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European Edition
7th May 2024
 
THE HOT STORY
UK accounting firm bans remote-only interviews
UK accounting giant BDO has decided to ban remote-only interviews due to concerns over cheating. The firm, which is the UK's fifth largest accountancy firm, has abandoned online tests, video meetings, and virtual assessment centres in favour of face-to-face interviews. BDO made the decision after suspecting that some applicants were using Zoom interviews to cheat. As a result, all shortlisted candidates for BDO's September 2024 graduate intake were required to meet the employer in person. Applicants for the trainee scheme were offered £150 in compensation to be interviewed at the office they had applied to work at. BDO's decision comes in the wake of the Financial Reporting Council questioning auditing and accountancy bodies about measures to prevent cheating using AI tools. Scott Knight, head of audit at BDO, said that face-to-face interviews provide candidates with a better opportunity to showcase their skills and get a sense of the company's culture.
WORKFORCE
Gen Z realise work doesn’t pay anymore
Writing in City AM, Dr Eliza Filby, a generations expert and author of Inheritocracy, argues that Generation Z are not lazy, as many commentators assert, but realise that corporate wages do not bring anything like the rewards they did for older colleagues. “We are in an asset-driven economy where wealth is supported but work is penalised,” Filby suggests. “This reinforces the wealth of the older generations and is creating disillusioned young people across the income scale.” The Telegraph also carries a piece on Gen Z, asking if young people are shunning the wild nights out of the past because they're simply not interested or because they can no longer afford it. According to a 2023 survey by Deloitte, the cost of living ranks as the foremost concern among Gen Zers worldwide. Michael Kill, of the Night Time Industries Association, believes attributing the decline in young people going out is less about a rumoured return to puritanism and more likely the pressure of inflation on young people.
Strike looms in German construction industry
A strike is looming in Germany's construction industry after employers on Friday rejected an arbitrator's decision for some 930,000 affected workers. The IG BAU union had previously said that it would take industrial action if employers rejected the arbitrated decision, which it had accepted in late April. That decision would have provided for an increase in income of 250 euros per month from May 1, 2024, with a further increase on April 1, 2025, of 4.15% in western Germany and 4.95% in eastern Germany. It would run for 24 months until the end of March 2026.
Finland's Posti begins restructuring talks with 250 jobs on the line
Finland's national mail carrier, Posti, has announced plans to end the delivery of unsolicited advertising pamphlets and free newspapers by the beginning of next year. The move could result in about 130 employees being made redundant. Posti also plans to cut staff numbers at a sorting centre in Tampere, with about 120 jobs under threat. The company aims to reduce redundancies by offering early pension schemes.
Tesla is reportedly bringing in foreign strike breakers
Tesla is reportedly bringing in workers from the UK, Ireland, and Portugal to fill the gaps left by striking employees in Sweden. The company is recruiting internationally to ensure operations continue smoothly amidst the strike.
LEGAL
Young platform workers subject to abuse
More than 40% of young digital platform employees have been exposed to offensive actions at work in the past year, according to new research from Aalborg University, Roskilde University, and the National Research Center for the Working Environment. The study highlights the prevalence of offensive behaviour in Denmark's digital platform industry.
REMOTE WORKING
Is remote work good for women?
Writing in the FT, Soumaya Keynes crunches the numbers on the impact of remote work on women and men's productivity, and whether it could help to close the gender wage gap.
MANAGEMENT
Credit Suisse CEO to depart following UBS rescue
The final chief executive of Credit Suisse, Ulrich Koerner, is set to leave the bank following its rescue by UBS. Koerner, who was brought in to lead the lender in 2022, will be the last person to hold the role at the 168-year-old institution. Credit Suisse is preparing to be subsumed into UBS later this month, eliminating the need for a chief executive.
