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The Paris-based Financial Action Task Force, an ⁠intergovernmental anti-money laundering group, has said criminals are taking advantage of gaps in regulation to ​move billions in illicit proceeds through the ‌crypto sector. In its latest review into ​the role of virtual assets and ​illicit finance, the group said crypto-enabled crime ​had become more "complex and interconnected" in the past ​year, and national regulators, financial institutions and crypto companies face "significant and ongoing challenges" in detecting and stopping money-laundering ​flows coming from scam compounds and investment ​fraud networks.

 

Reuters

 

Retail traders are piling into so-called perpetual futures that were only cleared to trade in the U.S. in May despite consumer advocates branding them “the most dangerous product in crypto.”

 

Financial Times

Samsung has said that 739 roles in Englewood Cliffs, New Jersey, have been affected by plans by Samsung Electronics America (SEA) - the South Korean tech giant's ​U.S. display, phone and other consumer electronics unit which does not include semiconductors - to move its headquarters to Texas. At SEA's office in Plano, Texas, around 100 workers, ​including in its mobile division, have been let go. Reuters says that the decision to shift SEA's headquarters is notable because staff in New ​Jersey only moved to new offices with much fanfare less than a year ago. Most people affected have received relocation offers, but others were let go, SEA said.

 

Reuters

U.S. import prices unexpectedly rose in June, increasing 0.3% from the previous month despite lower energy costs, while annual import price inflation accelerated to 7.1%, its highest level since August 2022, and well above economists’ expectations for a 0.8% decline. The Bureau of Labor Statistics noted that prices for imports from China climbed 0.9% during the month, marking the largest monthly increase since January 2008, and potentially reflecting the impact of tariffs. Higher costs for computers, semiconductors, industrial machinery, and service equipment more than offset a 0.4% decline in fuel prices, suggesting inflationary pressures are broadening beyond energy. Friday's report followed softer U.S. consumer and producer inflation data earlier in the week, though Federal Reserve officials have continued to signal concern about persistent inflation. Dallas Fed President Lorie Logan and Cleveland Fed President Beth Hammack both indicated that interest rates may need to remain higher to bring inflation back toward the Fed’s 2% target. 

 

CNBC	Wall Street Journal

The Federal Reserve reported on Friday that U.S. manufacturing output was unchanged in June, missing expectations for modest growth, as weaker production of durable goods, including machinery, wood products, and electrical equipment, offset strength in other areas of the factory sector. Overall industrial production rose 0.1% for a second consecutive month, supported by 0.4% increases in both mining and utilities output. However, manufacturing, which accounts for roughly three-quarters of total industrial production, has now shown little growth over the past two months. Factory capacity utilization edged down to 75.7%, while overall industrial utilization was unchanged, suggesting manufacturers continue to face excess capacity despite signs of investment tied to artificial intelligence and broader expectations of a recovery later this year.

 

Bloomberg

Nike missed out on a major World Cup sales opportunity after underestimating demand for its U.S. men's football jerseys, with many authentic kits selling out early in the tournament and only being restocked after the team's elimination. Analysts said the shortages cost the company valuable full-price sales during a critical period in its turnaround under chief executive Elliott Hill. While Nike said World Cup kit sales more than doubled compared with 2022 and defended its inventory strategy, critics argued it failed to anticipate demand despite strong data signals. Similar shortages affected several other Nike-sponsored teams, including Norway, Brazil and France.

 

Wall Street Journal

A federal appeals court has upheld the five-year prison sentence of former IRS contractor Charles Littlejohn, rejecting his claim that the trial judge was biased in imposing the maximum sentence for leaking the tax records of President Donald Trump and thousands of other wealthy Americans. Littlejohn, a former Booz Allen Hamilton employee who pleaded guilty to stealing confidential IRS data, leaked Trump’s tax information to The New York Times. The U.S. Court of Appeals for the DC Circuit ruled that both the sentencing process and the sentence itself were reasonable. The case also sparked multiple lawsuits against the IRS and Booz Allen. Trump later dropped his $10bn lawsuit against the IRS after proposing a $1.8bn “anti-weaponization” fund, although the fund was abandoned following bipartisan opposition, and a federal judge subsequently ruled that the proposed settlement was made in bad faith and barred it from being cited in future legal or regulatory proceedings

 

Bloomberg

Bloomberg reports that Apple and the U.S. Department of Justice (DOJ) are in early discussions about settling a 2024 lawsuit that ​alleges the iPhone maker violated antitrust laws. The discussions are active, ​but there is no guarantee that the two sides ⁠will reach an agreement, Bloomberg reports, adding that the ​iPhone maker has made multiple offers to the DOJ to ​bring the case to a close.

 

Bloomberg Law

CNBC

A judge has dismissed a bid by 26 Meta Platforms employees to block being laid off while they pursue claims ​that they were targeted for job cuts by the tech giant's AI-powered tools because they have disabilities or took medical leave. U.S. District Judge William Orrick in Oakland, ‌California, said the workers could not show that losing their jobs amounted to the "irreparable harm" required for him to issue an emergency order blocking the layoffs. Meta has said that decisions involving the layoffs ​were made by humans.

 

Reuters

Apple has targeted OpenAI employees who once worked for the company with personal legal warnings as it seeks evidence to support claims that the ChatGPT maker stole trade secrets.

 

Financial Times

Chanel says it is co-operating with Italian authorities after its offices were searched by investigators probing allegations of labor exploitation in the luxury industry’s supply chain. Italian police on Thursday visited the ​headquarters of nine luxury brands, including Chanel, ​Moncler and Brunello Cucinelli, seeking documents related to ⁠governance and supply chain controls as part of an ​investigation into alleged worker exploitation at subcontractors. Italy's government has previously come to the defence of the country's luxury brands. Industry Minister Adolfo Urso said last year that the reputation of Italian brands was "under attack".

 

Euronews

Financial Times

Reuters

The U.S. Food and Drug Administration (FDA) has withdrawn an earlier statement that cyclospora had been detected in a sample of Taylor Farms lettuce, concluding the result was a false positive following further laboratory review. The agency says it has not yet identified the parasite in any lettuce samples linked to the company. Taylor Farms, a major supplier to U.S. retailers and restaurants, said the FDA had apologized for the error. The company has nevertheless recalled iceberg lettuce grown and processed in central Mexico "out of an abundance of caution" after shredded lettuce served at Taco Bell locations was linked by authorities to foodborne illness reports across five states. The FDA and state health agencies are continuing to investigate the outbreak and analyze additional samples to identify the source of the cyclospora parasite. While future testing could still detect contamination, the revised finding eases some immediate pressure on Taylor Farms as the investigation continues.

 

Wall Street Journal