Become more informed in minutes...

Recent findings from Maximor reveal that 27% of chief financial officers have automated at least half of their accounting and finance tasks using agentic AI tools. While 88% of finance leaders utilize at least one AI tool, most (84%) rely on just one or two. The report states: "Partial automation is now standard," as it highlights the need for clarity on which processes can operate independently. Despite the growing adoption, trust in AI's accuracy remains low, with only 14% of respondents fully trusting the technology. A significant 67% emphasize the importance of human oversight to ensure data accuracy. As CFOs anticipate AI could reduce monthly close times by five days, the report underscores the necessity for responsible adoption and governance in AI implementation.

 

Accounting Today

President Donald Trump is pressing House Republicans to quickly approve a bipartisan Senate-passed spending package to end a partial government shutdown, urging lawmakers not to add new policy demands that could delay passage. The $1.2tn bill would fund much of the federal government through the fiscal year while extending Department of Homeland Security funding for two weeks to allow further negotiations on immigration enforcement. Some conservative House Republicans want to attach measures such as a voter ID requirement, but Democrats warn such additions would derail the bill and prolong the shutdown. With a narrow majority, House Speaker Mike Johnson is trying to move the package forward largely with Republican votes, while Trump has called for party unity and criticized GOP holdouts. Any changes by the House would send the bill back to the Senate, risking further disruption.

 

The Hill

Reuters

Wall Street Journal

U.S. factory activity expanded for the first time in a year in January, driven by a sharp rebound in new orders, according to data from the Institute for Supply Management. The manufacturing PMI rose to 52.6, its highest level since August 2022 and well above forecasts, signalling a return to growth after 10 months of contraction. New orders jumped to their strongest level in nearly three years, while the pace of job losses eased. However, the recovery remains fragile, with tariffs pushing up input costs, slowing supplier deliveries and keeping inflationary pressures elevated, even as broader manufacturing output and employment continue to lag.

 

Reuters

Disney has named Josh D’Amaro, head of its parks and experiences division, as its new chief executive, succeeding Bob Iger and becoming the company’s ninth CEO in its 102-year history. D’Amaro, 54, emerged from a closely watched internal succession contest against entertainment co-chair Dana Walden, following a carefully managed process led by board chairman James Gorman. The appointment aims to avoid a repeat of Disney’s troubled 2020 succession, when Bob Chapek was named CEO and later removed. While some insiders favored Walden for her deep creative and entertainment background, D’Amaro has sought to bridge that gap by working closely with Disney’s creative teams. His appointment underscores Disney’s belief that its future growth will be driven primarily by experiences rather than traditional media or streaming.

 

Los Angeles Times

Reuters

Wall Street Journal

Oracle announced a $25bn bond sale on Monday, helping to calm investor concerns that heavy borrowing to fund artificial-intelligence infrastructure could overwhelm the company and spark a wider wave of risky AI-related debt. Demand for the bonds was record-breaking, with investors placing more than $129bn in orders, surpassing previous tech issuance records and signalling renewed confidence in Oracle’s balance sheet. The deal followed Oracle’s announcement that it will also raise about $25bn in equity, reassuring markets that AI investments - particularly in data centres - will be funded with a mix of debt and equity rather than excessive leverage. As a result, Oracle’s bonds rallied, credit-risk measures improved, and fears of an imminent AI-driven debt glut eased. 

 

Bloomberg

Financial Times

The Trump administration plans to create a roughly $12bn stockpile of rare earths and critical minerals to reduce U.S. dependence on China and protect manufacturers from future supply disruptions. The initiative, called Project Vault, would be funded through $1.67bn in private capital and a $10bn, 15-year loan from the U.S. Export-Import Bank. It is designed to function similarly to the Strategic Petroleum Reserve, holding minerals such as rare earths, gallium, and cobalt for use during shortages. The move follows China’s use of its dominance - about 90% of global rare-earth processing capacity - to restrict supplies to U.S. industries, including defense and automotive manufacturing. Beijing recently imposed licensing requirements on rare-earth magnet exports to U.S. firms. More than a dozen companies have agreed to participate, including General Motors, Stellantis, and Google. Administration officials and industry leaders said the stockpile would strengthen national security, support re-industrialization, and improve supply-chain resilience for key U.S. industries.