INTERNATIONAL
Peloton CEO steps down amid fresh round of layoffs
Peloton has announced the departure of chief executive Barry McCarthy, along with a restructuring that will see around 15% of its global workforce, or 400 employees, lose their jobs. The company plans to continue to close retail showrooms and make changes to its international sales plan, with the aim of reducing annual run-rate expenses by more than $200m by the end of fiscal 2025. Mr McCarthy, meanwhile, will be replaced on an interim basis by chair Karen Boone and director Chris Bruzzo. “This restructuring will position Peloton for sustained, positive free cash flow, while enabling the company to continue to invest in software, hardware and content innovation, improvements to its member support experience, and optimisations to marketing efforts to scale the business," the company said. The announcements came as Peloton announced third-quarter results. Sales in the three months to March 31st fell 4% to $718m, and it reported a net loss of $167.3m, or 45 cents per share, compared with a loss of $275.9m a year earlier.
Queensland parliament passes historic legislation decriminalising sex work
Queensland parliament has passed historic legislation decriminalising sex work in the Australian state, after decades of campaigning. However, advocates are concerned the hard-won reform could be overturned if the Liberal National Party (LNP) opposition wins government in October. The attorney general, Yvette D'Ath, who sponsored the bill, stated that "discrimination and stigma" were common in the industry. The new law regulates sex work the same way as all other businesses, imposing planning and workplace health and safety rules. The Queensland Council of Unions general secretary, Jacqueline King, warned that the LNP would face opposition from the united union movement and the sex work industry if it campaigns to criminalise the industry again. The legislation also establishes anti-discrimination protections for sex workers, providing an avenue for redress and sending a message that discrimination against sex workers is not acceptable.
Brazil to increase income tax exemptions for individuals
Brazil's President Luiz Inacio Lula da Silva has announced plans to substantially increase income tax exemptions for individuals by the end of his term. The exemptions will apply to those earning up to 5,000 reais ($963) monthly and will be implemented by 2026. Lula emphasized that the tax breaks are intended to benefit those who work and depend on their salaries, rather than the wealthy. The move comes after a Brazilian Supreme Court justice extended payroll tax exemptions for 17 sectors of the economy. Lula's administration aims to provide tax relief for the poor while ensuring companies commit to creating jobs. The president has already approved a change that expands the income tax exemption cap to those earning up to two minimum wages per month. However, further increasing the exemption ceiling may pose challenges as the government strives to balance the public accounts. The Finance Ministry estimates a fiscal impact of 3 billion reais ($577.6m) for this year.
World bank urges Papua New Guinea to address 'human capital crisis'
The World Bank has called on Papua New Guinea to address its "human capital crisis" by investing more in education. The country's annual economic update revealed that economic growth was only 2.7% last year due to delays in the reopening of a gold mine and lower liquefied natural gas production. The report highlighted the high rates of stunted growth and illiteracy among children in Papua New Guinea, and recommended providing basic materials such as textbooks and toilets for schools. The World Bank emphasized the importance of education in building economic growth and creating peaceful and prosperous societies. Education specialist Lars Sondergaard stated that the same problems were seen in both urban and rural areas of the country. 
OTHER
Teenage girls' popularity linked to lack of sleep
Scientists have found that popular teenage girls are more likely to experience insomnia symptoms and sleep less than their peers, according to a study published in the journal Frontiers in Sleep. The study, which investigated a sample of over 1,300 Swedish teenagers aged 14 to 18, found that popular girls reported shorter sleep duration and more difficulties falling asleep and staying asleep. Interestingly, the negative impact on sleep was observed both before and after the advent of smartphones. The researchers suggest that the gender disparities in sleep patterns might be related to the types of friendships girls and boys tend to have at that age. These findings add to the growing body of evidence that school schedules are not accommodating teenagers' sleep needs. "Teenagers are arguably the most sleep deprived population throughout the lifespan," said Serena Bauducco, a sleep researcher at Örebro University. The study highlights the importance of adequate sleep for teenage girls' mental health and school performance.
 


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