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House Republicans have successfully navigated a crucial procedural vote to advance President Donald Trump's significant tax and spending package, with a final vote expected soon. Early this morning, at around 3:30a.m. Eastern, the House voted 219-213 to proceed with Mr. Trump's "Big Beautiful Bill," which proposes tax cuts, a reduction of Biden-era clean energy incentives, and funding for immigration enforcement. “There was just a lot of patience and listening to everyone’s concerns and making sure that their concerns were addressed,” commented Speaker Mike Johnson (R-LA). After the vote he praised Mr. Trump for making phone calls to skeptics through the early hours of Thursday morning. "There couldn't be a more engaged and involved president," he added. A final House vote later today will send the bill to the Oval Office before Independence Day, which Mr. Trump had set as a final deadline for the package. 

 

Accounting Today

Reuters

Washington Post

Wall Street Journal

The CFO's Playbook for AI-Powered Transformation

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As the Trump administration's "One Big Beautiful Bill" progresses, finance leaders appear to be divided on its potential impact. A Grant Thornton Q2 survey revealed that 42% of respondents expect benefits from the proposed tax changes, while 33% foresee negative effects on their businesses. David Sites, head of the Washington National Tax Office, noted: "CFOs might be more optimistic about the legislation if polled today," but warned of possible adverse outcomes from eliminating clean energy credits. Concerns about U.S. debt and its economic implications were also highlighted, with Mr. Sites stating: "Our interest expense has grown to be one of the highest government expenditures." Dana Lance emphasized the need for clarity on international tax issues, saying: "Companies will need to weigh their investment decisions carefully." The survey indicates that 46% of companies plan to cut vendor costs, reflecting a strategic response to potential tax reforms.

 

Accounting Today

According to SAP Concur’s 7th Annual Global Business Travel Report, 43% of chief financial officers believe more than half of their company’s travel could be replaced by virtual meetings. The study, based on the responses of 600 CFOs, 700 travel managers and 3,750 business travelers, shows that although most CFOs are still allocating towards travel budgets, some are increasingly questioning the value of travel given the high costs, fraud potential and risk it puts on the business. A large majority (90%) of CFOs expect travel budgets to stay flat or rise in 2025. Data shows that although most CFOs are still allocating towards travel budgets, some are increasingly questioning the value of travel given the high costs, fraud potential and risk it puts on the business.

 

CFO

OpenAI has entered into a significant agreement with Oracle to rent approximately 4.5 gigawatts of computing power, a capacity that could supply energy to millions of homes. Such an unprecedented energy requirement highlights the growing demands of advanced artificial intelligence technologies. The deal is part of OpenAI's Stargate initiative, which aims to invest $500bn in AI infrastructure, and was first announced at the White House in January. Oracle recently disclosed a cloud computing contract worth $30bn in annual revenue starting in financial year 2028, with the Stargate agreement being a component of this deal. Construction is currently underway on the AI infrastructure site in Abilene, Texas, developed in collaboration with SoftBank and Crusoe.

 

Bloomberg

Financial Times

The U.S. Securities and Exchange Commission (SEC) has reached a preliminary deal with software company SolarWinds and its chief information security officer to end litigation tied to a Russia-linked cyber attack. The SEC, SolarWinds and Timothy Brown successfully petitioned a federal judge on Wednesday to stay court proceedings while paperwork for a settlement was finalized.  The regulator had sued SolarWinds and Brown in connection with a two-year cyber attack known as Sunburst that targeted the Austin, Texas-based firm. A judge dismissed much of the regulator's case last year. The SEC had said that the defendants defrauded investors by concealing security weaknesses, but U.S. District Judge Paul Engelmayer, who approved the stay, opined that such claims were based on "hindsight and speculation."

 

Reuters

Construction spending in the U.S. decreased by slightly more than expected during May, according to the Commerce Department, dropping 0.3% to an annual rate of $2.138tn. Economists had expected construction spending to edge down by 0.2%. Spending on private construction decreased 0.5% to $1.627tn, and was up 0.1% for public construction, to $5.11.6bn. Residential construction declined 0.5% to $888.9bn, and non-residential works dropped 0.4% to $737.7bn. 

 

Reuters

RTT News

Companies in the private sector lost 33,000 jobs in June, payroll processing firm ADP said Wednesday, the first decline since March 2023, after a downwardly revised increase of 29,000 in May. Economists polled by Dow Jones forecast an increase of 100,000 for the month. The majority of the losses came in professional and business services, with 56,000, followed by health and education with 52,000. Financial activity roles fell 14,000. However, payrolls for goods-producing roles rose 32,000. Large businesses – those with 500 or more employees – added 30,000 jobs in the month. Businesses with 50 to 499 employees lost 15,000 workers. Establishments with fewer than 50 employees lost 47,000 jobs. Annual pay for job-stayers decreased to 4.4% from 4.5% while annual pay for job changers fell to 6.8% from 7%.

