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Billions of dollars linked to Iran are reportedly passing through U.S. correspondent banking accounts each year despite sanctions restricting most financial activity involving Tehran, highlighting the challenges Washington faces in policing the global dollar system. The Treasury identified about $9bn in Iranian funds that moved through American banks in 2024. Iran has used networks of shell companies, currency exchanges, and foreign financial institutions to obscure transactions ultimately cleared by U.S. lenders. The Trump administration is increasing pressure on foreign and American banks to identify suspicious activity, recently moving to restrict the UAE branch of Egypt’s Banque Misr from U.S. correspondent accounts after officials said it routed as much as $1.8bn for companies potentially connected to Iranian shadow-banking networks. However, tougher enforcement carries risks, including disrupting legitimate international banking, reducing U.S. visibility into Iranian financial activity, and encouraging greater use of alternatives to the dollar, such as the Chinese yuan and cryptocurrency.

 

Wall Street Journal

The U.S. has announced bans on a broad range of Canadian alcohol, motorcycles and dairy products from September 29, escalating a trade dispute after Canada imposed retaliatory tariffs on about $20bn of U.S. goods. Washington had previously levied 50% tariffs on roughly $20bn of Canadian imports, while further restrictions now cover additional cheese, paper, aluminium, wood, furniture and lighting products. President Donald Trump’s threat to double tariffs on Canadian autos to 50% from January remains in place. Prime Minister Mark Carney said Canada must “pivot and prosper,” while officials on both sides continue discussions. Analysts warn the escalating measures could undermine the USMCA trade agreement and weigh on investment and growth.

 

Reuters

U.S. consumer borrowing increased by $18.1bn in July, well above economists’ expectations for an $11.3bn rise and accelerating from a revised $14.6bn increase in June, according to Federal Reserve data. The increase was driven by non-revolving credit, including loans for vehicle purchases and education, which jumped $15.3bn — its largest advance in three years. Credit card and other revolving debt increased by a more modest $2.8bn. The rise comes as US consumer spending has remained resilient despite elevated prices. However, inflation has outpaced wage growth in recent months, raising the possibility that some households are increasingly turning to borrowing to maintain spending levels. The Federal Reserve figures cover consumer credit but exclude mortgage debt.

 

Bloomberg

U.S. small-business confidence declined modestly in August, with the National Federation of Independent Business (NFIB) optimism index falling 1.1 points to 98.7, although it remained above its 52-year average. Business owners continued to face elevated uncertainty amid weaker sales, supply chain disruptions, and inflation pressures, with a net negative 9% reporting higher nominal sales over the previous three months, the weakest reading since November 2025. Inflation was cited as the most important problem by 16% of owners, while expectations for better business conditions fell five points to a net 10%. Hiring intentions also softened, with a seasonally adjusted net 17% of owners planning to create jobs over the next three months, down three points from July.

 

Wall Street Journal

The job market is stabilizing, but workers are losing their advantage. In 2026, the labor market has added an average of 87,000 jobs per month, which is an improvement from 2025 but significantly lower than 2024's figures. "We're a ways off from the days of 8m or more job openings," said Sneha Puri, economist at Indeed Hiring Lab. Job openings have decreased from 12.3m in March 2022 to 7.3 million in July 2026. As firms focus on retaining employees, job seekers must be patient and strategic in their approach. Amy Glaser, senior vice president at Adecco, emphasized the importance of soft skills in the current market. The wage gap between job switchers and stayers has narrowed, indicating a shift in hiring dynamics. Industries like healthcare and manufacturing are currently hiring, while others remain volatile. For those employed, it's a time to celebrate, but job seekers should prepare for a more selective market.

 

U.S. News

Federal contractors are falling well short of U.S. government goals for hiring military veterans, according to Rand Corp. Among S&P 500 federal contractors, veterans accounted for just 2.4% of new hires in 2025, compared with the government’s 5.1% target, while other contractors reached 4.1%. Rand economist George Zuo said the gap between stated ambitions and actual hiring outcomes represents “red flags.” The analysis also found corporate foundation funding for veteran-related programs fell from about 1% of annual giving in 2014 to 0.3% in 2023, while companies are providing less information about veteran recruitment and retention initiatives. Although overall veteran unemployment is below 4%, the report suggests corporate programs have weakened amid broader reductions in diversity initiatives and diminished federal oversight of contractors.

 

Wall Street Journal

Los Angeles is contemplating an ordinance to extend Fair Work Week scheduling rules to fast-food workers, aiming to provide predictable shifts and paid labor-rights training for many employees. Supporters argue that the predominantly female, immigrant workforce faces erratic hours that disrupt their lives. However, restaurant industry groups warn that the proposal could increase costs and compromise worker privacy. A survey commissioned by McDonald's revealed that about 70% of workers opposed mandatory training. Maria Maldonado, organizing director of the California Fast Food Workers Union, emphasized the importance of training, stating: “If you know there is support to enforce the law, we are going to see a difference in the industry.” The ordinance, introduced by City Councilmember Hugo Soto-Martinez, is set for a vote by the full council soon.

