Become more informed in minutes...

Nasdaq has said it will tighten listing rules and trading standards for small stocks as it seeks to combat a spate of suspected “pump and dump” scams involving Chinese companies listed in the U.S. The exchange is to usher in an "accelerated process" for suspending and delisting small stocks that fail to meet its standards. Minimum float requirements will be modified “specifically for companies principally operating in China”. While Nasdaq’s exchange is home to some of the world’s biggest companies, such as Apple and Amazon, it also draws numerous IPOs from tiny companies. Brokers and trading firms say Nasdaq’s minimum listing standards are too lax, enabling the listing of dubious companies, particularly from foreign jurisdictions. John Zecca, Nasdaq’s global chief legal, risk and regulatory officer, said the exchange had been monitoring “the extreme volatility and potential trading market manipulation that has been observed within our US markets, especially with respect to smaller companies that are principally operating in China”.

 

Financial Times

Wall Street Journal

2025 CFO Benchmark Report for Strategic Leasing by FinQuery

As lease liabilities rise 14% year-over-year and hybrid work reshapes office needs, leasing has become a strategic play for financial stability.

Our exclusive report offers data-backed insights into how CFOs are reducing costs, optimizing lease management, and gaining a competitive edge. Discover how your peers are navigating these changes.

Get the Guide

 

U.S. economic activity saw “little or no change” across most of the country in recent weeks, according to a new Federal Reserve report. The central bank's Beige Book compilation of anecdotes from businesses across the Fed's 12 member districts gathered through to August 25th, stated: “Most of the twelve Federal Reserve districts reported little or no change in economic activity since the prior Beige Book period. Across districts, contacts reported flat to declining consumer spending because, for many households, wages were failing to keep up with rising prices." Eleven of the 12 districts saw little or no net change in overall employment levels, while half reported a decline in immigrant workers.

 

Bloomberg

Market Watch

Reuters

New orders for U.S.-manufactured goods fell 1.3% in July, pulled down by a 32.7% drop in commercial aircraft bookings, according to the Labor Department.  Economists polled by Reuters had forecast a 1.4% decline. On an annual basis, orders advanced 3.5%. Durable goods orders dropped 2.8% after plummeting by 9.4% in June, while non-durable goods rose by 0.3%. Shipments of manufactured goods jumped 0.9%, while inventories were up 0.3%. 

 

Nasdaq

Reuters

U.S. job openings fell in July to the lowest in 10 months, the Labor Department reported on Wednesday, slipping to 7.18m from a downwardly-revised 7.36m in June. Economists were expecting that openings would shrink slightly from June and land at 7.37m for July, according to FactSet consensus estimates. The pullback in openings was driven by health care, retail trade and leisure and hospitality, while vacancies in healthcare, which has been a major driver of job growth this year, dropped to the lowest level since 2021. The number of vacancies per unemployed worker, a ratio Fed officials watch closely as a proxy of the balance between labor demand and supply, held at 1 to 1, hovering at the lowest level since 2021. The quits rate was unchanged at 2%. “This is a turning point for the labor market,” said Heather Long, chief economist at Navy Federal Credit Union. “It’s yet another crack...another data point underscoring how this job market is frozen and it’s difficult for anyone to get a job right now."

 

CNN

Bloomberg

CNBC

Wall Street Journal

The City of Seattle has filed a lawsuit against Glock and three local gun shops, claiming they contribute to public nuisance by marketing handguns that can be easily converted into illegal automatic weapons. The lawsuit highlights the dangers of Glock switches, which can transform a handgun into a machine gun, increasing the risk of gun violence. Seattle City Attorney Ann Davison stated that the city has a “manifest interest” in protecting residents from these easily converted weapons. The suit alleges that Glock has known about the vulnerability of its handguns for nearly 40 years but has refused to change their design. The lawsuit also points out that the prevalence of converted Glocks has raised the stakes of gun-related violence, with a significant increase in shell casings collected at shooting scenes since 2020. “All members of the Seattle community are at risk of physical harm associated with catching a stray bullet from a converted Glock,” the lawsuit asserts.

 

The Columbian

The Treasury Department has compiled a list of 68 occupations eligible for tax exemptions on tips, including bartenders, food servers, entertainers, and digital content creators. This deduction, effective from 2025 to 2028, allows employees and self-employed individuals to deduct qualified tips reported on specific tax forms. According to an IRS fact sheet, "Qualified tips" are voluntary cash or charged tips received from customers. The maximum annual deduction is set at $25,000, with limitations for self-employed individuals based on their net income. The deduction phases out for taxpayers with modified adjusted gross income exceeding $150,000, or $300,000 for joint filers. The IRS is required to publish a definitive list of eligible occupations by October 2, 2025.

