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A recent prediction from Deloitte’s Center for Financial Services said generative artificial intelligence could amplify deepfakes and enable fraud losses to reach $40bn by 2027 in the U.S. Top finance executives have already found themselves the subjects of such attacks. A recent video ad campaign on Instagram used a convincing deepfake of Goldman Sachs executives Abby Joseph Cohen and David Kostin, with the aim of tempting amateurs who want to get rich quickly into a stock-buying WhatsApp group. “We have found three severely undervalued technology stocks. Join my group now to get it immediately. Anyone who owns these three stocks in the next five years can retire comfortably," the fake Joseph Cohen is portrayed as saying. Goldman Sachs has confirmed that the video, which has since been taken down by Instagram owner Meta, is fake, adding: “There should always be caution exercised around any unverified communication purporting to come from a Goldman Sachs employee."

 

Fortune

Tax and finance executives globally are preparing for increased tariffs and greater tax disclosures, as revealed in a Deloitte survey of 1,100 professionals from 28 countries. A significant 82% expect heightened public tax disclosures in the next two to three years, with 81% citing national transparency laws as a key regulatory influence. Amanda Tickel, Deloitte's global leader of tax and legal policy, said: "As they grapple with widespread uncertainty, global organizations are focusing on what they can control." The survey also highlighted concerns over AI's role in tax technology, with only 29% believing it will enhance accuracy. Sustainability has risen in priority, with 55% of respondents identifying it as crucial for their businesses. However, compliance costs remain a challenge, especially in Africa, where 45% of respondents view it as a major issue.

 

Accounting Today

The U.S. Department of Justice has rowed back on a plan to break up its Washington-based tax division and send prosecutors to attorneys' offices throughout the country, according to an internal email seen by Reuters. The plan had been criticized by numerous former tax officials. "If the goal is to increase efficiency and our return on investment, eliminating the Tax Division would be an epic failure," the officials wrote, observing that decentralizing the division would risk inconsistent application of tax law. A new plan would house tax attorneys within the DOJ's civil and criminal divisions, otherwise keeping intact the unit which specializes in enforcing the tax code. 

 

U.S. News

The Financial Times reports that Apple plans to shift the assembly of all U.S.-sold iPhones to India as soon as next year, in order to mitigate risks related to tariffs on goods imported from China. The plans would see Apple double its annual iPhone output in India to more than 80m units. It currently makes 20% of iPhones in the country, although China is still by far its biggest production base. 

 

Times of India

Bloomberg

Financial Times

Reuters

Google parent company Alphabet has reported first-quarter net income of $34.54bn, up from $23.66bn a year earlier, while revenues rose 12% to $90.23bn. Revenues from Google's mainstay ad business, which makes up nearly three-quarters of its overall revenue, rose 8.5% to $66.89bn in the quarter, a slowdown from the prior quarter's 10.6% increase, but still above analysts' expectations for a rise of 7.7%. Google Cloud reported a 28% rise in revenue to $12.26bn, slowing from the 30.1% growth reported in the previous quarter. 

 

Bloomberg

Financial Times

New York Times

Reuters

Chipotle Mexican Grill has lowered its annual comparable sales growth forecast on Wednesday, with tariffs hiking supply chain costs and fanning economic uncertainty, prompting Americans to spend less on dining out. For the full year, Chipotle is now projecting same-store sales will grow by low single digits. Previously, it was forecasting same-store sales growth in the low- to mid-single-digit range. First-quarter net sales rose 6.4% to $2.88bn, while net income totalled $386.6m, or 29 cents per share adjusted. Analysts polled by LSEG expected revenues of $2.95bn and per-share earnings of 28 cents.  

 

CNBC

Reuters

Toshiba Europe researchers have used so-called quantum key distribution (QKD) cryptography to transfer messages over a 250km German commercial telecommunications network in a milestone towards next-generation data security.

 

Financial Times

The EU has ordered Apple and Meta to pay a combined €700m ($796.3m) in fines. The penalties are the first under legislation designed to limit the power of tech giants. Apple was handed a €500m fine to Apple over its App Store, while Meta must pay €200m over issues related to consent for data collection. Meta hit out at the penalty, accusing the EU of "attempting to handicap successful American businesses," while Apple said it was being "unfairly targeted." Henna Virkkunen, an EU Commissioner, said officials "have a duty to protect the rights of citizens and innovative businesses in Europe."

 

BBC News

Sales of previously occupied U.S. homes decreased by 5.9% in March from February, marking a sluggish start to the spring homebuying season. The National Association of Realtors (NAR) reported a seasonally adjusted annual rate of 4.02m units sold, falling short of the expected 4.12m. On an annual basis they were down 2.4%. The national median sales price reached an all-time high of $403,700, reflecting a 2.7% increase from the previous year. Additionally, unsold homes rose to 1.33m, indicating a four-month supply at the current sales pace, compared to a balanced market of five-six months. NAR chief economist Lawrence Yun noted that “residential housing mobility, currently at historical lows, signals the troublesome possibility of less economic mobility for society.” 

