Become more informed in minutes...

Major insurers participating in the Affordable Care Act (ACA) marketplace are seeking another round of double-digit premium increases for 2027, citing rising healthcare costs, higher spending on prescription drugs and hospital care, and declining enrollment following reductions in federal subsidies. According to an analysis by KFF, the median requested premium increase across 77 publicly available filings is 14%, following a median 20% increase for 2026. Some insurers have requested especially large increases. Centene is seeking a 28% rate hike in Washington state after raising premiums 35% in 2026, while Blue Cross & Blue Shield of Illinois has requested a 15% increase following a 28% increase this year. Elevance Health has also requested double-digit increases in several states, including Indiana, Connecticut, Kentucky, and Maine. Insurers say reduced federal subsidies have led millions of healthier consumers to leave the ACA marketplace, leaving a smaller, less healthy, and more expensive risk pool. ACA enrollment fell from 22.1m to 19.2m between February 2025 and February 2026, and actuaries expect further declines.

 

Wall Street Journal

Federal chief information officer Greg Barbaccia will leave the Trump administration on August 31st after serving as the government's top IT and AI official since January 2025. His departure comes just months after appointing former Department of Education CIO Thomas Flagg as deputy federal CIO, who is expected to become acting CIO. During his tenure, Barbaccia played a key role in shaping the federal government's AI strategy, oversight, and adoption across agencies.

 

FedScoop

Companies’ growing use of non-compete clauses is harming productivity in rich economies, according to OECD research that found about a third of private sector employees restricted from joining a rival, limiting their outside options, and thereby weakening their bargaining power and reducing wage growth. The OECD said stronger rules alone may not stop the misuse of non-compete clauses, as unclear or overly broad terms are still common. Governments can improve transparency, simplify regulations and increase enforcement, including sanctions for clauses that are too broad, the OECD said.

 

Financial Times

OECD

Arya Bolurfrushan, the founder and chief executive of Abu Dhabi-based AI startup AppliedAI, secretly pleaded guilty last year to participating in ​a long-running scheme in ​which ​law firms' attorneys tipped traders about mergers their employers were advising on. The former Goldman Sachs banker pleaded guilty ​after reaching a deal with federal prosecutors in Boston who were working to ​build cases against dozens of other people accused of taking part in the scheme, including Nicolo Nourafchan, who had worked at Sidley Austin, Latham & Watkins ​and Goodwin Procter, and 29 others accused of engaging ​in a scheme to profit from confidential information about mergers underway. Prosecutors agreed to recommend that Bolurfrushan be sentenced to two years in prison and forfeit $954,496 he derived ​from the scheme. Nourafchan has pleaded not guilty to securities fraud and other charges and is awaiting trial.

 

CNBC

Reuters

High-profile taxpayers, including government officials and attorneys, often mistakenly believe their status protects them from tax issues. However, federal authorities do not exempt anyone from audits or investigations. David Klasing, a dual-certified tax attorney and CPA, emphasizes that "once the government believes the conduct was willful, a taxpayer's legal training can make the case far more damaging." Recent cases illustrate this, such as a former U.S. Tax Court judge sentenced to 34 months in prison for defrauding the IRS. The IRS Criminal Investigation reported identifying $10.59bn in financial crimes in FY2025, highlighting a sophisticated enforcement environment. High-profile individuals must act swiftly when facing tax inquiries, as casual explanations can lead to severe consequences, including criminal charges and reputational damage.

 

Accounting Today

A federal judge has dismissed Elon Musk's bid to void a jury verdict which found that he defrauded Twitter investors by seeking to drive ‌down the social media company's stock price after agreeing to a $44bn takeover. U.S. District Judge Charles Breyer in San Francisco also declined Musk's motion to dismantle the investor class that brought the lawsuit, and ruled that the investors are entitled to prejudgment interest. Mark Molumphy, a lawyer for the investors, said it was “a very good day” for investors in public markets, after jurors had “rejected Musk’s effort to game that system.”

 

Firstpost

Reuters

Trade tensions with the United States are prompting a growing number of Canadian manufacturers to reconsider their long-term investment strategies, with a KPMG Canada survey finding that 42% have moved or are considering moving production south of the border. Of those exploring relocation, 77% expect to do so within the next two years as businesses seek greater certainty amid ongoing tariff disputes and the review of the Canada-United States-Mexico Agreement (CUSMA). The survey also found that 57% of manufacturers have paused, reduced, or canceled capital investment projects in Canada, raising concerns that future investment could increasingly shift to the United States. While 80% of companies expect to keep their headquarters in Canada, 11% plan to relocate their head offices to the U.S. within five years, a move KPMG warned could have a meaningful impact on Canada's economy.

