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A majority of investment analysts and portfolio managers oppose the SEC's proposal to replace mandatory quarterly financial reporting with semiannual reporting, according to a new CFA Institute survey of more than 2,500 investment professionals. Sixty-two percent of respondents opposed reducing the reporting frequency, while 70% opposed allowing companies to choose their own reporting schedules, citing concerns that inconsistent reporting would make it more difficult to compare companies and industries. Most respondents also said that, if semiannual reporting is adopted, companies should still be allowed to voluntarily report quarterly, although only about one-third believe most companies would continue doing so. Nearly three-quarters of respondents said negative developments could take longer to reach investors, more than half worried that management would have greater opportunities to benefit from insider information, and many expected earnings releases to contain less information if Form 10-Q filings were eliminated.

 

CFO

The U.S. economy added just 57,000 jobs in June, well below economists' forecasts of 115,000, signaling a slowdown in hiring after stronger gains earlier this spring. The Labor Department report also found that unemployment rate unexpectedly edged down to 4.2%, largely because the labor force shrank by 720,000 people during the month, pushing the labor force participation rate down to 61.5%, its lowest level since March 2021. Healthcare and social assistance accounted for most of the month's job gains, while leisure and hospitality shed 61,000 positions, and previously reported payroll growth for April and May was revised down by a combined 74,000 jobs. The weaker-than-expected employment report also reduced market expectations for a near-term Federal Reserve interest rate increase, even as wage growth remained modest at 3.5% year over year and inflation continued to outpace earnings. The Labor Department's weekly jobs report, published separately, found that the number of filings for unemployment benefits in the seven days to June 27th fell by 1,000 to 215,000. Analysts had expected 225,000 new applications. The four-week moving average fell 2,500 to 222,000, while the total number of filings, reported with a one-week lag, rose 2,000 to 1.81m.

 

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Wall Street Journal

New orders for U.S. manufactured goods fell 1.3% in May, reversing part of April's 5.3% gain, as a sharp drop in commercial aircraft orders outweighed continued strength in other manufacturing sectors. Orders for commercial aircraft fell 51.8%, with Boeing receiving 27 orders in May compared with 136 in April, while demand for computers and electronic products, machinery, primary metals, and fabricated metal products remained strong, supported in part by investment in artificial intelligence. Orders for non-defense capital goods excluding aircraft, a key measure of business investment, increased 1.4%, indicating that underlying business spending remained resilient despite the broader decline in factory orders.

 

Reuters

The share of U.S. employees working from home grew in 2025 from the year before, according to a survey from the Bureau of Labor Statistics. Last year, more than one-third (35%) of employed people did some or all work remotely, up from 33% in 2024, according to the bureau's latest American Time Use Survey. Workers with a bachelor's degree or higher were more likely to work from home, at least some of the time, and women were also more likely to work from home than their male counterparts, and spend more time on childcare and other household tasks, the data found. 

 

CNBC

The U.S. Federal Trade Commission (FTC) has proposed new guidance warning that artificial intelligence (AI) companies whose chatbots are designed to produce responses aligned with "ideological objectives" could violate federal consumer protection law. The agency said AI developers that train models to avoid responses deemed discriminatory toward certain groups may, in some cases, run afoul of Section 5 of the Federal Trade Act, which prohibits unfair or deceptive business practices. The FTC also said complying with Colorado's AI anti-discrimination law could potentially conflict with the FTC Act, reflecting the Trump administration's broader scrutiny of perceived political bias in AI systems. The proposal is open for public comment through July 31, after which the agency will consider whether to adopt the policy. The guidance is the latest effort by FTC Chairman Andrew Ferguson to use the agency's consumer protection powers to address concerns raised by conservatives over alleged ideological bias in technology platforms. 

 

Reuters

Alibaba has agreed to pay $600m to settle a dispute with the U.S. government regarding the sale of illegal pharmaceuticals, controlled substances, regulated chemicals, and pill-making equipment. The allegations state that Alibaba's U.S.-based payment processor, AUS Merchant Services, failed to prevent merchants from selling unlawful products through its platforms, Alibaba.com and AliExpress.com. Between January 2016 and December 2024, approximately 80,000 illegal product sales occurred. Jarod Koopman, chief of IRS Criminal Investigations, said: "The resolution underscores IRS Criminal Investigation's commitment to following the money and ensuring compliance with federal law.”

