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James Comer (R-Ky.), chair of the House Oversight and Government Reform Committee, has announced an investigation into a proposal by Delaware to create a new type of autonomous business entity that would be run by an AI agent and enjoy legal personhood like a corporation. Comer wrote in a letter to Gov. Matt Meyer (D): “We are concerned that Delaware’s [Artificial Intelligence Company] proposal could be used to protect powerful AI companies and their investors from responsibility for reckless harmful actions.” The committee is seeking documents from Meyer’s office by Nov. 9, including  risk assessments, outside consulting agreements, draft bills and communications on the project. The state’s proposal would create a regulatory “sandbox” to test the structure, including liability limits for parent companies and investors.

 

Bloomberg Law

Financial Times

Insurance Business

U.S. business activity slowed modestly in October, although resilient demand and supply chain disruptions continued to fuel inflationary pressures. S&P Global's preliminary Composite Purchasing Managers' Index declined to 57.6 from a five-year high of 58.4 in September, remaining comfortably above the 50 threshold indicating expansion. New orders rose to 58.2, their highest level since March 2022, while the output prices index climbed to 59.8, its highest reading since August 2022. Supply bottlenecks intensified, allowing businesses to pass higher costs on to customers. Manufacturing employment reached its highest level since March 2012 as companies expanded capacity to meet demand. Economists expect the Federal Reserve to maintain interest rates at its next meeting before potentially raising borrowing costs again in December, amid concerns about persistent inflation.

 

Bloomberg

U.S. consumers have faced the largest increase in fuel costs globally following supply disruptions caused by the war with Iran, according to a study by the Centre for Research on Energy and Clean Air (CREA). Since the conflict began in February, American consumers have paid an average of $471 more for fuel, compared with approximately $60 per person worldwide, reflecting the country's reliance on less fuel-efficient vehicles, longer travel distances and slower adoption of electric vehicles. The study, covering 169 countries, estimated that higher fuel prices added $468bn to global consumer costs between March and mid-October, with the U.S. accounting for $160bn, followed by China at $54bn and Canada at $17bn. The disruption has been driven partly by restrictions on shipping through the Strait of Hormuz, a critical global energy route.

 

Reuters

Federal prosecutors have charged former FBI Director James Comey, a longtime target of President Donald Trump since he launched an investigation into Russian interference in the 2016 election, with transmission of national defense information and conspiracy to transmit national defense information. It is the third time the DOJ has moved to bring criminal charges against Comey, whose lawyers said in separate court papers that the case stemmed from an alleged disclosure of classified information to the New York Times in October 2016, while he was head of the FBI. Comey responded to the new charges in a video on Substack, saying: “Well, they’re back again. It would almost be funny if it weren’t such an appalling abuse of the Department of Justice, one that we cannot become numb to . . . Nothing’s changed with me. I’m still innocent. I’m still not afraid of these people, and I still believe in the independent federal judiciary.”

 

The Hill

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BBC News

Ahead of next week's midterm elections, President Donald Trump ​is offering $1m to ‌any individual who reports voter fraud that leads to an arrest and conviction. "Anybody reporting Voter Fraud in the past Elections, or the ​upcoming 2026 Midterm Election, will be paid $1,000,000 upon the arrest ​and conviction of those that created the Fraud," Trump wrote on Truth ‌Social. Trump did not disclose how he plans to pay for the rewards.

 

New York Times

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The Guardian

Microsoft has announced plans to offer voluntary buyouts to approximately 60,000 employees, representing more than a quarter of its 223,000-strong workforce, as part of efforts to reduce costs and reshape its operations around artificial intelligence. The program will target eligible staff at vice president level and below across the U.S., Canada, India, and the U.K., including employees in its Xbox, Windows, Copilot, and finance divisions. Those accepting the offer will receive benefits comparable to standard severance packages. The move follows several rounds of layoffs and an earlier voluntary retirement program in July, which saw more than 30% of approximately 8,750 eligible employees accept buyouts. The latest initiative comes ahead of Microsoft's quarterly earnings announcement on Wednesday, with investors closely watching whether its substantial AI spending is translating into stronger financial returns.

 

Bloomberg

Financial Times

New York Times

Russia-linked hackers used a decentralized volunteer-run network to obscure their communications during an attack on a Ukrainian grain logistics company, according to Slovakia-based cybersecurity ​firm ESET. This marks the first known instance of a state-affiliated group employing such a network. The attack, which resulted in significant data destruction on September 17 last year, began with a phishing email that allowed the attackers to remotely control the company's systems. ESET attributed the incident to Sandworm, a hacking group associated with Russian military intelligence, saying: "the technique could make hacking operations harder to identify and disrupt." Agriculture, which is crucial to Ukraine's economy, has been a primary target throughout the ongoing conflict.

