Latest news
The Conference Board expects that inflation-adjusted U.S. first-quarter consumer spending may decline 0.2% quarter-over-quarter on an annualized basis, marking the first contraction since the pandemic. In February, the core PCE price index accelerated to 2.8% year-over-year, with tariff concerns and rising inflation expectations making consumers more cautious.
The Organization for Economic Co-operation and Development (OECD) reached an agreement in 2021 on the Pillar Two minimum tax rules, which propose a 15% global minimum tax rate for large multinational enterprises. Over 140 countries have signed the agreement, and about 40 countries have enacted implementing legislation. These rules are complex and interconnect the tax affairs of various entities within enterprises, with filings set to intensify from 2025 to 2026. Business leaders should focus on technology investment, data sources and management, and internal organizational changes to efficiently comply with the new obligations.
US inflation accelerated to 2.8% in February, while consumer spending grew only 0.1%, raising stagflation concerns. Allianz Chief Economic Advisor Mohamed El-Erian noted that long-term inflation expectations have risen to a 32-year high. Fed officials have downgraded growth forecasts, with the Atlanta Fed projecting a 2.8% contraction in first-quarter GDP.
The U.S. Securities and Exchange Commission (SEC) voted on Thursday to withdraw its defense of the climate risk disclosure rule in the Eighth Circuit Court of Appeals. Republican lawmakers hailed the decision as a "turning point," but Democratic commissioners and sustainable investment experts strongly opposed it, calling the move "illegal" and harmful to investor interests. Previously, Acting Chairman Mark Uyeda had requested a postponement of the debate and questioned the rule's statutory authority.
Tesorio introduced Supplier Portals Agent on Thursday, an agentic AI tool that automatically fills out and submits invoices to supplier portals such as Coupa and Ariba, while monitoring the approval process. The product is designed to address extended DSO caused by missing information, but financial leaders still have concerns about AI transparency and control.
US President Trump signed an executive order on Wednesday imposing a 25% tariff on all cars manufactured outside the United States, effective April 2, with collection beginning April 3. The tariffs cover imported sedans, SUVs, crossovers, minivans, cargo vans, and light trucks, as well as some parts such as engines and transmissions. A White House fact sheet noted that parts compliant with the USMCA agreement will be temporarily exempted, but tariffs will apply by May 3 at the latest. Automakers and suppliers have expressed concerns, as Mexico and Canada account for the majority of US auto imports.
Former Tesla CFO Zachary Kirkhorn led Jolly's $16.5 million Series A funding round, with the platform offering reward points to frontline employees. Kirkhorn will join the board, and the funds will be used to expand product lines and enter new verticals.
Data released by the Conference Board on March 25 shows that the US consumer expectations index for employment, personal income, and business conditions over the next six months fell sharply by 9.6 points to 65.2, the lowest level in 12 years, reflecting growing concerns over tariffs and trade policy. Meanwhile, consumer inflation expectations for the next 12 months rose to 6.2%. Federal Reserve officials and economists have both noted that trade policy is pushing up short-term inflation expectations, but long-term expectations remain relatively stable.
Gen Z is entering the workforce, but the accounting industry faces a talent gap. Data shows a decline in accounting graduates, despite a recent uptick in undergraduate enrollment. High college costs, CPA exam barriers, and competition from the tech industry deter young people. Experts suggest attracting talent by emphasizing career stability, development opportunities, technology adoption, and optimizing workload.
OneStream CFO Bill Koefoed stated that economic uncertainty from Trump's tariff policies could serve as a 'tailwind' for the company's business, comparing it to the demand surge during the 2020 pandemic. The company's Q4 revenue increased 29% year-over-year to $132.5 million, but its GAAP operating loss reached $47.4 million. A Grant Thornton survey showed CFO economic optimism plummeted by 21 percentage points, with IT and digital transformation becoming the top spending priorities for the next six months.