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Recent Editions
North America
Human Times
The Trump administration has launched investigations under the False Claims Act into the use of diversity initiatives in hiring and promotion at major U.S. companies, including Google and Verizon. The companies, in sectors including automotive, pharmaceuticals, defense, and utilities, have received Justice Department demands for documents and information about their workplace programs, the Wall Street Journal has reported, citing people familiar with the investigations. Lawyers who practice in the area say it is unusual to see the antifraud law being used to pursue concerns about compliance with federal antidiscrimination laws. “These investigations are somewhat unique,” said Lisa Dykstra, a partner at Morgan Lewis. Deputy Attorney General Todd Blanche said the False Claims Act would be a “weapon” used to go after companies that “continue to adhere to racist policies.”
Full Issue
UK
Human Times
More than 200,000 jobs in European banking are at risk as lenders adopt artificial intelligence and reduce branch networks, according to a Morgan Stanley report. The analysis predicts a 10% job cut by 2030, primarily affecting central services, back-office, and compliance roles. With 2.12m employees in the sector, this equates to approximately 212,000 positions. Morgan Stanley noted that banks are under pressure to enhance efficiency, with some citing potential gains of 30% from AI. Jason Napier from UBS remarked: "Cost bases are large . . . and these new powerful tools are yet to be fully implemented."
Full Issue
USA
Education Slice
New York City Mayor-elect Zohran Mamdani appointed Kamar Samuels as the new schools chancellor, marking a significant shift in his stance on mayoral control of NYC's education system. Initially pledging to end mayoral control, Mamdani now seeks to extend it, stating: “I will be asking the legislature for a continuation of mayoral control.” He aims to enhance community involvement in decision-making, promising that the governance model will be “not the same one that New Yorkers see today.” With a $43bn budget and nearly 900,000 students, Mamdani acknowledged the challenges ahead, including improving literacy rates and addressing the needs of homeless students. Samuels, a veteran educator, emphasized the importance of equity in education, commenting: “Equity is not an abstract idea. It's a set of choices we make together in policy.” Additionally, Emmy Liss was appointed to lead the Office of Child Care, crucial for Mamdani's goal of providing free child care to New Yorkers.
Full Issue
USA
Accountancy Slice
IRS leaders are forecasting the largest tax refunds in history for the upcoming tax season, attributing this to the Trump administration's tax reforms. The IRS anticipates average refunds to exceed $3,000, a significant increase from the previous year's $2,800 average. IRS Commissioner Charles Rettig stated: "We expect significant pushback from the industry as these changes take effect." The reforms, which include increased standard deductions and reduced tax rates, are expected to impact millions of taxpayers nationwide. The development could lead to increased consumer spending and economic activity.
Full Issue
Scotland
Legal Matters Scotland
Scotland has abolished the unique not proven verdict as of January 1st, as part of the Victims, Witnesses, and Justice Reform (Scotland) Act. The reform, passed by MSPs, also raises the jury majority required for conviction to two-thirds. Justice Secretary Angela Constance said: "I have heard compelling evidence about the devastating impact that the not proven verdict can have on complainers because of its lack of clarity or lack of closure for them." She added: "Moving from a simple majority to a two-thirds majority for a criminal conviction alongside the change to a two-verdict system is a proportionate and balanced reform." The changes aim to enhance clarity in verdicts and improve the treatment of victims, including the establishment of a specialist sex offences court and lifetime anonymity for survivors.
Full Issue
North America
Legal Slice
In his annual end-of-year message, Chief Justice John Roberts has emphasized the U.S. Constitution's enduring strength following a challenging year for the judicial system. His remarks came as the nation awaits significant Supreme Court decisions in 2026, including challenges to President Donald Trump’s executive order ending birthright citizenship and his use of emergency powers to impose sweeping tariffs. Roberts did not directly address concerns about the independence of the judiciary but praised the Constitution for “granting life tenure and salary protection to safeguard the independence of federal judges and ensure their ability to serve as a counter-majoritarian check on the political branches . . . This arrangement, now in place for 236 years, has served the country well.”
Full Issue
Europe
Risk Channel
The carbon border adjustment mechanism (CBAM), the EU’s landmark carbon border tax which covers six sectors including steel, cement, aluminium and electricity, came into force on January 1. The rules aim to create a level playing field by making sure that competitors from countries with poor environmental standards cannot undercut EU businesses, while also encouraging decarbonisation. Stéphane Séjourné, the European Commission’s executive vice-president for prosperity and industrial strategy, said European companies should welcome the CBAM. “European industrial producers should be encouraged – and not deterred – in their decarbonisation efforts,” he said. “This CBAM reform brings crucial and long-awaited measures to ensure a level playing field between EU and non-EU industrial producers. By strengthening CBAM, we support our industry’s decarbonisation and secure European players’ competitiveness on the world stage.”
Full Issue
North America
CFO Slice
Greg Abel has officially succeeded Warren Buffett as Berkshire Hathaway's CEO, taking control of a company holding $358bn in cash. Shareholders await Abel's strategy, especially amid a pricey stock market and a pause on Berkshire share buybacks. Abel called the cash an “enormous asset” during the 2025 annual meeting, adding: “It gives Berkshire a cushion.” Though Abel avoids the spotlight, he’s respected for his leadership since 2018 of Berkshire's non-insurance businesses. Buffett affirmed: “Greg has exceeded my expectations in every respect.” Abel is expected to maintain Berkshire’s decentralized and conservative capital approach.
Full Issue