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Executive compensation reached record levels in 2025, with a growing number of U.S. chief executives receiving pay packages worth more than $100m, driven largely by massive stock-based awards tied to ambitious long-term performance targets. According to the Wall Street Journal’s annual analysis, median CEO pay at S&P 500 companies rose to a record $17.9m, while nearly a dozen executives received packages exceeding $200m. Welltower CEO Shankh Mitra ranked among the highest-paid leaders with compensation valued at $821m, primarily through long-term stock grants, while Tesla CEO Elon Musk’s $158bn package dwarfed all others. The surge reflects the increasing use of “moonshot” compensation plans designed to reward executives for achieving aggressive growth and shareholder value targets, although the report noted that high pay levels often showed little correlation with company stock performance.

 

Wall Street Journal

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Best Buy has announced that chief financial officer Matt Bilunas will step down from his role on July 31st, marking the latest leadership change at the North American electronics retailer. Bilunas joined Best Buy in 2006 and has served as CFO since 2019. The company did not provide details regarding his successor or the reasons for his departure. The announcement follows the appointment of Jason Bonfig as chief executive in April, replacing long-serving executive Corie Barry. Best Buy, which operates more than 1,000 stores across North America, is seeking to reinvigorate growth through increased online sales, services and advertising revenue as competition in the consumer electronics market intensifies. Shares in the retailer fell around 3% in extended trading following the announcement.

 

Reuters

Meta has named Kunal Shah, founder of Indian fintech company Cred, as the new head of WhatsApp, replacing Will Cathcart, who is stepping down after seven years leading the messaging platform. The leadership change coincides with Meta’s $900m investment in Cred, giving it an approximately 20% stake in the company. Shah, a prominent entrepreneur and investor in India’s technology sector, takes over as WhatsApp seeks to expand beyond its core messaging business and capitalize on new artificial intelligence-powered services for businesses.

 

TechCrunch

Financial Times

Domino’s Pizza has appointed chief operating officer Joe Jordan as chief executive, turning to a long-serving executive to lead the company through a challenging consumer spending environment. Mr. Jordan, 53, succeeds Russell Weiner, who is retiring after just over four years as CEO. A 15-year veteran of Domino’s, he has held senior leadership roles across marketing and operations and most recently served as chief operating officer. Mr. Weiner will transition to the role of executive chair-designate on October 1st, providing continuity as the company progresses its long-term “Hungry For More” growth strategy. The leadership change comes as Domino’s faces softer demand and increased competitive pressures. In April, the company forecast slower annual growth in both its U.S. and international businesses, citing weaker consumer spending.

 

Reuters

Wall Street Journal

Powerful AI models that are capable of devastating cyber attacks on governments and companies may succeed within months, according to the leaders of intelligence agencies from the Five Eyes nations – Australia, Canada, New Zealand, the U.S. and the U.K. A rare joint warning by the alliance said that while AI “would help us improve cyber defense over time, it also accelerates the speed, scale, and sophistication of cyber threats . . . Frontier AI models are anticipated to exceed current industry expectations, fundamentally transforming both offensive and defensive cyber capabilities. The timeline is not years, it is months.” The Five Eyes agencies added: “In this environment, cyber resilience is integral to advancing business continuity, market confidence, and long-term value . . . Cyber risk can no longer be treated as a purely technical issue. This is a core business risk and leadership responsibility.”

 

Financial Times

The Register

The Guardian

A new European Central Bank study has found that, despite rapid investment in artificial intelligence (AI), the technology has had only a limited impact on overall U.S. employment and wage growth so far. While AI is reshaping parts of the labor market, fears of widespread job losses and falling wages have yet to materialize at an economy-wide level. The research shows that employment has shifted away from occupations with a high risk of AI substitution, such as economists and graphic designers, toward lower-risk roles, including electricians and high school teachers. Between 2019 and 2025, high-risk occupations saw employment decline by more than 4%, while low-risk occupations recorded growth of 13%. The ECB estimates that jobs with high AI substitution risk grew about 15 percentage points less than jobs with low exposure during the period. As a result, the share of low-risk jobs in total U.S. employment increased from 23% to 25%, while high-risk jobs fell from 35% to 33%. The study also found no significant effect on wage growth from AI adoption since 2019.

 

Reuters

Amazon employees who publicly criticized the rapid expansion of artificial intleligence (AI) data centers and called for stronger regulation are being investigated by the company, according to a complaint filed with Seattle officials. The workers testified before the Seattle City Council ahead of a temporary moratorium on new large-scale data centers, arguing that the industry's AI-driven infrastructure buildout carries significant social and environmental costs. The complaint alleges Amazon's actions were intimidating and may violate local protections against discrimination based on political ideology. Amazon said it respects employees’ right to express personal views but is examining whether staff breached company policies by appearing to speak on the company's behalf.

 

CNBC	The New York Times

Lucid Motors has announced a restructuring plan aimed at achieving annualized cost savings of approximately $158m. Workforce reductions will affect full-time employees, contractors, and hourly production workers, as detailed in a filing with the Securities and Exchange Commission. Lucid will also eliminate the second shift of production at its AMP-1 factory and expects to incur cash charges of around $32m related to severance and employee benefits. The company revealed that its chief operating officer, Marc Winterhoff, is leaving immediately as the COO position has been eliminated. 

