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JPMorgan Chase has reported financing $230bn in projects during the first year of its $1.5tn Security and Resiliency Initiative, aimed at strengthening U.S. supply chains, national security, and economic resilience. The program supports defense contractors, energy suppliers, and industrial manufacturers through direct investments, lending, and capital markets transactions, including financing associated with the $125bn Dominion Energy–NextEra merger. Chief executive Jamie Dimon has emphasized the bank's willingness to support earlier-stage companies beyond its traditional lending activities and expects total financing to exceed the original $1.5tn commitment. JPMorgan has also announced a partnership with Michigan and Ford Motor to deploy more than $2bn toward developing manufacturing businesses and addressing supply chain vulnerabilities.

 

Wall Street Journal

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Mattel has appointed Amgen executive Peter Griffith as chief financial officer, selecting him to succeed Paul Ruh in the toy maker's top finance post. The move transfers a senior finance leader from the biotechnology sector to Mattel's executive team, changing leadership in a role that oversees the company's financial agenda. The appointment is structured as a direct CFO succession, with Griffith taking the position held by Ruh. Mattel's next finance chapter will therefore be led by Griffith, while Ruh exits the CFO role under the announced transition. 

 

Market Screener

PwC has reported a 3.5% increase in global revenue to $60.2bn for the year ended June 30, trailing growth of 3.8% at Deloitte and 4.7% at EY, as geopolitical tensions and weaker consulting demand weighed on performance. Revenue growth in Europe, the Middle East, and Africa slowed to 0.7%, reflecting disruption from the Middle East conflict and reduced Saudi Arabian government consulting work, while Asia-Pacific delivered the strongest regional growth at 7.7%. PwC’s advisory division grew 3% to $25.8bn, while audit and tax revenues increased 2.6% to $20.5bn and 6.3% to $13.9bn, respectively. Despite ongoing uncertainty surrounding artificial intelligence adoption and consulting demand, the firm increased its global workforce to nearly 370,000 employees.

 

Accounting Today

CPA Practice Advisor

Financial Times

Grant Thornton is entering the junk bond market to finance its $5bn acquisition of CBIZ. The firm plans to issue $1.75bn in U.S. dollar notes and €500m in euro-denominated bonds, both maturing in five years. The U.S. dollar notes are expected to yield around 10.5%, while the euro bonds are pitched at 9.5%. This marks Grant Thornton's first foray into junk bonds.

 

Bloomberg Tax

U.S. homebuilder confidence has fallen to its lowest level in 14 years as mortgage rates above 7%, rising construction costs, and labor shortages continue to weaken housing demand. The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index declined three points to 29 in October, below economists' expectations of 31 and its lowest reading since June 2012. Current sales conditions dropped to 33, also a 14-year low, while expectations for sales over the next six months reached their weakest level since November 2022. To attract buyers, 43% of builders reported cutting prices, while approximately two-thirds offered sales incentives. Confidence deteriorated particularly sharply in the South and West, highlighting persistent affordability challenges, elevated housing inventories, and mounting pressure on homebuilders' profit margins.

 

Bloomberg

Reuters

The Wall Street Journal's Lindsay Ellis reports on the deep freeze that has paralyzed the U.S. labor market in recent years. She profiles 30-year-old Salt Lake City native Jack Weis, who has been living in his parents’ basement while looking for work in what economists refer to as a low-hire, low-fire environment. He has applied to more than 2,300 jobs since he graduated from Princeton in 2024 with his Ph.D. in chemical engineering. Weis and many other job candidates who have spoken with the author have described interviews that happened in the absence of humans: applicants recorded themselves responding to questions posed digitally on a call. In a survey, more than 60% of U.S. job seekers said they had been interviewed by such technology in the last year.

 

Wall Street Journal

Albertsons has begun a two-week trial against Kroger, seeking more than $8bn in damages following the collapse of their proposed $24.6bn merger in December 2024. Albertsons alleges that Kroger breached its contractual obligations by failing to make sufficient store disposals to secure regulatory approval, claiming up to $6.88bn in lost shareholder value, a $600m termination fee, and more than $1bn in tax adjustments. The merger, which would have combined approximately 5,000 stores, was blocked by federal and state courts over competition concerns. Kroger disputes the allegations, arguing that regulatory opposition prevented the deal and that it had spent more than $1bn attempting to complete the transaction. The trial is taking place in Delaware, with a ruling potentially taking several months.

 

Bloomberg

Financial Times

Reuters

Unilever has agreed to sell its Welly bandage business to private-equity firm Forward Consumer Partners for an undisclosed sum, as part of its ongoing strategy to streamline its portfolio and focus on beauty, personal-care and home products. Unilever acquired Welly in 2021, with the brand operating within its beauty and well-being division. Welly founder Eric Ryan is expected to return as a strategic adviser and board member following the transaction. The disposal follows Unilever's agreement earlier this year to merge its food business with McCormick, alongside its acquisition of supplements brand Grüns for more than $1bn.

 

Reuters

Wall Street Journal

The Supreme Court has said it won't overturn a landmark ruling that extended copyright termination globally. Major labels including Universal Music Group, Sony Music, Warner Music Group and BMG had claimed it would cause “chaos” for the music business. The justices upheld a ruling by the New Orleans-based 5th U.S. Circuit Court of Appeals, which had sided with songwriter Cyril Vetter in the dispute involving a ​1960s rock 'n' roll hit he co-wrote with the late Donald Smith called "Double Shot (Of My Baby's Love)." The lower court's decision, which said that artists can use termination to regain not only American copyrights, but also overseas rights to the same songs, undid decades of industry precedent, reports Billboard, which also however notes that the high court's order is not the law of the land: other appeals courts are not bound to rule the same way.

