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Middle East Edition
3rd January 2024
 
THE HOT STORY
Company requires employees to take 'Cyber Fluency Assessment Test'
Talal Abu-Ghazaleh Global (TAG.Global) has announced that all its employees worldwide will be required to take the 'Talal Abu-Ghazaleh Cyber Fluency Assessment Test' as part of the organisation's commitment to providing a secure data and information working environment. The test aims to raise awareness about cyber threats, promote encryption security measures, and encourage open communication channels for reporting suspicious activities. Mr. Tawfiq Talhouni, executive director of Digital Literacy at TAG.Global, emphasised the importance of information security and the need to integrate it into daily practices and organisational processes. The test evaluates candidates' abilities to protect information and prevent data theft or system breaches. It can be taken at any authorised centre and is available in Arabic or English. The test will be regularly updated to keep up with advancements in the cybersecurity industry.
LEGAL
Saudi Anti-Corruption Authority arrests 141 employees
The Saudi Oversight and Anti-Corruption Authority (Nazaha) has arrested 141 employees from six ministries in Saudi Arabia. The suspects were involved in bribery, abuse of authority, money laundering, and forgery. Nazaha conducted oversight visits and investigations, leading to the arrests. The initiative aims to curb corrupt practices within government departments. The legal consequences for bribery offences in Saudi Arabia can include imprisonment, fines, and removal from public office. Repeat offenders face even harsher penalties. Companies can also face fines and be barred from procurement contracts. Money laundering carries stringent penalties, including fines, imprisonment, and travel bans. The punishment for forgery crimes can be up to 10 years in jail and a hefty fine.
MOHRE cracks down on employers as domestic workers caught working for others
The Ministry of Human Resources and Emiratisation (MOHRE) has taken strict action against employers in the UAE as their domestic workers were found working for others. MOHRE has blocked the files of 153 employers and imposed fines on them. This crackdown is a result of joint campaigns between MOHRE and other authorities to inspect non-compliant workers across the country. Employers who violate the regulations face penalties, including denial of new domestic worker permits and fines of up to Dh50,000. The measures are in accordance with Federal Decree-Law No. 9 of 2022, which prohibits the employment of domestic workers without work permits or allowing them to work for others without settling their status. MOHRE has urged employers to only deal with licensed domestic worker recruitment agencies and report any negative practices. The ministry will not be lenient in enforcing the law against violators.
New law embeds Sharia provisions
On December 16, Saudi Arabia's highly anticipated Civil Transactions Law came into effect, marking a significant departure from the previous legal framework. The law applies to all civil and commercial transactions and embeds Sharia law provisions and best practices from other jurisdictions. It provides a new framework for investments and operations, aiming to attract foreign investment and promote economic growth. The law consists of 721 articles, covering general rules for civil transactions, specific contracts, and Sharia law principles. It combines Continental European Civil Law precedence with codified Sharia law principles. The law's transparency and comprehensive nature protect the rights of all parties involved in civil transactions, fostering legal certainty and reducing disputes. It is particularly beneficial for investors from Continental European countries. The law's implementation is a result of coordinated efforts by Saudi Arabia's institutions and aligns with the country's 2030 Vision.
Israel's supreme court overturns law curbing its powers
Israel's supreme court has overturned a law curbing its powers, potentially causing a political crisis in the midst of a major war in Gaza. The court ruled that the law, passed by Benjamin Netanyahu's government, would severely damage Israel's democracy. The ruling could reignite tensions and split the unity government. The judicial overhaul project led to mass protests and international pressure. The ruling was welcomed by human rights organisations, who argued that the court's ability to overrule legislation was crucial for democratic governance and human rights. This is the first time the supreme court has overturned a quasi-constitutional "basic law." Netanyahu's Likud party criticised the ruling, stating that it went against national unity during wartime.
CORPORATE
US investors still see value in Israeli tech firms despite war
Nearly 70 US tech executives and investors, including venture capitalist George Djuric, have visited Israel to show solidarity and support for the country's high-tech sector. Despite the ongoing conflict with Palestinian militant group Hamas, tech funding deals are still being made, albeit at a slower pace. Startups have raised over $6bn in 2023, compared to $16bn in 2022. Ron Miasnik of Bain Capital Ventures, who co-organised the delegation, believes that the Israeli economy will ultimately bounce back. The trip was initially planned for 15 people but attracted hundreds of interested participants, including CEOs and senior executives from various US-based tech and VC funds. The delegation met with local investors and startups, as well as Israeli leaders and families affected by the conflict.
