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15th April 2024
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THE HOT STORY
Uber and Lyft delay Minneapolis exit after pay increase ordinance pushed back
The ride-hailing companies Uber and Lyft have decided to delay their planned exit from Minneapolis until July 1. This comes after city officials voted to push back the start of an ordinance that would increase driver pay. The Minneapolis City Council unanimously agreed to implement the ordinance on July 1 instead of May 1, giving other ride-hailing companies more time to establish themselves in the market and allowing Minnesota lawmakers to pass statewide rules on pay for ride-hailing drivers. The ordinance requires ride-hailing companies to pay drivers at least $1.40 per mile and $0.51 per minute, or $5 per ride, whichever is greater. Uber and Lyft argue that the city's higher rate will make rides too expensive for most riders and ultimately result in lower earnings for drivers. State legislators are considering preempting the city ordinance with a state law. The dispute is ongoing, and negotiations between state and city officials are underway to find a resolution.
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RISK
U.S. Embassy in Jerusalem issues shelter-in-place order for employees
The U.S. Embassy in Jerusalem has told all U.S. government employees to shelter in place until further notice, according to a security alert posted after Iran began launching drones and missiles at Israel. “In response to security incidents and without advance notice, the U.S. Embassy may further restrict or prohibit U.S. government employees and their family members from traveling to certain areas of Israel (including the Old City of Jerusalem) and the West Bank,” the statement said.
STRATEGY
Fujifilm subsidiary plans expansion of biopharmaceutical plant in North Carolina
A subsidiary of Fujifilm plans to expand its biopharmaceutical manufacturing plant in North Carolina, adding 680 jobs. The $1.2bn investment in Holly Springs will create one of the world's largest cell culture facilities. The first phase of the plant is set to open next year, with the expansion coming online in 2028. The new jobs will pay an average minimum wage of nearly $110,000. Fujifilm Diosynth Biotechnologies already has a campus in Research Triangle Park. The expansion is part of North Carolina's commitment to becoming a leader in life sciences. The investment could receive over $72m in state and local incentives. The expansion will meet the growing demand for biological medicines, benefiting oncology, immunology, and pandemic preparedness. Fujifilm Diosynth Biotechnologies previously worked with Novavax to produce a COVID-19 vaccine.
WORKFORCE
Los Angeles to provide assistance to 99 Cents Only workers losing their jobs
Los Angeles Mayor Karen Bass said on Friday that the city will offer informational resources to 99 Cents Only workers who are losing their jobs as a result of the discounter’s impending store closures. The company, which operates 371 outlets in California, Texas, Arizona and Nevada, with more than 30 in Los Angeles, announced last week it is closing all its stores and winding down its operations. Ms. Bass said that Los Angeles' Economic and Workforce Development Department has already activated its Rapid Response Team, which will visit the stores to make information and materials available to employees. Resources include daily virtual presentations in English and Spanish to help workers make sense of unemployment insurance. 
More CVS pharmacies join unionization drive
A pair of CVS pharmacies in Rhode Island filed to unionize Friday, and are seeking to join The Pharmacy Guild, a U.S. trade union exclusively specializing in representing and unionizing pharmacy professionals, to fight for higher staffing levels. They join CVS workers in Nevada, who in March became the first in the nation to join the nationwide push to unionize "and transform the high-stakes industry", according to The Pharmacy Guild. Pharmacists have been drawing attention to what they say are "unsafe staffing levels" across the industry for years, with a particular focus during the pandemic. This led to protests last fall by workers at CVS, Rite Aid and Walgreens who demanded better working conditions. 
LEGAL
Louisiana minimum wage increase and LGBTQ workplace discrimination bills fail
Proposals to gradually raise Louisiana's minimum wage and make discriminating against LGBTQ people in the workforce illegal have failed in a state House committee. Louisiana is one of five states that has not adopted a minimum wage, and the federal minimum wage of $7.25 per hour applies. Proponents argue that increasing the minimum wage would make Louisiana more competitive and improve the lives of residents. Opponents claim it would burden business owners. Additionally, a bill to prohibit employment discrimination based on gender identity and sexual orientation was voted down. Louisiana law currently does not explicitly protect sexual orientation or gender identity. The bill's proponents argue that it would provide protection for the LGBTQ+ community and show that legislators care about them. The bill failed along party lines.
