CFOS The CFOs are not all right. Economic sentiment among finance leaders dropped considerably in Q2 compared to the previous quarter, according to Deloitte’s latest CFO Signals survey. In Q1, CFOs had the highest economic optimism on Deloitte’s confidence scale in 13 quarters. But in the Q2 poll, worries ticked up and the score dropped to a “medium” outlook on business conditions. The firm conducted the survey between June 4 and June 18, amid Israel’s bombing of Iran and months of yo-yoing tariffs, as well as expanding ICE raids. All that news translated into a drop in “enthusiasm for the North American economy.” Only 23% of CFOs rated it as “good” or “very good.” And the future didn’t look very bright to CFOs either. Only 11% of respondents thought business conditions in North America would be “much better in a year.” This was a big drop from Q4 2024, when 37% thought the economy would be better in 12 months. CFOs’ pessimism extended to their own organizations. Growth expectations declined across every key operational metric: “revenues, earnings, dividends, capital allocation, domestic hiring, and domestic wages and salaries.” Revenue growth took the biggest hit, from a 6% projected increase in Q4 2024 to a measly 1% in Q2 2025. Capital expenditure growth also saw a significant drop, from 4% to 1%. How funky are CFOs feeling about the economy?—JK | | |
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TARIFFS With President Trump’s announcement last week that the US will levy a 50% tariff on copper imports, the new phrase might be “worth your weight in copper.” Copper is a key ingredient in electrical wiring and construction. With the explosion of electric vehicles, data centers, and the electrification of everything, copper demand is likely to soar 70% by 2050, according to BHP, a major mining company. Copper joins the Trump administration’s tariffs on aluminum, steel, and cars. Trump imposed the copper tariff after ordering a Section 232 investigation, “using a law that gives the president authority to impose higher tariffs based on national security grounds,” according to CNN. The tariffs are allegedly to protect and reinvigorate the US copper industry, but analysts believe it would take decades to ramp up production of US copper, Reuters reported. The US currently imports about 40% of the copper it needs, mostly from Chile. Tariffs on aluminum, steel, and lumber have already added nearly $11,000 to the cost of a new home, according to the National Association of Home Builders, and the copper tariffs will push that even higher. Every single-family home has an estimated 440 pounds of copper in wiring, plumbing, and appliances, according to the Copper Development Association. The tariff will go into effect in late July or early August, Commerce Secretary Howard Lutnick said on CNBC, meaning that only copper that’s already on the high seas or coming from closer origins like Latin America will make it to US shores before the deadline. What do copper tariffs mean for CFOs?—JK | | |
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EARNINGS Levi Strauss upped its full-year guidance in its Q2 earnings report, an optimistic signal for investors worried that US clothing retailers in particular are being harmed by President Trump’s volatile trade policies. The denim maker reported net revenues of $1.4 billion, up 6% from the same time last year. Net income for the quarter came in at $67 million, a significant jump from $18 million a year ago. On the back of a solid report, Levi’s raised its full-year revenue guidance, expecting sales to climb between 1% and 2%, an improvement from its former guidance of a 1% to 2% decline. It’s also significantly better than the downward 5.2% forecast by analysts, per LSEG. But this is 2025, and before Levi’s CFO Harmit Singh shared the company’s guidance on an earnings call, he went out of his way to address tariffs, noting that Levi’s guidance “assumes an additional 30% tariff on goods arriving in the US from China and an additional 10% tariff on US imports from the rest of the world.” With its current mitigation strategies in place, including supply chain diversification and vendor negotiations, the company expects tariffs to impact the business for the remainder of the year by 2 or 3 cents per share, or $25 to $30 million. Click here to keep reading.—NP | | |
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✢ A Note From Paystand Terms & Conditions Campaign Name: "Incentive Campaign" (the "Campaign") Participants who attend a discovery meeting with a Paystand representative (collectively referred to as a "Demo") US Participants are eligible to receive a USD 200 Visa or Mastercard prepaid gift card as part of this promotion, Canadian Participants are eligible to receive a CAD 200 Visa or Mastercard prepaid gift card as part of this promotion (the "Promotion"). Organizer: The Campaign is organized by Paystand (the "Organizer"). Campaign Period: The Campaign begins at 11:59 PM PST on May 22nd, 2025, and ends at 11:59 PM PST on July 31, 2025. Eligibility: This Campaign is open to customers (current or in implementation) of Acumatica, Microsoft Dynamics, NetSuite, and Sage, who schedule and attend a discovery call with a Paystand representative. Existing Paystand customers, partners, and competitors are not eligible for this Campaign. Participants must be based in the U.S. or Canada, be 18 years or older, and attend a Demo by July 31, 2025, at 11:59 PM PST. Only one entry per person and company is allowed. Participants must also be verifiable business decision-makers or influencer, such as an executive or senior member of the finance team at a company with at least 50 full-time employees. They must provide a verifiable business email and demonstrate an interest in exploring an AR solution for their company. Eligibility will be verified by the Organizer. No purchase is necessary to participate. How to Enter: Participants must schedule a discovery meeting with a Paystand representative. The meeting must be booked during the Campaign Period and take place before July 31, 2025, at 11:59 PM PST. Promotion: The Promotion consists of a USD 200 or CAD 200 Visa or Mastercard prepaid gift card provided by Paystand. Participants are responsible for submitting correct contact details to ensure proper delivery of the gift card via email. Incorrect or invalid email information may result in disqualification. Claiming the Promotion: The gift card will be sent within two to four weeks after the completion of the meeting. Only one promotion will be awarded per eligible participant, and only one individual per organization can receive the promotion. Previous incentive participants are not eligible. Paystand reserves the right to determine which participant qualifies from each organization based on who completes the Demo first. This promotion is void where prohibited by law and is subject to all applicable federal, state, and local regulations. Paystand reserves the right to request additional information to verify eligibility and prevent fraud. No substitutions or transfers of the promotion are allowed, except at Paystand’s discretion. If the promotion becomes unavailable, Paystand may substitute it with another of equal or greater value. This offer is valid only during the Campaign Period and while supplies last. Gift cards may have limited redemption periods, the registrant is responsible for redeeming the promotion during the communicated time. Recipients are responsible for any taxes, fees, or expenses associated with receiving or using the promotion, including applicable federal, state, or local taxes. The promotion is provided "AS IS" with no warranties, express or implied, including warranties of merchantability or fitness for a particular purpose. Paystand’s decisions regarding the Campaign and promotion distribution are final. Unclaimed promotions may be forfeited at Paystand's discretion. If a participant has previously attended a demo and received a promotion, they are not eligible to receive another during this Campaign. Information Submitted: By participating in the Campaign, you agree to provide accurate information on the Form. By attending the Demo, you grant Paystand and its affiliates a worldwide, perpetual, and irrevocable license to use your name and responses for promotional purposes without additional compensation, including listing promotion recipients where required by law. Paystand may disclose recipient information to regulatory authorities. By entering, you agree to receive marketing communications from Paystand. Additional Terms: This offer is void where prohibited or restricted by law. Paystand is not liable for lost, stolen, or destroyed promotions. Paystand reserves the right to amend the Terms & Conditions or terminate the Campaign at any time without notice. Use of the Gift Card is subject to providers Terms & Conditions. Yeti, Visa and Mastercard are not affiliated with or sponsoring this promotion. Disputes: Any disputes arising from this Campaign will be governed by the laws of California. |
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