• The Financial Accounting Standards Board (FASB) released preliminary measurement guidance addressing accounting treatment for paid-in-kind (PIK) dividends on equity-classified preferred stock.
• The guidance represents an important clarification for companies issuing preferred stock with dividend structures, affecting financial reporting standards across the U.S. corporate sector.
• This regulatory development impacts corporate accounting practices and may influence capital structure decisions for companies considering preferred equity financing.
Justin Sun alleges World Liberty Financial installed tools to prevent sale of his tokens after they became tradeableBillionaire crypto entrepreneur Justin Sun on Tuesday sued World Liberty Financial, the digital currency venture co-founded by Donald Trump and his sons, alleging that World Liberty illegally froze his holdings of tokens issued by the company.Sun, the largest investor in World Liberty, alleged in the lawsuit, filed in a federal court in California, that the company secretly installed tools to prevent the sale of his tokens after they became tradeable in September 2025. The lawsuit also alleges that World Liberty threatened to “burn” – or permanently delete – his holdings, even while they were in Sun’s digital wallet. Continue reading...
• Florida Attorney General James Uthmeier issued criminal subpoenas to OpenAI investigating ChatGPT's role in planning a mass shooting.
• The probe examines potential criminal liability for the chatbot in the incident, marking a novel legal action against AI providers.
• This development highlights emerging accountability questions for AI systems in facilitating harmful activities.
• President Trump delivered an emergency announcement from the Oval Office, placing the US on high alert over unspecified national security threats.
• The speech called for public vigilance and federal coordination based on credible intelligence, stunning observers.
• Reactions poured in from Congress, the Pentagon, and global markets amid a developing situation.
Rapper, jailed over Megan Thee Stallion shooting, alleges he was ‘knowingly’ housed with prisoner with violent historyThe rapper Tory Lanez, who is serving a 10-year prison sentence over the shooting of fellow hip-hop artist Megan Thee Stallion, has filed a federal lawsuit against California corrections officials, seeking $100m after being stabbed in prison.Lanez, whose name is Daystar Peterson, said in court papers that a fellow inmate at California correctional institution in Tehachapi stabbed him approximately 16 times on 12 May 2025 using a “home-made” shank. Peterson said he suffered stab wounds to his face, head, torso and back, resulting in “permanent scarring, along with two collapsed lungs”. Continue reading...
Magazine has stood behind the story, which was written by veteran national security reporter Sarah FitzpatrickKash Patel has followed through on a threat to sue the Atlantic and the author of a story the magazine published that included allegations of “excessive drinking” as well as “conspicuous inebriation and unexplained absences” while in charge of the law enforcement agency.The US attorney general filed a defamation lawsuit in US district court for the District of Columbia that seeks $250m in damages. Continue reading...
Secretary Kennedy Podcast so far seems designed to promote Trump administration talking points over any specific public health messageRobert F Kennedy Jr’s new Secretary Kennedy Podcast is a show that, so far, appears designed to promote Trump administration talking points over any specific public health message.Though, based on the trailer and episode one, which dropped last week, one might expect the Secretary Kennedy Podcast to be quite similar to the health secretary’s former show, The RFK Jr Podcast. In the trailer that dropped ahead of his new podcast’s release, Kennedy says: “Children are sicker, chronic disease is exploding and the answers we’ve been given aren’t working” – talking points that were common on his old series. He even adds: “Many of us have come to the conclusion that the government actually lies to us,” a statement that might have served his former podcast better, given that Kennedy is now a senior figure in the government. Continue reading...
Former Little Mix singer offers £10,000 reward for information about Land Rover taken from Essex drivewayThe musician Jesy Nelson, a former member of the band Little Mix, has pleaded for help after her car, which contained essential medical equipment for her children, was stolen from her driveway in Essex.The black Land Rover is believed to have been taken at about 3am on Sunday in Brentwood. Continue reading...
Iran’s top negotiator says both sides remain far apart after Tehran again closed strait of Hormuz after US said it would not end its blockadeFull report: Iran closes strait of Hormuz again ‘until US lifts blockade’Welcome to our live coverage of events in the Middle East.Iran’s top negotiator, Mohammad Bagher Ghalibaf, said on Saturday that the recent talks with the US had made progress but gaps remained over nuclear issues and the strait of Hormuz. “We have had progress but there is still a big distance between us,” he told state media, referring to talks last weekend. “We made progress in the negotiations, but there are many gaps and some fundamental points remain.”After the initial talks between the US and Iran last weekend in Pakistan, the Iranian deputy foreign minister, Saeed Khatibzadeh, said a second date cannot be set until both sides “have agreed on the framework”.Iran’s supreme national security council, the country’s highest decision-making body under the supreme leader, said it is reviewing “new proposals” put forward by the US, according to Iranian media.Hezbollah has denied it was involved in the deadly attack against UN peacekeepers in southern Lebanon, which killed a French soldier. A UN peacekeeper was killed and three others were injured after a patrol came under attack from “non-state actors”, the UN Interim Force in Lebanon said.Israeli forces on Saturday began demolishing homes in the southern Lebanese town of Bint Jbeil and other border towns where Israeli troops are present, Lebanese state media reported.The Israeli military killed two Unicef-contracted truck drivers at a water point in the northern Gaza Strip, forcing the UN agency to suspend its operations in the area, Unicef said.Pope Leo XIV said that it is “not in my interest at all” to debate Trump about the Iran war, but that he would continue preaching the Gospel message of peace.Trump left the White House Saturday afternoon to play golf, despite Iran’s re-closure of the strait of Hormuz in response to the US blockade of Iranian ports. Continue reading...
