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North American CFO confidence declined for a second consecutive quarter in Deloitte's latest CFO Signals survey, with the confidence score falling from 6.3 to 5.9 out of 10 as executives became more pessimistic about the outlook for major global economies. One-third of respondents described the North American economy as being in poor condition, up from just 5% in the previous quarter, while concerns about China's economy also increased significantly. Despite the weaker macroeconomic outlook, CFOs remained optimistic about their own businesses, with 90% reporting they were somewhat or significantly more confident about their companies' financial prospects. Executives also demonstrated a greater willingness to take risks, with 59% saying it is a good time to increase risk exposure, one of the highest readings recorded over the past five years. Inflation and supply chain disruptions remained the leading external concerns, cited by 50% and 49% of respondents respectively, while worries about cost management eased compared with the previous quarter.

 

Wall Street Journal

Paul Hastings has appointed Anya Tarasova, a seasoned leader from McKinsey & Co., as its new chief innovation officer to enhance the law firm's AI initiatives. With over 20 years at McKinsey, Tarasova has extensive experience in AI transformation. The move comes as many Big Law firms are actively seeking to fill AI roles, particularly at the director and chief levels, to drive technology adoption.

 

Bloomberg Law

Morgan Stanley has reported better-than-expected second-quarter results, with net income rising to $5.58bn, or $3.46 per share, from $3.54bn a year earlier, surpassing analysts' estimates of $2.94 per share. Revenue increased to $21.35bn from $16.79bn, driven by a surge in investment banking activity, record wealth management revenue, and strong trading performance. Investment banking revenue climbed to $2.44bn from $1.54bn, fueled by higher merger and acquisition advisory fees and underwriting activity, while wealth management revenue reached a record $8.9bn as client assets across wealth and investment management hit $10tn. Trading also delivered strong results, with equities revenue jumping 69% to $6.3bn and fixed-income revenue rising 13%, benefiting from heightened market volatility.

 

Financial Times

Reuters

HCA Healthcare has lowered its 2026 financial guidance after a shift in payer mix, driven by an increase in uninsured patients who lost coverage through health insurance exchanges, weighed on second-quarter earnings. The company estimates the change reduced pretax income by about $400m during the quarter, prompting it to lower its full-year earnings forecast to $28.70-$30.50 per share and narrow its revenue outlook to $77bn-$79.5bn. Preliminary second-quarter results included revenue of approximately $20.23bn and adjusted EBITDA of about $4.03bn, with the company also reporting growth in admissions, emergency room visits, Medicaid supplemental payment benefits, and improved expense trends. HCA shares fell more than 9% in premarket trading following the announcement.

 

Reuters

Wall Street Journal

An Intuit investor has filed a proposed class action lawsuit alleging the company and its executives misled investors about TurboTax’s competitive position and growth prospects ahead of the 2026 tax season. The complaint claims Intuit overstated TurboTax’s advantages and failed to adequately disclose pricing pressures in the do-it-yourself tax preparation market. The lawsuit follows a roughly 20% decline in Intuit’s share price after the company reported weaker-than-expected tax season growth and announced significant layoffs. The case is pending in the U.S. District Court for the Northern District of California, with investors seeking appointment as lead plaintiff required to file by September 8th 2026.

 

Bloomberg Tax

The National Taxpayers Union Foundation's Taxpayer Defense Center has filed a lawsuit against the IRS to halt the collection of private donor information from nonprofits, claiming it violates the First Amendment. The suit, representing Young America's Foundation, led by Scott Walker, follows the leak of confidential tax returns by former IRS contractor Charles Littlejohn. Tyler Martinez, NTUF's director of litigation, stated, "The collection of this information by the IRS for every single nonprofit can't meet that level of scrutiny." The lawsuit aims to protect donor privacy, arguing that the IRS does not utilize this information for tax enforcement and has previously exempted many organizations from such disclosures.

 

Accounting Today

The Labor Department said on Tuesday that U.S. inflation cooled more than expected in June, with consumer prices falling 0.4% month over month—the largest monthly decline in four years—as lower gasoline, clothing, and used car prices helped push annual inflation down to 3.5% from 4.2% in May. Core inflation, which excludes food and energy, was unchanged during the month and eased to 2.6% year over year, suggesting underlying price pressures are also moderating, although they remain above the Federal Reserve's 2% target. The softer inflation data may reduce pressure on the Federal Reserve to raise interest rates, although policymakers remain divided over the outlook. Rising tensions in the Middle East have already pushed oil prices higher, threatening to reverse recent declines in fuel costs, while officials also remain concerned that investment in artificial intelligence infrastructure could add to inflationary pressures through higher semiconductor and electricity prices.

