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Companies could reduce agentic artificial intelligence (AI) costs by up to 60% and improve AI accuracy by as much as 80% by 2027 if they improve the contextual quality of their data, according to new research presented by Gartner. The firm said many businesses are investing heavily in AI tools without addressing a key problem: underlying data that lacks semantic context, making AI systems more prone to hallucinations, bias, and unreliable outputs. Gartner argued that traditional data models are no longer sufficient and recommended companies build semantic “context layers” into their data infrastructure so AI agents can better understand relationships, rules, and business meaning within enterprise data. Rita Sallam, distinguished vice president analyst at Gartner, warned that failing to address data context could create financial, legal, and reputational risks, while increasing inefficiencies and unnecessary AI spending. The report positions semantic data management as both a cost-control and governance issue for CFOs, particularly as regulators and audit committees pay closer attention to AI-generated outputs used in financial reporting and disclosures.

 

Fortune

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Gap has appointed former PVH executive Donald Kohler as global brand president and chief executive of Banana Republic, as the retailer looks to strengthen the brand’s product offering and improve its in-store and digital operations. Kohler most recently served as chief executive of PVH Americas, overseeing the Calvin Klein and Tommy Hilfiger brands across retail, e-commerce, wholesale and licensing operations. He will succeed at Banana Republic after leaving PVH, where Adelyn Cheong has been named as his replacement.

 

Wall Street Journal

Target has appointed former Walmart executive Jeff England as chief supply chain officer, replacing Gretchen McCarthy as chief executive Michael Fiddelke continues efforts to improve efficiency and restore sales growth amid weak trading conditions. England, who joins from QXO at the end of May, previously spent 18 years at Walmart in a range of senior supply chain roles. His appointment follows recent leadership changes including Cara Sylvester as chief merchandising officer and Lisa Roath as chief operating officer, as Target progresses a $6bn investment plan focused on inventory management, store operations and faster delivery services.

 

Reuters

Wall Street Journal

U.S. tax authorities will be barred from pursuing claims against Donald Trump, his family members or his companies, under an agreement to halt the President’s $10bn lawsuit against the Internal Revenue Service. The IRS is “forever barred and precluded” from pursuing “examinations” into Trump and “related or affiliated individuals,” including his family, trusts and “related companies, affiliates and subsidiaries,” a one-page document signed only by Acting Attorney General Todd Blanche says. The document did not bear the signature of any representative of the IRS or any current Trump lawyers. The agreement applies to “tax returns filed before the effective date” of Monday’s settlement, according to the document. John Koskinen, the former IRS commissioner from 2013 to 2017, said the expanded settlement set a “terrible precedent,” and “It makes you wonder what the President has to hide in those tax returns. He’s apparently been actively trading in the stock market and, since he knows a lot more about situations than the average investor, he’s probably generated significant taxable earnings . . . Not auditing his returns is the same as giving him an easy way to, in effect, receive money from the government.”

 

Financial Times

Politico

Reuters

The Guardian

The Supreme Court has dismissed separate appeals from six pharmaceutical companies - units of of AstraZeneca, Johnson & Johnson, Bristol Myers Squibb, Novartis, Novo Nordisk and Boehringer Ingelheim - seeking to overturn the Medicare drug price negotiation program, created in 2022 by President Joe Biden’s Inflation Reduction Act. The companies said the program, which has led to discounts on top-selling treatments and will produce a 71% discount on certain drugs for Medicare patients starting in 2027, violates the constitutional prohibition on excessive fines and the ban on the taking of private property without just compensation. They also contended that the government is violating the Constitution’s free speech clause by coercing them into agreeing that the negotiated rate is the “maximum fair price” for the product.

 

Bloomberg

California's tech workers are grappling with a challenging job market as layoffs continue to escalate. Over 815,500 tech workers have lost their jobs since 2022. Basem Istanbouli, a former Google employee, described his job search as "brutal," despite having a strong resume. Many laid-off workers are rethinking their career paths, with some opting for further education or starting their own businesses. Recruiters say companies have become much more selective, requiring AI skills, combining different positions and interviewing more people for each job.

