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Companies migrating finance operations to cloud-based ERP systems should redesign internal controls from the outset rather than treating them as a later compliance exercise, according to Deloitte. As legacy ERP platforms approach end-of-support deadlines and regulatory scrutiny of internal controls increases, chief financial officers have an opportunity to strengthen risk management, improve governance, and unlock greater value from cloud-based technologies. The report says cloud ERP systems can improve efficiency through AI, automation, and real-time analytics, but they also introduce new third-party, cybersecurity, and compliance risks. Deloitte recommends that CFOs work closely with CIOs to embed controls throughout the implementation process, clearly define responsibilities with technology vendors, and maintain strong oversight to help ensure successful deployments, regulatory compliance, and long-term business value.

 

Wall Street Journal

Corporate boards are placing greater emphasis on chief executive succession planning and human capital risk as rapid technological change, AI adoption, and economic uncertainty reshape business priorities. Deloitte experts say boards increasingly expect CEOs to take a more proactive approach to workforce transformation, invest in critical human skills, strengthen AI capabilities, and ensure organizations are prepared for evolving risks, including disinformation and leadership gaps. CEO turnover reached a record high in 2025, reinforcing board expectations for stronger succession planning and faster execution. Directors are encouraging CEOs to develop leadership pipelines, redesign work around blended human and AI teams, improve technology literacy across senior management, and provide clearer strategies for workforce investment, business performance, and long-term leadership readiness.

 

Wall Street Journal

Brown-Forman has announced that chief executive Lawson Whiting will retire after leading the Jack Daniel's maker since 2019, remaining in the role until a successor is appointed. The board has launched a search that will consider both internal and external candidates, while the company reaffirmed its financial guidance for the current fiscal year. Mr Whiting's departure comes as Brown-Forman navigates a prolonged slowdown in global alcohol consumption and follows unsuccessful takeover discussions with Pernod Ricard and an approach from Sazerac, which the company rejected. During his tenure, Mr Whiting led the business through the pandemic, oversaw a major restructuring that included cutting 12% of the workforce, and managed a period of weaker consumer demand driven by health trends and inflationary pressures.

 

Reuters

Wall Street Journal

A federal judge has thrown out President Donald Trump’s $1.776bn settlement with the IRS, ruling that the agreement was an improper attempt to use the courts to legitimize an unlawful deal between the administration and the government. U.S. District Judge Kathleen Williams said the settlement sought to shield Mr. Trump, his family, and affiliated businesses from future tax audits while establishing a nearly $1.8bn "anti-weaponization" fund to compensate individuals allegedly wrongfully targeted by the government, calling the arrangement an effort to "manipulate the judicial process." Mr. Trump filed the lawsuit in January after confidential tax returns belonging to him, his family, and the Trump Organization were leaked by former IRS contractor Charles Littlejohn, who was convicted in 2024 for unlawfully disclosing tax information to media organizations, including The New York Times and ProPublica. Although Mr. Trump voluntarily dismissed the lawsuit in May, the court reopened the case after Democratic lawmakers, watchdog groups, and other parties raised concerns about the legality of the settlement. Judge Williams concluded that the Justice Department had failed to properly defend the government's interests, exceeded its legal authority by agreeing to the settlement terms, and pursued objectives not permitted under federal law. She also recommended sanctions against Mr. Trump's lead attorney.

 

The Hill

Courthouse News

New York Times

The Washington Post

Twelve Democratic-led states have sued to block Paramount’s proposed $81bn acquisition of Warner Bros. Discovery, despite the Justice Department supporting the transaction. California Attorney General Rob Bonta and other plaintiffs argue the merger would reduce theatrical releases, raise entertainment prices and weaken employment opportunities for writers, actors and production workers. Paramount says the challenge misrepresents competition and has pledged to “vigorously defend the transaction.” The states claim the companies distributed more than 30% of anticipated top-grossing films during the past four years, potentially triggering antitrust concerns. However, experts describe the case as uncertain because Disney, Universal, Sony, Netflix and Amazon would remain competitors. The legal test may hinge on whether courts accept blockbuster films as a distinct market and whether state authorities can overturn a merger approved federally.

 

Wall Street Journal

A U.S. federal appeals court has reinstated more than 500 lawsuits alleging that taking Tylenol during pregnancy contributed to autism and ADHD in children, ruling that a lower court wrongly excluded expert testimony supporting the claims. The court stressed it was not determining whether acetaminophen causes autism or ADHD, but found the experts had used scientifically accepted methodologies and that their evidence should be considered. The decision sends the cases back to the district court for further proceedings after they were dismissed in 2024. Kenvue, which was spun off from Johnson & Johnson in 2023 and is being acquired by Kimberly-Clark, said it stands behind the safety of Tylenol and will continue to defend the litigation. Medical organisations continue to recommend acetaminophen as the preferred pain relief during pregnancy, and there remains no conclusive scientific evidence linking its use to autism.

