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Meta has agreed to pay as much as $18bn and introduce sweeping restrictions on how children use Facebook and Instagram as part of a landmark settlement with U.S. states over alleged harms to young users. The deal, which remains subject to judicial approval, includes an initial $12.7bn payment to fund youth online safety initiatives and will block under-18s from using the apps between midnight and 6am, switch off notifications by default during school hours, and limit daily use to two hours unless a verified parent removes the restriction. Meta will also introduce age-assurance technology and disable “like” counts by default on teenagers’ posts. The agreement could become stricter if YouTube and TikTok adopt equivalent measures, extending the overnight blackout to 10pm-7am and cutting usage to one hour per app per day, in which case Meta would pay an additional $5.3bn.

 

New York Times

PBS News

Washington Post

The Federal Reserve, Department of Justice (DOJ), the U.S. Senate, NASA, and other federal agencies including the Energy Department, the Health and Human Services Department and the National Institutes of Health, have fallen victim to a cyber intrusion by a Chinese state-sponsored hacking group, the DOJ said as it announced the seizure of internet domains used for hacking platforms. The hacking platforms, known as “QScan and QTRouter,” were “used to target U.S. critical infrastructure and other sensitive networks,” the DOJ said. Court documents unsealed in U.S. District Court for the Southern District of California said that a Chinese state-sponsored group known as “QTFY” created and operated the hacking platforms. “Other targeted networks include those operated by hospitals, telecommunications providers, power companies, financial institutions, and defense contractors,” a court filing said. Attorney General Todd Blanche said: “State-sponsored malicious hackers preying on America’s critical infrastructure will be stopped and prosecuted. We are here to ensure security for the American people and will use every tool we have to keep that promise.”

 

CNBC

ABC News

Reuters

Boston Scientific has reported a cybersecurity incident that disrupted its information technology systems and business applications. The company said in an SEC filing that the incident occurred on August 25, leading to global operational disruptions, including challenges in processing and shipping customer orders. Boston Scientific is working to restore its systems, but the timeline for resolution remains uncertain.

 

U.S. News

Fierce Biotech

KKR is to pay $250m to settle a Department of Justice lawsuit alleging the private equity firm repeatedly failed to properly file documents with the federal government related to more than a dozen buyouts between 2021 and 2022. The penalty is the largest-ever imposed for violations of the Hart-Scott-Rodino Antitrust ​Improvements Act, which mandates companies to notify antitrust regulators ⁠of certain mergers and acquisitions before they are completed. Associate Attorney General Stanley Woodward said the settlement "sends a powerful message: the Department is ⁠committed to ​vigorous enforcement." KKR said ​that although it had agreed to settle, it strongly disagreed with the DOJ's characterization of the matter.

 

Bloomberg Law

Financial Times

Reuters

The U.S. economy grew at a 1.5% annualized rate in the second quarter of 2026, according to the Commerce Department’s second estimate, unchanged from its initial reading last month. The updated figures contained only minor revisions and continued to show modest overall economic growth, supported by solid consumer spending and investment in artificial intelligence infrastructure. Imports of foreign products and a small decline in government spending weighed on headline GDP growth. However, real final sales to private domestic purchasers, which excludes government spending and trade and provides a measure of underlying private domestic demand, grew by a stronger 4.2%, revised up from the initial estimate of 3.9%. The Commerce Department will publish its third and final estimate of second-quarter GDP on September 30.

 

AP News

Bloomberg

Wall Street Journal

The Federal Reserve’s preferred inflation measure remained hotter than expected in July, with the Personal Consumption Expenditures (PCE) price index rising 3.7% from a year earlier. The annual rate was unchanged from June, but came in above economists’ expectations for 3.6%, and remained well above the Fed’s 2% target. Core PCE, which excludes volatile food and energy prices, also remained unchanged from June at an annual rate of 3.3%, slightly above the 3.2% forecast. Although inflation has eased since reaching a three-year high in May, higher oil and gas prices associated with the Iran war have continued to put pressure on household budgets. Consumer spending showed signs of strain, with spending on goods falling by $49.9bn, while spending on services increased by $86.2bn.

 

CBS News

New York Times

Reuters

Wall Street Journal

U.S. durable-goods orders rose more strongly than expected in July, signaling increased demand for products designed to last at least three years. Total new orders increased 1.1% from the previous month to $339.3bn, according to Commerce Department data, more than double the 0.5% increase expected by economists surveyed by the Wall Street Journal. The rise also marked an acceleration from the 0.5% increase recorded in June. Transportation equipment was the main driver of July’s growth, with orders increasing 2.3% following declines in each of the previous two months. However, the data also showed growth beyond the transportation sector: excluding transportation equipment, durable-goods orders rose 0.4%. Orders excluding defense increased 1.3% in July, providing another indication of stronger demand outside military-related spending. Overall, the figures showed broad growth in durable-goods orders, with the headline increase comfortably exceeding economists’ expectations.

 

Wall Street Journal

Trian Fund Management has no current plans to make a take-private bid for Wendy’s, despite previously preparing a potential offer with a consortium of investors, according to sources close to the situation. The investment firm, which owns around 16% of Wendy’s, remains concerned about the fast-food chain’s performance, valuation, and strategic direction, but is keeping an open mind about its future intentions. Wendy’s shares fell more than 14% in after-hours trading following the news. The decision could give chief executive Bob Wright, who took the role in May, more time to implement a five-point turnaround plan after the company reported declining global sales, lower net income, and higher costs earlier this month.