 

CNBC	U.S. News & World Report

Oliver Miloschewsky, Head of Shipping for Asia at Aon, says that despite signs of de-escalation in the Iran-U.S. conflict, shipowners still want clear evidence that conditions in the Strait of Hormuz are stable in practice, and not just in principle. While Iran’s plans to impose tolls would undoubtedly raise costs, the bigger issue will be legal compliance due to sanctions on Iranian entities, Miloschewsky says.

 

CNBC

UPS is investing $48m to upgrade 27 temperature-controlled facilities worldwide as it expands its healthcare logistics capabilities to meet growing demand for pharmaceuticals and other temperature-sensitive treatments. The investment will enhance facilities across the Americas, Europe and Asia that handle shipments requiring strict temperature controls, helping UPS improve delivery speed and maintain end-to-end custody of sensitive healthcare products. The move is aimed at supporting rising demand for biologic medicines, vaccines and treatments such as GLP-1 weight-loss drugs, which require refrigerated transport. UPS said the market for temperature-sensitive biologics is expected to grow at a compound annual rate of 8.3% through 2033, reaching an estimated value of $39.1bn. The company also highlighted World Health Organization data showing that up to 50% of vaccines are wasted globally each year, with cold-chain storage failures a significant contributor.

 

CNBC

Amazon’s Prime Day sales event is expected to provide a key indicator of U.S. consumer health, with shoppers increasingly focused on discounted essentials rather than discretionary purchases as inflation and higher fuel costs pressure household budgets. The four-day event, running from June 23rd-26th, has been brought forward from its traditional July slot and is expected to generate $21.6bn of merchandise sales, up 5% on 2025, according to Bank of America. Adobe Analytics forecasts spending during Prime Day will exceed the combined total of Black Friday and Cyber Monday 2025. The event is also intensifying competition across the retail sector, with Walmart and Target launching overlapping promotional campaigns. Amazon is expected to capture more than 60% of sales generated during the promotional period, although analysts note retailers are largely competing for the same value-conscious consumers rather than driving significant increases in overall spending.

 

Reuters

Sen. Bernie Sanders (I-VT) has unveiled legislation that would impose a one-time tax on large artificial intelligence (AI) companies with more than $200m in annual revenue, requiring the tax to be paid in company stock and used to create a federal sovereign wealth fund. Under the proposal, the government would hold significant ownership stakes in major AI firms, with investment returns funding annual dividends for taxpayers as well as priorities such as education, health care, and housing. Mr. Sanders argues the plan would allow the public to share in the economic benefits of AI and provide oversight of technologies that could contribute to job losses or other societal harms. While the bill faces long odds in a Republican-controlled Congress, the broader concept of using AI-generated wealth to benefit the public has attracted interest from policymakers, AI executives, and industry leaders concerned about the technology’s economic impact.

 

CPA Practice Advisor

China has imposed trade restrictions on dozens of U.S. companies, including rare earth producers MP Materials and USA Rare Earth, in response to Washington’s decision to expand its list of Chinese companies allegedly linked to the military. China’s Commerce Ministry added 10 U.S. defense companies to its export control list, preventing them from receiving Chinese products with potential military applications. The restrictions also extend to businesses operating in sectors including drones, robotics and aerospace. The inclusion of MP Materials and USA Rare Earth is particularly significant given the strategic importance of rare earth minerals in defense systems, advanced electronics and renewable energy technologies. Both companies are investing heavily to expand domestic U.S. production and reduce reliance on Chinese supply chains.

 

New York Times

South China Morning Post

Wall Street Journal

The Canadian Public Accountability Board (CPAB) reported no significant audit deficiencies in its 2025 inspections of four Vancouver-based accounting firms: Davidson & Company LLP, D&H Group LLP, De Visser Gray LLP, and WDM Chartered Professional Accountants. The clean inspection results mark a notable improvement after several years in which British Columbia-based firms faced multiple regulatory censures and audit-quality concerns. Davidson & Company, the largest of the four firms with 459 public-company audit clients, had six files reviewed without significant findings, while the other firms also passed inspections without major issues. The report highlights broader reforms at CPAB, including the introduction of firm-specific inspection reports and greater transparency around audit oversight. The positive findings contrast with recent years of enforcement actions against several BC audit firms and come as the U.S. audit regulator, the PCAOB, has slowed its inspection activity amid budget cuts and leadership changes.

 

Canadian Accountant

KPMG Australia has announced the departures of chair Martin Sheppard and audit partners Paul Rogers and Eileen Hoggett as the firm responds to escalating allegations that confidential client information was improperly used to help secure audit contracts. The resignations follow the earlier exits of the firm's chief executive and audit chief, and come amid multiple investigations into claims that sensitive information from clients including Lendlease and Optus was shared inappropriately. KPMG said it will overhaul its governance structure, appoint an independent chair, add independent board members, and review sanctions for staff misconduct as it seeks to rebuild trust.

 

Financial Times

Reuters

An AI law firm has won a case in an English court. Tamires Camal Taquidir, a freelance HR consultant, paid the firm, Garfield AI, about £400 ($530) to send a legal letter and then issue court proceedings over an unpaid debt of £7,000 ($8,110). The case is believed to be the first time a trial has been won using an AI lawyer not only in the U.K. but globally. Garfield AI co-founder, Philip Young, said: “This is a landmark moment . . . for access to justice. For too long, businesses have been forced to write off debts because the cost, time and stress of litigation made pursuing them uneconomic.” He added: “AI did not replace the judge, the barrister or the legal system. What it did was make the process more accessible, more efficient and more affordable.”

 

Financial Times

The Daily Telegraph

City AM

The Guardian