 

Los Angeles Times

Home Depot has reported better-than-expected first-quarter results and reaffirmed full-year guidance, with revenue rising nearly 5% to $41.77bn and adjusted earnings per share of $3.43 coming in ahead of forecasts. The retailer said its core homeowner customer remains resilient despite higher fuel prices and weak consumer confidence, although larger home improvement projects continue to be deferred, while the group continues expanding its professional contractor business through acquisitions including SRS Distribution and GMS.

 

CNBC

Reuters

Wall Street Journal

EY has removed a report on cyber risks in loyalty programs after researchers found it contained fabricated data, false references, and broken citations that appeared to have been generated by artificial intelligence. The report, titled Points of Attack: Uncovering Cyber Threats and Fraud in Loyalty Systems, had been used by EY consultants in Canada to market cybersecurity services. Research group GPTZero said the document referenced a nonexistent McKinsey report, confused major financial figures, and included citations that either did not exist or failed to support the claims being made. Researchers also found that the report repeatedly cited the same $200bn figure for both the global loyalty market and unredeemed loyalty points without clarification. Several footnotes reportedly linked to unavailable or irrelevant web pages. EY said it had removed the report and launched a review into how it was approved, while emphasizing its commitment to the responsible use of AI. The firm added that the report was not connected to any client work.

 

International Accouinting Bulletin

AICPA has backed legislation that would limit beneficial ownership information reporting requirements to foreign-owned companies, effectively narrowing the scope of the Corporate Transparency Act. The proposed Repealing Big Brother Overreach Act, introduced by Rep. Warren Davidson and supported by companion legislation in the Senate, would codify a recent Treasury Department move exempting domestic businesses and U.S. citizens from reporting requirements to the Financial Crimes Enforcement Network. AICPA said the changes would reduce regulatory burdens on small and midsize businesses and the CPAs who advise them, while still supporting efforts to combat money laundering, terrorist financing, and other illicit financial activity. AICPA president Mark Koziel argued that existing reporting rules were overly broad and costly for legitimate businesses to comply with.

 

Accounting Today

Accounting schools across the U.S. are rapidly overhauling curricula as artificial intelligence reshapes entry-level audit and tax work, forcing universities to rethink how future accountants are trained amid changing employer expectations and looser CPA licensing rules. Professors say AI adoption by major accounting firms is accelerating demand for skills in critical thinking, data analysis, and AI-assisted auditing, while reducing reliance on traditional rote tasks historically handled by junior staff. Some universities are replacing long-standing textbook-based teaching with AI simulations, real-time curriculum updates, and practical training involving AI-generated client interactions and virtual inventory audits. At the same time, recent changes to CPA licensing laws in more than 40 states are allowing candidates to qualify without completing a fifth year of university education, creating pressure on master’s accounting programs. Schools are responding by redesigning graduate courses to emphasize AI expertise and workplace-ready skills to maintain enrollment demand. Accounting educators say the pace of technological change is forcing continuous curriculum adaptation, with some faculty members struggling to keep up after years of teaching largely unchanged material. Universities including Texas Tech and the University of Wisconsin-Milwaukee are now investing directly in faculty AI training and classroom innovation as the profession undergoes one of its biggest transformations in decades.

 

Wall Street Journal

U.S. semiconductor firm Broadcom is suing EU antitrust regulators in Luxembourg-based General Court, Europe's second-highest, over their requests for documents containing legal advice from the company's U.S. lawyers in ​a case related to VMware, which it acquired in 2023. "This filing is a ​procedural action solely to protect Broadcom's rights under the long-recognized rules ​on legal professional privilege in non-EU countries, including the U.S.," ⁠said the company, adding: "As a U.S.-headquartered company with global operations, ​Broadcom regards legal professional privilege as a fundamental right that must be protected ​and our action is narrowly tailored to address only this interest." Broadcom said it is acting on a matter of principle and is otherwise cooperating with the European Commission's requests for information.

 

U.S. News

Reuters