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According to the July survey by the National Association for Business Economics (NABE), 27% of companies plan to delay hiring or investment over the next six months, and nearly six in ten surveyed economists view a recession as the top risk for the coming year. Although recession concerns have eased compared to May, companies remain cautious about policy uncertainty and rising costs.
US President Donald Trump and European Commission President Ursula von der Leyen announced at a joint briefing on Sunday that the two sides have reached a trade 'framework' agreement, planning to set a uniform tariff rate of 15% on most EU goods exported to the US, covering automobiles, semiconductors, and pharmaceuticals. The EU has committed to buying $750 billion in US energy over three years and investing $600 billion in the US. Details of the agreement are still to be finalized, and the final implementation timeline has not been specified.
Technology has become the backbone of business operations, but many companies invest heavily in large-scale software implementations without achieving their transformation goals. Using a manufacturing client with a budget exceeding $100 million as an example, this article proposes that the finance department should act as a proactive partner, ensuring that technology investments truly translate into operational improvements and strategic benefits through three major strategies: thorough preparation, future-oriented design, and driving change.
The tax and spending bill signed by U.S. President Trump earlier this month makes several corporate-friendly provisions of the 2017 Tax Cuts and Jobs Act permanent, providing a more predictable policy environment for corporate tax planning. Adam Francis, head of EY's Washington Council, noted that this certainty is a key achievement of the bill, but tax law simplification remains insufficient. The bill also involves adjustments to individual income tax, changes to the tax system for multinational enterprises, and the eventual repeal of the once-controversial 'retaliatory tax' provision.
The latest Federal Reserve research indicates that the high tariffs implemented by the Trump administration will significantly increase U.S. businesses' trade compliance costs, with estimated new costs accounting for 1.4% to 2.5% of product value, and total annual costs for the manufacturing sector potentially ranging from $39 billion to $71 billion. The study emphasizes that complex rules of origin and administrative burdens are the main drivers of rising costs, and warns that actual costs could be even higher.
The U.S. Securities and Exchange Commission (SEC) has asked the Eighth Circuit Court of Appeals to continue hearing and rule on the consolidated lawsuit against its climate risk disclosure rule. In a status report filed on July 23, the agency stated it currently has no intention to review or reconsider the rule, but did not explicitly commit to maintaining and enforcing it if challengers lose.
Alphabet's second-quarter operating expenses rose 20% year-over-year to $26.1 billion, with CFO Anat Ashkenazi citing the $1.4 billion data privacy settlement with Texas as the main driver. The settlement marks the highest payout ever recorded in a state attorney general's enforcement of privacy laws, while the company still faces antitrust breakup pressure from the U.S. Department of Justice.
FASB voted on Wednesday to advance over 30 technical amendments to the Accounting Standards Codification, based on feedback on dozens of topics from a prior proposal. The amendments aim to clarify several issues in corporate accounting, including earnings per share when there is a loss from continuing operations, retirement of excess treasury stock, and certain lease receivables. The final update draft will be prepared by staff and voted on at a subsequent meeting. The amendments are expected to be effective for annual reporting periods of public companies and other entities after December 15, 2026.
Tesla CEO Musk warned on Wednesday's earnings call that the company may face several 'difficult quarters' due to electric vehicle-related provisions in the Big Beautiful Bill and tariffs. CFO Vaibhav Taneja noted that the $7,500 tax credit will end in September, and tariff costs increased by approximately $300 million quarter-over-quarter. Q2 total revenue fell 12% year-over-year to $22.5 billion, and net income fell 16% year-over-year.
Gainesville, Florida Mayor Harvey Ward stated he will cooperate with the state government's new round of DOGE-style audit of the city's expenditures in accordance with the law. Ward emphasized that over the past two years, the city government has implemented a historic debt reduction plan and cut over 160 positions, demonstrating efficiency and resilience. The audit is driven by Governor DeSantis and State Chief Financial Officer Ingoglia, with Gainesville and Broward County being the first local governments to be reviewed.