 

BNN Bloomberg

Meta has launched Muse Image, its first in-house artificial intelligence image-generation model from Meta Superintelligence Labs, as the company looks to attract creators, advertisers, and paying subscribers while reducing its reliance on third-party AI technologies. The model, led by Alexandr Wang's team, follows the April release of the Muse Spark large language model and is available for free through the Meta AI app and website, WhatsApp, and Instagram Stories, with advanced features reserved for subscribers to Meta's paid plans. Muse Image will also power new advertising tools within Meta's Advantage Plus platform, enabling brands to create and refine AI-generated marketing images more efficiently. Meta said the model can intelligently modify creative assets, generate multiple on-brand variations, and reduce the number of revisions required for advertising campaigns.

 

CNBC

Forbes

Financial Times

Klarna has applied for a U.S. banking license as the buy-now-pay-later provider looks to bring its American banking operations in-house and broaden its financial services offering. The proposed Utah-based industrial bank would support products including debit cards, digital wallets and savings accounts. The company has also appointed former Milestone Bank chief executive Gary Harding to lead its U.S. banking business.

 

Bloomberg

CNBC

The IRS has introduced an online filing option for individual taxpayers submitting Form 843 protective refund claims related to the Kwong court decision, giving eligible taxpayers a faster way to file before the July 11th deadline. The option is available through the IRS's mobile-friendly forms portal for individuals with an IRS Online Account, while businesses must continue to submit paper claims. The Kwong ruling held that the statute of limitations for certain refund claims involving penalties and interest was automatically extended during the COVID-19 disaster period under Section 7508A(d). Although the IRS has appealed the decision, taxpayers can preserve their rights by filing protective claims while the case remains under review. Tax professionals have urged eligible taxpayers to act quickly, warning that many may be unaware of the opportunity. National Taxpayer Advocate Erin Collins criticized the filing deadline, arguing that unrepresented and lower-income taxpayers are especially at risk of missing refunds they could ultimately be entitled to receive. 

 

Journal of Accountancy

Reference Equity, a long-only fund, is urging CBIZ to reconsider its capital allocation strategy, particularly its share buyback plan, and to refocus on acquisitions. Ryan Bunn, the fund's portfolio manager, stated: "CBIZ has a unique value proposition," emphasizing the need for equity-financed M&A to drive growth. CBIZ's shares have dropped 52% over the past year, leading to a market value of $1.9bn. The company has been using acquisitions to expand, including a $2.3bn deal for Marcum LLP in 2024. Bunn argues that continuing buybacks could weaken CBIZ as the accounting industry shifts towards investing in artificial intelligence. He believes the firm should prioritize its long-term business model over immediate returns.

 

Accounting Today

The PCAOB has initiated a consultation process aimed at enhancing the clarity and consistency of its auditing standards. PCAOB Chair Demetrios Logothetis said: “Delivering clear guidance is essential to the PCAOB's efforts to drive further improvement in audit quality.” This new process allows registered public accounting firms to submit inquiries to the Office of the Chief Auditor for informal guidance on the interpretation and application of PCAOB standards. While individual consultation requests will remain confidential, the PCAOB may publish general guidance based on frequently asked questions.

 

Journal of Accountancy

Unions and lawmakers fear that the European Union's new proposal, "EU Inc", a rulebook which aims to streamline business registration across member states, allowing companies to set up online in under 48 hours, could undermine labor rights and worker protections. "On the surface it looks like a technical company law proposal," Marcus Meyer-Erdmann, a researcher at the European Trade Union Institute (ETUI), said. "But underneath there are a lot of core elements like pay, worker protection, individual workers' rights, also dismissal protection . . . that would be rendered obsolete in a sense." Finnish radical left EU lawmaker Li Andersson said the proposal "clearly opens up the possibility" for companies to register where labor rights are the weakest. But centrist French EU lawmaker Pascal Canfin is offering reassurances that workers' rights will be protected. "The proposal must not have loopholes that allow abuses," he said. Canfin is to take part in negotiations on behalf of the parliament, 

 

France 24

 A new Forbes commentary argues that business leaders who neglect their physical and mental health ultimately undermine both their personal well-being and their organizations, emphasizing that "dead CEOs don't meet targets." Leadership coach Nancy MacKay says many executives avoid prioritizing their health because they believe they lack time or fear receiving bad medical news, while concerns about appearing vulnerable often prevent them from seeking help. MacKay recommends three daily habits to improve executive health: setting aside one hour each day for exercise, nutrition, or mental wellness; consistently getting seven to eight hours of sleep to support decision-making and emotional resilience; and practicing regular mindfulness exercises, such as Positive Intelligence (PQ) techniques, to reduce stress and improve focus. Drawing on her experience coaching senior executives, MacKay describes how one CEO overcame panic attacks and improved his leadership after addressing poor sleep, excessive travel, and unhealthy coping habits with medical support and mindfulness practices. She argues that executives who prioritize their health not only perform more effectively, but also set a positive example for employees and help build stronger, more resilient organizations.

 

Forbes