 

US News and World Report

A U.S. House Judiciary Committee report has accused South Korean authorities of systematically discriminating against Coupang, alleging the company faced an extensive regulatory campaign following a 2025 data breach. The interim report claims more than 10 government agencies launched dozens of investigations, issued over 4,000 document requests and conducted at least 652 employee interviews, arguing the actions breached the countries' bilateral trade agreement. The allegations relate to a 2025 data breach in which a former employee accessed information linked to 33.7m customer accounts, although Coupang later said only data relating to around 3,000 accounts had been retained. The report also alleges South Korea's National Intelligence Service pressured the company into undertaking a recovery operation involving retrieving devices from China. South Korea's foreign ministry described the report as one-sided, adding that it failed to fully take into account the government's position.

 

Reuters

Reuters

7-Eleven has filed a trademark infringement lawsuit against Nike, alleging the sportswear group’s new Air Max 95 trainers unlawfully copy its distinctive orange, green and red color scheme and are deliberately scheduled to launch on July 11th, the retailer's annual 7-Eleven Day, to create consumer confusion. The convenience store chain claims Nike has infringed multiple registered trademarks and engaged in unfair competition, and is seeking a court order to block the launch, recall and destroy the trainers, as well as recover damages and profits linked to the alleged infringement.

 

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Jersey Mike’s has filed for an IPO, seeking to list on the New York Stock Exchange under the ticker "JMKE," as improving market conditions encourage more companies to go public. The sandwich chain reported cumulative same-store sales growth of 50% between 2020 and 2025, with comparable sales increasing 3% in 2025 despite a challenging environment for the restaurant industry, where consumers have been cutting back on dining out. The company reported net income of $55m on revenue of $724m in 2025, compared with net income of $5m on revenue of $653m the previous year. Systemwide sales, including franchised locations, rose 13% to $4.3bn, while the chain expanded to nearly 3,300 restaurants, making it the second-largest sandwich chain in the U.S. behind Subway. The IPO follows Blackstone’s acquisition of a majority stake in the business in a deal reportedly valuing Jersey Mike’s at around $8bn, with founder Peter Cancro retaining a significant equity stake and continuing to serve on the board.

 

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A preliminary report from the UN's Independent International Scientific Panel on Artificial Intelligence, which has been described as the first global independent ​assessment of AI's risks and opportunities, has said developments in the technology are outpacing scientific understanding and government policy, and there are no guarantees that it will not cause ‌catastrophic harm. "AI capabilities ​are outpacing both scientific understanding and governments’ ability to adapt," said Yoshua Bengio, co-chair of the panel. "With growing evidence of deceptive AI behavior, science currently cannot guarantee that as capabilities continue to ⁠increase, AI will not cause catastrophic harm, either on its own or due to malicious users." AI's task complexity is doubling every four to seven months, potentially allowing systems to complete work that takes humans days or ‌weeks, the report notes.

 

Euronews

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The Guardian

Apple is reportedly in talks to source memory chips from Chinese semiconductor manufacturers ChangXin Memory Technologies and Yangtze Memory Technologies for devices sold in China, as it seeks to ease the impact of a global memory shortage that has driven up component costs and forced price increases across its product range. The discussions are said to be ongoing and no agreement has been reached. Both companies are on a Pentagon blacklist of entities alleged to support China's military, raising the prospect of political opposition in Washington despite there being no formal requirement for Apple to obtain approval. According to the report, chief executive Tim Cook has appealed to Trump administration officials in an effort to mitigate any political fallout. Apple currently sources memory chips from Samsung Electronics, SK Hynix, and Micron Technology, all of which are struggling to meet surging demand.

