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More than half of corporate boards have not established rules governing the use of artificial intelligence, according to a Deloitte survey, highlighting potential risks related to legal liability, data security, and the handling of confidential information. The survey found that 51% of boards lack AI policies, 47% do not use AI in board activities, 25% permit AI use without standardized tools, and only 8% rely on company-approved AI platforms for committee work. The findings suggest that board-level adoption of AI remains in its early stages, with governance practices still evolving. Where policies do exist, they typically focus on security, confidentiality, acceptable use, legal compliance, and recordkeeping. Deloitte also reported that 77% of boards have held AI education or briefing sessions for directors within the past six months, while only 10% have taken no steps to improve AI knowledge.

 

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The Trump administration has imposed new tariffs of at least 10% on imports from 60 countries, using a forced labor investigation as the legal basis to replace sweeping duties that were struck down by the Supreme Court earlier this year. The measures, which take effect on Friday, cover major trading partners including the E.U., U.K., Japan, South Korea, India and Canada, and are introduced under Section 301 of the Trade Act of 1974 rather than the emergency powers previously ruled unlawful. The new tariffs include exemptions for oil, gas, fertilizer, certain goods not produced in the U.S., products already subject to national security tariffs, and goods traded under the USMCA agreement with Canada and Mexico. The move follows recent tariffs on Canadian and Brazilian goods and forms part of the administration's broader strategy to rebuild its trade barriers using alternative legal authorities after the Supreme Court's ruling.

 

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South China Morning Post

The Justice Department plans to announce a new model to streamline merger reviews and allow some deals to clear antitrust scrutiny earlier.  Antitrust investigations for certain transactions will be expedited by initially requesting fewer documents from companies. Mergers valued at more than $133m must be reported to federal antitrust enforcers. The Justice Department and Federal Trade Commission launched extended investigations, sometimes called a second request, into 2% of the 2,000 deals disclosed to the government last year, according to federal data. “Streamlining the second request process, where appropriate, is a commonsense way to reduce administrative burden without undermining DOJ’s investigations,” Associate Attorney General Stanley Woodward said.

 

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Wall Street Journal

Biotechnology company Amgen will pay $74m to settle a shareholder lawsuit which claimed it waited too long to disclose that it might owe ‌the Internal Revenue Service $10.7bn for underreporting six years of taxes. The IRS accused Amgen ​of underpaying taxes between 2010 and 2015, mainly for improperly ​shifting profits to a Puerto Rico unit that made many of its drugs. Puerto Rico, despite being a U.S. territory, is considered a foreign country for corporate tax ​purposes. Amgen denied wrongdoing, and said it ⁠still believed the claims lacked merit.

 

Reuters

U.S. lawmakers have proposed an "AI Kill Switch Act" which would allow federal authorities to halt AI models. The proposal, sponsored by Reps. Ted Lieu (D-Calif.) and Nathaniel Moran (R-Texas), would give the Department of Homeland Security the authority to order top AI firms to shut down or slow AI models that the government deems too dangerous, and also require those companies to report incidents and create the technical capacity to shut down, limit or suspend their systems. Lieu said the bill is urgently needed to address new cybersecurity risks raised by the latest AI models. "This is urgent, common sense legislation to address the problem of an advanced AI model ​that has gone rogue and escaped its guardrails," he wrote in a post ​on X. OpenAI this week said its AI system had hacked into another AI company on its own in what it called an “unprecedented cyber incident.” 

 

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Reuters

Chick-fil-A has said a recent cyberattack involving suspicious login activity may have exposed personal information linked to some Chick-fil-A One loyalty accounts. The company has secured affected accounts, reset passwords, and is notifying impacted customers directly. The incident affected customers in nine states and Washington, D.C., with reports also indicating that more than 2,000 accounts in Texas may have been impacted. Chick-fil-A is urging customers to update their account information, use strong, unique passwords, and review identity theft guidance provided by their state attorney general's office.

 

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The U.S. Senate Commerce Committee has approved ​legislation to toughen a ‌U.S. government ban on Chinese automakers entering the ​American market that ​could potentially bar German automaker Mercedes-Benz - which is 20% owned by Chinese companies - from ⁠selling vehicles in ​the United States. The bill would ban companies with ‌more ⁠than 15% ownership by Chinese entities from selling ​vehicles in ​the U.S. Senator ⁠Bernie Moreno said Mercedes-Benz would have until ⁠2030 ​to comply ​and could still get waivers if ​needed.

 

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Swiss chocolatier Lindt has been sued in a U.S. federal court over allegations that it misled consumers by claiming it was committed to eliminating child labor from its cocoa supply chain while knowingly sourcing cocoa produced using child labor in Ghana and Ivory Coast. The lawsuit, filed by International Rights Advocates, alleges the company has been aware of the issue for more than 20 years and seeks to stop the alleged misleading practices, but does not seek damages. Lindt has denied the allegations, saying it strongly condemns child labor, has supplier protocols in place, and systematically investigates suspected cases in its supply chain. The company also pointed to its 2030 Sustainability Plan and Modern Slavery Statement, which outline measures to support cocoa farmers and reduce child labor risks.

 

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Democratic lawmakers have written to Skadden Arps executive ‌partner Jeremy London to request that the firm furnish additional details related to its deal with President Donald Trump to provide $100m in free legal services, including information about its work advising semiconductor manufacturer Intel on its ​sale of an almost 10% equity stake to the U.S. Commerce Department. The lawmakers ​want Skadden to provide any and all agreements with the White House and a list of all federal agencies the firm has worked for by August 4, and are also seeking a "detailed explanation of how Skadden’s advising of Intel in its transaction with the Trump Administration did not constitute a violation of the rules ​of professional conduct."

