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The SEC received more than 200,000 comments on its proposal to let public companies report financial results twice yearly instead of quarterly, the highest response recorded for an SEC proposal. Most submissions opposed the change, arguing it would reduce transparency, limit investor access to timely information and increase opportunities for fraud. Public-school teacher Lori Amann compared quarterly company reporting with regular student grades, while the Little Warrior Foundation said quarterly disclosures helped it avoid relying on a supplier facing financial difficulties. Exxon Mobil supported semiannual reporting, arguing that companies would still disclose material developments promptly, while Gallagher suggested reporting three times annually. Despite widespread criticism, the SEC is expected to advance some version of the proposal after reviewing the comments and potentially revising its language. 

 

Wall Street Journal

Kering has appointed Romain Spitzer, currently president and chief executive of LVMH Beauty's Fragrance Group, as the new chief executive of Bottega Veneta, effective September 1st. Mr. Spitzer succeeds Bartolomeo Rongone, who left the Italian luxury brand earlier this year to lead Moncler, ending a period in which Bottega Veneta had been without a CEO since March. A veteran of the luxury fragrance industry with previous roles at Jean Paul Gaultier, Yves Saint Laurent, Christian Dior, and LVMH, Mr. Spitzer has been tasked with strengthening Bottega Veneta's brand appeal, deepening customer relationships, and driving retail performance across its global markets.

 

Reuters

Trump Media & Technology Group (TMTG) plans to launch Truth API, a paid data service that will provide subscribers with access to President Donald Trump's Truth Social posts milliseconds before they appear publicly. The company said the service is aimed at organizations that rely on immediate access to market-moving information, including trading firms, as part of its strategy to monetize proprietary assets. The announcement reflects the growing influence of Trump's social media posts on financial markets, where algorithmic trading firms compete to react to news as quickly as possible. TMTG said the service has already attracted customers ahead of its planned August launch, although it has not disclosed pricing. The company reported a $405m net loss for the first quarter, compared with a $31m loss a year earlier.

 

CNBC

Financial Times

Washington Post

Starbucks has won the dismissal of a shareholder lawsuit alleging the company misled investors by concealing declining sales in the U.S. and China, after a federal judge ruled that former chief executive Laxman Narasimhan's statements about sales trends were at least as plausibly an innocent assessment as an attempt to mislead the market. The lawsuit was brought after Starbucks' shares fell 16% in May 2024, when the company cut its annual sales forecast and reported a 4.4% decline in comparable store sales, including declines of 3% in the U.S. and 11% in China. The ruling removes a legal challenge stemming from Starbucks' weakening performance before chief executive Brian Niccol took over. Since then, the company has been implementing its "Back to Starbucks" turnaround strategy, which includes simplifying menus, reducing wait times, upgrading stores and technology, and closing underperforming locations.

 

Reuters

Fender has filed a copyright infringement lawsuit against German musical instrument retailer Thomann, alleging that its Harley Benton-branded guitars unlawfully copy the iconic Stratocaster body shape following Fender's successful bid to secure European copyright protection for the design earlier this year. The case escalates a broader effort by Fender to prevent the manufacture and sale of Strat-style guitars in Europe, including issuing cease-and-desist letters to other manufacturers such as Yamaha. The dispute comes despite Strat-style guitars having been widely produced by numerous brands for decades. Thomann has already challenged Fender's copyright claim in court, arguing the underlying ruling is invalid because it was granted by default. 

 

Reuters

U.S. retail sales rose 0.2% in June, according to the Commerce Department, slowing from a revised 1% increase in May as lower gas prices weighed on overall spending. Excluding gas stations, however, sales increased 0.7%, highlighting continued consumer resilience, supported by stronger vehicle purchases and online shopping during Amazon’s Prime Day event. Motor vehicle and parts sales climbed 1.9% thanks to manufacturer incentives, while online sales rose 1.9%, and sporting goods retailers benefited from World Cup-related spending. Gas station sales fell 5.3% as fuel prices declined, masking broader strength across retail categories, although clothing and accessories retailers posted modest declines, and restaurant spending increased just 0.1%. The report comes as U.S. inflation eased in June, helped by lower gas prices, with economists suggesting consumers remain cautious, but continue to prioritize essential and value-focused purchases amid ongoing economic uncertainty.

 

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Wall Street Journal

New applications for U.S. unemployment benefits fell by 8,000 to 208,000 in the seven days to July 11th, the lowest level in 10 weeks and well below economists’ expectations of 219,000, indicating that layoffs remain historically low. The four-week moving average of jobless claims declined by 4,750 to 214,250, while continuing claims, reported with a one-week lag, fell by 16,000 to 1.81m, reinforcing signs of a resilient labor market despite broader economic uncertainty. “Layoffs are exerting very little pressure on the unemployment rate," commented economist Stuart Paul. "Still, we’re hesitant to overemphasize the jobless-claims figures, which are volatile and can lose some of their signal value in the summer.”