 

Bloomberg

CNBC

New York Times

The U.S. federal budget posted a $120bn deficit in June, reversing a $27bn surplus a year earlier, after the Treasury refunded $49.2bn in tariffs that had been ruled illegal by the U.S. Supreme Court. Gross customs duties totaled $23.6bn, resulting in a net customs outflow of $25.6bn for the month, as tariff refunds more than doubled from May. The refunds weighed on government revenues, which fell 6% year over year to $496bn, while outlays rose to $616bn. For the first nine months of fiscal 2026, the budget deficit increased 2% to $1.367tn, with the Trump administration's tariff policy remaining in flux ahead of the expiration of temporary import duties later this month and the expected introduction of new trade measures.

 

Bloomberg

Reuters

U.S. consumer inflation is expected to have slowed in June, with economists forecasting the CPI to rise 3.8% year-on-year, down from 4.2% in May, largely reflecting lower gasoline prices following a temporary ceasefire between the U.S. and Iran. Monthly inflation is expected to have fallen 0.1%, marking the first monthly decline since May 2020, although renewed tensions in the Middle East have since pushed fuel prices higher again. Despite the anticipated moderation in headline inflation, economists believe underlying price pressures remain persistent. Core CPI, which excludes food and energy, is forecast to have risen 2.8% year-on-year and 0.2% month-on-month, with higher prices for services, hotels, motor insurance and rents offsetting stable goods prices. Food inflation is also expected to strengthen as higher fertiliser and distribution costs linked to the Middle East conflict feed through to consumers.

 

Reuters

Meta has announced plans to expand its Hyperion data center in Richland Parish, Louisiana, increasing its planned compute capacity to 5 gigawatts and raising investment in the project to more than $50bn, up from the original estimate of more than $27bn. The expanded facility is expected to play a central role in supporting Meta's long-term artificial intelligence ambitions by providing additional computing power for AI model training and operations. The company said it will cover the full cost of the project's energy, water, and related infrastructure to avoid passing expenses on to utility customers. Earlier this year, Meta reached an agreement with Entergy Louisiana that it said will save customers more than $2bn over the next 20 years. 

 

The Hill

President Donald Trump has called on the Senate to pass the Clarity Act, a landmark cryptocurrency regulatory bill, as a tribute to the late Sen. Lindsey Graham, who died over the weekend at age 71. In a Truth Social post, Trump said approving the legislation would honor Graham's legacy while helping the U.S. maintain its leadership in cryptocurrency and artificial intelligence. The Clarity Act, backed by the White House and much of the cryptocurrency industry, would establish one of the first comprehensive federal regulatory frameworks for digital assets. The legislation has advanced through the Senate Banking Committee with bipartisan support but continues to face opposition from Democrats seeking stronger ethics provisions, particularly concerning elected officials' involvement in digital assets. Although Graham was not a leading architect of the legislation and did not serve on the Senate Banking Committee, his death could complicate the bill's prospects by reducing the Republican Senate majority from 53 seats to 52. Other lawmakers have instead proposed honoring Graham by advancing bipartisan Russia sanctions legislation

 

CNBC

Oil prices surged to their highest level in a month after President Donald Trump announced plans to reinstate a naval blockade of Iran and impose a 20% fee on cargo passing through the Strait of Hormuz, with Brent crude settling nearly 10% higher at $83.30 a barrel. Mr Trump said the U.S. would act as the "guardian" of the strategic waterway and seek reimbursement for providing security, while the U.S. military said it would begin enforcing the blockade on vessels linked to Iran. The proposal has heightened concerns over disruption to one of the world's most important oil shipping routes, with analysts warning it could keep energy prices elevated and increase geopolitical risks. The announcement also weighed on financial markets, pushing U.S. government bond yields higher and sending U.S. equities lower, while Iran rejected any U.S. role in managing the strait and insisted it would continue to oversee security in the waterway.

 

CNBC	Financial Times

De Beers has announced a two-year suspension of operations at its Venetia mine, South Africa's largest diamond mine, citing weak market conditions driven by lower natural diamond prices, subdued consumer demand and growing competition from lab-grown diamonds. The mine, which accounts for around 40% of South Africa's diamond production and 10% of De Beers' global output, employs more than 3,500 people and will also see capital expenditure reduced as part of wider cost-cutting measures. The move comes as parent company Anglo American continues efforts to sell De Beers as it shifts its strategic focus towards copper. 

 

Business Insider Africa

Financial Times

Jannik Sinner and Linda Noskova, this year's men's and women's singles Wimbledon champions, face significant tax liabilities after earning £3.6m ($4.8m) each. According to Craig Hughes, a partner at Menzies LLP, their tax treatment in the UK mirrors that of UK residents due to their non-resident status. Initial withholding tax may reach £720,000, but their final UK income tax liability could exceed £1.6m. This leaves them with around £2m before accounting for other expenses. Hughes noted that while taxing prize money is straightforward, attributing endorsement income across international tournaments is complex.

 

City AM