Become more informed in minutes...

Financial institutions are investing heavily in cybersecurity and AI-powered security tools, but new research suggests that adding more disconnected technologies is making it harder to detect breaches. According to Gigamon, 42% of financial firms say breach detection now takes longer despite increased spending, while 52% cite fragmented security tools as their biggest challenge. Nearly all firms that experienced a cyberattack reported material financial damage, including regulatory fines, higher insurance costs, and operational disruptions. The report also highlights growing concerns over AI governance, internal data leaks, and future quantum computing threats, with financial firms increasingly automating security processes while facing stricter regulatory requirements. It concludes that organizations should prioritize greater visibility across their technology environments over simply adding more security tools to better manage cyber risk and compliance.

 

The CFO

About two-thirds (67%) of U.S. companies reported an increase in mental health-related leaves of absence and accommodation requests over the past year, according to a survey by employment law specialists Littler Mendelson. Bloomberg reports on how a growing trend of workers using the Family and Medical Leave Act for mental health is prompting a resource strain, as employers hire temporary replacements or redistribute work. The estimated cost of a missed workday is said to be about $340 per day for full-time workers. Jeff Nowak, an employment attorney at Littler, observes: “Leaves have been consistently elevated coming out of Covid. This is a sustained shift, not a temporary disruption.”

 

Bloomberg

President Donald Trump has said he intends to request a rehearing from the Supreme Court regarding its ruling that affirmed birthright citizenship for babies born in the U.S. under the Fourteenth Amendment. The Supreme Court's decision, made on June 30, rejected Trump's executive order aimed at limiting this citizenship benefit for immigrant children. In a post on Truth Social, Trump wrote that the “ruling is wrong . . . I will be asking for a Rehearing by the United States Supreme Court, IMMEDIATELY.” He said the ruling could “destroy America.” The Supreme Court has not granted a rehearing since 1965.

 

Bloomberg Law

CNBC

John Deere has agreed to settle a lawsuit brought by the Federal Trade Commission and five states over allegations that it unlawfully restricted farmers' ability to repair their own equipment. Under the agreement, Deere will provide farmers and independent repair shops with the same diagnostic tools and repair resources available to authorized dealers for 10 years, including access to new repair resources once they are widely available within its dealer network. The company, which did not admit wrongdoing, will also pay $1m to cover the states' legal costs. The settlement, which is subject to court approval, follows Deere's $99m agreement in April to resolve related private class-action litigation and is intended to expand repair access and reduce costs for farmers.

 

Courthouse News Service

Des Moines Register

Zillow and Rocket Companies-owned Redfin will face trial in August after a federal judge declined the FTC's request to block their apartment listings partnership before trial. The FTC and several states allege the $100m agreement, under which Zillow became the exclusive provider of Redfin's apartment rental listings, reduced competition in the online rental listings market, while the companies argue they compete with a broader range of digital advertising platforms and deny the allegations.

 

Bloomberg

Oklahoma’s attorney general has sued Allstate, claiming the insurer sought to minimize payouts to homeowners for wind and hailstorm damage in order to boost  profits. Gentner Drummond said Allstate had since at least 2020 "secretly" required restrictive standards in assessing policyholder claims, "effectively predetermining outcomes" in order to lower indemnity ​payments and boost corporate profits. “This lawsuit is about protecting Oklahoma homeowners and holding insurance companies accountable when they fail to honor the promises they make to policyholders,” the state's top lawyer said. “Consumers pay their premiums expecting their insurance company to be there when disaster strikes.” The lawsuit seeks unspecified ​damages plus civil fines for violations of Oklahoma consumer protection and anti-racketeering laws.

 

Insurance Journal

Reuters

Federal Reserve officials agreed at their June meeting that interest rates may need to rise if inflation remains elevated, while maintaining that policy could stay unchanged if price pressures ease. The Federal Open Market Committee unanimously kept its benchmark interest rate at 3.5% to 3.75%, but projections showed nine of 18 policymakers now expect at least one rate hike by the end of the year, compared with none in March. Meeting minutes highlighted growing concern that inflation could prove more persistent, with officials identifying the rapid expansion of artificial intelligence investment, alongside tariffs and geopolitical tensions, as potential drivers of sustained price pressures. Policymakers said the outlook will depend on upcoming inflation and labor market data as they weigh the risks of tightening policy too quickly against allowing inflation to become entrenched.

 

CNBC

Reuters

US News and World Report

Wall Street Journal

U.S. consumer borrowing unexpectedly declined in May, the Federal Reserve reported on Wednesday, marking the first monthly drop since 2024, as Americans reduced their use of credit cards. Total consumer credit outstanding fell by $182m, compared with economists' expectations for a $17.5bn increase, driven by a $5.3bn decline in revolving credit, the largest fall since 2024. Non-revolving credit, including auto and student loans, increased by $5.1bn, partially offsetting the decline. The figures suggest consumers are beginning to reduce debt after two months of strong borrowing, although elevated borrowing costs remain a challenge, with the average interest rate on credit card accounts carrying interest standing at 22.15% in May.

