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Banks are increasing investment in artificial intelligence (AI)-powered cybersecurity as embedded payments expand rapidly and create new fraud risks across digital platforms, according to a PYMNTS Intelligence report with WEX. The report said fraud attempts targeting embedded finance are growing faster than in traditional banking, prompting 35% of businesses to delay embedded finance projects. However, integrated controls such as virtual cards, spending limits, multifactor authentication, and real-time monitoring are helping companies prevent fraud earlier in the payment process. KPMG data cited in the report showed 70% of banking chief executives plan to allocate 10% to 20% of budgets to AI next year, with 24% identifying enhanced cybersecurity as the main benefit.

 

PYMNTS

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Samsung Electronics and its labor union have failed to reach a pay agreement, precipitating a potential strike involving over 50,000 workers. Union leader Choi Seung-ho expressed disappointment that the union's agenda items were not addressed. The union plans to strike for 18 days starting May 21 if their demands for increased bonuses are not met. Investors are concerned about the impact on the global semiconductor supply chain. “There are mounting concerns that any significant production disruptions or operational uncertainty at Samsung Electronics could place additional strain on the global memory semiconductor market, potentially worsening supply bottlenecks, price volatility, procurement uncertainty and broader supply chain instability,” the American Chamber of Commerce in Korea said. The Suwon District Court was set to hear Samsung's request for an injunction against the strike on Wednesday.

 

Straits Times

The U.S. government recorded a budget surplus of $215bn in April 2026, down 17% from the $258bn surplus reported a year earlier, as higher tax refunds, rising interest payments, and increased military spending weighed on federal finances. According to the Treasury Department, total receipts fell 2% year-over-year to $837bn, while federal outlays increased 5% to $622bn. Individual tax refunds rose 17% to $101bn, driven by new tax breaks related to tips, Social Security payments, overtime pay, and domestic auto loan interest. Corporate tax receipts also declined 8% to $89bn, while corporate refunds nearly doubled to $6bn. Military spending increased by $6bn, or 10%, to $73bn in April, partly reflecting costs associated with the war in Iran, alongside higher personnel, maintenance, procurement, and research expenses. Interest payments on the national debt reached a record monthly high of $112bn, up 10% from a year earlier, as rising debt levels continued to push borrowing costs higher. For the fiscal year-to-date, gross interest costs climbed to a record $734bn. Despite the weaker April surplus, the cumulative federal deficit for the first seven months of fiscal 2026 narrowed 9% to $954bn. Total receipts rose 7% to $3.32tn, while spending increased 3% to $4.27tn.

 

Barron's

Bloomberg

Reuters

U.S. consumer prices rose 3.8% annually in April, the Labor Department reported on Tuesday, marking the highest inflation rate since May 2023, as higher energy costs and broader price increases intensified concerns about persistent inflationary pressures. The consumer price index increased 0.6% for the month, while core inflation, which excludes food and energy, rose 0.4% monthly and 2.8% annually, remaining above the Federal Reserve’s 2% target. Energy prices climbed 3.8% in April and were up 17.9% year-over-year, with gasoline prices surging 28.4% annually. Food prices rose 0.5% during the month, while grocery prices recorded their biggest monthly increase since August 2022. Inflation pressures also spread across shelter, apparel, airline fares, and household furnishings, while tariffs and elevated oil prices linked to the conflict in Iran added to broader economic concerns. The report also showed real average hourly wages fell 0.5% during the month and declined 0.3% annually, signaling that inflation is now outpacing wage growth.

 

CNBC

CNN

New York Times

Washington Post

Walmart is cutting or relocating about 1,000 corporate employees as the retailer restructures parts of its global technology and product operations to improve efficiency and reduce overlap between teams. The changes follow a review by Walmart’s head of global artificial intelligence (AI) acceleration, Daniel Danker, and global technology chief Suresh Kumar, who said some teams had been working on similar projects and needed to be streamlined. Many affected employees have been asked to relocate to Walmart’s main hubs in Bentonville, Arkansas, or Northern California, while others may apply for alternative roles within the company. The move is part of Walmart’s broader effort to consolidate operations, expand its technology capabilities, and support long-term profit growth through investments in automation and AI. The retailer said the cuts are related to organizational restructuring rather than replacing workers with artificial intelligence.

 

Reuters

Wall Street Journal

Meta employees have launched a protest against the recent installation of mouse-tracking technology at U.S. offices. Flyers which have been seen in meeting rooms and elsewhere at the Facebook owner's offices encourage staffers to sign an online petition against the move. "Don't want to work at the Employee Data ​Extraction Factory?" the flyers ask, according to photographs seen by Reuters, which says it's the most visible sign ​to date of a nascent labor movement inside the company. A statement previously issued by Meta on the technology said: "If we're building agents to help people complete everyday tasks using computers, our models need real examples of how people actually use them - things like mouse movements, clicking buttons, and navigating dropdown menus." Reuters notes that, in the U.K., a group of Meta employees has started organizing a unionization push with United Tech and Allied ​Workers (UTAW).

