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Recent Editions

North America
Human Times
Microsoft has issued an alert about attacks on SharePoint server software used by government agencies and businesses to share documents within organizations, and has recommended security updates that customers should apply forthwith. U.S. state officials and private researchers say hackers have compromised U.S. federal and state agencies, universities, energy companies and an Asian telecommunications company. Users are being urged to take the servers offline or make changes to the SharePoint programs to protect themselves. "Microsoft has provided security updates and encourages customers to install them," a spokesperson said. "We’ve been coordinating closely with CISA, DOD Cyber Defense Command, and key cybersecurity partners around the world throughout our response."
Full Issue
UK
Human Times
People retiring in 2050 will be worse off than pensioners today, the government has warned, unless action is taken to boost retirement savings. The Department for Work and Pensions (DWP) is reviving the Pensions Commission, which first reported nearly 20 years ago, to look at how to tackle the issue. Almost half of working-age adults are not putting any money into a private pension at all, with low earners and the self-employed less likely to be pension saving, the DWP said. People drawing their pension 25 years from now are set to be £800 or 8% worse off per year than their counterparts today, the department said, with four in 10 people currently not saving enough for their retirement. Rather than launching a new commission from scratch, the government said it was reviving the "landmark" Turner Pension Commission which reported in 2006, under the last Labour government, and led to the roll-out of automatic enrolment into pension saving. As a result 88% of eligible employees are now saving, up from 55% in 2012, the DWP said.
Full Issue
USA
Education Slice
New York is leading a coalition of 20 states and the District of Columbia in suing the Trump administration, filing a lawsuit on Monday against the decision earlier this month to restrict publicly-funded programs, including those related to education initiatives such as Head Start, based on immigration status. The suit, filed in the U.S. District Court for the District of Rhode Island, argues that the policy changes will impact not only undocumented immigrants, but also people holding legal status, such as temporary workers, exchange visitors and those with student visas. “For decades, states like New York have built health, education, and family support systems that serve anyone in need,” said New York Attorney General Letitia James in a press statement on Monday. “Now, the federal government is pulling that foundation out from under us overnight, jeopardizing cancer screenings, early childhood education, primary care, and so much more.” The Department of Education is yet to specify an implementation date for the new restrictions, but said they won't be "generally" enforced before August 9.
Full Issue
USA
Accountancy Slice
The SEC has appointed George Botic as the acting chair of the PCAOB, effective July 23rd, following Erica Williams' resignation. Mr. Botic, a CPA with extensive experience, previously directed the PCAOB's Division of Registration and Inspections. Experts like Steve Soter and Richard Chambers noted that the PCAOB's regulatory approach may shift under the new leadership, potentially leading to less aggressive oversight compared to Ms. Williams' tenure. Mr. Chambers remarked: "If you look back at the Sarbanes-Oxley Act, the governance structure over the PCAOB sort of ensured this kind of connection over the long term between the regulatory philosophy and the SEC."
Full Issue
Scotland
Legal Matters Scotland
SNP ministers have faced accusations of deliberately delaying the implementation of the Supreme Court's ruling on defining women by biological sex, with officials signalling that lengthy consultations may postpone changes until after the Holyrood elections. Although the Scottish Government maintains it accepts the judgment and is preparing policy updates, it insists it will wait for revised guidance from the Equality and Human Rights Commission before making significant changes. Critics argue this approach risks further delay and undermines women's rights, amid ongoing controversy over policies allowing biological males access to female-only spaces. The Government has not confirmed whether new rules will be in place before the elections, while opposition parties urge swift action to comply with the ruling.
Full Issue
North America
Legal Slice
The High Court in London has found that Hewlett Packard Enterprise is owed £730m ($944m) over its ill-fated acquisition of Autonomy, less than a year after the U.K. software company’s founder Mike Lynch died in a yacht accident. The U.S. tech giant sued Lynch and chief financial officer Sushovan Hussain, accusing them of an elaborate fraud to inflate the value of Autonomy, which HP bought for $11.1bn in 2011. HP wrote down Autonomy’s value by $8.8bn within a year. Judge Robert Hildyard ruled HP sustained losses of over £646m ($871.8m) in respect of the difference between what HP paid for Autonomy and what HP would have paid "had Autonomy's true financial position been correctly presented," and also said HP was owed another £51.7m in relation to "personal claims for deceit and/or misrepresentation against Dr Lynch and Mr Hussain," plus another $47.5m in relation to losses suffered by group companies, Reuters reports.
Full Issue
Europe
Risk Channel
The European Commission has published guidelines to help AI models it has determined have systemic risks. The move aims to counter criticism from some companies about European Union artificial intelligence regulation (AI Act) and regulatory compliance while offering more clarity to businesses which face fines ranging from €7.5m ($8.7m) or 1.5% of turnover to €35m or 7% of global turnover for violations. "With today's guidelines, the Commission supports the smooth and effective application of the AI Act," EU tech chief Henna Virkkunen said.
Full Issue
North America
CFO Slice
The SEC has appointed George Botic as the acting chair of the PCAOB, effective July 23rd, following Erica Williams' resignation. Mr. Botic, a CPA with extensive experience, previously directed the PCAOB's Division of Registration and Inspections. Experts like Steve Soter and Richard Chambers noted that the PCAOB's regulatory approach may shift under the new leadership, potentially leading to less aggressive oversight compared to Ms. Williams' tenure. Mr. Chambers remarked: "If you look back at the Sarbanes-Oxley Act, the governance structure over the PCAOB sort of ensured this kind of connection over the long term between the regulatory philosophy and the SEC."
Full Issue