Greetings,

"Merger Mondays" are back, with US companies announcing a flurry of deals yesterday totaling about $80 billion in value. A favorable regulatory environment and easy access to capital are driving activity, but macro uncertainties have experts expressing caution.

Here's what else we're following today:

• Japan, US agree rare earths supply chain deal 🤝
• Amazon reportedly to cut up to 30,000 corporate jobs ✂️
• AI image generators being used for expense fraud 💲
• Entrepreneurs consider moving abroad for better incentives 🌏

... and more.

US M&A activity has surged, with over $80 billion in deals announced within a 24-hour span, signaling a robust revival in corporate consolidation. The flurry of transactions spans sectors from utilities to banking, as companies capitalize on a favorable environment characterized by accessible capital and strategic motivations. Optimism is mounting among dealmakers, who note that the fourth quarter is shaping up to be one of heightened activity.

Japanese Prime Minister Sanae Takaichi and US President Donald Trump have signed an agreement to secure the supply of rare earths and critical minerals, responding to China's tightened export controls. The deal aims to create resilient supply chains through coordinated economic policy and investment, with Takaichi expressing a desire to usher in a "golden age" of US-Japan relations and Trump praising Japanese orders for US military hardware.

Amazon will cut as many as 30,000 corporate jobs, nearly 10% of its corporate workforce, to reduce expenses and address overhiring during the pandemic. The layoffs, expected to begin Tuesday, will affect divisions including human resources, operations, devices and Amazon Web Services. CEO Andy Jassy aims to cut bureaucracy and increase use of artificial intelligence, which he says will automate repetitive tasks.

The federal shutdown continues with little progress, as bipartisan frustration mounts over the lack of movement in Congress. Lawmakers such as Sen. Lisa Murkowski, R-Alaska, are urging extended work hours to address the crisis, highlighting urgent issues such as the looming deadlines affecting the Supplemental Nutrition Assistance Program and Affordable Care Act subsidies. Despite some cross-party discussions, Congress remains in a stalemate, with both parties blaming each other for the impasse.

Goldman Sachs CEO David Solomon expressed confidence in the stability of the credit markets, stating that recent high-profile firm failures do not indicate a systemic risk. He emphasized that issues such as the collapse of First Brands Group and Tricolor Holdings are isolated incidents and do not reflect broader credit market instability. "I don't see anything in the context of a handful of bad credit situations that's leading me to say we have a systemic issue around the corner," Solomon said.

The use of AI-based image generators to create fraudulent receipts for expense reports is rising, according to expense software companies. AppZen reported that AI-generated receipts accounted for 14% of fraudulent documents last month, and 30% of financial professionals surveyed by Medius say they've seen an increase in falsified receipts since the release of OpenAI's GPT-4o. "These receipts have become so good, we tell our customers, 'Do not trust your eyes,'" said Chris Juneau, senior vice president and head of product marketing for SAP Concur.

To prepare finance teams for the AI era, firms must implement structured upskilling strategies that foster continuous learning and adaptability, writes Glenn Friedman of Prager Metis. Rather than replacing finance professionals, AI should function as a powerful sidekick that handles repetitive, data-intensive tasks, allowing humans to focus on things such as ethical decision-making, strategic insight and relationship-building, Friedman writes.

IBM has introduced Digital Asset Haven, a platform designed to help institutions manage and scale digital asset operations securely. Developed with Dfns, the platform will be available as a SaaS subscription within two months and for on-premises use by the second quarter of 2026. The platform supports tokenized assets and stablecoins, offering features such as transaction lifecycle management and holistic security.

More than half of entrepreneurs in the US are considering relocating to another country and taking their businesses with them, primarily for favorable tax regimes and business incentives, as well as to be closer to emerging markets, according to a HSBC survey. The trend could shift investment flows and weaken the US's long-term competitiveness, although the US remains a top destination for foreign entrepreneurs.

The US job market is experiencing a "Great Freeze," characterized by low hiring and low layoffs. Companies are hesitant to let go of employees due to economic uncertainty, but are also not adding new positions. This environment offers job security but limits career growth and makes it difficult for job seekers to find new opportunities

Corporate jargon can be a valuable tool for conveying expertise and efficiency within specialized teams, but it often creates confusion, slows workflows, and even results in unnecessary complexity that masks questionable work, writes leadership expert David Burkus, who argues for clear language. "You don't need to send GIFs to the board of directors, but you can write like a real person instead of a corporate buzzword generator," Burkus writes.