 

Reuters

eBay has rejected GameStop’s proposed $55bn cash-and-stock takeover bid, describing the offer as “neither credible nor attractive” after reviewing it with legal and financial advisers. In a letter to GameStop, eBay chair Paul Pressler cited concerns including the deal’s financing structure, the potential debt burden, and uncertainty around the combined company’s credit quality. A key element of GameStop’s financing plan was a non-binding “high confidence” letter from TD Bank indicating it could raise $20bn for the acquisition, contingent in part on the merged company achieving investment-grade credit ratings. However, eBay reportedly does not believe the combined entity would qualify for investment-grade status, and Moody’s has already labeled the proposal “credit-negative". Analysts believe GameStop may now either attempt to improve its offer or pursue a hostile bid directly with eBay shareholders.

 

CNBC

Financial Times

New York Times

Reuters

Jack Daniel’s maker Brown-Forman has rejected a $15bn takeover proposal from rival spirits group Sazerac, according to reports, following the collapse of earlier merger discussions with Pernod Ricard. Sazerac reportedly offered $32 per share in cash, valuing the company well above its current market price, but the Brown family, which controls Brown-Forman, declined the bid. The proposed deal would have combined major whiskey brands including Jack Daniel’s, Buffalo Trace, and Fireball, creating a dominant player in the U.S. whiskey market. Sazerac’s offer was backed by Wells Fargo and Apollo Global Management, but would have required the Brown family to relinquish control of the company. The rejection comes as the global spirits industry faces slowing demand and declining alcohol consumption, prompting consolidation efforts among major producers seeking greater scale and stronger negotiating power with distributors.  

 

Reuters

Wall Street Journal

U.S. credit card balances fell by $25bn in the first quarter of 2026 to $1.25tn, according to new data from the Federal Reserve Bank of New York, marking a seasonal decline after holiday spending pushed debt to a record high late last year. Despite the quarterly drop, balances remained 5.9% higher than a year earlier. The report showed overall household debt continued to edge higher, with increases in mortgages, auto loans, and home equity lines of credit offsetting lower credit card balances. Researchers said the data reflected a continuing “K-shaped” economy, with higher-income consumers remaining financially stable while lower-income households faced growing strain from rising living costs and higher gasoline prices. New York Fed researchers noted that delinquency rates were rising primarily among subprime borrowers, while credit performance among prime borrowers remained relatively resilient. Analysts warned that recent fuel price increases could further pressure financially vulnerable households.

 

Bloomberg

CNBC

U.S. small-business confidence rose slightly in April, though inflation and rising costs continued to weigh on sentiment across Main Street businesses. The National Federation of Independent Business (NFIB) said its small-business optimism index increased 0.1 points to 95.9, remaining below its long-term average of 98 and missing economists’ expectations of 96.5. The survey found that inflationary pressures remained a major concern for small-business owners, with both actual and planned price increases rising during the month. The net percentage of businesses increasing average selling prices climbed five points to a seasonally adjusted 30%, well above the historical average of 13%. The NFIB’s uncertainty index fell four points to 88, although it remained significantly above its historical average of 68. NFIB Chief Economist Bill Dunkelberg said inflation continues to challenge small businesses, but added that benefits from the Working Families Tax Cut Act could begin supporting private-sector activity in the coming months. 

 

Wall Street Journal

Anthropic has introduced 12 new legal practice area-specific plug-ins for its Claude large language model, enhancing its capabilities for in-house counsel and law firms. The plug-ins cover areas including mergers and acquisitions, regulatory matters, and litigation support. Additionally, Claude will integrate with over 20 legal tech companies and Microsoft 365 applications, allowing seamless workflows for legal professionals. Anthropic is also partnering with organizations including Free Law Project to improve access to legal resources, offering discounted services through the Claude for Nonprofits program. “The legal sector is facing mounting pressure to adopt AI, and the firms and in-house teams that move are pulling ahead fast,” a spokesperson for the company said. “Claude is making a deeper push into knowledge work, with the legal sector emerging as one of its most significant and fastest-growing industries.”

 

Bloomberg Law

Techcrunch

Law

The U.S. Treasury Department is urging banks to monitor for potential Iranian money laundering activities. The move aims to disrupt sanction-evasion tactics, particularly oil smuggling through shell companies and cryptocurrency networks. Banks are advised to flag oil labelled as "Malaysian blend" to disguise its Iranian origin, missing or falsified shipping documents, or ship-to-ship oil transfers that obscure where cargo came from. A report from the Treasury's Financial Crimes Enforcement Network indicates that Iranian-linked oil firms conducted approximately $4bn in transactions in 2024, with shipping companies based in Iraq, the UAE and Hong Kong - which are all connected to transporting sanctioned Iranian oil - processing about $707m through U.S. accounts.

 

AP News

The European Commission has said EU regulators will give Google more time ​to allay their concerns about the company's compliance with the ​Digital ⁠Markets Act after a ‌previous proposal fell short. "Google is engaging with ​the Commission to defend itself . . . in order to offer ⁠a solution that really addresses the concerns ​that were raised in the case and ​in the preliminary findings," Commission spokesperson Thomas Regnier said, adding: "The reality for now ​is that solution is simply not ​strong enough. So we're giving Google a bit more ‌time ⁠to keep engaging with the Commission to offer a solution that really addresses the concerns in the interest of European ​businesses and European ​citizens." 

 

Reuters