• The FDA announced it will issue national priority vouchers for three psychedelic drugs next week, marking the first time the agency has fast-tracked any psychedelics for review under Trump's executive order on mental health reform.
• The vouchers can compress FDA review timelines from several months to just weeks, according to FDA Commissioner Marty Makary, if the drugs align with national priorities.
• Trump's order directs $50 million in federal funding to states developing psychedelic treatment programs and establishes a federal-state partnership for technical assistance and data sharing.
Charles Adair relatives urge video to be made public after Kansas officer charged with second-degree murderRelatives of a man whom investigators determined died after a Kansas sheriff’s deputy shoved his knee into the cuffed man’s back for a minute and 26 seconds have filed a federal lawsuit.Attorneys for the family of Charles Adair renewed their demand on Friday that video of what happened be released publicly in announcing the wrongful death lawsuit. Continue reading...
• Former Texas congressman Beto O'Rourke has announced plans to seek sanctions against Texas Attorney General Ken Paxton, accusing him of making an "outright lie."
• The legal action represents escalating political conflict between O'Rourke and state leadership over unspecified disputed statements or conduct.
• The case highlights ongoing partisan disputes within Texas politics involving high-profile Democratic and Republican figures.
• The American Lung Association, joined by the American Academy of Pediatrics, filed a lawsuit against the EPA's repeal of 2024 limits on mercury and air toxics from power plants.
• EPA's action will allow more toxic pollution, impacting children's health nationwide, according to Harold Wimmer, ALA President and CEO.
• Pollutants like mercury could lead to brain development issues, asthma attacks, cancers, and premature deaths in exposed communities.
• President Donald Trump delivered an emergency announcement from the Oval Office on April 12, issuing an urgent national warning that has placed the country on high alert amid unspecified threats to national security.
• In his live address, Trump detailed pressing concerns requiring immediate public awareness and federal action, prompting rapid responses from Congress, the Pentagon, and global financial markets.
• The announcement's vague nature regarding specific threats has generated questions from lawmakers and media about the nature and severity of the security concerns cited by the administration.
Social media post names no names but criticizes attempts to use religion to glorify US war in Middle EastPope Leo XIV on Friday offered a new criticism of war, in a social media post that named no names but appeared to hint at the Trump administration leadership harnessing Christian nationalism to glorify the US and Israel’s war against Iran.“God does not bless any conflict. Anyone who is a disciple of Christ, the Prince of Peace, is never on the side of those who once wielded the sword and today drop bombs,” Leo wrote on his official X account. “Military action will not create space for freedom or times of #Peace, which comes only from the patient promotion of coexistence and dialogue among peoples.” Continue reading...
Company claims law regulating AI systems, set to go into effect in June, infringes on its first amendment rightsElon Musk’s artificial intelligence company, xAI, has filed a lawsuit against the state of Colorado over a new AI law set to take effect in June.The suit seeks to block the state from enforcing the law, which would impose new requirements on AI systems to protect state residents from “algorithmic discrimination” in sectors such as education, employment, healthcare, housing and financial services. Continue reading...
• The White House released a sequestration order for Fiscal Year 2027 under Section 251A of the Balanced Budget and Emergency Deficit Control Act.
• The order enforces automatic spending cuts across federal budgets to address deficit concerns amid ongoing fiscal debates.
• It impacts discretionary spending in defense and non-defense categories, potentially affecting thousands of programs.
• Golf legend Jack Nicklaus, 86, warns fans to 'look out' following a close call with health issues, shared via social media today.
• The Masters Tournament icon emphasizes vigilance amid his ongoing recovery, resonating with sports entertainment followers.
• Nicklaus's message underscores aging athletes' influence in US pop culture as Augusta National events approach.
Insurance company seeking almost £300,000 for protests at UK offices, during which red paint was daubed on buildingsOne of the world’s largest insurance companies is suing six people alleged to have taken part in Palestine Action protests against the company.Allianz is seeking damages of almost £300,000 for protests at its UK offices in October 2024 and March 2025, in what is believed to be the first civil case brought against people accused of involvement in direct action with the protest group. Continue reading...