WORKPLACE
Seven accounting firms make Fortune's 2024 Top 100 'Best To Work For'
The same seven accounting firms that made Fortune's "100 Best Companies to Work For" list for 2023 also made this year's ranking. The data used for the annual ranking is based on survey responses from over 1.3m employees. This year, Plante Moran ranked 12th, Deloitte ranked 13th, PwC ranked 22nd, Crowe ranked 32nd, RSM US ranked 44th, EY ranked 64th, and KPMG ranked 72nd. Each firm has unique reasons for making the list, such as promoting diversity, prioritizing well-being, and supporting diverse talent. These firms have also made efforts to engage with students and give back to their communities. Despite challenges faced, these accounting firms continue to provide top-notch employee benefits and strive for inclusion and equity.
Physically attractive lawyers more likely to win cases, study finds
A study from the University of Illinois suggests that physically attractive lawyers are more likely to win their cases and receive favorable rulings from judges. This advantage applies to both men and women at all levels of experience and were consistent regardless of the race and gender of the judges and lawyers involved. However, attractive females seemed to receive a slightly greater advantage, especially when arguing before male judges. Study author Nicholas Waterbury said that the findings raise "significant concerns" about the fairness of the justice system. "I consider the main takeaway to be that 'judges are people too'," he observed, adding  "When judges are overburdened with work they rely on some of the same mental shortcuts the rest of us use."
INTERNATIONAL
UN Deputy Secretary-General: Make 2024 a 'turning point' for education
Speaking Thursday at an education panel convened by the European Union in Brussels, UN Deputy Secretary-General Amina Mohammed called on the world to "make 2024 a turning point for education." A series of meetings this year will build on the Transforming Education Summit convened by the UN in 2022 in response to the COVID-19 crisis, including the Summit of the Future in September. Ms. Mohammed called for two specific outcomes on education at the Summit.  “First, we need a clear recognition from world leaders of the urgent need to transform and invest in education as a global imperative,” she said. “Second, we need major breakthroughs on issues that are critical for education, including reform of the international financial architecture, strengthened digital cooperation and a new agenda for peace.” Without additional measures, an estimated 84 million children and young people will still be denied access to the classroom by 2030, and approximately 300 million students will lack the basic–and vital–numeracy and literacy skills.
Portugal to implement tax cuts for middle class worth €1.5bn
Portugal's new minority government, led by Prime Minister Luis Montenegro, plans to approve tax cuts worth €1.5bn for the country's middle class. The government aims to reduce income tax rates by 0.5 to 3 percentage points from 2023 levels, with a focus on the middle class. Montenegro believes that high taxes hinder investment and limit job creation. According to the OECD, Portugal has the ninth-highest tax burden on workers' income among OECD member countries. Analysts expect Montenegro to secure opposition support for his urgent measures, including tax cuts and wage hikes for certain professions. However, the stability of his government remains uncertain, as it relies on the support of either the far-right Chega or the centre-left Socialists. Montenegro's goal is to achieve balanced budgets and stimulate economic growth, aiming for a growth rate close to or above 3.5% by the end of the four-year term. The economy expanded by 2.3% in 2023, a significant slowdown from the previous year. The Bank of Portugal forecasts 2% growth in 2024.
India emerges as global hiring hotspot
Wealth surge, China pivot, and a fear of missing out have made India a new global hiring hotspot. The employment market is booming, with stories of ghosted employers, million-dollar trading jobs, and private bankers demanding up to a 50% pay hike. Signs of expansion are everywhere, with international firms like Optiver and Citadel Securities opening offices in Mumbai and Gurugram. Local firms like ICICI Securities are also growing rapidly. India's economy is expanding at over 7% per annum, and the government is making it easier to do business. The market is especially hot in the wealth industry, with private bankers and wealth managers seeing significant pay increases. However, there are doubts about the sustainability of the boom and concerns about the rising pay scales. Despite this, India's moment as a global hiring hotspot seems to have arrived.
OTHER
Connecticut's 'baby bonds' program aims to combat inequality
Connecticut has implemented an innovative program called "baby bonds" that invests $3,200 for each baby born into poverty in the state. The child can claim these funds and any investment proceeds between the ages of 18 and 30, which are expected to appreciate to $11,000 to $24,000. The program aims to address the inequality that arises from the financial circumstances and race/ethnicity of families. Darrick Hamilton, a professor at the New School for Social Research and a champion of the baby bond approach, suggests that employers could consider setting up their own baby bond programs to provide better opportunities for their workers. This could include matched down payments for homes, capital foundations for entrepreneurial activities, and access to education without debt. However, Hamilton emphasizes that such programs should be done through the public sector to ensure universality and avoid issues like job locks.
 


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