 

CNBC

Los Angeles Times

Reuters

Wall Street Journal

Stripe and private equity firm Advent International have launched a joint $53bn bid to acquire PayPal, offering $60.50 per share, a 28% premium to Tuesday’s closing price and backed by $50bn of committed bank financing. PayPal has reportedly been reluctant to engage with the proposal, with sources suggesting a deal is unlikely at the current valuation as new chief executive Enrique Lores focuses on a turnaround following an 84% decline in the company's share price from its 2021 peak.

 

Bloomberg

Financial Times

Reuters

The White House has announced a new coordination group that will bring together AI developers and operators of critical infrastructure to share information on cybersecurity vulnerabilities identified by advanced artificial intelligence systems and coordinate responses. The initiative implements President Donald Trump's June executive order and is designed to reduce the risk of malicious actors exploiting software weaknesses in essential services, including financial institutions, hospitals, and energy networks. The collaboration will allow AI companies to share details of newly identified vulnerabilities with critical infrastructure providers, helping to avoid duplicated efforts and improve cyber defenses. White House National Cyber Director Sean Cairncross said the group will include developers of both proprietary and open-source AI models, although the administration has not disclosed which companies will participate.

 

Reuters

A new report by the Artificial Intelligence Underwriting Company (AIUC), co-authored with researchers from Anthropic and OpenAI, warns that conventional insurance policies are ill-equipped to cover the growing legal and financial risks posed by increasingly autonomous AI systems. The report estimates that more than 90% of insurers' exposure to AI-related risks is embedded in existing policies as "silent" coverage, meaning the risks are largely unpriced and often not explicitly recognized by insurers. The report argues that AI-related litigation is shifting beyond chatbot mistakes to more sophisticated AI "agents" capable of taking actions, exposing businesses to claims involving professional negligence, cyberattacks, fraud, defamation, unauthorized legal practice, and even wrongful death. The authors warn that a major AI-related incident could result in roughly $100bn in direct losses, while broader economic damage could reach into the trillions if insurers withdraw coverage, businesses slow AI adoption, and investors lose confidence. Rather than broadly excluding AI-related risks from existing policies, the report recommends that insurers develop dedicated AI insurance products supported by new underwriting standards, technical audits, and more sophisticated risk assessments that can keep pace with rapidly evolving AI models.

 

Financial Times

PYMNTS

Confidence among U.S. small businesses improved in June, with the National Federation of Independent Business (NFIB) Small Business Optimism Index rising 2.1 points to 97.4, exceeding economists' expectations of 95.7. The increase was driven in part by lower fuel costs, which provided relief for businesses and consumers, while more owners expressed optimism about operating conditions over the next six months. The share of business owners expecting better business conditions rose 10 points to a net 13%, marking the first improvement this year. At the same time, the proportion of owners reporting higher selling prices increased for the fourth consecutive month to its highest level since January 2023, although fewer businesses said they planned to raise prices in the months ahead. Despite the improved outlook, the NFIB said small business owners remain cautious about hiring and capital investment. Chief Economist Bill Dunkelberg noted that elevated interest rates and modest economic growth continue to weigh on expansion plans, even as operating conditions show signs of improving.

 

Bloomberg

Reuters

Wall Street Journal

A coalition of environmental organizations, including he Center for Biological Diversity, and Sierra Club, has sued the Trump administration over its decision to remove the long-standing definition of "harm" from Endangered Species Act regulations, arguing the change weakens protections for threatened wildlife by limiting safeguards against habitat destruction. The lawsuit, filed in federal court in Seattle, seeks to block the rule, which is due to take effect on September 14, and restore the existing definition that has been in place since 1975 and was upheld by the U.S. Supreme Court in 1995. The administration said the previous interpretation unlawfully expanded federal authority, conflicted with private property rights, and imposed unnecessary burdens on landowners and businesses. Interior Secretary Doug Burgum said the change would restore "common sense" and better reflect the intent of Congress, while the U.S. Fish and Wildlife Service and National Marine Fisheries Service declined to introduce a replacement definition.

 

Courthouse News Service

NPR

Reuters

Warren Buffett has ended his two-decade practice of donating Berkshire Hathaway stock to the Gates Foundation, instead directing approximately $6bn in shares to four family-run foundations. Buffett said his remaining Berkshire shares will also be distributed to those family charities by the end of 2034, marking a significant shift in his long-term philanthropic plans. The move follows revelations about Bill Gates' past interactions with Jeffrey Epstein, although Gates has not been accused of any crimes. Buffett, who had pledged in 2006 to donate Berkshire shares to the Gates Foundation, has not spoken with Gates since the Justice Department released files related to Epstein earlier this year. The Gates Foundation thanked Buffett for his decades of support and said it remains financially secure through Bill Gates' separate $200bn commitment.

 

CNBC

Reuters

Wall Street Journal