Royal Navy type 45 destroyer deployed to reinforce security around RAF base in Cyprus to undergo short maintenance stop, says MoDHMS Dragon has docked in the eastern Mediterranean after suffering technical issues with its water systems.The UK’s prime minister, Keir Starmer, announced on 3 March that the type 45 destroyer would be deployed to reinforce security around RAF Akrotiri in Cyprus, two days after the base was struck by a Shahed 136 drone. Continue reading...
• President Trump threatened to destroy Iran's power plants and bridges if Tehran refuses a deal to end the war by Tuesday evening, amid a Pakistani ceasefire push.
• Trump detailed a complex U.S. military operation that rescued the two-man crew of an F-15 shot down Friday in Iran, calling it one of the largest and most harrowing missions ever.
• The threat looms over diplomatic efforts, including a 45-day ceasefire proposal to reopen the Strait of Hormuz and avert major escalation.
• Estonia has formally warned Russia against aggressive actions in the Baltic region and pledged a military response to any violations.
• The Baltic nation reaffirmed its commitment to NATO defense protocols and regional security frameworks.
• The warning reflects heightened tensions between NATO members and Russia along Eastern European borders.
• Taiwanese electronics manufacturer Foxconn reported strong first-quarter revenue growth, yet issued a cautious outlook for future quarters citing escalating geopolitical tensions as a primary risk factor.
• The company's performance reflects broader concerns among multinational corporations about supply chain disruptions and market volatility stemming from the Iran conflict and US-China relations.
• President Trump gave Iran a 48-hour deadline to open the Strait of Hormuz, escalating tensions as search and rescue operations continue for a missing US airman following military confrontations.
• Two US jets were downed by Iranian fire, and two Black Hawk helicopters were struck, prompting one of the most significant search and rescue operations in recent US military history.
• The ultimatum represents a critical phase in the ongoing Iran conflict, with military officials warning of a potentially more destructive phase in the coming days.
Reports on English policies seen in Wales as relating to whole of UK contribute to widespread confusion, researchers sayUK media is failing to report properly on devolved issues in Wales, leaving voters ill-informed about May’s Senedd elections, a report has found.A Cardiff University study of more than 3,000 news items found repeated patterns in coverage across different broadcasters and platforms, including not signposting whether an issue was relevant to England or England and Wales only, widespread references to “the government” rather than “the UK government”, and the use of “you” and “your” in contexts that apply only to people living in England. Continue reading...
• Iran's IRGC threatened strikes on US technology and defense companies operating in the Middle East.
• The sweeping alert links geopolitical tensions to cyber and physical risks for American firms.
• It escalates cybersecurity concerns for US multinationals with regional presence.
US president issues executive order as longest partial government shutdown in US history enters 49th dayDonald Trump issued an executive order Friday that declares all Department of Homeland Security employees will receive pay and benefits during the agency’s partial shutdown.The “Liberating the Department of Homeland Security From the Democrat-Caused Shutdown” memo is similar to Trump’s executive order from last week which called for issuing pay to Transportation Security Administration (TSA) agents during the shutdown.In the order, Trump directed the homeland security secretary, Markwayne Mullin, to “use funds that have a reasonable and logical nexus to the functions of DHS” to pay “each and every employee of DHS”. Continue reading...
Justice department claims state is violating Title IX – the federal law that prohibits sex-based discrimination The US Department of Justice sued Minnesota’s education department and the state’s school athletics body on Monday for allowing transgender athletes to compete in girls’ sports.In a lawsuit, the justice department claims that by making female student athletes compete against transgender girls, as well as share locker rooms and bathrooms with them, Minnesota is violating Title IX – the federal law that prohibits sex-based discrimination for any programs that receive federal funding. Continue reading...
• The Trump administration issued sweeping regulations in February targeting what Obamacare critics characterize as fraud incentives within the Affordable Care Act framework.
• The regulatory package represents a coordinated effort to address alleged vulnerabilities in the ACA subsidy and enrollment systems.
• The administration claims the measures represent successes in anti-fraud enforcement while critics argue they restrict legitimate access to coverage.
• The Pentagon has deployed approximately 2,000 soldiers from the Army's 82nd Airborne Division to the Middle East, providing President Trump with additional military options while he pursues diplomatic efforts with Iran.
• The troop movement occurs as the Trump administration has sent Iran a 15-point ceasefire plan through Pakistani intermediaries, according to officials briefed on the diplomacy.
• The dual strategy reflects efforts to find an economic off-ramp from the Middle East conflict while maintaining military readiness, though Iran has given a negative response to the ceasefire proposal.
Image: EY