INTERNATIONAL
US company leaders say employees will have to work leaner in 2024
The Wall Street Journal reports on a recent email sent to employees by Wayfair CEO and cofounder Niraj Shah who told them they should expect to work long hours and "think of any company money you spend as your own."  The US home-goods retailer has returned to profit and repeat customers are up, but Shah nevertheless cautioned employees that "winning takes hard work" and that they should be open to working long hours. "Working long hours, being responsive, blending work and life, is not anything to shy away from," Shah wrote. "There is not a lot of history of laziness being rewarded with success." He said he was concerned to have heard of some outdated or inaccurate phrases that commenced "Niraj said." The company CEO wrote:  "The one I would reference here that I heard was 'Niraj said that he does not think that we should work late'. I would suggest that this is laughably false . . . Hard work is essential for success, and a key part of getting things done. Everyone deserves to have a great personal life — everyone manages that in their own way — ambitious people find ways to blend and balance the two." The Journal’s Vanessa Fuhrmans says Shah’s message chimes with many business leaders “who privately fret that workers are too preoccupied with flexibility and work-life balance and that a more gung-ho attitude will be required to take on the business uncertainties of the coming year.” Peter Aceto, former CEO of ING Direct in Canada, now called Tangerine, who advises financial technology CEOs in the Americas, observes: “Behind the scenes, leaders are frustrated with this perspective of employees and this idea of quiet quitting . . . But there’s probably a lot of concern over how to verbalise that.”
China sanctions US firm for providing data on forced labour in Xinjiang
China's foreign ministry has announced sanctions against Kharon, a US firm that provides data on alleged forced labour in the Xinjiang region of the country. The ministry stated that it would take "countermeasures" against Kharon and its director of investigations for providing "so-called evidence for America's illegal sanctions related to Xinjiang." In response, Kharon stated that the action was "largely symbolic" and would not impact its operations. Kharon's forced labour data is used by companies to comply with the US Uyghur Forced Labor Prevention Act. The act denies entry to goods from listed companies originating from Xinjiang unless they can prove they were not produced with forced labour. The US has recently imposed import restrictions on three more Chinese firms based on Kharon's findings. China denies the existence of labour camps in Xinjiang and claims that the sanctions are based on "lies" and "false narratives."
Swedish traders call for shorter trading day on Nasdaq
Nasdaq is facing pressure from Swedish traders to shorten trading hours on the Stockholm stock market. Traders argue that shorter hours would improve work-life balance and attract new talent. The exchange in Stockholm has the world's longest trading session, and traders have been publicly advocating for shorter hours. Mothers working in equities are particularly affected by the long hours. While Nasdaq is open to the idea, it would require coordination across Europe. The Investment Association and the London Exchange Group have previously called for shorter trading days. Nasdaq is concerned that shorter hours could lead to a decrease in business and liquidity; however, evidence from the Oslo Stock Exchange shows that trading volume remained stable when hours were reduced. Swedish traders believe that investors will continue to trade on the Stockholm stock market regardless of the trading hours.
One of the few foreigners to lead a Japanese business is stepping down
Mitsubishi Chemical Group Corp. shares fell after the company announced that CEO Jean-Marc Gilson, one of the few foreigners to lead a Japanese business, will step down by April. Gilson will be succeeded by Executive Vice President Manabu Chikumoto. The recruitment of a non-Japanese executive was an unusual move in Japan. Gilson has called for decarbonization and consolidation among Japanese petrochemical makers. Shares of Mitsubishi Chemical declined following the announcement, raising concerns about the company's strategy. Kazuyoshi Saito, senior analyst at Iwai Cosmo Securities Co., noted that some industry insiders believe the consolidation of petrochemical businesses is happening too quickly. Gilson had previously mentioned plans to list the petrochemical unit as a joint venture by 2027.
OTHER
Robot companion helps combat loneliness among American seniors
Some American senior citizens have found a new companion to combat loneliness: a robot called ElliQ. Created by Intuition Robotics, ElliQ is an artificial intelligence device specifically designed to alleviate the loneliness and isolation experienced by many older Americans. ElliQ engages in human-like conversations, remembers users' interests, and tailors future chats accordingly. It provides entertainment, plays music, gives inspirational quotes, and even hosts video calls. The device has been distributed by assistance agencies in several states and can also be purchased individually. While some experts worry that relying on AI companionship may discourage human contact, others believe that ElliQ fills a void for seniors who lack social networks. Users report lower levels of loneliness and interact with ElliQ more than 30 times daily. The goal is to distribute over 100,000 ElliQs within five years. Despite its success, Intuition Robotics emphasizes that ElliQ is not a substitute for human interaction and purposely designed it to be distinguishable as an AI device. Seniors using ElliQ appreciate its companionship and find it easy to use, although some find it too chatty at times.
 


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