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…

Nestlé has dismissed chief executive Laurent Freixe, due to an inappropriate relationship with a subordinate. The decision, effective immediately, followed an investigation that revealed the romantic involvement violated the company’s code of conduct. Mr Freixe, who had served as CEO for one year, will be succeeded by Philipp Navratil, a long-time Nestlé executive. Chair Paul…

Anthropic, the AI company behind the Claude chatbot, says the technology has been “weaponised” by hackers to carry out sophisticated cyber attacks. The company says its tools were used by hackers “to commit large-scale theft and extortion of personal data.” In another case, North Korean scammers used Claude to fraudulently get remote jobs at top…

U.S. GDP rose at an annualized rate of 3.3% in the second quarter to the end of June, the Commerce Department reported on Thursday, up from its previous estimate of 3%. Consumer spending was revised up to a 1.6% annualized rate in the latest estimate, up from the 1.4% previously reported. Business investment was revised…