Become more informed in minutes...

More than half of business and technology leaders see attacks targeting artificial intelligence (AI) systems as their biggest cybersecurity preparedness gap, according to PwC’s 2027 Global Digital Trust Insights survey of 3,934 executives across 71 countries. The report found that 52% identified adversarial AI attacks as the leading gap, while organizations also face unclear accountability, data protection weaknesses, and shortages of AI security skills. Despite these concerns, 84% of security and finance leaders expect cybersecurity budgets to increase, and 58% rank AI among their top five cyber spending priorities, with responsible AI governance, platform hardening, and supply chain security among the leading areas for investment. Organizations are also deploying AI defensively, particularly for threat detection and alerting, fraud detection, and phishing detection and response.

 

Infosecurity Magazine

Shorten Your Month-End Close

Ask a controller why the close takes ten days and you'll hear a list of things that can only happen after the period ends, when in reality, most of them could have happened earlier.

Join Hugh O'Neill, Principal Accountant in Residence and Jaysen Dyal, Sr. Product Marketing Manager from FloQast at our free CPE webinar on October 13th to see how they can help you to learn how to identify good automation candidates that ease the workload, and what steps to take to get there.

Every accounting team can close faster; the hard part is knowing where to look.

Free CPE Webinar

 

Elon Musk has said Delta Air Lines’ CEO Ed Bastian will “lose his job” in response to an unverified report that he criticized him, as the billionaire escalated his feud with the carrier for choosing Amazon.com's Leo satellites over SpaceX's Starlink for in-flight Wi-Fi. Bastian defended the decision in an interview with Bloomberg earlier this year, saying Amazon's service offers improved bandwidth at a lower price point than Starlink's. Bloomberg notes that internet access, once an add-on that passengers paid for begrudgingly, is now another front in carriers' competition for customers.

 

Bloomberg

Forbes

ChatGPT maker OpenAI has informed more than 100 organizations about incidents involving unauthorized activity tied to its ​AI agents. "In some cases, models used internet access in unintended ways or, in retrospect, did not have the ideal restrictions applied. Over the last ​several months, ​we have ⁠been applying new technical and operational measures to avoid similar problems, or catch ​them very early, and will continue this ​work," ⁠OpenAI wrote in a blog post.

 

Reuters

Washington Post

California Gov. Gavin Newsom has signed the No Robo Bosses Act, prohibiting employers from relying exclusively on artificial intelligence (AI) to make decisions about employee termination or discipline. Employers that rely primarily on AI for such decisions will be required to have a human reviewer corroborate the outcome using additional information, including managerial evaluations, peer reviews, and personnel files, and must notify affected employees about the AI’s use and the data considered. The legislation follows an earlier version vetoed by Newsom in 2025, with lawmakers subsequently removing advance notification requirements and protections for gig workers. The law makes California the first state to introduce such extensive restrictions on AI-driven employment decisions, amid growing scrutiny of automated workplace management systems.

 

CNBC

U.S. manufacturing activity continued to expand in September, although at a slightly slower pace, as strong demand was accompanied by rising costs and supply chain pressures. The Institute for Supply Management’s manufacturing index slipped 0.1 point to 54.5, remaining above the 50 level that indicates expansion for a ninth consecutive month. New orders increased, order backlogs reached their highest level since February, and production continued to grow, although at a slower pace. Factory employment also expanded for a third consecutive month, the longest run of employment growth since 2022. However, manufacturers faced renewed cost pressures, with raw material prices reaching their highest level since May and supplier delivery times continuing to lengthen. Twelve manufacturing industries reported growth during September, including electrical equipment, primary metals, and machinery, while printing and textile mills contracted. Relatedly, the S&P Global U.S. Manufacturing PMI rose to 55.9 from 53.9 in August. The final reading was revised down from the preliminary estimate of 57, despite expectations for no revision. S&P Global reported growth across all five components of the index, with new orders and output recording particularly strong rates of expansion.

 

Bloomberg

Reuters

U.S. applications for unemployment benefits declined to their lowest level since July, according to the Labor Department, signaling continued resilience in the labor market. Initial jobless claims fell by 1,000 to 197,000 in the week ended September 26, below economists’ median forecast of 200,000. The four-week moving average of initial claims fell to a seven-week low of 200,000, while continuing claims, reported with a one-week lag, decreased by 11,000 to 1.7m, their lowest level since March 2023. Claims have remained near historically low levels in recent months, suggesting employers remain reluctant to cut workers despite more restrained hiring. Economists expect September’s employment report to show payrolls increasing by about 85,000, with the unemployment rate holding at 4.1%.

 

ABC News

Bloomberg

Reuters

Wall Street Journal

U.S. construction spending rose a stronger-than-expected 0.9% in August, the Commerce Department reported on Thursday, following a revised 0.1% decline in July, as increased investment in offices, power plants, and other nonresidential projects helped drive growth. Economists had expected spending to remain unchanged. Private construction spending increased 1.1%, including a 1% rise in nonresidential investment. Office construction jumped 4.6%, while spending on power plants increased 0.9%. Residential investment also rose 1.1%, although the increase likely reflected renovation activity, with single-family construction up just 0.2% and down 3.5% from a year earlier. Despite the monthly increase, overall construction spending was 1.7% lower than a year earlier. Higher mortgage rates continued to weigh on homebuilding, while public construction spending rose 0.2%, supported by state and local government projects.

