notable members include Tilleke & Gibbins, Cadwalader, and Levy & Salomão Advogados. Recently, Hogan Lovells and Cadwalader also announced their merger plans, which will result in 3,100 lawyers across 18 countries and over $3.6bn in gross revenue.

 

ABA Journal

President Trump has warned that he may impose significant tariffs on the United Kingdom if it does not scrap its 2% digital services tax on major U.S. tech firms, including Google, Meta, and Apple. The U.K. government has defended the levy, which raised around £800m in 2024–2025, but Trump criticized it as unfairly targeting American companies, raising the prospect of renewed transatlantic trade tensions ahead of an upcoming state visit by King Charles III.

 

CNBC	The Guardian

Google is facing escalating regulatory pressure from the European Union to provide rival artificial intelligence (AI) assistants, such as ChatGPT and Anthropic’s Claude, with equal access to key Android features currently reserved for its own Gemini chatbot. Under the Digital Markets Act, EU regulators are preparing draft findings that could require Google to re-engineer Android to allow competitors access to core functionalities including voice activation, search tools and deeper integration with apps, aiming to ensure a level playing field in the fast-growing AI ecosystem. The company has warned that such measures could pose risks to user privacy, security and innovation, setting up a potential clash between regulators and the US tech giant.

 

Bloomberg