 

The Columbus Dispatch

Reuters

Bloomberg reports that the White House plans to announce new drug-pricing agreements with several midsized biotech firms who will agree to provide discounts on outpatient drugs to state Medicaid programs so that the prices states pay align with what the companies charge in other countries. In return, the biotechs will be exempt from pilot programs forcing similar discounts in Medicare.

 

Bloomberg

U.S. employers’ healthcare costs are projected to increase 9.5% in 2027, reaching an average of about $19,000 per employee, according to Aon. The forecast excludes employers’ typical cost-management measures, but follows an 8.8% increase in employer health plan costs from 2025 to 2026 even after such measures were implemented. Aon attributed the sustained increases to specialty medications and GLP-1 therapies, higher healthcare utilization, chronic diseases, high-cost claims, increased physician and outpatient spending, provider consolidation, and more intensive clinical coding. With healthcare becoming one of companies’ largest and fastest-growing workforce expenses, CFOs are increasingly involved in benefits strategy, risk management, and cost planning.

 

CFO

In a piece for The CPA Journal, Steven Mintz, Tara J. Shawver, and William F. Miller examine the Boeing 737 MAX crashes, which killed 346 people, as a case study in how failures in corporate culture, internal controls, risk management, and oversight can have severe consequences. The authors argue that Boeing prioritized cost-cutting, production, and profitability over safety, while management failed to adequately address manufacturing concerns, whistleblower warnings, and operational risks. They highlight lessons for CPAs, CFOs, controllers, auditors, and audit committees, including the importance of following AICPA and COSO principles, maintaining integrity and transparency, strengthening internal controls and risk oversight, protecting whistleblowers from retaliation, and ensuring that safety, compliance, and ethical risks receive appropriate board-level scrutiny.

 

The CPA Journal

Big Tobacco is expanding higher-strength nicotine pouches in the $5.2bn U.S. market, as regulatory acceptance grows, cigarette sales decline and demand increases for potent products from Philip Morris, BAT and Altria.

 

Financial Times

New and proposed wealth-related taxes across the U.S. are adding another consideration for financial advisors helping clients decide where to live and structure their finances, according to Accounting Today’s Zoe Sagalow. Measures include taxes targeting high-income or wealthy taxpayers in New York City, Washington, and Maine, as well as proposals in Minnesota and California, while eight states have lowered individual income tax rates this year. Advisors say high-net-worth clients, particularly those with homes in multiple states or upcoming liquidity events, should evaluate potential policy changes and different tax scenarios early, although taxes remain only one factor in residency decisions. Changing domicile can also be difficult in states that aggressively audit residency, while uncertainty surrounding proposed taxes and legal challenges can further complicate long-term financial planning.

 

Accounting Today

The IRS is reshaping enforcement after losing nearly one-third of its workforce, relying more heavily on automation, analytics, and coordinated strategies. Chief tax compliance officer Jarod Koopman said the agency is increasing scrutiny of tax-exempt organizations to identify illicit financing and other criminal activity, while updating Form 990 to provide greater transparency around government funding and fiscal sponsorship arrangements. At the same time, the IRS is taking a more flexible approach to compliance. It is creating an office to resolve roughly 1,000 pending syndicated conservation easement cases individually, reducing penalties and timelines for its criminal voluntary disclosure program, and preparing for potentially billions of dollars in pandemic-related tax refunds if the government loses an ongoing court appeal.

 

Bloomberg Tax

Tax Notes columnist Robert Goulder argues that the U.S. model income tax treaty, last updated in 2016, is increasingly outdated because it predates major changes including the Tax Cuts and Jobs Act, the One Big Beautiful Bill Act, digital services taxes, and the OECD’s Pillar Two regime. Despite the historical pattern of issuing a new model every 10 years, Mr. Goulder says a 2026 version may not materialize, citing Treasury vacancies and a broader decline in U.S. treaty activity. He points to the recently signed Croatia-U.S. protocol as an important indication of current U.S. treaty policy, particularly on limitation-on-benefits provisions, double-taxation relief, and nondiscrimination. In the absence of a new model, Mr. Goulder suggests that the post-TCJA Chile-U.S. treaty, the 2022 Croatia-U.S. treaty, and the 2026 Croatia-U.S. protocol could collectively provide the closest available guide to contemporary U.S. tax treaty policy.

 

Tax Notes

Fortescue, Australia's third-largest miner, has suspended an unnamed executive over sexual harassment allegations, and engaged law firm MinterEllison to conduct an independent investigation into the matter. "As the investigation has progressed, Fortescue has continued to ​take external legal and governance advice," the miner said. "It has been decided that the employee who is the subject ​of the allegations will not undertake any work for Fortescue while the investigation ​continues." Fortescue is already facing a class action lawsuit filed last month that alleges it failed to protect female workers from sexual harassment and discrimination at its mine sites.

 

Australian Financial Review

Bloomberg

Reuters

Sydney Morning Herald

Authorities in Germany withdrew 'suspicious' carbon credits generated by 30 China-based projects that claimed to reduce pollution caused by fossil-fuel extraction, including one bought by a Belgian unit of Texas-headquartered oil major ExxonMobil. The offsets were purchased in good faith, a spokesperson for Germany’s General Customs Directorate had previously told Bloomberg.

 

Bloomberg