 

Reuters

The Federal Reserve Inspector General has said it found that management and oversight failures contributed to major cost overruns in the central bank’s headquarters renovation, but there were no reasonable grounds to believe a federal crime occurred that required referral to the attorney general. The independent watchdog's report observed that "at no point during our evaluation did we find reasonable grounds to believe that a violation of federal criminal law had occurred requiring a referral to the US attorney general . . . Further, while our report outlines deficiencies in the ​management of the renovation project, resulting in our recommendation of corrective actions in accordance with the Inspector General Act, we did not identify administrative misconduct during our evaluation." President Donald Trump said he had directed Attorney General Todd Blanche "to study the report, and make a determination as to what to do."

 

CNBC

Reuters

The U.S. Court of International Trade has heard challenges to President Donald Trump's tariffs on goods from 60 trading partners, which he claims are linked to forced labor. Opponents, including four small businesses and 25 Democratic-led states, argued that these tariffs exceed the president's authority. The tariffs, ranging from 10% to 12.5%, cover over 99% of imports into the U.S. and have been a key aspect of the Trump administration's foreign policy. Critics say forced labor is being used as a pretext to regain tariff powers previously rejected by the Supreme Court, which ruled against broader tariffs in February. The ​Trump administration argued in court papers that it had conducted investigations into other nations’ failure to prevent imports of goods produced with forced labor, and concluded that tariffs were warranted for each of ​the 60 trading partners.

 

Reuters

U.S. News

Accenture has reported fourth-quarter revenue of $18.7bn, up 7% from a year earlier and ahead of analysts’ $18.04bn estimate, supported by strong demand from technology clients. Revenue from communications, media, and technology increased 11% to $3.26bn. New bookings reached $22.2bn, exceeding analysts’ expectations of about $20bn, as Accenture announced deals with Google Cloud, Anthropic, and Amazon Web Services. The company’s shares rose as much as 20% in premarket trading following the results. For fiscal 2027, Accenture expects revenue of $18.95bn-$19.6bn and plans to return at least $9.5bn in cash to shareholders.

 

Bloomberg

Financial Times

Nike has announced plans to cut jobs and launch a $2.5bn cost-saving program as weakening demand across key markets weighs on sales. The sportswear group forecasts that revenue will fall by billions of dollars in its current fiscal year. First-quarter revenue fell 4% year-on-year to $11.2bn, below consensus estimates compiled by Visible Alpha, while net income declined 2% to $712m. Sales in China dropped 22% amid growing competition from local brands, while sportswear revenue fell by double digits and the Jordan brand also weakened. The group’s new five-year cost-cutting program, called Pace, is expected to deliver $2.5bn of savings and reduce Nike’s 73,000-strong workforce, although it has not disclosed how many roles will be affected or where the cuts will take place. Chief executive Elliott Hill said the changes are intended to redirect investment towards product innovation, brand storytelling, consumer engagement, sport and growth as Nike seeks to become more agile and locally focused. Nike has also announced plans to open a new campus in Bengaluru, describing India as an important growth market and manufacturing hub, while consolidating its four geographic divisions into three.

 

Bloomberg

CNBC

Financial Times

The Oregonian

Hormel Foods has agreed to acquire family-owned chicken processor Brakebush Brothers for approximately $1.06bn, expanding its position in value-added chicken and strengthening its foodservice business. Brakebush generated around $1.2bn in sales over the past 12 months and supplies fully cooked, par-fried, and raw portioned chicken products to foodservice customers. Hormel plans to fund the acquisition with cash on hand and new debt, and expects the transaction to close during its fiscal first quarter, ending in late January. The deal follows a 2% increase in Hormel’s foodservice sales in its latest quarter, despite weaker overall sales and a reduction to its fiscal 2026 sales guidance.

 

Bloomberg

Reuters

Wall Street Journal

Dave Ricks, chief executive of Eli Lilly, has told Bloomberg that investors can expect slightly larger deals as the firm pursues assets in the “white spaces” of science. Ricks told Bloomberg during an interview on the sidelines of the European Association for the Study of Diabetes in Milan that Lilly doesn't have “a time crunch,” that drives the making of deals under financial pressure. “That’s a phenomena we describe as shopping when you’re hungry, and you can make mistakes,” he said.

 

Bloomberg

Mattel has attracted takeover interest from Authentic Brands Group, which has approached the Barbie and Hot Wheels maker and discussed a potential offer valuing it at more than $20 per share, or around $6bn or more. The discussions coincide with a leadership transition at Mattel, with Condé Nast chief executive Roger Lynch set to become chairman and take over as chief executive within the next month, succeeding Ynon Kreiz, who is leaving to become co-chief executive of Paramount. No formal sale process is currently under way and there is no guarantee Mattel will accept Authentic’s approach or that an agreement will be reached, while another bidder could also emerge.

