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North American Edition
24th November 2025
 
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THE HOT STORY

AI threatens entry-level jobs, PwC says

PwC global chairman Mohamed Kande says the growth of artificial intelligence may eventually lead to fewer entry-level graduates being hired, although he said AI was not behind recent job cuts at the firm. In 2021, PwC said it wanted to hire 100,000 people over the course of five years, but Kande said this would no longer be possible. "When we made the plans to hire that many people, the world looked very, very different," he said. "Now we have artificial intelligence. We want to hire, but I don't know if it's going to be the same level of people that we hire - it will be a different set of people." Kande noted that PwC actually needed to hire hundreds of new AI engineers but was struggling to find them.
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STRATEGY

Red Cross to shed 2,900 jobs

The International Committee of the Red Cross (ICRC) has announced a 17% budget cut for 2026 that will result in nearly 3,000 job losses, as dwindling donor funding forces the organization to make drastic changes. ICRC President Mirjana Spoljaric said: "The financial reality is forcing us to make difficult decisions to ensure we can continue to deliver critical humanitarian assistance." The cuts come amid escalating global conflicts and a significant international aid funding crisis. In light of its shrinking budget, ICRC said it would need to prioritize safeguarding its presence in the most critical conflict zones, including Sudan Israel and the occupied Palestinian territories, Ukraine and the Democratic Republic of Congo.

Google to spend $40bn on Texas AI hubs

Google will invest $40bn through 2027 to build three new AI-focused data centers in Texas - one in Armstrong County and two in Haskell County - marking its largest investment in any U.S. state. CEO Sundar Pichai said the move will boost jobs, training, and energy affordability. Governor Greg Abbott hailed the investment as a major workforce and efficiency boost. Google also plans to expand its existing Midlothian and Dallas cloud sites. The announcement follows similar large-scale AI infrastructure commitments from Anthropic, Microsoft, and others, as the U.S. races to maintain leadership in AI amid growing global competition.

Tyson Foods to close beef-processing plant

Tyson Foods will close its major beef-processing plant in Lexington, Nebraska, which employs about 3,000 people and processes nearly 5,000 cattle daily, as a nationwide cattle shortage squeezes meatpackers. Despite high beef prices, Tyson lost $426m on beef this year, with cattle costs rising by almost $2bn. The U.S. cattle herd is at its lowest since the 1950s after drought and post-pandemic pressures led ranchers to shrink herds. The closure, amid Trump administration pressure to lower beef prices, may tighten beef supplies and raise consumer costs. Tyson is also reducing production at its Amarillo, Texas, plant.
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TRAINING & DEVELOPMENT

ASML opens U.S. training academy

ASML has launched a technical academy in Phoenix to train over 1,000 engineers annually to service its advanced chipmaking machines. The move supports the U.S. semiconductor manufacturing boom amid major expansions by Intel, TSMC, Samsung, and Micron. The facility features 14 classrooms and a cleanroom, and aims to eventually train 2,000 engineers per year, including ex-military hires. While basic tool training will occur in Phoenix, training on ASML’s advanced High-NA EUV machines remains based in the Netherlands.
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WORKFORCE

U.S. Treasury plans to restrict tax credits for immigrants

The U.S. Treasury Department has announced plans to reclassify certain refundable tax credits — including the Earned Income Tax Credit and Additional Child Tax Credit — as “federal public benefits,” which would make many immigrant taxpayers, including DACA recipients and those with Temporary Protected Status, ineligible to claim them even if they work and pay taxes. Critics argue the move is part of the Trump administration’s broader anti-immigration agenda and could disproportionately affect individuals who are legally authorized to work in the U.S. but are not permanent residents. The change is set to take effect from the 2026 tax year.
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LEGAL

U.S. to identify DEI policies and mass migration as human rights abuses

The U.S. State Department has issued new guidelines to all U.S. embassies and consulates involved in compiling its annual report on global human rights abuses. U.S. outposts will be told to categorize policies including subsidizing abortion, facilitating mass migration and performing gender-transition surgery for children as human rights infringements. Laws that infringe on free speech and racially discriminatory employment practices are also on the list. "In recent years, new destructive ideologies have given safe harbor to human rights violations. The Trump administration will not allow these human rights violations . . . to go unchecked," deputy spokesperson Tommy Pigott said. Critics accuse the administration of redefining long-established universal human rights principles to pursue its own ideological goals.