 

U.S. News

Dollar General has been sued by the Federal Trade Commission (FTC) and 20 states over allegations that it systematically charged customers higher prices at checkout than those advertised on shelves or in promotions. The lawsuit claims the retailer, which operates more than 21,000 stores across the U.S., failed thousands of pricing inspections and received tens of thousands of consumer complaints, resulting in millions of dollars in alleged overcharges, particularly affecting low-income and rural households. Regulators are seeking financial penalties, customer compensation and a permanent injunction to prevent further violations. The legal action follows several previous settlements, including a $15m class-action agreement and a recent $1.875m settlement with New York authorities. Dollar General has denied the allegations and pledged to defend itself, maintaining that pricing discrepancies are occasional and that it has strengthened its price-accuracy procedures in recent years.

 

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Reuters

Shein has agreed to pay $100m to settle a U.S. Federal Trade Commission investigation into delivery delays and customer complaints. The settlement represents 44% of its second-quarter profit. Regulators received more than 12,000 complaints involving purchases worth over $11m between 2020 and 2026. The agreement comes amid mounting regulatory pressure, including higher European Union import fees and an ongoing investigation into illegal marketplace products. Shein shares have fallen 22% since its September listing in Hong Kong.

 

Reuters

Wealthy Chinese investors are increasingly transferring offshore assets from Singapore and Hong Kong to U.S. banks as Beijing intensifies scrutiny of overseas wealth. The shift follows China's introduction of retroactive taxes on offshore assets in July, including a 20% tax on income and gains from overseas trusts owned by Chinese tax residents. The U.S. has become an attractive destination because it does not participate in the OECD's Common Reporting Standard, which facilitates automatic financial information sharing between more than 100 jurisdictions. Private bankers report growing demand for American accounts, particularly among high-net-worth individuals seeking greater financial privacy. However, legal experts warn that transferring assets does not eliminate Chinese tax obligations, as residents must still declare worldwide income. Increasingly restrictive capital controls are also making it harder to move additional funds out of mainland China.

 

CNBC

KPMG, PwC, Deloitte, and EY have come under scrutiny from U.S. Senate Finance Committee ranking member Ron Wyden (D-OR) over their alleged involvement in developing and marketing offshore tax strategies that enable multinational corporations to reduce their tax liabilities. The inquiry follows a New York Times investigation highlighting the use of Malta-based subsidiaries, some reportedly operating from empty offices, to shift corporate profits and potentially avoid billions of dollars in taxes. Wyden has raised concerns that provisions introduced under the 2017 Tax Cuts and Jobs Act have facilitated practices such as global blending and round-tripping. He has requested detailed information from the four firms about their tax planning services, marketing materials, client arrangements, fees, and relationships with Maltese advisers and government officials. The firms have until November 10, 2026, to respond. The investigation aims to establish the extent of their involvement in offshore tax arrangements and their impact on U.S. corporate tax revenues.

 

Bloomberg Tax

Accounting Today

Entry-level employment at U.S. banks has fallen by nearly 5% since 2022, while mid- and senior-level positions have continued to grow, according to a report from labor-market analytics firm Revelio Labs. The decline has been particularly pronounced in commercial and retail banking, compared with investment banking and capital markets. Data from major institutions, including JPMorgan Chase, Bank of America, and Citigroup, indicate a shift toward more experienced employees, although Goldman Sachs has expanded hiring across all seniority levels. The report highlights banking's exposure to artificial intelligence and the potential impact of automation on junior roles, without establishing AI as the cause of the decline. However, Bank of America and JPMorgan have challenged aspects of the findings, emphasizing their continued commitment to recruiting early-career employees.

 

Bloomberg

The 2025 National Survey of Child Labor (ENTI) in Mexico reveals that 3.5m children and adolescents, or 12.6% of those aged five to 17, are engaged in child labor, with particularly high rates among Indigenous minors and those not attending school. Mauricio Rodríguez, head of sociodemographic statistics at INEGI, Mexico's national statistics agency, said: “A child's work counts as hazardous depends not only on the job itself but also on the conditions under which it is performed.” The survey highlights that 1.7m children are involved in excessive household chores, while 1.6m perform age-inappropriate work, with over one million engaged in dangerous activities.

 

El Pais

Microsoft has developed an AI tool that the company says can diagnose conditions up to four times more accurately than human doctors. The model identifies and coordinates ‌the questions that should be asked of a patient, and also the exams and tests that should be ordered, by employing a simulated panel of clinical ​experts partnering to solve diagnostic cases. Microsoft AI CEO Mustafa Suleyman has nevertheless told The Verge that even though he predicts the arrival of “something that is indistinguishable from human performance on medical superintelligence in the next couple of years,” human clinicians should and will always have a central role in patient care.

 

Reuters

The Verge