 

Bloomberg

U.S. wholesale inventories increased just 0.1% in May, down from the initial estimate of 0.3%, according to revised Commerce Department data, suggesting inventory rebuilding may provide a smaller boost to second-quarter economic growth than previously expected. Inventories rose 0.7% in April and were 4.0% higher than a year earlier. Business inventories have declined for four consecutive quarters, and economists had expected restocking to help offset the economic impact of a widening trade deficit. Inventory gains were led by professional equipment, computer equipment, furniture, and hardware, with computer inventories rising 4.0%, reflecting continued investment in artificial intelligence. Meanwhile, metal inventories fell 2.8%, petroleum inventories declined 5.7%, and wholesale sales rose 3.4%, reducing the inventory-to-sales ratio to 1.15 months, the lowest level since April 2012.

 

Reuters

The Trump administration has launched an investigation into alleged H-1B and PERM visa abuse, labor trafficking, and the displacement of American workers. Labor Department Inspector General Anthony D'Esposito said: "This is another example where fraud is fueling violent crime . . . Much of the visa and the human trafficking that we see when it comes to this foreign labor is tied to cartels, is tied to transnational gangs, and this is the work that we should be doing, not only to make America safe again, but to make America more affordable again."

 

Economic Times

Fox Business

India Today

The National Retail Federation (NRF) has urged the U.S. Senate to pass the Combating Organized Retail Crime Act, arguing the legislation would improve coordination between law enforcement agencies to tackle organized theft networks operating across state and national borders. The bill has already passed the House of Representatives with bipartisan support. David Johnson, the NRF's vice president of asset protection and retail operations, rejected criticism that the legislation would federalize shoplifting or expand government surveillance, arguing it is aimed solely at dismantling organized criminal groups involved in large-scale retail theft, cargo crime and the resale of stolen goods. The trade body said the proposed coordination center within Homeland Security Investigations would strengthen information sharing and help disrupt sophisticated criminal networks rather than target petty theft.

 

The Hill

Levi Strauss has raised its full-year guidance for the second time this year after reporting stronger-than-expected second-quarter results, driven by growth in its expanded product range and direct-to-consumer business. The company now expects revenue growth of 7% to 7.5%, up from 5.5% to 6.5%, and adjusted earnings per share of $1.46-$1.52, compared with previous guidance of $1.42-$1.48. Second-quarter revenue rose 8% to $1.56bn, while adjusted earnings per share increased to 28 cents, beating analyst expectations. Direct-to-consumer sales climbed 11% and wholesale revenue rose 5%, prompting Levi Strauss to also increase its quarterly dividend by 14% to 16 cents per share. Despite the guidance upgrade, the shares fell in after-hours trading as investors had expected a larger increase to the earnings outlook.

 

CNBC

Reuters

Wall Street Journal

Global fashion brands and manufacturers are stepping up efforts to protect garment workers from rising temperatures as extreme heat increasingly disrupts production across Asia. Studies show India's garment factories can suffer productivity losses of up to 10% during peak summer months, while 87% of Indian garment workers reported experiencing heat-related illnesses over the past year. Manufacturers are investing in climate-resilient factories with improved insulation, cooling systems and energy-efficient technology, while brands including Uniqlo are supporting suppliers through long-term contracts that enable investment in workplace upgrades. Industry groups are also urging retailers to share responsibility for tackling heat stress, warning that protecting workers and maintaining supply chain resilience will require greater investment and could ultimately increase costs for consumers.

 

Bloomberg

Global growth is forecast to decline from 3.5% in 2025 to 3% in 2026 before climbing back to 3.4% in 2027, according to the IMF's latest World Economic Outlook. The IMF identified an increased dependence on AI and renewable energy as two factors that helped offset the negative impact of the U.S.-Iran war on the global economy. “The global economy as a whole has, so far, weathered the shock from the war better than feared,” the organization's researchers said. “Movements in and repercussions from the main channels of transmission - commodity prices, inflation expectations, and financial conditions - have been relatively limited.”

 

The Hill

Financial Times

JBS, the world's largest meatpacker, has abandoned its target of achieving net-zero greenhouse gas emissions by 2040, removing goals covering Scope 3 emissions, which account for the vast majority of its environmental footprint. Instead, the company will retain its existing target to reduce Scope 1 and 2 emissions intensity by 30% by 2030 and has introduced a new goal to cut those emissions by 70% by 2050. JBS said it is refocusing its sustainability strategy on emissions it can directly control and measure, while continuing to report Scope 3 emissions annually. The move follows criticism of its environmental commitments and comes after the company reached a $1.1m settlement with the New York Attorney General last year over claims it had misled the public about its ability to meet its original 2040 net-zero pledge.

 

Bloomberg

Financial Times