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The U.S. Treasury Department's Office of the Comptroller of the Currency has withdrawn its principles for guiding banks on climate-related financial risks. Acting Comptroller of the Currency Rodney Hood said: "The principles providing guidance to banks for climate-related financial risk are overly burdensome and duplicative." The decision aligns with President Donald Trump's broader agenda, which includes withdrawing from the Paris Agreement and cancelling U.S. global climate finance initiatives.

 

Reuters

Some U.S. health regulators are facing significant challenges in meeting product review deadlines due to recent layoffs. According to scientists at the U.S. Food and Drug Administration, they have been assigned double the workload since the Trump administration's cuts, which affected around 1,000 staff members. One scientist said:"We have 180 days to complete those reviews, and we're not going to come anywhere close to that." The FDA's ability to review medical devices and tobacco products is seen as compromised, leading to concerns about delayed market entries and potential oversights in safety. Ameet Sarpatwari from Harvard Medical School warned that the loss of personnel could result in longer review times or rushed evaluations, increasing risks. The FDA has also canceled meetings with companies, further complicating the review process.

 

U.S. News

U.S. banking leaders are advocating for significant regulatory changes under President Donald Trump's administration, and have expressed optimism that regulators are receptive to their requests. Proposed changes include raising the threshold for anti-money laundering reports from $10,000 to potentially $75,000 or $100,000. The push for deregulation follows a period of stricter rules under the Biden administration. However, advocates for tougher regulations, like Dennis Kelleher of Better Markets, warn that easing rules could jeopardise consumer protection and financial stability.

 

U.S. News

Henna Virkkunen, the European Commission's digital chief, has said the commission is examining ways to eradicate overlap in tech rules in response to complaints from business about proliferating EU regulations in recent years. Virkkunen said there were no plans to water down laws such as the Digital Services Act which governs content moderation, the Digital Markets Act, which governs big tech platforms, or the AI Act which applies risk-based rules to artificial intelligence, as part of the review. "Everybody who is doing business in Europe has to respect our rules here. European companies, but also American and Chinese," she said, adding that the commission is seeking to make life easier for companies. "We will look at all our digital rules . . . often it's the same company who has to comply with the different rules," Virkkunen said.

 

Reuters

Larry Fink, the CEO of BlackRock, has expressed deep concerns regarding the current state of the global economy, saying that investor anxiety is at its highest in recent memory. In his annual letter to shareholders, he noted: "I hear it from nearly every client, nearly every leader - nearly every person - I talk to: they're more anxious about the economy than at any time in recent memory." Fink highlighted the negative impact of protectionism, which he says has returned with force under Donald Trump's administration. He observed that while globalisation has lifted 1bn people out of extreme poverty, it has also left many in wealthier nations struggling.

 

U.S. News

The Daily Telegraph

CalPERS, California's largest public pension fund, has filed an amended lawsuit against UnitedHealth Group, alleging the company engaged in a fraudulent profit-making scheme through its Medicare Advantage business. The lawsuit claims that executives profited from nonpublic information, resulting in losses exceeding $76.3m for CalPERS alone. The 158-page complaint details questionable billing practices and alleges that UnitedHealth manipulated the system through "upcoding" to inflate payments. "UnitedHealth induced providers to find new diagnoses by paying bonuses to providers who upcoded," the lawsuit states. UnitedHealth has denied the allegations, asserting that the complaint lacks substance and misrepresents their practices. The company has until May 20 to respond to the amended complaint.

 

The Columbian

The IRS Criminal Investigation (IRS-CI) division has launched a new initiative called Feedback in Response to Strategic Threat (CI-FIRST) to enhance collaboration with financial institutions in combating financial crimes. This program aims to expedite subpoena requests and improve data sharing, helping banks detect and report crimes related to drug trafficking and human smuggling. IRS-CI Chief Guy Ficco stated: "Public-private partnerships thrive when everyone mutually benefits.” Recent statistics revealed that from 2022 to 2024, the IRS identified $21.1bn in fraud linked to tax and financial crimes, seized $8.2bn in assets, and recovered $1.4bn for victims. Lauren Kohr, IRS-CI's strategic engagement adviser, emphasized the importance of Bank Secrecy Act data, saying: "It’s really one of the sharpest tools law enforcement has to trace fraud." The initiative comes amid discussions to raise reporting thresholds for suspicious activity reports. 

 

U.S. News & World Report

Maryland's attorney general has advised consumers to delete their 23andMe accounts following the company's Chapter 11 bankruptcy filing. The San Francisco-based genetic testing firm announced its intention to sell “substantially all of its assets” through a court-approved reorganization plan. This situation has raised significant privacy concerns regarding the protection of sensitive genetic information.

 

The Baltimore Sun

The Metals Co has revealed that it has been confidentially negotiating a plan with the Trump administration to circumvent a United Nations treaty and possibly obtain U.S. authorization to begin mining in international waters. The proposal drew immediate protests from environmental groups. It represents a radical shift in the debate over accessing deposits on the sea floor that contain copper, cobalt, manganese and other metals that are needed for electric vehicle batteries and smartphones. The International Seabed Authority has jurisdiction over seabed mining in international waters outside the coastal areas of each nation.

 

New York Times

Bob Pease, an independent director at Phillips 66, has defended the company's performance amid a growing conflict with Elliott Investment Management, which holds a stake exceeding $2.5bn. In a letter to shareholders, Pease described Elliott as a "highly distracted shareholder," noting their "inconsistent engagement" and public actions. The ongoing boardroom battle is intensifying as both Phillips 66 and Elliott prepare for an election in May, with Phillips nominating four executives, including Pease, while Elliott has put forward seven nominees, potentially threatening Pease's position.

 

Reuters

Russia's FSB security service has accused Ukrainian spy agencies of attempting to recruit Russian citizens and gather military intelligence by posing as staff from the RAND Corporation, a U.S. non-profit think tank. According to state news agency RIA: "The FSB has received information about representatives of the Ukrainian special services using the cover of the influential American RAND Corporation for recruiting activities." RAND is already classified as an "undesirable organization" in Russia. There has been no response from RAND or Ukraine regarding the allegations.

 

U.S. News

Bloomberg reports that Amazon is to resume screening employees leaving its warehouses, after dropping the theft-prevention measure during the pandemic. In addition to bringing back metal detection devices, the company is asking workers to register their personal phones so security personnel know they aren’t stolen. Employees will share the last six digits of the serial number on their phones and receive a sticker to place on the device, letting security personnel know it belongs to the worker and accelerating the screening process. “We’re always working to make our facilities more safe and secure for our employees and for companies of all sizes that put their trust in us to store their inventory,” an Amazon spokesperson explained. “As one part of that, we’ve made the decision to restore some practices that we had suspended to support social distancing during the pandemic.”

 

Bloomberg

The U.S. government is actively seeking egg imports from European countries including Germany, Italy, and Poland to address a significant shortage caused by a bird flu outbreak. Referring to respective U.S. and E.U. egg safety regulations, Hans-Peter Goldnick, president of the German Egg Association, observed: “These are two systems that could not be more different.” U.S. food safety rules require fresh eggs to be sanitized and refrigerated before they reach shoppers; in the E.U., safety standards call for Grade A eggs to be sold unwashed and without extended chilling. Despite the challenges, including limited surplus in Europe due to domestic demand and avian flu, the U.S. is exploring options for powdered egg products and has secured commitments from Turkey and South Korea. The U.S. market is showing signs of improvement, with wholesale egg prices dropping to $3.27 per dozen, but Easter demand may drive prices up again.

 

U.S. News