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A new KPMG survey has found that while 72% of executives say they have a strong understanding of their companies' sustainability strategies, only 19% report using robust financial valuation methods to quantify sustainability's impact on value creation and future performance. Surveying more than 2,000 senior executives across 19 countries, KPMG found that 60% of companies incorporate sustainability risks and opportunities into financial planning and 50% have embedded sustainability into their business strategies, but many lack the tools and frameworks needed to connect sustainability with financial outcomes. The report found the banking and capital markets sector leads in applying advanced valuation techniques at 33%, followed by energy and natural resources and automotive, both at 31%, with KPMG warning that companies unable to quantify sustainability risks and opportunities risk mispricing investments and missing long-term value creation opportunities.

 

ESG Today

American Eagle Outfitters has appointed Ravi Thanawala as its new chief financial officer, effective August 3rd, replacing long-serving finance chief Mike Mathias. Mr Thanawala joins from Papa John's, where he has served as CFO since November 2025, having previously held senior finance roles at Nike, including CFO of its North America business. Mr Mathias, who has spent 25 years with American Eagle and has been CFO since 2020, will transition to a full-time non-executive strategic adviser role to chief executive Jay Schottenstein following the handover. Alongside the leadership change, American Eagle reaffirmed the second-quarter and full-year 2026 financial guidance it issued in May, signalling confidence in its trading outlook.

 

Reuters

Five companies including Eli Lilly and Regeneron have been selected by the U.S. Food and Drug Administration for the PreCheck pilot program to accelerate ‌reviews of new domestic pharmaceutical manufacturing facilities. The program will allow regulators to start reviewing new manufacturing facilities while they are being built to identify and correct any ​issues. The other companies in the pilot program are Cellares, Fujifilm Biotechnologies, Kriya Therapeutics and Kyowa Kirin. “We’re pleased to see programs like the FDA’s PreCheck Pilot Program that encourage collaboration between innovators and regulators to build next generation manufacturing capabilities and strengthen America’s biopharmaceutical industry,” Regeneron CEO Leonard Schleifer said.

 

CNBC

The Trump administration has declined to renew the U.S.-Mexico-Canada Agreement (USMCA) in its current form following its mandatory six-year review, leaving the trade pact in force for up to another 10 years with annual reviews while negotiations continue over proposed changes. The move starts the countdown towards the agreement's expiry unless all three countries agree to a revised version. The U.S. is seeking tougher North American rules of origin for automobiles and other industrial goods, aiming to reshore manufacturing, reduce trade deficits and limit China's access to the regional trading bloc. Talks with Mexico are due to resume later this month, and Canada has also pledged to continue negotiations while seeking relief from U.S. tariffs on steel, aluminum, vehicles and lumber. The USMCA underpins around $1.6tn of annual trade between the three countries, and industry groups, including automakers and agricultural exporters, have urged governments to preserve the agreement.

 

Bloomberg

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Washington Post

U.S. construction spending rose 0.1% in May, matching economists' expectations, but was down 1.5% from a year earlier as higher mortgage rates continued to weigh on residential construction. The Commerce Department noted that private construction spending was flat, with a 0.3% increase in renovation activity offsetting a 0.1% decline in new single-family homebuilding, which fell 4% year over year. Higher mortgage rates, driven in part by rising oil prices following the conflict involving Iran, pushed the average 30-year fixed mortgage rate to 6.49% last week. Meanwhile, private nonresidential construction declined 0.3%, led by a 1.3% drop in factory construction, while public construction spending increased 0.5%, supported by higher state, local, and federal government investment.

 

Reuters

U.S. manufacturing activity expanded for a sixth consecutive month in June, although growth slowed modestly. The Institute for Supply Management's (ISM) Purchasing Managers' Index (PMI) fell to 53.3 from 54.0 in May, below economists' expectations of 53.9, but remained above the 50-point threshold that signals expansion. New orders and production continued to grow, albeit at a slower pace than in the previous month, while the prices index remained in expansion despite declining 9.1 points from May. Supplier deliveries slowed for a seventh straight month, and employment improved but continued to indicate contraction. According to Susan Spence, chair of the ISM Manufacturing Business Survey Committee, sentiment remained cautious, with 34% of survey comments positive and 66% negative. Respondents cited higher raw material costs linked to the conflict in Iran, particularly for oil-based products such as adhesives.