 

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Reuters

Microsoft has announced a second wave of layoffs, impacting approximately 9,000 employees, or 4% of its workforce, as part of a cost-cutting strategy while investing in artificial intelligence infrastructure. The cuts will affect various teams globally, including sales and the Xbox division. The company aims to streamline processes and reduce management levels to enhance efficiency. Despite pledging $80bn in capital spending for fiscal year 2025, rising artificial intelligence (AI) infrastructure costs are affecting profit margins. Other tech giants including Meta and Google have also announced job cuts to improve efficiency. Meanwhile, Microsoft has asked managers to evaluate employees based on how much they use AI, Business Insider reports. In an email to managers, Julia Liuson, president of the Microsoft division responsible for developer tools including AI coding service GitHub Copilot, wrote: "Just like collaboration, data-driven thinking and effective communication, using AI is no longer optional - it's core to every role and every level." She told managers that AI "should be part of your holistic reflections on an individual's performance and impact."

 

BBC News

Business Insider

Financial Times

The Times

Boeing has reinstated 58 union members from the Society of Professional Engineering Employees in Aerospace (SPEEA) amid allegations of contract violations during layoffs. SPEEA claimed that Boeing retained non-union workers while laying off unionized employees in similar roles, in violation of a collective bargaining agreement. The layoffs, affecting about 2,600 employees, were part of a cost-cutting measure announced by CEO Kelly Ortberg. Rich Plunkett, SPEEA's director of strategic development, observed: “It appears finally something has shifted and there's at least an appetite to see if we can work together.”

 

The Columbian

Bumble chief executive Whitney Wolfe Herd has criticized staff for “freaking out” after announcing the online dating company would eliminate more than 160 roles in London, warning that drastic cost-cutting measures were needed as “dating apps are feeling like a thing of the past.” Wolfe Herd said the company's “center of gravity” would move to the U.S. where the “talent pool is right now.” She said that “London’s not the first choice, that’s the frank reality.”

 

Australian Financial Review

Financial Times

Starbucks is to give its executives stock grants with a $6m target value each, if they advance the company's turnaround while managing costs. The awards will be eligible to vest after the company’s 2027 fiscal year, which will end around late September 2027. The awards will only pay out if the Seattle company meets a threshold related to cutting operating expenses, according to the filing. Achieving goals such as refreshing stores to make them more inviting, as well as rolling out a program that adds more store employees and emphasizes better service, can unlock a payout of as much as 200% of the target.

 

Bloomberg

Private equity firms Advent International and Platinum Equity are reportedly leading the race to acquire DuPont’s protective equipment business, including the iconic Kevlar and Nomex brands, in a deal valued at approximately $2bn. The Financial Times reports that the firms are preparing to submit final-round bids later this month. The divestment of Kevlar and Nomex forms part of DuPont's efforts to become a more focused industrials group specializing in materials science and engineering. This transaction marks another step in DuPont’s evolution following the $130bn merger of Dow and DuPont in 2017 and the subsequent break-up of DowDuPont into three separate listed companies: Corteva Agriscience, Dow, and the reconstituted DuPont.

 

Private Equity News

Financial Times

The IRS has withdrawn proposed regulations concerning the treatment of built-in items of income, gain, deduction, and loss for loss corporations following ownership changes under Sec. 382(h). This decision, effective today upon publication in the Federal Register, reverses the notice of proposed rulemaking (REG-125710-18) issued in 2019 and a subsequent notice from 2020. The IRS aimed to provide “clearer and more comprehensive guidance” on Sec. 382(h) but faced criticism regarding the proposed regulations' effectiveness in simplifying calculations for taxpayers. In response to these comments, the IRS has decided to withdraw the regulations and plans to issue a revised notice of proposed rulemaking after further study. Taxpayers can still rely on the approaches from the 2019 proposed regulations until new regulations are finalized.

 

Journal of Accountancy

Stellantis may face factory closures due to potential European Union fines for failing to meet CO2 emission targets, according to the company's Europe chief, Jean-Philippe Imparato. He highlighted that the automaker would need to significantly increase electric vehicle sales or reduce production of internal combustion engine vehicles to avoid penalties that could reach up to €2.5bn ($2.9bn) within the next few years. Imparato emphasized the urgency for regulatory changes by the end of the year, warning that without them, "we will have to make tough decisions."

 

Reuters

Russia has introduced a new type of investment account with withdrawal guarantees to attract foreign investors, as outlined in a decree signed by President Vladimir Putin. The initiative comes in response to the significant impact of international sanctions that have frozen Western investors' assets and hindered foreign investment in the Russian market. The new accounts will allow foreign investors to make investments in various forms, including roubles, foreign currency, stocks, and bonds, and there are plans to ease capital controls further.

 

Reuters

The San Francisco Standard reports on how Bay Area companies are hiring etiquette coaches for their Gen Z employees as return-to-office policies have brought in the demographic for the first time, and in many cases after years of working and attending school remotely. Local etiquette coach Rosalinda Randall has said enquiries have risen 50% over the last two months, and "are a variation on the same complaint: Gen Z employees are treating the office like an extension of their homes." Jim Rettew, interim chief executive at Yerba Buena Center for the Arts, observes of Gen Z: “They’re great at challenging authority and the status quo, but sometimes I just want someone to buckle down and follow orders.”

 

San Francisco Standard