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Macy's disclosed ahead of Black Friday that an accountant responsible for accounting for small delivery expenses deliberately concealed up to $154 million in costs, spanning from the fourth quarter of 2021 to the fiscal quarter ending November 2, 2024. The employee has left the company, and an internal investigation found no other employees were involved. The company delayed its third-quarter earnings report originally scheduled for Tuesday and expects to release results and investigation details by December 11.

The U.S. Securities and Exchange Commission (SEC) fined UPS $45 million, alleging that in 2019 it failed to perform goodwill impairment testing on its UPS Freight business, leading to inflated valuations and misleading investors. UPS has agreed to settle without admitting or denying the allegations.

Evolv Technologies CFO Mark Donohue resigned after an investigation into sales practices, with the company disclosing revenue recognition errors and appointing an interim CFO. The investigation also led to the departure of four employees, and the company faces regulatory scrutiny.

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler announced he will step down on January 20, 2025, coinciding with President-elect Trump's inauguration day. During his tenure, Gensler drove multiple major rulemakings, including central clearing for Treasury securities, climate risk disclosure, and cybersecurity rules, while also strengthening enforcement, initiating over 2,700 enforcement actions and securing more than $2 billion in penalties and disgorgement returned to investors.

Although artificial intelligence and machine learning are highly anticipated, technology alone cannot eliminate structural bias in credit approval. Jin Han, Chief Legal Officer of Pipe Technologies, points out that traditional credit scoring models are systematically unfair to female and minority business owners, and AI is not a panacea. By using income-based assessments, reducing reliance on credit scores, and combining automation with human review, Pipe has successfully provided financing to more small and micro enterprises. The article emphasizes that achieving financial inclusion requires a combination of patient, thoughtful human consideration and technological efficiency.

McKinsey's latest report shows that geopolitical conflicts such as regional wars and trade disputes are reshaping the global order, bringing both risks and opportunities for CFOs. The report advises business leaders to adopt proactive strategies and seek growth opportunities amid uncertainty through three steps—broadening strategic vision, guarding against trade and non-trade barriers, and forming a dedicated geopolitical team—while avoiding passivity caused by overemphasizing risks.

Spirit Airlines approved $5.4 million in executive retention bonuses days before filing for bankruptcy, with the CEO receiving $3.8 million. Experts note that such retention plans are common in bankruptcy reorganizations but must comply with bankruptcy law requirements and withstand market scrutiny.

A report released by EY on Monday indicates that audit committees of S&P 500 companies have expanded their oversight to areas including cybersecurity, sustainable development, and artificial intelligence. Since 2021, the proportion of companies listing sustainability as an audit committee responsibility has jumped from 6% to 22%, while the proportion related to cybersecurity has risen from 25% in 2019 to 77%.

US October retail sales rose 0.4% month-over-month and 2.8% year-over-year, indicating steady consumer spending momentum ahead of the holiday shopping season. Despite persistent inflation, Federal Reserve officials stated that the economy is in good shape, but the probability of a December rate cut implied by interest rate futures markets has dropped from 72% to 58%.

As Trump returns to the White House, the business community is closely watching his tax policy direction. Tax experts from Deloitte and Ernst & Young noted at this week's briefing that Trump's tax agenda encompasses individual income tax cuts, tariff adjustments, corporate tax rate reductions, and the fate of expiring provisions of the 2017 Tax Cuts and Jobs Act, with 2025 expected to be the most significant year for tax legislation since 2017.