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Recent Editions
North America
Human Times
Jeff Bezos has launched a new artificial intelligence (AI) company, Prometheus, with former Google executive Vik Bajaj, aiming to develop an “artificial general engineer” capable of designing and manufacturing complex products such as jet engines. The business, valued at approximately $41bn and backed by $12bn from investors including JPMorgan Chase, Goldman Sachs and BlackRock, plans to use AI to improve productivity across the engineering process. Mr Bezos argued that AI will ultimately create a labor shortage rather than mass unemployment, saying productivity gains will generate more opportunities than the jobs displaced. He added that AI is ushering in “a multitude of golden ages” and described the current environment as “the best time to start a company.”
Full Issue
UK
Human Times
Parliament’s Public Accounts Committee (PAC) has said disabled people have lost their jobs and employers have become less willing to hire them because of long delays and “arbitrary” decisions in the Department for Work & Pensions’ administration of the Access to Work scheme. In its report on the scheme, the PAC warns that these issues are having damaging consequences for people’s employment, income, and health and wellbeing, as well as undermining Access to Work’s effectiveness. PAC Deputy Chair Clive Betts MP said: “It is hard to overstate what value a well-run Access to Work could ideally provide. Many people made clear to our inquiry how highly they value the support that they receive through the scheme . . . But too often getting that support is taking far too long, and at worst the delays and mismanagement in Access to Work by the DWP seem to be having the reverse impact the scheme is designed to address - actively causing employers to hire fewer disabled people, and causing distress and frustration for those attempting to access the scheme to provide them with the proper support they need.”
Full Issue
USA
Education Slice
School districts across the U.S. are taking a more cautious approach to budgeting as concerns linger over the reliability of federal education funding following last year's temporary withholding of nearly $7bn in K-12 formula grants. While the Trump administration has assured states that more than $20bn in federal funding due on July 1 will be distributed on schedule, many district leaders remain wary after the unexpected delays experienced in 2025. Some districts are strengthening reserve policies, identifying potential spending cuts, and treating federal aid as supplemental rather than guaranteed funding. Concerns persist over the administration's broader efforts to reshape federal education spending, including the withholding of more than $2bn in competitive grants, the transfer of some grant administration responsibilities to the Department of Labor, and proposals to reduce future education funding. Although Congress largely rejected proposed education spending cuts in the current fiscal year, uncertainty remains around future budgets. A House appropriations proposal for fiscal 2027 would reduce Title I funding by $1.6bn and eliminate more than $3bn in funding for teacher development and English-language learner programs. As a result, many district leaders are preparing for the possibility of future disruptions even as federal officials continue to promise that current funding streams will remain intact.
Full Issue
USA
Accountancy Slice
The IRS has released its 2025 Data Book, highlighting a year of strong tax collections, taxpayer assistance, and enforcement activity. The agency collected $2.9tn in individual income tax withholding and payments, $486.4bn in business income taxes, and issued 116.9m refunds totaling $516.4bn. The report noted that about 45% of individual tax returns filed during the 2026 filing season claimed at least one deduction introduced under the Working Families Tax Cuts Act, including deductions for tips, overtime pay, car loan interest, and seniors, with average refunds on those returns exceeding $3,200. The IRS completed nearly 498,000 audits that resulted in $26.8bn in recommended additional taxes, conducted 2,850 criminal investigations, and collected $73.1bn in unpaid tax assessments. The agency also assisted more than 50m taxpayers, processed over 224m electronic filings, and operated with a budget of $19bn and a workforce of more than 95,000 full-time equivalent positions.
Full Issue
Scotland
Legal Matters Scotland
John Swinney, Scotland's Deputy First Minister, warned of a "rising tide of the spread of hateful rhetoric" following violent incidents in Glasgow and Greenock. Tensions escalated after a stabbing in Belfast, leading to public attacks based on skin colour. Swinney condemned the actions of Reform UK, stating they incite racial hatred. He emphasised Scotland's commitment to being a welcoming and inclusive nation. Anas Sarwar, Scottish Labour leader, also condemned the violence, asserting that it should never justify racism. Swinney urged Reform to distance themselves from hateful rhetoric, stating: "They will forever be known as the people that incited racial tension."
Full Issue
North America
Legal Slice
A U.S. appeals court has extended its block on a lower court ruling against the Trump administration's 10% global tariff under Section 122 of the Trade Act. President Trump imposed the new levy after the Supreme Court invalidated his previous emergency tariffs as exceeding his authority. The decision from the Federal Circuit appeals court allows the U.S. to continue collecting tariffs from three importers - two small businesses and the state of Washington, which paid tariffs on purchases by the University of Washington - while the government's appeal plays out. “We conclude that the federal government has made a sufficient showing that it is likely to succeed on the merits,” the court wrote.
Full Issue
Europe
Risk Channel
EU regulators have hit out at Apple for blaming the Digital Markets Act (DMA) for its decision not to launch its upgraded assistant Siri AI in the region for now, saying they had rejected the company's request for an 18-month exemption from the act's obligations. "The decision not to roll out Siri AI in the EU is Apple's and Apple's only," spokesperson Thomas Regnier said, observing there was nothing in the DMA to stop the company from introducing new products in the EU. "Apple was simply unable to develop interoperability solutions that meet essential EU privacy and security standards," Regnier said. "In essence, [the] commission [is] asking us to conduct a very risky experiment on many, many, many tens of millions of users," said Greg Joswiak, Apple's marketing chief, "and we only want to ship these capabilities when we can do so safely."
Full Issue
North America
CFO Slice
Global businesses are facing growing tax complexity and compliance demands, with nearly 40% of tax and finance leaders identifying rising reporting, administrative, and compliance requirements as the most significant tax-related challenge, according to Deloitte’s 2026 Global Tax Policy Survey. Based on responses from 1,010 executives across 28 jurisdictions, the survey found that measures such as Pillar Two tax rules and the EU’s Carbon Border Adjustment Mechanism are increasing complexity, while 41% of respondents said further simplification of Pillar Two compliance should be a priority. Although 85% expect AI-powered tax tools to improve accuracy and reduce costs, confidence that digitalization will simplify compliance has fallen from 59% in 2024 to 36% in 2026, reflecting concerns about the cost and complexity of implementation. The survey also highlighted intensifying competition for skilled workers and growing interest in tax incentives to support sustainability and talent attraction initiatives.
Full Issue