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A coalition of 25 Democratic-led states has filed a lawsuit challenging the Trump administration's latest tariffs on imports from 60 trading partners, arguing that the broad measures exceed the president's legal authority under Section 301 of the Trade Act of 1974. The lawsuit, filed in the U.S. Court of International Trade, follows similar legal challenges by small businesses. The states claim the tariffs are an unlawful attempt to reimpose measures that courts have already ruled illegal. The tariffs, introduced on July 24, impose duties of 10% and 12.5% on goods from countries, including members of the European Union, over concerns about forced labor. The Trump administration maintains the measures are a lawful response to unfair trade practices, while the states argue that Section 301 has historically been used to target specific countries or industries, not nearly all U.S. imports, and that the broad tariffs will do little to address forced labor while increasing costs for businesses and consumers. 

 

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Best Buy has appointed Anne Bramman as chief financial officer, effective August 19th, replacing Matt Bilunas as part of a wider leadership transition that will also see Jason Bonfig succeed Corie Barry as chief executive. The appointments come as the consumer electronics retailer seeks to revive growth by expanding its online business, services and advertising operations. Best Buy recently reported first-quarter results ahead of analysts' expectations, supported by demand for AI-enabled smartphones and gaming consoles, and forecast second-quarter sales above Wall Street estimates. 

 

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U.S. regulators have fined UBS a record $125m over the Swiss bank's failure to implement adequate anti-money laundering controls despite being sanctioned for similar shortcomings in 2018. The U.S. ​Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) said UBS Financial Services (UBSFS) admitted ​to willfully violating the Bank Secrecy Act by failing to implement and maintain an anti-money ⁠laundering program and by failing to file suspicious activity reports.  The settlement - the largest civil fine ever against a broker-dealer for violating the main U.S. anti-money laundering law - resolved related accusations by the Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Financial ​Industry Regulatory Authority. "Today’s historic action against UBSFS should send a clear message ​that recidivist financial institutions will face severe repercussions,” FinCEN Director Andrea Gacki said. 

 

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Texas law firm Jackson Walker has agreed to pay $15m to settle a civil case from the Justice Department over ex-bankruptcy practice partner Elizabeth Freeman's undisclosed romantic relationship with the nation’s former top bankruptcy judge, David R. Jones, who oversaw the firm's cases. Houston-based Jackson Walker said it would also pay for independent review of its bankruptcy disclosure requirements and ethical obligations, and change some of its ​conflict screening procedures. In its settlement with the Office of the U.S. Trustee, the civil watchdog that oversees the nation’s bankruptcy courts, Jackson Walker said it "acknowledges, while not admitting fault, that it could have approached this ​matter differently."

 

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U.S. manufacturing activity accelerated to its strongest level in more than four years in July, with the Institute for Supply Management's manufacturing PMI rising to 55.6 from 53.3 in June, driven by robust new orders, stronger export demand, and a rebound in factory hiring. The survey showed the new orders index increased to 56.7, while the manufacturing employment gauge returned to expansion at 52.8, its highest reading since August 2022, as factories responded to growing order backlogs. Manufacturing has also been supported by businesses building inventories ahead of potential price increases and shortages, as well as continued investment in artificial intelligence infrastructure. Supply chain pressures remained elevated, however, with supplier delivery times slowing further and the prices paid index remaining high at 71.1, reflecting ongoing inflationary pressures linked to the conflict in the Middle East. Relatedly, S&P Global's final U.S. Manufacturing PMI held at 53.9 in July, slightly above the preliminary reading of 53.8, indicating the manufacturing sector continued to expand, although underlying growth showed signs of slowing. Business confidence fell to its lowest level since October 2025, as manufacturers cited concerns over inflation, supply constraints, slowing sales, and weaker demand. 

 

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U.S. construction spending unexpectedly fell 0.1% in June, missing economists' expectations for a 0.2% increase, as higher mortgage rates continued to weigh on residential construction activity. The Commerce Department also revised May's reading to show spending was unchanged, rather than rising 0.1%, while total construction spending was 3.2% lower than a year earlier. Private residential construction declined 0.3%, with spending on new single-family homes falling 0.6% and down 3.3% year over year. Multi-family construction also slipped 0.7%, reflecting continued pressure from elevated borrowing costs, with the average 30-year fixed mortgage rate reaching 6.66% last week. Private nonresidential construction edged up 0.1%, although spending on factory projects fell 1.2%, marking continued weakness in business investment. Public construction spending was unchanged in June, with state, local, and federal government outlays all flat. 