 

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Reuters

Wall Street Journal

The National Association of Realtors has reported that U.S. pending home sales fell 5.4% in June to an index reading of 72.5, missing economists’ expectations for flat growth, as elevated mortgage rates and record-high home prices continued to dampen buyer demand, particularly among first-time purchasers. Pending home sales declined across all four U.S. regions, falling 3% in the Northeast, 8.9% in the Midwest, 4.1% in the South, and 4.7% in the West, while contract signings were down 0.3% compared with a year earlier. Relatedly, U.S. homebuilder confidence fell for a second straight month in July, with the National Association of Home Builders/Wells Fargo Housing Market Index declining two points to 34, matching its lowest level of the year and missing economists’ expectations of 35, as high mortgage rates, rising land and material costs, and labor shortages continued to weigh on the market.

 

Bloomberg

Wall Street Journal

Verizon has announced plans to sell 274 company-owned retail stores and eliminate around 500 corporate roles as part of an ongoing restructuring, affecting approximately 3,000 retail and corporate employees. Following the transaction, which is expected to complete on August 16, the U.S. telecoms group will retain around 1,000 company-owned stores, with many of the divested locations expected to continue operating under franchise owners. The move follows previous job cuts and store sales as Verizon seeks to streamline operations in the highly competitive U.S. wireless market. The company has recently introduced simpler pricing plans, removed activation and upgrade fees, and launched a new customer loyalty programme as it competes with AT&T and T-Mobile, while also participating in a joint venture to expand satellite-based mobile coverage in rural areas.

 

Bloomberg

Reuters

Wall Street Journal

The United States has announced new 25% tariffs on many imports from Brazil, effective July 22nd, while expanding the list of exempt products, marking the first use of the Trump administration's new trade strategy under Section 301 to address alleged unfair trade practices. Exemptions include beef, coffee, rare earths, energy products, aircraft, and aircraft parts, covering an estimated $11bn in annual trade, although Brazil will still face some of the toughest U.S. market access restrictions. The tariffs follow months of unsuccessful trade negotiations, with the U.S. citing concerns including digital trade, illegal deforestation, and Brazil's Pix payments system. Brazilian President Luiz Inácio Lula da Silva rejected the measures as unjustified and said Brazil would challenge them under its Reciprocity Law and through the World Trade Organization. A separate U.S. investigation could impose an additional 12.5% tariff later this month, potentially raising the total tariff burden on many Brazilian goods to 37.5%.

 

Reuters

Growing profits for major oil and gas companies amid higher energy prices have renewed calls in the United States for a federal windfall profits tax. Democratic lawmakers, led by Sen. Sheldon Whitehouse (D-RI), have proposed legislation that would tax 50% of oil companies' excess profits generated by sharp increases in oil prices, with the revenue redistributed to lower-income Americans through tax rebates. Supporters argue the measure would help offset rising fuel costs for consumers, while leaving companies with half of their unexpected profits. The proposal follows estimates from Global Witness that the world's 100 largest oil and gas companies earned $30m per hour in excess profits during the early stages of the U.S.-Israeli conflict with Iran. The oil industry opposes the measure, arguing it would discourage investment and weaken U.S. energy production, while supporters point to windfall taxes implemented in the United Kingdom and European Union, which have generated billions of dollars to help households cope with higher energy costs. Passage of the bill remains unlikely in the current Congress, but proponents say it has intensified the debate over how extraordinary profits should be shared during periods of geopolitical instability.

 

NPR

ACCA President Melanie Proffitt says the accounting profession must adapt to changing workforce expectations and the growing influence of artificial intelligence to address a global talent shortage. Speaking about the profession's future, Proffitt said ACCA is redesigning its qualification program to provide more flexible, non-linear career pathways, while emphasizing that future accountants will focus less on routine tasks and more on creating value for businesses, society, and the environment. Proffitt also said accounting firms must evolve their workplace models to attract and retain talent, arguing that professional qualifications remain valuable because they demonstrate ethical standards, ongoing professional development, and a commitment to continuous learning. While taking a neutral stance on increasing private equity investment in accounting firms, she stressed the importance of aligning values between firms and investors as the profession continues to evolve.

 

CFO

The Institute of Management Accountants (IMA) has introduced the Management Accounting Competency Index (MACI), a proprietary benchmark designed to measure how strongly organizations value key finance, accounting, data, forecasting, risk management, and decision-making capabilities. Based on a global survey of management accountants, the accompanying report found that higher MACI scores were a strong predictor of leaders’ confidence in their organization’s performance over the next four quarters. The report also found that larger organizations and public companies place greater emphasis on management accounting competencies than smaller businesses, with the highest scores recorded in financial and business services and the lowest in construction. The launch follows IMA’s recent update to its Competency Framework, which expanded the profession’s core competency areas from six to 10 to better reflect the evolving skills required in modern business.

 

Accounting Today

The Australian government has announced plans to strengthen oversight of the Big Four accounting firms following a series of governance failures, directing the Australian Securities and Investments Commission (ASIC) to enhance the regulation, accountability, transparency, and oversight of the audit sector. The move follows allegations that KPMG staff misused confidential information to secure contracts, alongside recent scandals involving EY, PwC, and Deloitte. While the government has not finalized the new regulatory measures, it has proposed bringing the major accounting firms under ASIC's direct supervision, expanding the regulator's enforcement powers, and increasing penalties for misconduct. ASIC is also investigating whistleblower complaints across the audit sector, while the government has confirmed it is considering structural reforms, including the potential breakup of the Big Four firms.

 

Reuters