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Google is laying off an unspecified number of employees as part of a “large scale” restructuring. Staff across several of Google's teams in its real estate and finance departments have been affected, according to a Business Insider report. A Google spokesperson said the layoffs are not company-wide and that affected employees will be able to apply for internal roles, but did not specify the number of employees affected nor the teams involved. "Throughout the second half of 2023 and into 2024, a number of our teams made changes to become more efficient and work better, remove layers and align their resources to their biggest product priorities," the spokesperson added. A small percentage of the impacted roles will move to hubs the company is investing in, including Bangalore in India, Chicago and Atlanta in the U.S., and in Dublin.

 

Business Insider

Reuters

Daily Mail

[REPORT] 2024 IT Risk and Compliance Benchmark Report

It’s that time again! Hyperproof’s fifth annual IT Risk and Compliance Benchmark Report is here. Each year, we ask over 1,000 GRC professionals about their pain points, IT risk and compliance budgets, staffing, risk management best practices, and much more to compare results from the previous year, provide an in-depth view of the market’s current state, and prepare for this year and into the future.

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Specially tailored accounts known as separately managed accounts (SMAs) are gaining popularity among investors who want to invest in projects aimed at mitigating climate change risks. These SMAs allow investors to design individualized portfolios that focus on abating flooding and other potential hazards. The demand for these funds is increasing as the need to spend on climate change adaptation projects grows. Municipal Market Analytics predicts that borrowing in the municipal bond market could double in the next decade as entities spend on climate change mitigation and infrastructure projects. The performance of green-bond investments has closely tracked the broader municipal market. SMAs offer investors the ability to drill down into risks more deeply and invest in projects that align with their values. With attractive muni yields, investors are looking for competitive returns while supporting climate change mitigation.

 

Bloomberg

The New York Times reports that the U.S. Federal Trade Commission will meet next week to discuss whether to sue on antitrust grounds to block Coach owner Tapestry's $8.5bn takeover of Capri Holdings, whose portfolio includes Michael Kors and Versace. The merger aims to create a U.S. fashion powerhouse to compete better with bigger European rivals amid a slowdown in luxury spending. As well as Coach, Tapestry owns Kate Spade and Stuart Weitzman, while Capri also has the Jimmy Choo label on its roster. In a statement, a Tapestry representative said: “We strongly believe this is a deal that deserves to clear as it is pro-consumer and pro-competitive." Tapestry’s and Capri’s brands compete in a dynamic luxury market, she added, and consumers have ample choice across categories and price points.

 

Bloomberg

Market Watch

New York Times

Reuters

Lobbyists can easily bypass EU transparency rules to influence policy, according to a report by the European Court of Auditors (ECA). The report highlights major loopholes in the transparency register, including the lack of requirements for recording spontaneous meetings, unscheduled phone calls, and email exchanges. The ECA warns that the register risks becoming "a paper tiger" unless it is significantly strengthened. The report comes as EU institutions discuss the establishment of an Ethics Body and plan a review of the transparency register. The findings follow recent scandals involving cash-for-influence allegations and accusations of cronyism. The report emphasizes the need for new ethics rules to address acceptance of gifts, financial interests, and post-term activities. Lobbycontrol estimates that up to 29,000 lobbyists are active in Brussels, with Big Tech companies alone spending millions on lobbying efforts. The report serves as a reminder of the potential risks to the EU's reputation ahead of the upcoming European Parliament elections.

 

U.S. News

Morgan Stanley CEO, Ted Pick, has addressed concerns over the bank's efforts to monitor the background of its wealth management clients. Pick stated that the bank has been focused on client onboarding and monitoring processes for a while and has ongoing communications with regulators. The bank has already accounted for the costs of fixing related processes. The U.S. government has been scrutinizing Morgan Stanley's efforts to prevent potential money laundering by wealthy clients. The inquiries focus on the bank's wealth management arm, which generated almost half of the company's revenue last year. Morgan Stanley has assured regulators that it is improving controls and procedures. The CEO emphasized that there are no strategic changes to the bank's business and no impact on its ability to do business.

 

Bloomberg

The Russian government is in close contact with the metals industry following the imposition of U.S. and U.K. sanctions on Russian nickel, copper, and aluminum. The latest round of sanctions prohibits metal-trading exchanges from accepting new Russian-produced metals and bars their import into the U.S. and U.K. The Kremlin is discussing various options to address the situation. Nornickel, a major metals producer, expects increased price volatility and supply uncertainty but remains committed to fulfilling its contractual obligations. Rusal, an aluminum producer, believes the sanctions will not affect its ability to supply aluminum to world markets. The U.S. and U.K. hope the sanctions will widen the discount for Russian metals not traded on exchanges. The Russian metals industry accounts for over 5% of global aluminum production, 6% of refined nickel, and 4% of copper.