 

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Palantir Technologies has raised its full-year revenue and adjusted operating income forecasts after reporting stronger-than-expected second-quarter results, driven by a 149% year-over-year increase in U.S. commercial revenue to $764m. Chief executive Alex Karp described demand for the company's AI-powered data analytics platform as "otherworldly," highlighting robust enterprise adoption despite competitive pressures, while cautioning that international growth, particularly in Europe, remains weaker amid efforts by governments to reduce reliance on U.S. technology providers.

 

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Amazon's market capitalization has exceeded $3tn for the first time after its shares reached a record high following better-than-expected second-quarter results last week, driven by strong artificial intelligence demand and accelerating cloud growth. The company reported adjusted earnings per share of $1.97 on revenue of $200.6bn, both ahead of expectations, while Amazon Web Services revenue rose to $42.2bn. Chief executive Andy Jassy also increased Amazon's 2026 capital expenditure forecast to $220bn from $200bn, citing sustained artificial intelligence infrastructure demand that is expected to outstrip available capacity through at least 2028.

 

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Eli Lilly and privately held contract manufacturer Resilience are to invest $750m to expand pharmaceutical manufacturing ​capacity in the U.S. and strengthen the domestic ‌medicine supply chain. Reuters notes that drugmakers have been boosting  U.S. manufacturing since last year ​and stockpiling inventory as the Trump administration moves ​to impose 100% tariffs on branded drugs ⁠unless companies cut prices or manufacture medicines ​locally.

 

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The Trump administration has banned imports from a further 43 Chinese companies over alleged rights abuses of Uyghur and other minority groups. The firms - operative in supply chains ‌from electronics to food and metals - were added to the Uyghur Forced Labor Prevention Act Entity List. It is the largest single ​expansion of the list since the act creating it was signed into law in 2021, and brings the number of mentioned entities to 187 from 144. "Today's action by the Trump administration strengthens America's economy against products made with slave labor," said Representative John Moolenaar, chairman of the House Select Committee on China.

 

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The PCAOB should move quickly to develop formal standards governing the use of AI in audits, according to Jack Castonguay CPA, associate professor of accounting at Hofstra University, and vice president of content at Surgent Accounting and Financial Education. He argues that existing auditing rules were not designed for AI-powered audit processes and risk inconsistent practices across firms. His article says AI offers significant opportunities, including the ability to analyze entire populations of financial transactions rather than relying on sampling, but also introduces new risks such as AI hallucinations, conflicts of interest, and inadequate human oversight. It notes that several major accounting firms have already had to retract reports because of AI-generated errors, underscoring the need for clearer regulatory guidance before AI-related audit failures occur.

 

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Extreme heat is reducing productivity and increasing illnesses, with one study finding rising temperatures could be costing informal workers the equivalent of 2% of their country's GDP annually. "Wage losses are only going to worsen as temperatures continue to rise," observes Ameena Kidwai, lead researcher at People's Courage International, a U.S.-based nonprofit organization aiming to strengthen informal workers' rights. "Workers are now putting in many more hours than they did before to complete the same amount of work." Kidwai said the organization's survey of informal workers in five Asian cities found that tasks once completed in eight hours now take 10 to 12 hours during the hottest months, as workers slow down to cope with dangerous heat that is becoming a major occupational hazard. Researchers say an inability to recover is a defining feature of urban heat for informal workers such as construction laborers, street vendors and delivery riders.

 

Deutsche Welle (EN)

Apple has launched a fresh legal challenge against a U.K. government order requiring access to encrypted iCloud data belonging to British users, arguing against the Home Office's powers to issue secret Technical Capability Notices (TCNs) under the Investigatory Powers Act. The case, lodged with the Investigatory Powers Tribunal, follows the U.K. government's revised request after it abandoned an earlier demand that would also have affected U.S. users. Privacy campaign groups, including Privacy International and Liberty, have welcomed Apple's challenge, arguing it is vital for protecting digital privacy and security. Apple previously withdrew its Advanced Data Protection service for U.K. users after refusing to create a "back door" into encrypted data. The Home Office maintains that the legislation includes robust safeguards and is used only when strictly necessary. 

 

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