OpenAI has appointed Mike Liberatore, former finance chief of xAI, to the role of business finance officer for artificial intelligence infrastructure. Reporting to CFO Sarah Friar, he will “focus on supporting the team charged with scaling OpenAI’s access to compute.” Shawn Cole, president of boutique executive search firm Cowen Partners, said: “AI companies are tilting…

U.S. retail sales increased by 0.6% in August compared to July, and by 5% on an annual basis, driven by back-to-school purchases. The Commerce Department’s report indicated that spending rebounded after two months of declines. Excluding auto sales, retail sales rose by 0.7%. Electronics and appliance stores saw a 0.3% increase, while online retailers experienced…

Oil prices increased on Monday following Ukrainian drone attacks on Russian energy facilities, with Brent crude rising by 0.5% to $67.31 a barrel. The attacks, which included a significant strike on the Kirishi oil refinery, indicate Ukraine’s willingness to disrupt Russian oil exports, potentially leading to higher prices, according to analysts. President Donald Trump has…

U.S. Senator Ron Wyden has urged the Federal Trade Commission (FTC) to investigate Microsoft for what he describes as “gross cybersecurity negligence,” as he linked the company’s practices to a series of ransomware attacks on critical infrastructure, including healthcare organizations. In a letter to FTC Chairman Andrew Ferguson, Wyden likened Microsoft to “an arsonist selling…

The Trump administration announced it will not mandate cash compensation for passengers affected by flight disruptions caused by airlines. Previously, the U.S. Transportation Department, under President Joe Biden, proposed a rule requiring airlines to pay between $200 and $775 for significant delays. However, the White House stated it plans to withdraw this notice, aligning with…

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…