 

Bloomberg Tax

Accounting Today

The Baltimore Sun

Unilever chief executive Fernando Fernandez has announced plans to replace a quarter of the group’s top 200 managers as part of a drive to eradicate what he described as “pockets of mediocrity” at the consumer goods giant. “Unilever has been an inconsistent performer,” Fernandez said Wednesday at the Barclays Global Consumer Staples Conference in Boston. He described it as a “bloated organization” with an inconsistent performance culture, adding: "We lost our focus on volume growth". Mr Fernandez also said he would not deploy any money on deals outside the US and India, which he views as growth engines. 

 

Bloomberg

Financial Times

Reuters

Wall Street Journal

Amazon has decided to pause its plan to redistribute delivery vans after facing backlash from third-party delivery company owners over unexpected repair costs. The e-commerce giant's delivery service partners, who lease the vans, are contractually responsible for repairs before returning them, leading to complaints about financial burdens. The decision reflects Amazon's response to the concerns raised by its delivery partners regarding the operational challenges they face.

 

Reuters

Generative AI tools, particularly large language models (LLMs) like ChatGPT, are significantly impacting the accounting profession. Prompt engineering, the skill of crafting effective instructions for LLMs, is becoming essential for producing accurate outputs. Major firms like PwC and Deloitte are investing heavily in AI capabilities, with PwC committing over $1bn to AI and cloud infrastructure. Jian (Jane) Zhang, Ph.D., emphasizes the need for accounting educators to integrate prompt engineering into curricula, stating: "By integrating prompt engineering into accounting curriculum, we prepare our students to become not just users of AI tools but also informed collaborators." However, challenges such as the rapid evolution of technology and concerns about academic integrity must be addressed to effectively teach this new skill.

 

Journal of Accountancy

Macy's chief executive Tony Spring says the firm is seeing "some green shoots" from the turnaround plan he instigated on taking the helm last year, with quarterly sales rising for the first time in three years. “We’re just well positioned right now for the environment we’re in to take share, to deliver for our customers and to provide a better experience", he added. In the second quarter ended August 2nd, revenues totalled $4.81bn, down from $4.94bn a year earlier. Net income fell to $87m, or 41 cents per share adjusted, down from $150m. Analysts polled by LSEG had expected sales of $4.76bn and per-share earnings of 18 cents. Comparable sales rose 1.9% for all of its stores, including its licensed business. At its namesake outlets they rose 1.1%, and were up 3.6% and 1.2% respectively at Bloomingdale's and Bluemercury. "More needs to be invested in stores, the assortment needs to be improved, and Macy's needs to make itself more of a destination — including winning back lapsed customers", commented GlobalData managing director Neil Saunders. "They have a fighting chance now that they're getting the fundamentals right". Macy's now expects adjusted full-year earnings of $1.70-$2.05 per share, up from $1.60-$2 per share, and revenue between $21.15-$21.45bn, compared with $21bn-$21.4bn.

 

ABC News

CNBC

Wall Street Journal

Daily Mail

AICPA has enhanced its Digital Assets Practice Aid by adding a chapter focused on auditing cryptocurrency lending and borrowing transactions. This chapter provides auditors with examples of procedures to identify and address potential misstatements in financial reporting. It outlines two typical scenarios, detailing audit strategies from both the lender's and borrower's perspectives. Di Krupica, senior manager of digital assets at AICPA, said: "Auditing crypto lending and borrowing transactions can be complicated, and until now auditors have operated with a minimal amount of clear guidance." The new resource aims to facilitate effective auditing and enhance transparency for investors and the public.

 

Bloomberg Tax

Accounting Today

CPA Practice Advisor

Nirmala Sitharaman, India's Finance Minister, has announced tax cuts of hundreds of consumer goods, to boost consumption and mitigate the potential impact of steep U.S. tariffs. The Goods and Services Tax (GST) Panel has simplified the consumption tax from four categories to two, of 18% and 5%, though a separate 40% tax will apply to "sin goods" such as tobacco. Goods set to become cheaper include food items, school supplies and insurance while imported liquor and premium cars would become costlier. Stock markets rallied on the announcement. But analysts say the slashed taxes could lead to revenue losses of up to $6bn for the government. The new rates will come into effect on 22 September, which is around the time India's festive season is set to begin.

 

Economic Times

The Times of India

BBC News

Reuters

Holiday spending by U.S. consumers is set for its steepest drop since the pandemic, according to a PwC survey, with shoppers pulling back amid economic uncertainty. A poll of around 4,000 consumers between June and July found that shoppers on average plan to spend about $1,552 per person, down 5.3% from last year. The last comparable decline was in 2020, when average spend fell 7.6% to $1,187. The sharpest decline was seen among Generation Z, whose members said they plan to spend 23% less on average than a year ago, a major swing from last year when they said they expected to spend 37% more. Millennials, Gen X and Baby Boomers said they’ll shell out about the same or more than last year.

 

Bloomberg

CNBC

Reuters