 

AP News

New York Post

Wall Street Journal

U.S. demand for durable goods soared last month, according to the Commerce Department, driven by a surge in the commercial-aircraft business, as companies got orders in ahead of President Donald Trump's tariff announcements at the start of April. New orders for manufactured goods increased by 9.2% to $315.7bn in March, compared to a 0.9% rise in February. Economists were predicting an increase of just 2%. Transportation equipment orders rose by 27% on the month, while civilian aircraft orders popped by 139%. Orders for civilian capital goods were up by 29.4%.

 

The Hill

Reuters

Wall Street Journal

U.S. initial jobless claims climbed last week, according to the Department of Labor, but remained close to recent levels. In the seven days to April 19th there were 222,000 initial claims, up 6,000 from the prior week and in line with economist expectations. The four-week moving average dropped 750 to 220,250, while continuing claims, reported with a one-week lag, fell 37,000 tor 1.841m. "The jobless claims data for now are consistent with a labor market that is stable enough to allow the Federal Reserve to keep policy on hold while it monitors the path of inflation as tariffs kick in," said Nancy Vanden Houten, lead U.S. economist at Oxford Economics.

 

Bloomberg

Nasdaq

Reuters

Wall Street Journal

Gov. Tina Kotek has announced that Oregon will allocate $10m in state funds to train workers in artificial intelligence technology. The state will collaborate with Nvidia to create an “AI Ambassador Program” to place AI experts on college campuses. Kotek said: “Oregon will not only prepare our workers, businesses, and public service professionals for a prosperous future, we will lead the way.” The funding is part of the Oregon CHIPS Act, which designated over $500m to support the semiconductor industry through subsidies, workforce training, and tax incentives. Nvidia, a leader in AI technology, has a significant presence in Oregon.

 

OregonLive.com

Labor rights group International Rights Advocates has filed a lawsuit against Starbucks, alleging the company sourced coffee from Cooxupe, a Brazilian cooperative linked to slave-like working conditions. The lawsuit, presented in U.S. District Court, claims Starbucks violated U.S. trafficking laws by continuing to purchase coffee from Cooxupe despite repeated citations for forced labor. Terry Collingsworth, founder of International Rights Advocates, said: “Consumers are paying obscene amounts for a cup of Starbucks coffee that was harvested by trafficked slaves”. Starbucks has denied the allegations, asserting that it only sources from a small portion of Cooxupe's members and adheres to ethical sourcing standards. Cooxupe has stated it is not involved in the lawsuit and lacks access to its details.

 

ABC News

The Trump administration's cost-cutting team, the so-called Department of Government Efficiency (DOGE), has effectively shuttered a 79-year-old federal agency that mediates labor disputes. The terminations at the Federal Mediation and Conciliation Service have precipitated concern among unions and employers alike about who will step in to help ease labor conflicts. The agency, though relatively small and obscure, is said to play a vital role in helping to settle disputes so as to avoid labor unrest that can disrupt the free flow of commerce, according to former federal mediators and experts.

 

The Columbian

Rev. Jamal Bryant, pastor of a Georgia megachurch, has initiated a nationwide boycott against Target, following the company's rollback of diversity, equity, and inclusion (DEI) programs. Since March 5th, he has urged Black congregations to refrain from shopping at Target until the retailer meets his demands, which he describes as "not radical, but righteous, reasonable and long overdue." Bryant's four key demands include honoring a $2bn pledge to the Black business community and restoring DEI commitments. The boycott has reportedly impacted Target's foot traffic, with a 10.4% decline in New Jersey stores. Target acknowledged the adverse effects of its DEI cuts in a recent report, saying: "We may experience adverse perceptions of our business, consumer boycotts, litigation, investigations, and regulatory proceedings." As the boycott continues, other organizations are also planning similar actions against various retailers.

 

New Jersey Herald

A Financial Literacy Month survey conducted by The Harris Poll on behalf of AICPA found that more than one third of American adults have felt cautious (37%) or uncertain (36%) about their financial situation in the past 12 months. The trend highlights a growing concern among individuals about their financial stability. When asked about new financial behaviors they have adopted in the past 12 months, 28% of Americans reported that they have been charging less on their credit cards. Over a quarter (27%) said they have started saving or increased their savings rate in the past 12 months, with those ages 18 to 44 significantly more likely to have done so than those ages 45+ (37% versus 19%). “Money is one of the biggest stressors in many Americans’ lives, at times causing anxiety and tension with a spouse, partner, or other family members,” says Dan Snyder, CPA/PFS, AICPA's director of personal financial planning. “Taking control of your financial situation and finding comfort with what you can and can’t control is a good starting point to help alleviate financial uncertainty.”

 

CPA Practice Advisor

For only the second time in the past 12 years, the global percentage of engaged employees fell, from 23% in 2023 to 21% in 2024, according to Gallup's latest State of the Global Workplace report. For the fifth year in a row, European workers' engagement (13%) was lower than in any other world region. The primary cause for the global decline in engagement was a drop in managers' engagement. While engagement among individual contributors remained flat at 18%, managers' engagement fell from 30% to 27%. No other worker category experienced as significant a decline in engagement as the world's managers. Two types of managers were particularly affected: Young (under 35) manager engagement fell by five percentage points. Female manager engagement dropped by seven points. "Manager engagement affects team engagement, which affects productivity. Business performance - and ultimately GDP growth - is at risk if executive leaders do not address manager breakdown," said Jim Harter, Gallup's chief workplace scientist.

 

The Tech Portal