Court halts California climate law

A federal appeals court has temporarily halted a California law requiring companies with annual revenues exceeding $500m to disclose how climate change may impact their finances. The law, set to take effect in January, aims to enhance transparency and encourage companies to evaluate their emissions reduction strategies. The U.S. Chamber of Commerce argued that the law infringes on First Amendment rights. Chamber of Commerce lawyer Daryl Joseffer said: “One state should not have the ability to impose this kind of burden on the entire country.” Meanwhile, another law mandating annual carbon emissions reporting for companies earning over $1bn can stay in place for now, the court ruled.
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ECONOMY

One Big Beautiful Bill to boost growth by 0.4 points

A new analysis by former senior Federal Reserve researcher John Roberts finds that the Trump administration’s the One Big Beautiful Bill will give the U.S. economy a short-term boost next year, primarily through roughly $100bn in extra early-year tax refunds. This is expected to raise GDP growth by about 0.4 percentage points in the first half of the year, though the effect will fade quickly, resulting in only a 0.32-point lift for the full year. However, the legislation will also significantly widen the federal deficit by about 0.8 percentage points, due to tax cuts and increased defense and border-security spending. These dynamics highlight the issues Federal Reserve officials will weigh in their upcoming December meeting, as internal divisions remain over the need for further rate cuts while President Donald Trump continues to push for lower interest rates
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LEADERSHIP

McKinsey concentrates its 2025 partnership class

McKinsey has promoted 224 individuals to partner this year - one of its smallest classes in recent years despite a slight rise from 2023’s total - reflecting tighter leadership standards following the firm’s pandemic-era expansion. The 2025 class includes a record 66 women and highlights the growing role of artificial intelligence, particularly through McKinsey’s QuantumBlack unit, while also recognising non-client-facing professionals as part of a broader operational shift.
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INTERNATIONAL

Belgium prepares for three days of national strikes

Belgium is set to experience significant disruptions as unions launch three days of strikes starting today. The strikes, aimed at protesting proposed government spending cuts and labor law changes, will unfold in three phases. Public transport will be affected first, with the national railroad company SNCB predicting limited train services. On Tuesday, schools and public services will join the action, culminating in a general strike on Wednesday, which will halt flights at major airports. Unions are urging Prime Minister Bart De Wever to reconsider austerity measures.

Right to flexible working urged to resolve three-hour commutes

Ireland's parliament has heard that the government needs to legislate for a “real right to flexible and hybrid working” in a bid to beat traffic congestion that has led to three-hour commutes for some workers travelling into Dublin. Kildare South Labour lawmaker Mark Wall said: “the Government's own code of practice on flexible working and hybrid working is not working. The call back to the office and the workplace is a problem highlighted by many, many commuters who have contacted me over recent days.” He observed that motorists are “leaving their family homes at 6am just to barely make it into work for 9am . . . Productivity is down and the mental health of commuters is affected every day."
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OTHER

Retailers feel the penny pinch

The U.S. has officially ceased penny production, precipitating a significant shortage that is affecting retailers across the country. The final penny was minted on November 12th, marking the end of over 230 years of production. While the average consumer may not feel the pinch directly, businesses are struggling to provide correct change, with many rounding purchases to the nearest nickel. Dylan Jeon, senior director of government relations for the National Retail Federation, said: "We've heard from our retail members that they have stores in multiple locations . . . that are currently out of pennies. Others are worried that their inventory will be out in the very near future. So it's definitely something that's impacting any cash-accepting business." Retailers are also incentivizing customers to bring in their pennies, offering rewards including gift cards.
 
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