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Recent Editions
North America
Human Times
Verizon will lay off over 13,000 employees, its largest single workforce reduction, as the U.S. wireless carrier aims to lower costs and streamline operations. The cuts, mostly in the U.S., will be accompanied by converting 179 stores into franchises. CEO Dan Schulman said the company's cost structure “limits our ability to invest significantly in our customer value proposition.” Verizon expects to record up to $1.8bn in severance charges, with most employees departing by next month. Despite market pressures and competition, the company stressed the cuts are not due to AI. Schulman announced a $20m fund to support workers’ transitions.
Full Issue
UK
Human Times
Almost a million young people are still out of work, education or training, according to new data from the Office for National Statistics (ONS). The number of so-called Neets - those aged 16-24 who are unemployed or economically inactive in the UK - had fallen slightly to 946,000 between July and September, down from 948,000 in the three months before. In response to the figures, the Secretary of State for Work and Pensions Pat McFadden said a planned "Youth Guarantee" scheme would ensure young people "have access to education, training, an apprenticeship - or ultimately guaranteed paid work if they cannot find a job." McFadden said the government wanted to make sure "every young person has the chance to succeed, no matter where they are from or what their background is."
Full Issue
USA
Education Slice
On Thursday more than 850 local, state and national organizations, led by the Council of Parent Attorneys and Advocates and the Council of Administrators of Special Education, released a joint commitment to support federal special education law, and to oppose any move that separates services for students with disabilities from the U.S. Department of Education. The coalition, which includes the Association for School Business Officials International, emphasizes that the Education Department must remain independent, fully staffed, and adequately funded, and that the federal government plays a crucial role in special education through funding, policy, and enforcement. To guide policy and advocacy, the groups released seven principles affirming the importance of public education, family–school partnerships, federal oversight, adequate funding, and maintaining students’ rights to a Free Appropriate Public Education in the Least Restrictive Environment. In 2023, the last year for which federal data is available, about 8.4m infants, toddlers, children and young adults with disabilities qualified for IDEA services.
Full Issue
USA
Accountancy Slice
Intuit has reported an 18% rise in revenue to $3.89bn in the second quarter, driven by a 25% jump in QuickBooks revenue as more midsize firms adopted its artificial intelligence-enabled tools. Adjusted earnings per share came in at $3.34, beating analysts’ forecasts of $3.09. Net income more than doubled to $446m from $197m. The global business-solutions group, which includes QuickBooks, saw revenues increase 18% to $3bn, while consumer revenue rose 21% to $894m, supported by growth at Credit Karma. Intuit has reiterated full-year guidance for revenue growth of 12%-13%, and adjusted EPS between $22.98 and $23.18. Additionally, it has inked a multi-year deal worth more than $100m with OpenAI to use the ChatGPT maker's AI models to power the company's AI agents. Chief executive Sasan Goodarzi said the integration of Intuit apps within ChatGPT will involve "no revenue share", and customer data privacy and security principles will remain unchanged.
Full Issue
Scotland
Legal Matters Scotland
New plans outlined by the Home Secretary will see migrants barred from claiming benefits until they have been granted British citizenship. Shabana Mahmood said: "Migration will always be a vital part of Britain’s story. But the scale of arrivals in recent years has been unprecedented. To settle in this country forever is not a right, but a privilege, and it must be earned." Migrants are currently eligible for benefits as soon as they gain settled status – which takes about five years – but the new rules mean migrants will face a wait of up to 30 years to be granted settled status, after which time they will have to apply for citizenship before they can claim benefits. This could take another one to three years. However, people earning more than £125,140 and those on global talent and innovator founder visas will be able to settle after three years, while people earning more than £50,270 will have a five-year path. "I am replacing a broken immigration system with one that prioritises contribution, integration and respect for the British sense of fair play," Mahmood explained. The plans were opposed by the Refugee Council, which said they "would risk trapping people who have fled war and persecution in three decades of instability and stress at the very moment they need certainty to rebuild their lives."
Full Issue
North America
Legal Slice
The Securities and Exchange Commission has dismissed its high-profile lawsuit against SolarWinds and its Chief Information Security Officer, Timothy Brown, over the 2020 Russia-linked Sunburst cyberattack. The case, filed in 2023, accused the firm of hiding security flaws but faced judicial pushback and industry criticism. A joint motion to dismiss with prejudice was filed Thursday. SolarWinds welcomed the move, saying: “We hope this resolution eases the concerns many CISOs have voiced.” The cybersecurity sector had feared the case could discourage transparency among security leaders.
Full Issue
Europe
Risk Channel
UK consumer confidence tumbled in November, according to the British Retail Consortium, with concerns about the contents of Chancellor Rachel Reeves' budget next week heightening anxieties. Net consumer expectations for the UK economy over the next three months fell to -44% from -35% in October, the lowest since April and also the biggest month-to-month fall since April, while net consumer expectations for personal finances over the next three months dropped to -16% from -11%. “Strong hints by government, earlier this month, of income tax rises heightened public concern about their own finances and the wider economy, though government has since rowed back", commented BRC chief executive Helen Dickinson. “The Chancellor needs a few rabbits from the Budget hat next week to bolster weak consumer and business confidence – both essential for economic growth".
North America
CFO Slice
A global survey of 213 internal audit leaders by AuditBoard has revealed the profession is under acute strain, challenged by stagnant resources, the rapid rise of AI, and a persistent identity crisis. Despite the belief that AI will transform internal audit within five years, only 28% of leaders feel confident in their teams’ ability to audit AI risks, while 63% of organizations lack a formal governance framework for its use. Budget pressures remain intense, with 43% of teams seeing no increase in funding for 2025 and 18% reporting cuts, despite broader responsibilities. Meanwhile, just 24% believe their function is viewed as a trusted advisor. The report calls for a dual strategy: automating routine tasks using AI while enhancing critical human skills like professional skepticism, ethical judgement, and relationship-building.
Full Issue