reporting

Corporate earnings this week featured a high-stakes lineup of reports from 12 notable companies across the consumer discretionary, consumer staples, information technology, industrials, and financials sectors.

Earnings Roundup:

• Bottom Line: All 12 reporting companies beat consensus earnings estimates, with 11 delivering

U.S. Secretary of the Treasury Scott Bessent (R) is shown with Secretary of State Marco Rubio during a meeting in July in the Oval Office of the White House in Washington, D.C. The Treasury Department has repealed a business reported rule that was connected to the Corporate Transparency Act. Photo by Graeme Sloan/UPI | License Photo

Aug. 12 (UPI) — The U.S. Treasury Department has officially repealed a rule that required U.S. companies and individuals to report “beneficial ownership information” to the department.

The Financial Crimes Enforcement Network bureau of the Treasury Department — which is meant to safeguard the U.S. financial system from illegal activity, work against money laundering and terrorism financing and help with national security — issued a final rule Tuesday that permanently removes the requirement. The reporting rule existed in connection with the Corporate Transparency Act.

The network, called FinCEN, also announced that it would delete all previously reported information from its databases.

Treasury Secretary Scott Bessent called it “a victory for common sense” and said that it eliminates a “burdensome reporting requirement.” An interim final rule has been in place since March 2025.

This final rule also exempts U.S. citizens with FinCEN identification from having to update or correct their information and eliminates a requirement for foreign businesses to report U.S. citizens who helped them register to do business in the United States.

As defined by FinCEN, a beneficial owner is one who directly or indirectly owns at least 25% of a company or exercises substantial interest over the company.

Sen. Elizabeth Warren, D-Mass., issued a statement Tuesday saying the repeal guts the Corporate Transparency Act and is a “gift to cartels, criminals and U.S. adversaries that exploit shell companies to move millions through our financial system.”

“The Trump administration has dismissed law enforcement warnings, ignored the role that shell companies play in crimes ranging from drug trafficking to fraud to sanctions evasion and gutted a statue that Secretary Rubio once championed as ‘the most significant anti-corruption and money-laundering law in decades,” Warren said.

Secretary of State Marco Rubio posted that statement about the act on social media in December 2020.

Congress passed the Corporate Transparency Act in 2021. The reporting requirement went into effect in 2024.

No culprit has been identified in any of the attacks, which comes after authorities warned of a possible Iranian plot.

Michigan has reported cyberattacks on nine of its water systems, days after Minnesota reported similar breaches across the state.

The United States Federal Bureau of Investigation (FBI) said it was investigating both of the attacks on Saturday. In an advisory earlier this week, it said that at least seven states have reported incidents, but so far only Minnesota and Michigan have been identified.

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No culprit has yet been pinpointed. However, the breaches came after the FBI, Cybersecurity and Infrastructure Security Agency (CISA) and other agencies warned in an advisory last week that Iranian hackers have been targeting water and wastewater systems and the operational controls of other critical infrastructure sectors.

“The FBI is aware of recent public reporting around Water and Wastewater (WWS) sectors,” the agency said in a statement on Saturday. “The FBI and our interagency partners are fully engaged to protect critical infrastructure, and we remain well-equipped to protect against cyber threats of all varieties.”

Dale George, the director of communications for Michigan’s Department of Environment, Great Lakes and Energy, meanwhile, said that “all systems continued to operate safely” following the attacks.

He said Michigan received a federal cyber alert on Tuesday about attempts to tamper with operational technology in water systems.

Soon after, the state received “a small number of reports from Michigan communities indicating activity consistent with what federal agencies described”, said George.

Minnesota had earlier in the week reported attacks on 30 sites. Minnesota IT Services, the state information technology agency, said most of the confirmed attacks involved technology that water systems use to remotely monitor and control equipment.

The agency has said that impacted systems did not necessarily equate to water disruptions, noting that as of Thursday, there were no active requests for residents to modify their water usage. Some modifications had been requested earlier in the week.

Local water plants are generally more vulnerable than other infrastructure because they are more likely to have out-of-date cybersecurity. Federal law enforcement has previously indicted Iranian hackers for allegedly targeting water infrastructure.

Throughout the war, US President Donald Trump has repeatedly threatened to attack civilian infrastructure in Iran, including power and water desalination plants.

When asked about the Minnesota attacks on Friday, Trump instead pivoted to criticise the Democrat-led state government in Minnesota.

“I think Minnesota is behind it,” Trump said, without providing further evidence or clarification. “I don’t think there was an Iranian cyberattack.”

Minnesota Governor Tim Walz, meanwhile, indicated his belief that Iran was behind the attack. He further blamed Trump’s cuts to federal government employees for making the US more vulnerable to cyberattacks.

“Trump knows exactly who is responsible for this attack, and knows that other states were hit too,” Walz said.

Reform UK say they are reporting Green Party leader Zack Polanski to the police after he shared a post to his Instagram which included a photo of a man wearing a top featuring the name “Nigel” alongside an image of a guillotine.

Polanski accepted a request to collaborate with another account and shared a series of pictures of a Green Party event on Sunday with his 713,000 followers.

One of the images showed a man wearing a T-shirt which said: “We’re only making plans for Nigel”.

A Green Party spokesperson said: “Once this image was brought to [Zack’s] attention he immediately unshared the post. He unequivocally does not support this type of dangerous message.”

The Reform UK leader, Nigel Farage, criticised Polanski on X.

Sharing a screenshot of what Polanski had reposted, he said: “If I was to post anything as inciteful then I would expect to be arrested, and so should Polanski.”

It is understood Reform UK are reporting Polanski to the police. The party’s home affairs spokesperson, Zia Yusuf, said “this is incitement to murder”.

NewsFeed

A journalist for Press TV has been hit by shrapnel while filming a report on Israeli attacks in southern Lebanon. Hadi Hoteit said he was targeted despite wearing a ‘Press’ vest, and is in hospital receiving treatment.