 

Reuters

President Joe Biden is set to propose new 25% tariffs on certain Chinese steel and aluminum products. The move is part of an ongoing review and a series of steps to strengthen the American steel sector and gain support from its workers in the upcoming election. The tariffs aim to protect the American steel industry and promote domestic production. The decision comes as a blow to Chinese steel and aluminum manufacturers who will face higher costs and potential loss of market share. The move is seen as a punishment for unfair trade practices and a boost for the American steel sector. "This is a significant step towards leveling the playing field and supporting American workers," said an industry expert.

 

Bloomberg

Boeing has a culture of retaliation against employees who raise safety concerns, a whistleblower told U.S. lawmakers during a hearing on safety at the plane maker. Hundreds of people could lose their lives if Boeing fails to address quality issues on its production line, Sam Salehpour warned U.S. Congress on Wednesday.

 

Financial Times

The Guardian

BlackRock CEO Larry Fink is actively seeking investment opportunities in Saudi Arabia, aiming to expand the asset management giant's presence in the country. Despite concerns over the regime's human rights record and the region's volatility, BlackRock sees an opportunity to shape Saudi Arabia's markets and connect the country with the rest of the world. The kingdom's state-owned Public Investment Fund controls $925bn, making it an attractive source of fresh capital. BlackRock is also looking to compete with rivals in the private asset and infrastructure investing space. The company has already made moves in the country, including leasing rights to Saudi Aramco's natural gas pipelines. BlackRock's focus on private and illiquid assets aligns with its goal of doubling revenue from private markets in the next five years. The company is embedding itself in Saudi Arabia's institutions and capital markets, and is also working with the Saudi central bank on stress tests and the creation of a national infrastructure fund. BlackRock faces competition from other asset managers, but believes there are attractive opportunities in the region.

 

Bloomberg

A recent study by Self.inc reveals that the average American will pay $524,625 in taxes throughout their lifetime, accounting for 34.7% of their estimated lifetime earnings of $1,494,986. New Jersey residents face the highest tax burden at $987,117, while Wyoming residents pay the least at $358,407. The study breaks down the tax burden into categories, with wages accounting for $270,414, property taxes adding $165,492, and vehicle taxes totaling $38,889. Washington residents pay the most for everyday expenses at $83,014, followed by Californians at $78,191. Ohioans pay a total of $453,333 in taxes throughout their lifetime, ranking 30th in the nation. The study utilized median earning information from the U.S. Census Bureau's American Community Survey and applied inflation to bring the numbers up to 2024. The tax calculations were based on state-level taxes, federal income taxes, and FICA payments. Property tax data was obtained from Zillow, while vehicle tax data was sourced from the Department of Motor Vehicles.

 

The Columbus Dispatch

Colorado Governor Jared Polis has signed into law the first measure in the U.S. aimed at protecting the data found in a person's brainwaves. The law is a response to the increasing advancements in neurotechnology, which make scanning, analyzing, and selling mental data more possible and profitable. The legislation provides a framework to protect Coloradans' personal data while allowing the development of new technologies. The Neurorights Foundation, a non-profit promoting ethical neurotechnology development, supports the bill. The law focuses on consumer products outside of a hospital setting, as medical privacy laws already cover neuratechnologies used in clinical settings. Big tech firms like Facebook, Meta Platforms, and Neuralink are developing brain activity detection technology for commercial use. The U.S. FDA has approved human studies for Neuralink's brain implants. Other governments worldwide are also working on increasing consumer protections for neurotechnological products.

 

Reuters

Apple has asked a judge to force video game distributor Valve to disclose business records that it needs to battle an antitrust class-action lawsuit. Apple claims that Valve has refused to provide sales and commission data that are "core" to its defense in the consumer lawsuit. The records will show how Apple's App Store competes with other gaming services and platforms. Valve's Steam is the largest games store on PCs and Macs, according to Apple. The company accuses Valve of failing to agree to a request for information about its commission rates and other financial data. Apple denies the allegations and has asked the court to undo the class certification order.

 

Reuters

Portugal's far-right party Chega will take legal action against Meta Platforms' decision to restrict the party's Facebook account for 10 years, according to a party spokesperson. Chega, the third-largest political party in Portugal, had its account restricted for 3,649 days due to activity that "disrespected our community standards." The party plans to challenge the decision, stating that restricted users were not given the opportunity to appeal. Chega's leader, Andre Ventura, called the decision an "unprecedented persecution of a political party in Portugal." The party, known for its anti-immigration and anti-Roma rhetoric, has faced accusations of discriminatory speech in the past. Chega relies heavily on social media to reach its voters, with 199,000 followers on Facebook and over 280,000 followers on TikTok.

 

U.S. News

Procter & Gamble has recalled 8.2m potentially defective bags of laundry pods, due to the risks that the packaging could pose to children and vulnerable populations. The United States Consumer Product Safety Commission (CPSC) said the recall affects the Tide, Gain, Ace and Ariel brands, which are sold in thin, flexible, film bags that can easily be split. According to the CPSC, there are no known injuries directly linked to this particular defect and these specific recalled bags, though there have been reports of children ingesting liquid laundry packets

 

USA Today