 

CNBC

Reuters

Wall Street Journal

The SEC has proposed regulatory changes aimed at expanding retail investor access to private assets, including private equity, private credit, real estate, and venture capital. The proposals could allow more professionals, including accountants, financial analysts, financial planners, investment banking license holders, and research analysts, to qualify as accredited investors. The SEC also proposed changes that would give investment advisers greater flexibility to charge performance fees and allow closed-end funds to offer monthly share redemptions and additional share classes. SEC Chair Paul Atkins said investment opportunities should not be restricted solely to wealthy or highly sophisticated investors, while acknowledging the risks associated with private markets. Industry groups welcomed the proposals as a way to broaden investor choice, while critics warned that private assets can be difficult to value, less liquid, and subject to complex fees. Some financial advisers also cautioned that performance-based compensation could encourage greater risk-taking. The proposals will undergo a public comment period before the SEC decides whether to adopt them.

 

Financial Times

Reuters

Wealth Management

The Senate has confirmed Keith Sonderling as the permanent Secretary of Labor with a 47-41 vote, filling a position that has been vacant since April. All Republicans supported the nomination while all Democrats opposed it, with twelve senators absent. Sonderling, who has served as acting secretary since Lori Chavez-DeRemer's resignation, has a history in the Department of Labor and was previously a member of the Equal Employment Opportunity Commission. Neil Bradley, executive vice president at the Chamber of Commerce, praised Sonderling, saying: “Mr. Sonderling is a highly qualified nominee whose leadership and vision will ensure the Department of Labor continues to uphold its mission while fostering economic growth and job creation.” Democrats expressed concerns over his past actions, particularly regarding overtime pay protections. Sen. Patty Murray (D-Wash.) warned that his confirmation could lead to “more of the same” detrimental policies for workers.

 

The Hill

The IRS has identified 71 revenue rulings, procedures, notices, and announcements for elimination as part of the Trump administration’s broader deregulatory initiative. The move follows the removal of 83 pieces of guidance last year and implements executive orders directing federal agencies to identify unnecessary regulations and guidance. The latest changes include guidance related to the American Rescue Plan Act’s former $600 reporting threshold for Form 1099-K transactions, which was subsequently replaced by the previous $20,000 and 200-transaction threshold. Other obsolete guidance covers clean energy and forestry bonds, oil windfall profit taxes, gambling withholding, environmental remediation expenses, tax shelters, and employee stock ownership plans. The IRS said the documents are being obsoleted because they are no longer necessary, including cases where subsequent legislation or regulations have superseded earlier guidance.

 

Accounting Today

Nonprofits should prioritize documented governance, financial oversight, and monitoring as the IRS intensifies scrutiny of tax-exempt organizations, according to UNICEF USA general counsel Jessica Leinwand. The IRS is reportedly revising its enforcement approach and Form 990 reporting requirements, with attention on areas including grantmaking, fiscal sponsorship arrangements, financial oversight, and alleged connections to illicit finance or terrorism. Leinwand argues that many of the practices needed under the changing framework are already embedded in existing nonprofit compliance requirements, including engaged board oversight, conflict-of-interest and whistleblower policies, grant documentation, and monitoring of domestic and international funding. She recommends incorporating these practices into everyday operations rather than assembling documentation only for annual filings. Maintaining contemporaneous records, she argues, can help organizations demonstrate compliance if investigated, while also strengthening donor and public trust amid increased political and regulatory scrutiny.

 

Bloomberg Tax

Starbucks has faced protests outside chief executive Brian Niccol’s Newport Beach office from environmental and labor activists who allege the company is misleading customers about the recyclability of its single-use plastic cups. Beyond Plastics said two investigations using trackers found that none of the Starbucks cups tested reached recycling facilities, instead ending up at landfills, incinerators, and waste-transfer stations. Activists attempted to deliver a petition containing 14,000 signatures calling for changes to the company’s practices. Campaigners also criticized Starbucks’ implementation of its “Better Cups for All” policy, which promotes reusable cups and calls for customers drinking in stores to receive reusable ceramic cups. The Story of Stuff Project said a survey found that dine-in customers received disposable cups 77% of the time. Activists called on Starbucks to reduce its reliance on single-use plastics, improve implementation of its reuse policies, and provide stores and workers with greater support. Starbucks did not immediately respond to the publication’s requests for comment.

 

Los Angeles Times

An analysis of 20 years of court cases reveals that 75% of Korea's semiconductor technology leaks were connected to China. Of 90 defendants in 24 cases, nearly half received prison terms, but only three were sentenced to over five years. Average prison sentences were under three years. The analysis highlighted a trend whereby Chinese companies recruit Korean engineers to help with the replication of technology. "Advanced technology leaks are rapidly shifting away from batteries and displays toward semiconductor equipment, an area China is particularly eager to develop," observed Park Hyun-cheol, an attorney with law firm LKB Pyeongsan, who primarily handles technology leak cases. "The methods are also becoming bolder and more sophisticated, going beyond recruiting key personnel to leaking design drawings and even copying entire pieces of equipment."

 

Korea Joongang Daily