 

CNBC

Financial Times

Wall Street Journal

Elon Musk has announced that SpaceX has acquired his AI group, xAI, as part of his vision to create advanced AI tools using data centers in space. The acquisition was confirmed in a statement on SpaceX's website, which was signed by Mr. Musk. The combined company, with a portfolio including rockets, an AI chatbot and the social media platform X, will probably move forward with an initial public offering around June, said two people familiar with the plan.

 

Bloomberg

CNBC

Financial Times

New York Times

Saks Global is to wind down its partnership with Amazon so as to focus on restoring its own business, after filing for bankruptcy protection last month. The companies teamed up in December 2024, with Amazon agreeing to invest $475m in Saks Global, conditional on Saks selling merchandise on Amazon’s website. However, Saks president and chief commercial officer Darcy Penick said that the Saks on Amazon storefront "saw limited brand participation", and so it will be closed down. “This decision follows a thorough review and reflects our goal of prioritizing the areas of our business that present the greatest opportunity for sustainable, long-term growth for our company and partners", she added. An Amazon spokesperson said: “Beyond the Saks experience, the Amazon Luxury store continues to offer a wide selection of high-end designer styles, and we’re adding more luxury brands regularly".

 

Wall Street Journal

Eli Lilly has announced plans to construct a $3.5bn pharmaceutical manufacturing facility in Pennsylvania, aimed at producing injectable weight-loss drugs like retatrutide. The project is expected to create at least 850 new jobs and forms part of the company's broader strategy to enhance U.S. production capabilities amid potential import tariffs on pharmaceuticals.

 

Reuters

Starbucks has told the U.S. Fifth Circuit Court of Appeals that the National Labor Relations Board (NLRB) wrongly concluded it illegally fired a shift supervisor in retaliation for union organizing, arguing the dismissal was justified by misconduct. The NLRB ruled that James Schenk, a supervisor involved in unionization efforts at an Albany-area Starbucks, was fired in 2022 because of his activism, citing strong evidence of anti-union bias. Starbucks disputed this, saying Mr. Schenk’s termination stemmed from opening an official NLRB letter and from “egregious” messages he sent about colleagues, which the company argues were independently fireable offences. Judges questioned whether the board overstated anti-union motives, while the NLRB and Workers United said the key issue is whether Mr. Schenk would have been fired absent his union role, noting Starbucks had previously tolerated profanity and that he was a prominent organizer in the wider unionization push. 

 

Courthouse News Service

The United States has agreed to reduce tariffs on Indian goods to 18% under a new trade deal, after India committed to stop buying Russian oil and significantly increase purchases from the U.S., President Donald Trump has said. The agreement removes both the previous 25% “reciprocal” tariff and an additional 25% levy imposed over India’s Russian oil imports. As part of the pact, India has also pledged to lower tariffs and non-tariff barriers on U.S. goods to zero and to buy up to $500bn of American energy and agricultural products. The deal follows months of strained negotiations but comes amid resilient bilateral trade, with Indian exports such as pharmaceuticals, electronics and smartphones continuing to grow strongly despite earlier tariff measures.

 

Bloomberg

CNBC

New York Times

Wall Street Journal

Reuters reports that top consulting firms including KPMG, EY and Bain & Co are doing business in China in ways that some industry and legal experts say test the boundaries of Western sanctions. Interviews by Reuters with 10 current and former industry figures and a review of engagement agreements and company communications are said to demonstrate how the consultancies have sought to maneuver around evolving constraints.

 

Reuters