 

Reuters

Wall Street Journal

Kroger has agreed to acquire privately-owned food and pharmacy retailer Giant Eagle for $1.65bn, including cash and assumed liabilities, in a deal that strengthens its presence across the U.S. Midwest. The transaction, which has been approved by Kroger's board, is expected to complete next year, subject to regulatory approval. Giant Eagle operates nearly 200 supermarkets, 11 standalone pharmacies and generates around $9bn in annual sales across Pennsylvania, Ohio, West Virginia, Maryland and Indiana. Kroger said the acquisition is expected to be earnings accretive from the second full year after closing, before transaction and integration costs. The companies expect to make a limited number of Giant Eagle store divestitures to secure regulatory clearance. Kroger said the acquisition aligns with its capital allocation strategy and expands its portfolio with a regional grocer known for its fresh food, pharmacy operations, private-label products and customer loyalty.

 

Cincinnati Enquirer

Chicago Tribune

CNBC

Wall Street Journal

CMA CGM has agreed to acquire FedEx Supply Chain for $1.4bn, including debt, in a deal that significantly expands its North American contract logistics business and strengthens its strategy of offering end-to-end supply chain services. The acquisition will add around 34m sq ft of warehouse space, 10,000 employees and more than 240 locations across North America to its CEVA Logistics subsidiary. Alongside the acquisition, CMA CGM and FedEx plan to enter multi-year ocean freight and air cargo agreements worth an estimated $3.5bn in business volume, while CMA has also appointed former FedEx Logistics president Patrick Moebel as chief executive of CEVA Logistics. The transaction continues CMA CGM's acquisition-led expansion beyond container shipping following purchases of CEVA Logistics, Ingram Micro's e-commerce business and Bolloré Logistics.

 

Bloomberg

Financial Times

Reuters

Wall Street Journal

Federal Reserve Chairman Kevin Warsh has insisted there would be “no changes” to U.S. central bank independence as he pledged that the Fed would take a strident approach to tackling inflation. He said he will stick firmly to a 2% inflation target and "disappoint" anyone who expects loose monetary policy despite ​President Donald Trump's call for interest rate cuts. "If people thought this central bank was going to be comfortable with an inflation objective above 2%, they would be disappointed," Warsh said at the European Central Bank’s annual gathering of international policymakers and economists in Sintra, Portugal. He added that "we have been an independent central bank for a long time. We are going to be an independent central bank at this moment and you will see no changes on that." 

 

The Hill

Financial Times

New York Times

Reuters

The Securities and Exchange Commission (SEC) has fined Bank ​of America's Merrill Lynch unit $7.5m for not filing suspicious activity reports (SARs). The agency said Merrill didn’t investigate all the suspicious activity it should have between April 2020 and September 2024 because of the way the parent bank flagged some transactions for additional scrutiny. “During the relevant period, Merrill failed to file numerous SARs due to its failure to investigate certain event groups with risk scores below 20,” the SEC said. “We maintain rigorous anti-money laundering practices,” a Bank of America spokesperson said. “We have been engaged with regulators on this matter, and we continually review and enhance our AML systems to address evolving risks and report and detect suspicious activity.”

 

Bloomberg

Reuters

Philip Morris International has secured U.S. Food and Drug Administration approval to market 10 flavors of its Zyn nicotine pouches as presenting a lower health risk than cigarettes, marking the first nicotine pouch products to receive a modified risk authorization. The FDA will allow Swedish Match, PMI's tobacco subsidiary, to advertise that switching completely from cigarettes to Zyn reduces the risk of diseases including lung cancer, heart disease, stroke and chronic bronchitis, while stressing that no tobacco product is safe. 