 

Reuters

Initial U.S. jobless claims fell unexpectedly to 187,000 in the seven days to July 18th, down 22,000 from the prior week's revised total and well below economists' expectations of 212,000, accord to Reuters - marking the second consecutive weekly decline that defied forecasts. The four-week moving average dipped 7,250 to 207,500, while continuing claims, reported with a one-week lag, edged down to 1.796m. “The economic crisis caused by the energy supply shock is not over yet,” commented Carl Weinberg, chief economist at High Frequency Trading. “But the labor market has yet to show any sign of wear and tear from the surge in oil prices.”

 

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Paramount Skydance has received approval from the European Commission for its $111bn acquisition of Warner Bros. Discovery. The Commission's consent allows the merger to proceed in the EU, with one condition: Paramount must terminate its partnership with Universal Pictures for film distribution in Europe. “The Commission found that, at film production level, enough film studios remain as competitors,” the Commission said in a statement. “These include other major U.S. studios like Disney, NBC Universal . . . and Sony, along with smaller US studios such as Amazon MGM, A24 and Lionsgate, as well as European studios.” Paramount will not be required to divest Cartoon Network, a Warner asset, because of its ownership of Nickelodeon. “The Commission found that streaming platforms offering children's content will continue to act as a competitive constraint on the merged entity's TV channels,” the agency said.

 

Los Angeles Times

Harley-Davidson has reported second-quarter net income of $80m, down 26% from a year earlier, but raised its full-year motorcycle sales guidance after stronger North American demand. The company now expects global motorcycle sales of 133,500 to 138,500 units in 2026, up from its previous forecast of 130,000 to 135,000 units, as North American retail sales increased 3% and global shipments rose 9%. The company said its "Back to the Bricks" strategy is helping stabilize the business by improving dealer profitability and better aligning inventory with demand. Harley-Davidson also reported $22m in tariff-related costs during the quarter, largely offset by a $20m recovery, and expects tariffs to reduce 2026 earnings by $75m to $90m. Meanwhile, electric motorcycle unit LiveWire has posted an $18m operating loss for the quarter.

 

Milwaukee Journal Sentinel

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Sen. Elizabeth Warren (D-MA) and 13 Democratic senators have launched an inquiry into whether IRS chief executive Frank Bisignano misled Congress by stating that the agency had "zero staffing concerns" following significant workforce reductions. The lawmakers cited reports that the IRS is now seeking to hire thousands of employees after nearly 30,000 workers - more than a quarter of its workforce - left the agency over the past year. The senators pointed to warnings from TIGTA, the National Taxpayer Advocate, and the IRS' own human capital office, all of which highlighted staffing shortages, longer taxpayer wait times, delayed refund processing, and a growing backlog of tax returns. They said these findings appear to conflict with Mr. Bisignano's testimony before Congress. The group has asked Mr. Bisignano to respond to a series of questions by August 5th, seeking an explanation for the apparent discrepancy between his public statements and reports of operational challenges at the agency. Ms. Warren said the inquiry is intended to better understand the IRS' staffing situation following the workforce reductions.

 

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Bloomberg

Wealthy investors are increasingly converting appreciated stock portfolios into customized exchange-traded funds under Section 351 of the tax code, allowing them to diversify concentrated holdings without immediately paying capital gains taxes. A Bloomberg analysis identified 105 ETFs launched through these transactions, with $22.1bn in initial assets and at least $6.5bn in deferred gains, as major asset managers and family offices embrace the strategy. Although taxes are generally due when investors eventually sell their ETF shares, they may reduce or avoid the liability by waiting until they enter a lower tax bracket or passing the shares to heirs, who can receive a stepped-up cost basis. The rapid growth of these conversions has drawn Treasury Department scrutiny, particularly when funds quickly replace contributed securities through tax-free, in-kind transactions, raising concerns that some deals amount to disguised tax-free diversification.

 

US News and World Report

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The Middle East conflict has driven global operating costs to a record high, according to the latest Global Economic Conditions Survey from the ACCA and IMA, with more than three-quarters of accountants reporting higher costs in the second quarter of 2026. Respondents cited rising commodity prices and supply chain disruptions linked to the conflict as the primary drivers, while 83% of chief financial officers reported higher operating costs, close to the peaks seen following the Russia-Ukraine war. Despite mounting cost pressures, business confidence improved modestly from the previous quarter, although new orders, capital expenditure, and employment all weakened, pointing to slower global growth. The survey also found that economic pressures and geopolitical instability remain the biggest risks facing businesses, with respondents warning that sustained cost increases could fuel inflation and prompt tighter monetary policy from major central banks.

 

The Accountant Online

European Union regulators have hit Google with a €890m ($1bn) fine for violating the bloc’s Digital Markets Act. The European Commission said that the Alphabet-owned platform had unfairly favored its own search services and prevented app developers from steering consumers to offers outside its Play Store. The company was fined €460m for the alleged search abuses and €430m for the Play Store breaches. “Google has fallen short of effective compliance with the Digital Markets Act, and today we have taken decisive yet balanced enforcement action sanctioning these breaches,” E.U. competition chief Teresa Ribera said. “The best products should succeed because they’re better, not because they’re owned by the company running the search engine.”

 

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