 

Billboard

Reuters

Il Fornaio, a California-based Italian restaurant chain, has agreed to pay $3m to settle a lawsuit from the U.S. Equal Employment Opportunity Commission (EEOC) over allegations of sexual harassment affecting at least 100 female employees, many of whom were teenagers. The lawsuit had said that the company fostered a sexually hostile work environment, with reports of groping and retaliation against those who complained. "Sexual harassment continues to be a widespread issue in the restaurant industry," said Beatriz B. Andre, acting regional attorney for the EEOC's Los Angeles District. The settlement includes three years of workplace reforms, including reinstating a dedicated human resources function (the company had eliminated its Human Resources Department), and hiring an external monitor to ensure compliance with Title VII of the Civil Rights Act. Il Fornaio denied wrongdoing, saying that the settlement is not an admission of liability but a means to avoid the costs of litigation.

 

Los Angeles Times

U.S. corporate income tax revenue has fallen roughly 15% to $381bn in the latest fiscal year under President Donald Trump, even as corporate profits reached record highs. The decline reflected congressional Republican tax breaks allowing businesses to write off investment costs more quickly. Accelerated deductions reduced taxable income and federal receipts, delivering larger near-term tax benefits despite surging profitability. 

 

New York Times

BAE Systems has experienced a cybersecurity incident that has disrupted the federal Bankruptcy Noticing Center since October 9th, preventing U.S. bankruptcy courts from distributing official case notifications, hearing schedules, and discharge orders. The outage has forced courts nationwide to introduce emergency measures to protect affected parties and manage procedural delays. The Eastern District of New York has ruled that parties will not lose legal rights or face penalties for missed deadlines caused by the disruption, while the Eastern District of Texas has extended certain debt collection protections by 30 days. Meanwhile, the Western District of North Carolina is addressing delays individually. BAE Systems said the incident was isolated to the bankruptcy-noticing system, with no other systems affected, but has not provided an estimated timeline for restoring services.

 

Wall Street Journal

Employer health care costs are forecast to rise by 8.2% per employee next year - the highest increase since 2003 and the fifth year in a row health benefit costs will go up - according to benefits consultancy Mercer, which calculated the increase based on its annual National Survey of Employer-Sponsored Health Plans.  Among the reasons behind these increases, “Two other recent developments are also driving the current spike in health benefit cost,” Mercer observed. “One is the rapid adoption of AI-enabled software that assets physicians with claims submission and has resulted in more claims, and higher-level claims, being submitted for payment than before the system was in place . . . Another is an unintended consequence of ‘The No Surprises Act,' which was designed to protect patients from big bills when they go to the hospital and see a provider they didn't choose or who is out-of-network.”

 

Al.com

NJ.com

Global food inflation is expected to accelerate and persist into 2027 as geopolitical conflicts, shipping disruptions, rising fertilizer costs and El Niño-related droughts constrain agricultural supplies. The UN Food and Agriculture Organization’s Food Price Index reached 136 points in September, its highest level since November 2022, while wheat prices have risen more than 30% this year and rice prices across key Asian exporters have increased by 10–13%. Food prices are already reaching record highs in Indonesia and India, while Egyptian bread prices have risen 25%. Economists warn that shrinking grain inventories, higher freight costs and renewed demand from major importers could drive further price increases, placing additional pressure on household budgets and food manufacturers, particularly in emerging markets.

 

Reuters

Louis Vuitton, Hermès, and other luxury retailers have been targeted by widespread rioting and looting across France. Stores belonging to Kenzo and Burberry have also been affected. At least 3,000 businesses have suffered damage, including approximately 20 Sephora stores and branches of JD Sports, while insured losses are estimated at between €1bn and €1.2bn, exceeding the €730m recorded during the 2023 riots. Meanwhile, Vinted has removed listings suspected of containing goods stolen during widespread riots in France and increased monitoring of suspicious adverts, warning that accounts breaching its rules could face permanent bans. The second-hand clothing marketplace, valued at €8bn following a share transaction earlier this year, has also confirmed it is working with French authorities and law enforcement to prevent the resale of looted goods.

 

Financial Times

Le Monde

Reuters

Chanel, Dior and Tiffany have been among luxury retailers taking precautionary measures in Milan following two days of violent protests, with stores closing early, boarding up windows and removing merchandise amid fears of further unrest. Retailers including Decathlon, Arc'teryx, and Vodafone have suffered looting, while Levi's and Under Armour have secured their storefronts. Italian authorities have detained 271 people following the disturbances, with the government announcing plans to deploy 500 additional troops to Milan and introduce further security measures to protect businesses and prevent renewed violence.

 

Reuters

SpaceX has become the focus of a major philanthropic pledge after CEO Elon Musk announced plans to gift one company share to every child in the United States in 2027, potentially distributing nearly $11bn in stock to approximately 73m children. Based on SpaceX's closing share price of $147.96, the initiative is expected to use government-backed Trump Accounts, which allow eligible donors to contribute company shares to children's investment accounts. The announcement follows Anthropic's commitment to allocate 5% of its shares to a new public benefit fund and an earlier pledge by SpaceX President Gwynne Shotwell and her husband to donate shares to approximately 2m children. Further details of Musk's proposed distribution have not been disclosed. 

 

Washington Post

Wall Street Journal