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ConocoPhillips chief executive Ryan Lance will retire on September 1st after 14 years leading the oil company and more than four decades with the business, with finance chief Andy O’Brien set to succeed him. Additionally, Konnie Haynes-Welsh, currently vice president of finance and controller, has been promoted to senior vice president and CFO. The leadership changes were announced as ConocoPhillips reported its strongest quarterly results in four years, with profit of $3.9bn, supported by higher oil and fuel prices during the Iran war. Mr. Lance's appointment reflects a broader rise in CFO-to-CEO promotions. According to executive search firm Crist Kolder Associates, 10.26% of sitting CEOs at Fortune 500 and S&P 500 companies in 2025 had moved directly from the CFO position, up from 7.1% in 2024 and 6.5% in 2015. 

 

Fortune

Reuters

Wall Street Journal

California Attorney General Rob Bonta has accused DuPont and several of its spin-off companies - New DuPont, Corteva, Chemours and Qnity - of orchestrating a “corporate shell game” to dodge billions in PFAS cleanup. An amended lawsuit alleges DuPont offloaded massive PFAS legal risks onto Chemours, the company with the least amount of assets, and to limit the liability of Corteva, New DuPont and Qnity. “The DuPont Defendants cannot game the system by illegally moving assets out of reach, dodging liabilities for the harm they have caused, and calling it restructuring,” Bonta said. “I look forward to ensuring that these companies are held accountable for PFAS pollution and that their assets cannot be hidden behind corporate walls while their responsibilities are left behind.”

 

Financial Times

Los Angeles Times

EY Canada has expanded its quantum computing capabilities by installing an in-house quantum computer, allowing sensitive client data to remain within Canada while supporting applications such as fraud detection, risk modeling, optimization, and cybersecurity. The initiative is part of EY's broader $3bn global investment in AI and next-generation technologies and is designed to help clients meet data residency, privacy, and regulatory requirements that cloud-based quantum services may not always address. The new capability builds on EY Canada's recently patented hybrid classical-quantum technology for improving decision-making in complex systems, including supply chains and energy planning.

 

Digital Journal

Some of the biggest U.S. hedge funds, including Steve Cohen’s Point72 and Ken Griffin’s Citadel, have been targeted by a wave of attempted cyber attacks. The hacking attempts featured phone calls in which ⁠cybercriminals tried to trick employees into granting them access or handing ​over other sensitive information, according to people familiar with the situation. Reuters notes that the phone call tactic is still widely used by hackers because of ​its effectiveness. Vinod Paul, president of Align Managed Services, which specializes in helping hedge funds with cybersecurity and information technology, said AI tools are helping bad actors launch attacks relatively cheaply and more broadly. “Before they could attack 50 entities in a targeted attack, now they can do 1,000 . . . Hackers can also listen into a phone call and mimic the voice, tone and phrasings of the speakers to create fake calls,” Paul said.

 

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Hackers have stolen data and patient health information from drugmaker Amgen in a ​cybersecurity incident involving cloud storage systems run by third-party ‌providers. “To date, the company has not identified any impact to its products, manufacturing operations, or financial reporting systems, or to the company’s ability to meet patient needs,” the company said in a filing.

 

Bloomberg

Reuters

Meta has been ordered to pay an additional $567m in compensation and strengthen child-safety measures across its platforms after a New Mexico judge found the technology company to be a “public nuisance.” The latest award brings total penalties in the case to $942m, following a $375m jury award in March. The lawsuit, filed by New Mexico Attorney General Raúl Torrez in 2023, accused Meta of exposing children to sexually explicit content, solicitation, and human trafficking. Judge Bryan Biedscheid concluded that Meta’s platforms are a significant contributing factor to New Mexico’s youth mental health crisis, citing evidence of increasing depressive episodes, eating disorders, and suicide rates among adolescents. Torrez described the judgment as a potential “blueprint” for holding social media companies responsible for products that endanger children. Meta has said it will appeal the New Mexico ruling.

 

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New York Times

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U.S. unemployment benefit claims rose slightly last week, with initial jobless claims increasing by 1,000 to 199,000 in the seven days to August 1st, according to the Labor Department. Despite the uptick, layoffs remain at historically low levels, indicating that the labor market continues to show resilience even as hiring slows. The four-week moving average of new claims declined to 198,750, while continuing unemployment claims, reported with a one-week lag, rose by 24,000 to 1.8m, suggesting some unemployed workers are taking longer to find new jobs. The Labor Department also reported that U.S. labor productivity rose at a stronger-than-expected annualized rate of 1.4% in the second quarter, exceeding economists' forecasts and reflecting improved output per worker despite slower labor force growth. Productivity increased 2.2% from a year earlier, while the labor share of output fell to a record low of 52.9%, suggesting companies are generating more output with relatively fewer labor costs. Unit labor costs increased at a modest 1.3% annualized rate, below expectations, as hourly compensation rose 2.7% during the quarter. Economists said the combination of solid productivity growth and subdued labor costs could help ease inflationary pressures, although they cautioned the Federal Reserve is likely to keep the possibility of a September interest rate increase on the table unless inflation continues to moderate.