 

The Japan Times

Elon Musk has denied a Wall Street Journal report which said that SpaceX showed investors and other stakeholders a prototype for a handset-like device designed to reshape how humans interact with AI ahead of its blockbuster IPO. "Utterly ‌false," Musk wrote in a post on X, without elaborating. The Wall Street Journal has previously reported that Musk has in the past weighed building a smartphone due to frustration over how Apple controls distribution of third-party apps such as X. “The idea of making a phone makes me want to die,” Musk said last year. “But if we have to make a phone, we will.”

 

Reuters

The Verge

The U.S. Treasury Department has announced that individuals and corporations will be able to donate publicly traded shares to Trump Accounts, the government-backed investment accounts for children created under President Donald Trump's tax and immigration law. The program, which launches July 4th, will provide a $1,000 federal contribution for eligible children born between 2025 and 2028, while parents and guardians can open and manage the accounts, choose from five approved investment funds, and receive additional private contributions. More than 6m families have signed up for the program, although only 1.4m qualify for the federal seed payment, with the remainder able to benefit from the accounts' tax advantages and flexible investment structure.

 

ABC News

Reuters

Washington Post

The FASB has proposed an update to accounting standards that would change how investment companies measure the fair value of equity securities with contractual sale restrictions. Currently, under Topic 820, entities do not consider these restrictions when determining fair value, which can lead to inflated net asset values and distorted performance reporting. The proposed amendments would require investment companies to factor in these restrictions and disclose the associated discount. FASB believes this change will enhance the usefulness of financial reporting by aligning fair value measurements with market participant valuations. Stakeholders are invited to provide feedback on the proposal by July 17th 2026.

 

Accounting Today

CPA Practice Advisor

The Accountant Online

PwC has appointed Lynne Baber as its new Global Sustainability Leader, succeeding Colm Kelly following his retirement after leading the firm's global sustainability practice since 2020. Baber, who joined PwC in 2003, most recently led the firm's UK sustainability practice and served as Global Sustainability Deputy Leader. In her new role, she will oversee PwC's global sustainability strategy, support clients as sustainability becomes increasingly integrated with business strategy, risk, technology, and capital allocation, and advance the firm's own sustainability commitments.

 

ESG Today

Private markets are entering a new phase in which disciplined investment selection, rather than favorable market conditions, is driving returns, according to BlackRock's Fabio Osta. While higher interest rates, slower exits, and liquidity concerns have prompted greater scrutiny of the asset class, Mr. Osta argues the market is not retreating but becoming more selective. Global private market assets under management have continued to grow to about $22tn, investor demand remains resilient, and private equity exit activity has begun to recover, although capital is increasingly flowing only to businesses with strong fundamentals, resilient cash flows, and credible growth prospects. The commentary argues that the current environment is creating wider differences in performance across private equity, private credit, and infrastructure, with underwriting quality, operational improvements, and disciplined portfolio construction becoming increasingly important. Mr. Osta concludes that private markets remain an attractive long-term diversification opportunity, but investors must take a more selective approach, focusing on manager quality, valuation discipline, and realistic expectations around liquidity and investment horizons.

 

Professional Wealth Management

Google has lost its final appeal against a €4.1bn European Union antitrust fine after the bloc's highest court upheld findings that the company abused the dominant position of its Android operating system by requiring device manufacturers to pre-install Google Search, Chrome and the Play Store, while restricting the use of rival operating systems. The ruling brings to an end an eight-year legal battle over the penalty, originally imposed at €4.34bn in 2018 before being reduced in 2022, and is expected to bolster the EU's crackdown on Big Tech while increasing the risk of further damages claims and regulatory action against Google under the Digital Markets Act.

 

Deutsche Welle

Politico

Reuters

KPMG Australia has appointed Michael Ebeid as its first independent chair as part of a broader governance reform program launched in response to recent integrity issues and allegations involving the misuse of confidential client information. Subject to partner approval, Ebeid will oversee efforts to strengthen independent oversight, reshape the firm's board with equal independent and partner representation, and introduce independent participation in the CEO selection process. The firm also expects to appoint a new CEO before the end of July, following the departures of its chief executive, chief operating officer, two audit partners, and national chairman amid the ongoing governance review.

 

International Accounting Bulletin