Greetings,

Well, those tariff refund claims may be good for something right now ... While some companies have tapped Wall Street to sell their refund claims, others are forging a new path in creative financing by using their refund claims as collateral to back loans. More below.

Also in this edition:

• Mideast conflict prompts IPO delays, dividend cuts
• Trump reportedly to overhaul steel, aluminum tariffs
• Oil prices seen as short-term issue by firms
• Tokenized stocks near US debut

Some US companies are using tariff refund claims as collateral for loans to address short-term funding needs amid delays in receiving refunds from the "Liberation Day" tariffs, which the Supreme Court has declared illegal. Financial firms are buying these claims, but some companies prefer loans to retain ownership.

The conflict in the Middle East has prompted global companies to delay IPOs and reduce dividends, citing economic uncertainty and logistical challenges. Loveholidays has postponed a $1.3 billion IPO, PhonePe has paused its IPO plans, and Exeger has withdrawn its dividend proposal.

The Trump administration is set to revise steel and aluminum tariffs, applying a 25% duty to the full value of finished imported goods rather than just their metal content. While the headline rate is lower, the change could increase overall costs for many imports and boost government revenue. The move aims to simplify compliance and support domestic manufacturing.

The conflict in the Middle East has prompted global companies to delay IPOs and reduce dividends, citing economic uncertainty and logistical challenges. Loveholidays has postponed a $1.3 billion IPO, PhonePe has paused its IPO plans, and Exeger has withdrawn its dividend proposal.

Tokenized stocks, which allow 24/7 trading and near-instant clearing, are gaining traction globally, though US investors are not yet allowed to use them. The New York Stock Exchange and Nasdaq are preparing tokenization platforms, and the Securities and Exchange Commission has approved a Nasdaq pilot program for trading high-volume stocks as tokens. However, tokenized stocks lack some legal protections and shareholder rights.

The US Treasury is convening domestic and international regulators to assess risks in the fast-growing private credit sector, citing concerns over opacity, illiquidity and insurer exposure. The move follows recent market stress and rising scrutiny of underwriting standards and complex securitized products.

Microsoft CFO Amy Hood has faced the challenge of balancing massive investments in AI and data centers with cost control, a task that has become increasingly difficult as demand for AI services has surged. In late 2024, Hood paused several data center expansion projects, a decision that has led to a shortage of data center space and has been controversial within the company. Despite this, Hood has maintained stable margins and investor confidence through cost-cutting measures, including significant layoffs.

Organizations are investing heavily in AI, but many are not seeing significant returns due to fragmentation and lack of coordination, writes Prajkta Waditwar, senior technology sourcing manager at Box. Waditwar argues that procurement can address these issues by acting as a coordinating layer, aligning AI investments with business strategy and managing vendor relationships more effectively.