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The SEC has proposed allowing publicly traded companies to replace quarterly earnings reports with twice-yearly filings, marking a major potential shift in corporate reporting requirements that have existed for more than five decades. The proposal, backed by SEC Chair Paul Atkins and long supported by President Donald Trump, would end the requirement for companies to publish detailed financial results every quarter within 45 days of the end of each reporting period. Companies choosing semiannual reporting would instead disclose results twice a year by selecting the option in their annual SEC filings. Supporters, including some exchanges and large corporations such as JPMorgan Chase, argue that quarterly reporting imposes significant administrative costs, encourages short-term decision-making, and discourages companies from going public. Nasdaq has also argued that the current system creates a disproportionate burden for smaller businesses. However, investors and asset managers warned that less frequent reporting could reduce market transparency, increase volatility, and widen information gaps between institutional investors and ordinary shareholders. Critics said quarterly disclosures help maintain fairness and provide timely information for evaluating company performance and allocating capital.

 

Financial Times

Reuters

The Accountant Online

According to an IBM survey, 76% of chief executives have appointed a chief artificial intelligence (AI) officer, and 64% of them feel comfortable taking decisions based on AI-generated insights. The survey found that CEOs expect AI to autonomously handle 48% of operational decisions by the next decade, particularly in those areas where clear rules and procedures are already established. “AI is changing the speed and implications of decision-making. Organizations that will succeed will be those that adopt an ‘ AI First ' approach, not as a technological addition, but as a new operating model,” said Gary Cohen, vice chairman of IBM.  Additionally, the poll of 2,000 CEOS found that 83% of them believe employee adoption is crucial for AI success, with 29% of employees expected to undergo retraining by 2028.

 

The Jerusalem Post

Anthropic is finalizing a $1.5bn ​joint venture with Blackstone, Goldman Sachs and other ​Wall Street firms ​to sell artificial intelligence tools ⁠to private equity-backed companies. Anthropic, ​Blackstone and Hellman & ​Friedman are anchoring the deal. Each company is expected to invest roughly $300m; Goldman Sachs is also set to ​be a founding ​investor, ⁠putting in around $150m.

 

Wall Street Journal

Apple is to pay $250m to settle a false advertising lawsuit over the launch of new AI features in 2024, when the iPhone-maker advertised a still yet-to-be-released  “personalized” Siri voice assistant. The proposed settlement filed in California federal court would apply to people in the U.S. who purchased all models of the iPhone 16 and the iPhone 15 Pro between June 10th, 2024 and March 29th, 2025. Apple did not admit any wrongdoing, but agreed to a deal that will resolve claims in a large consolidated class action lawsuit filed last year. "Apple promoted AI capabilities that did not exist at the time, do not exist now, and will not exist for two or more years, if ever, all while marketing them as the breakthrough innovation," lawyers wrote.

 

Financial Times

The Verge

BBC News

U.S. Federal Reserve Governor Michael Barr has said stress in ​private credit could spark "psychological contagion" and precipitate a broader credit crunch. Barr said that while direct links between banks and private credit do not yet appear "super ​worrisome," there were other areas of concern ​such as the insurance sector's overlaps with private ⁠lenders. He also criticized growing calls to ease liquidity requirements for U.S. banks, describing them as "super-short sighted" and warning that it could weaken the banking system over time. Bloomberg notes that Barr has repeatedly warned of risks building in the financial system, including the $1.8 trillion private credit market.

 

Bloomberg

Citigroup is overhauling how it compensates corporate and investment bankers and wealth advisers for referring business to colleagues, paying rewards directly to employees, rather than sharing between the bank’s divisions.

 

Financial Times

U.S. hiring increased significantly in April, with employers adding 655,000 workers even as job openings remained unchanged at 6.9m, suggesting underlying strength in the labor market despite a cautious hiring environment. The gains, reported by the Labor Department, were concentrated in key sectors including professional and business services, which added 165,000 jobs, transportation and warehousing with 108,000 hires, and accommodation and food services, which grew by 124,000. Federal government employment declined slightly by 7,000 roles, though losses were smaller than in prior months. Overall, the data reflects a continued “low hire, low fire” dynamic, where employers are prioritizing employee retention while selectively expanding headcount. The report comes ahead of closely watched labor market releases, with economists expecting more modest overall job growth in April, forecasting payroll increases of around 50,000 to 70,000 compared to 178,000 in March, which was partly driven by a rebound from earlier weather disruptions. At the same time, labor force participation is expected to rise, potentially pushing the unemployment rate up to 4.4%.

 

Bloomberg

Market Watch

Reuters

US News and World Report

The ISM Non-Manufacturing PMI has come in at 53.6 for April, missing expectations of 53.7 and declining from 54.0 in the prior month, signalling a slowdown in the pace of expansion across the U.S. services sector. While the index remains above the 50 threshold indicating continued growth, the weaker reading suggests moderating momentum in key areas such as business activity, new orders, employment, and supplier deliveries, raising concerns about resilience in a sector that represents a significant share of the U.S. economy.

 

Investing

The U.S. trade deficit has increased to $60.3bn in March from $57.8bn in February, as imports rose 2.3% to $381.2bn, outpacing a 2% increase in exports to $320.9bn. The widening gap was driven by higher imports of vehicles, consumer goods, and capital goods, which offset gains in exports of crude oil, petroleum products, and agricultural goods, highlighting limited progress in reducing the deficit despite recent trade policy changes.

 

Bloomberg

New York Times

Wall Street Journal

The proposed California Billionaire Tax Act, which is aimed at imposing a one-time 5% levy on residents with over $1bn in assets, has sparked significant opposition from a coalition of billionaires, including Google co-founder Sergey Brin, who has contributed $66m to the cause. The initiative, backed by the Service Employees International Union-United Healthcare Workers West, seeks to raise $100bn for healthcare amid federal funding cuts. In response, opponents have gathered enough signatures for two countermeasures, including the Retirement & Personal Savings Act, which could nullify the billionaire tax if both measures pass. Nathan Click, spokesman for Californians to Protect Retirement and Life Savings, said: “Californians deserve to know that their hard-earned savings will be there when they need them.” Political divisions are evident, with supporters like Democratic Rep. Ro Khanna advocating for the tax, while opponents argue it could drive wealthy residents out of California.

 

CPA Practice Advisor

Samsung Electronics board chairman ​Shin Je-yoon has called on unionised workers to resolve pay ‌disputes with management. In an internal ⁠memo to employees, ​Shin Je-yoon said a planned strike could hurt investors and ​employees and have "serious consequences" for ​the Korean economy, and he was "worried about losing ​market leadership amid fleeing customers and falling competitiveness" if strikes disrupted deliveries ​and production. "It's time to resolve the ​problem through sincere dialogue," Shin ​said.

 

Reuters

Chipotle Mexican Grill has reignited customer frustration over portion sizes after chief executive Scott Boatwright said diners wanting larger meals should “ask for a little more.” Speaking on Yahoo Finance’s Power Players podcast, Boatwright insisted the chain continues to serve “big beautiful bowls and burritos” and claimed staff would not refuse requests for additional food. The comments echo similar remarks made by former CEO Brian Niccol in 2024 after social media users accused Chipotle of shrinking portions. At the time, viral videos comparing filmed and unfilmed orders intensified claims that customers received larger servings when staff were being recorded. The latest remarks have prompted renewed criticism online, with customers arguing that requesting extra food often results in additional charges, particularly for meat portions. Others said the policy does not address online orders, where customers cannot monitor serving sizes. 

 

USA Today

New York Post