 

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Washington Post

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U.S. wholesale inventories increased 0.2% in June, slightly below the initial 0.3% estimate, as a decline in nondurable goods inventories, particularly petroleum, offset gains in durable goods, according to revised Commerce Department data. Inventories were up 4.2% from a year earlier, while business stockpiles have declined as a contributor to economic growth for five consecutive quarters amid strong domestic demand. Durable goods inventories rose 0.6%, led by motor vehicles, computer equipment, hardware, and machinery, while nondurable goods inventories fell 0.6%, including a 3.9% drop in petroleum stocks. Wholesale sales declined 3.0% in June after a 3.5% increase in May, pushing the inventory-to-sales ratio up to 1.19 months from 1.15 months.

 

Reuters

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American International Group has reported second-quarter after-tax operating earnings of $2 per share, up 10% year over year and ahead of analysts’ average estimate of $1.91, supported by strong underwriting. Net investment income fell 23% to about $1.1bn, partly reflecting a reduction in the fair value of AIG’s investment in Corebridge Financial, while adjusted pretax net investment income declined 5% to $908m. The results come roughly two months after Eric Andersen became chief executive, succeeding Peter Zaffino, who stepped down June 1st after overseeing strategic transactions including the acquisition of renewal rights to a $2bn premium retail insurance book from Everest Group and an investment in specialty insurer Convex Group.

 

Bloomberg

Hertz Global Holdings reported a narrower-than-expected second-quarter adjusted loss of 11 cents per share, compared with analysts’ expectations for a 24-cent loss, while adjusted corporate EBITDA of $81m also exceeded expectations. The results provide a boost to the rental car company’s turnaround efforts following concerns over heavy depreciation costs, financial volatility, and weakness in the used-car market. Depreciation per vehicle per month increased 18% during the quarter, while revenue per day rose 9%. Hertz had previously indicated that second-quarter adjusted EBITDA would be no more than $80m after warning that unexpected softness in used-car prices was increasing costs.

 

Bloomberg

The growing use of AI in tax preparation is raising questions about whether preparers should disclose its use to clients, with experts saying current IRS privacy rules have not kept pace with evolving technology. While the IRS recently issued guidance requiring tax professionals to review AI-generated work and bill appropriately for AI-driven efficiencies, it stopped short of clarifying whether AI use must be disclosed. AICPA is advising practitioners to err on the side of caution by obtaining client consent, noting that outdated IRS guidance creates uncertainty over how existing taxpayer privacy rules apply to generative AI. Experts also recommend that taxpayers ask preparers how AI is used, what safeguards are in place to protect personal information, and whether client data is shared with third-party AI platforms.

 

CNBC

The U.K.'s Competition and Markets Authority (CMA) has approved the $110bn merger between Paramount and Warner Bros, saying that the tie-up does not "give rise to a realistic prospect of a substantial lessening of competition in the U.K." The CMA's investigation, which was launched in June, came after Culture secretary Lisa Nandy asked the watchdog to look into the deal. The CMA has now ruled that the merger will not be referred to a phase two investigation. The Department for Digital, Culture, Media and Sport has also said it will not intervene, after Paramount made several "legally-binding commitments" centered on its U.K. broadcasting output, including an agreement over the editorial independence of news and a pledge not to combine its linear channels with on-demand services.

 

Financial Times

Daily Mail

The Guardian

India has proposed extending tax exemptions until 2041 for foreign companies that provide machinery to contract manufacturers. The proposed move would benefit Apple, which lobbied for the changes to avoid taxation on machinery supplied to contract manufacturers. The proposed tax amendments will also exempt foreign companies from taxes on income from storing components used in electronics manufacturing. "The proposed tax changes will enable foreign companies to store and transfer critical equipment and components in India for their contract manufacturers, helping mitigate supply chain disruptions arising from trade uncertainties while providing greater tax certainty," said Riaz Thingna, a partner at Grant Thornton Bharat.

 

Khaleej Times Online

The FASB and the Accounting Standards Board of Japan (ASBJ) have held their 36th bilateral meeting in Norwalk, Connecticut, reaffirming their commitment to advancing high-quality global accounting standards. Representatives from both boards provided updates on their respective standard-setting activities and discussed shared technical priorities, including business combinations and financial instruments. Both organizations said the meeting strengthened their collaboration and provided an opportunity to exchange perspectives on current standard-setting projects and emerging financial reporting issues. The boards plan to continue their regular dialogue, with the next bilateral meeting scheduled for the first half of 2027 in Tokyo, as they work to support accounting standards that provide useful information to investors worldwide.

 

The Accountant Online

President Donald Trump is seeking to scale back birthright citizenship in the U.S. just weeks after the Supreme Court shot down his previous attempt to eliminate the right. The president has signed two executive orders, including one that expands the existing definitions of non-citizens whose children are not eligible for birthright citizenship. The second order bans so-called birth tourism, whereby pregnant mothers come to the U.S. to give birth so that their babies will be citizens. "This should have happened years ago, but we're taking care of it now," Trump said from the Oval Office, as he criticized the Supreme Court's rejection of his previous bid to end the 150-year-old policy.

 

Jurist

Los Angeles Times

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