 

The Hill

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Reuters

A new PCAOB ethics standard, EI 1000, is set to take effect on December 15th 2026, replacing a decades-old rule with more detailed requirements for auditor integrity and objectivity. Legal experts say the standard could significantly affect auditor malpractice litigation by providing clearer benchmarks for evaluating whether auditors met their professional obligations. Unlike the previous principles-based standard, EI 1000 mandates contemporaneous records of internal consultations, research, and decision-making, potentially giving plaintiffs stronger evidence when alleging auditors failed to meet the required standard of care. The expanded documentation requirements could also strengthen defenses for auditors who can show they followed the prescribed process in good faith, while exposing firms that merely create paperwork to justify predetermined conclusions.

 

Reuters

The House Ways and Means Committee has advanced seven bipartisan tax administration bills aimed at modernizing the Internal Revenue Service, strengthening taxpayer protections, and improving transparency. The measures include extending tax filing relief for Americans held hostage overseas, restoring tax deductions for fraud victims, authorizing the National Taxpayer Advocate to file amicus briefs in federal court, launching an artificial intelligence pilot program to detect fraudulent tax returns, cracking down on fraudulent "ghost" tax preparers, creating a fellowship program to recruit private-sector data scientists to the IRS, and requiring tax-exempt hospitals to provide more detailed reporting on community benefits, executive compensation, and billing practices. While supporters said the legislation would improve fairness, efficiency, and accountability, hospital groups opposed the transparency proposal, arguing it would impose significant administrative burdens on nonprofit health systems.

 

Accounting Today

Cryptocurrency companies have spent $189m ​so far - more than one-third of all corporate money - to influence the 2026 U.S. midterm elections, according to a report from Public Citizen, a consumer advocacy organization. Companies in the AI, big tech and ​online betting sectors have also contributed heavily, the report said. "The big ​takeaway is that corporate money is playing a bigger role than ever in our elections, and it's only expanding," observed Rick Claypool, a ​research director at Public Citizen.

 

Reuters

Sony will stop producing physical discs for all new PlayStation game releases from January 2028, completing its transition to digital distribution as consumers increasingly buy games online. Digital downloads accounted for around 80% of the company's full-game software sales in fiscal 2025, with all new titles from 2028 to be sold exclusively through the PlayStation Store and retailers offering digital formats. The move will not affect games already released or scheduled for disc launch before 2028. Sony also announced it will begin closing the PlayStation Store on legacy PS3 and PS Vita consoles, starting in selected markets this year before expanding globally in 2027, citing the ageing platforms' inability to support modern payment systems. Previously purchased games will remain available for download after the stores close.

 

TechCrunch

Financial Times

Reuters

A Swedish court has ordered Google to pay around SKr14.3bn ($1.5bn) in damages to PriceRunner, the price comparison website owned by Klarna, after ruling that the technology giant unfairly favoured its own shopping comparison service in search results. Including interest, the award totals around $2bn, making it the largest competition damages award in Swedish legal history, although substantially below the SKr78bn originally sought. The case stems from a long-running dispute over Google's search practices, which the European Commission first ruled against in 2017. PriceRunner argued that Google's preferential treatment of its own shopping service significantly reduced traffic to rival comparison websites, resulting in lost profits across the U.K., Sweden and Denmark. Google said it disagrees with the ruling and is reviewing its legal options. 

 

Financial Times

Reuters

UBS's annual Global Wealth Report reveals that personal wealth grew by 10.8% in 2025, creating nearly 1m new U.S. dollar millionaires globally. The United States accounted for almost half of new millionaires last year, adding more than 440,000 individuals, followed by China, Japan, Germany, France and the UK, which each count more than 2m millionaires in total. "The real story is one of continued expansion: more people moving up the wealth ladder," the report said. "The gains . . . point to a world that kept building wealth, deepening its affluent population and extending a long-running upward trend." Despite such growth, the report also noted a deepening wealth inequality, as median wealth declined in many countries. UBS analysed 56 markets, representing over 92% of the world's wealth, highlighting a stark divide between the richest and the broader population.

 

France 24

US News and World Report

Wall Street Journal