 

Los Angeles Times

Los Angeles Times

Amazon has been accused of systematically discriminating against thousands of pregnant employees in a proposed nationwide class action filed by four former warehouse workers. The lawsuit alleges that Amazon denied accommodations including chairs, bathroom and water breaks and time off for prenatal appointments, while threatening or dismissing workers who took too much time off. The case seeks lost pay and benefits, punitive damages and an injunction against pregnancy discrimination. Amazon disputes the allegations, saying it provides pregnancy-related accommodations to tens of thousands of employees annually and approved more than 99.9% of requests in the past year. The lawsuit follows similar legal action against Amazon by New Jersey and an earlier case brought by New York.

 

USA Today

Reuters

Wall Street Journal

Corporate software companies are proving more resilient to generative AI than investors initially feared, as deeply integrated systems, complex maintenance requirements, and customer inertia make established platforms difficult to replace with AI-generated alternatives. Salesforce, ServiceNow, Snowflake, and Workday have recently reported strong results, with Salesforce beating sales and profit expectations, raising its outlook, and expanding its Anthropic partnership to integrate Claude into its software. While AI is making software development cheaper and creating competitive pressure, incumbent providers are also incorporating AI into their products and benefiting from their established positions within customers’ IT infrastructure. Longer term, analysts see potentially greater disruption from AI-native software companies, which could pressure established vendors to offer shorter contracts and pricing tied more closely to business outcomes.

 

Wall Street Journal

Google Cloud and Accenture have formed the Accenture Gemini Enterprise Business Group to help companies deploy Google Cloud’s agentic AI platform and generate stronger returns from AI investments. Google Cloud will help train up to 1,000 Accenture forward-deployed engineers who will work on-site with customers to identify business processes that can be redesigned with AI, build customized applications, integrate corporate data, and prepare solutions for broader deployment. The initiative addresses persistent challenges with enterprise AI adoption, including integration with existing systems, customization for specific business needs, and organizational change. Accenture chief executive Julie Sweet said many companies are struggling to translate AI investment into bottom-line impact. The partnership enters an increasingly competitive market as OpenAI, Anthropic, Microsoft, Amazon Web Services, and others expand similar forward-deployed engineering programs.

 

Wall Street Journal

Anthropic researcher Jacob Coxon is leaving the AI industry over concerns that companies are racing to develop self-improving systems that could become uncontrollable. Coxon, who previously worked at OpenAI, said competitive pressures make safety trade-offs inevitable even at companies committed to responsible development. “We’re on track for a lot of the most aggressive of these scenarios,” he warned. His departure follows similar concerns from researchers and executives at Anthropic and OpenAI, including calls for coordinated industry slowdowns and government intervention. More than 1,000 AI researchers have backed mechanisms to slow development if necessary, while lawmakers have proposed tighter controls. Coxon argues that developing systems capable of outperforming humans across many tasks cannot be done responsibly without stronger external safeguards.

 

Wall Street Journal

Casey’s General Stores has reported a 24% increase in first-quarter revenue to $5.68bn, ahead of analysts’ expectations of $5.56bn, while profit rose to $273.7m from $215.4m a year earlier. Earnings of $7.37 per share also exceeded expectations of $6.78. However, inside same-store sales growth slowed to 3.2%, below analysts’ forecast of 4.1%, with grocery and general merchandise growth easing to 2.7% and prepared food and dispensed beverages slowing to 4.8%. Casey’s has reaffirmed its full-year outlook, while its shares fell 10% in after-hours trading.

 

Wall Street Journal

United Natural Foods has forecast sales of $31.2bn-$31.8bn for the current fiscal year, up from $31.15bn last year, while adjusted earnings per share are expected to increase to $3-$3.50 from $2.65. The food distributor said additional business from new and existing customers is expected to support revenue growth. The company returned to profit in the fourth quarter, reporting net income of $35m compared with an $87m loss a year earlier, while adjusted earnings of 69 cents per share exceeded analysts’ expectations of 61 cents. Sales fell 0.7% to $7.64bn, below the $7.71bn expected by analysts, reflecting planned optimisation measures and the unwinding of short-term project work.

 

Wall Street Journal

Police in Belgium have arrested a Belgian-Chinese technology researcher on suspicion of industrial espionage after the alleged transfer of trade secrets about semiconductor production to China. The unnamed dual-national held a senior research job at Belgian semiconductor manufacturer BelGaN while “simultaneously acting as a director of a Chinese company engaged in a similar manufacturing activity,” the Belgian federal public prosecutor’s office said. He is facing charges related to “espionage, participation in a criminal organization, misuse of company assets and the unlawful disclosure of company secrets.”

 

AP News

Euractiv

Financial Times