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17th April 2024
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THE HOT STORY
Google workers stage sit-ins to protest company's work with Israel
Google employees in two different U.S. offices protested the company’s work with the Israeli government on Tuesday, objecting to a $1.2bn contract it signed with the U.S. ally three years ago.  Dozens of employees began occupying company offices in New York City and Sunnyvale, California. The contract, known as Nimbus, that Google shares with Amazon provides cloud computing services to the Israeli government. The contract has faced backlash from employees and activists since it was signed in 2021, but the objections have grown amid Israel’s ongoing military campaign in Gaza. “I would not like to lose my job,” explained Google Software engineer Emaan Haseem. “But I think that it is impossible for me to continue coming into work every week without acknowledging and loudly condemning Project Nimbus and any support for the Israeli government.”
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HIRING
Kansas City Mayor seeks migrants to fill jobs in expanding region
Mayor Quinton Lucas of Kansas City, Missouri, is reaching out to migrants in New York City's shelters, urging them to come to Kansas City to fill the expanding job market. With construction and manufacturing booming in the region, companies like Panasonic, Meta Platforms, and Alphabet are investing billions of dollars and require thousands of workers. Kansas City's economy, with its industrial base and food manufacturing industry, is particularly attractive for blue-collar workers. Mayor Lucas is in contact with the mayors of New York and Denver to strategize on identifying workers interested in relocating. The city is also prepared to provide housing, support, and training for migrants.
STRATEGY
U.S. banking giants cut thousands of employees in Q1
U.S. banking giants, including Citigroup, Bank of America, Wells Fargo, and PNC Financial, have continued to reduce their workforce in the first quarter of the year. Citigroup saw the largest drop, with a decline of 2,000 employees after completing a reorganization aimed at improving profits. The layoffs are part of a broader plan to reduce Citigroup's staffing by 20,000 over the next two years. Other banks are also under pressure to control costs due to the uncertain economic outlook. Despite this trend, JPMorgan Chase added nearly 2,000 employees in the first quarter. The banking industry faces challenges in navigating the changing rate environment, with higher funding costs and contracting net interest margins. However, investment banks have seen higher revenue due to a revival in capital markets. Analysts expect that a surge in equity offerings will lift sentiment and spur mergers and acquisitions.
LEGAL
UAW takes on first target in historic union drive
Hopes are high as the United Auto Workers (UAW) takes on its first target in a historic union drive at Volkswagen's Chattanooga factory in Tennessee. The UAW, under the leadership of President Shawn Fain, aims to replicate the success of the Detroit strikes and attract workers in the American South. The UAW won support from President Joe Biden and has launched an ambitious organizing campaign targeting 13 companies, including Tesla and Lucid. Despite opposition from Tennessee Governor Bill Lee and other Republican governors, Volkswagen has taken a neutral stance, respecting workers' right to decide on union representation. Winning the vote in Chattanooga would be a significant victory for the UAW and provide momentum for its other campaigns. "The time is right," says UAW worker Isaac Meadows. "Pay hasn't kept up with inflation. People are realizing as labor, we have a lot of power."
New rule to protect coal miners from silica dust
The Labor Department has issued a new rule to protect coal miners from the harmful effects of silica dust, which has caused thousands of premature deaths from "black lung" disease. The rule halves the permissible exposure limit for crystalline silica for an 8-hour shift. The stricter rule comes in response to the growing health problems faced by miners as they dig through more layers of rock to access coal seams. The increased drilling generates deadly silica dust, leading to severe forms of pneumoconiosis, even among younger miners. The rule aims to ensure that no job becomes a death sentence and that every worker has the right to come home healthy and safe. However, concerns remain about the enforcement of the rule and the need for additional resources to protect workers effectively. The rule aligns with exposure levels set by other industries and recommendations from the Centers for Disease Control and Prevention.
Railroads challenge new rule requiring two-person train crews
Four railroads, including Union Pacific and BNSF, have filed appeals to throw out a new rule that would require two-person train crews in most circumstances. The railroads argue that the mandate is arbitrary, capricious, and an illegal abuse of discretion. The new federal requirement, announced last week, is a milestone in organized labor's fight to preserve the practice and comes amid increasing scrutiny into railroad safety. The Association of American Railroads trade group has stated that the rule is unfounded and not supported by safety data. The regulators and unions argue that having two people in the cab of locomotives provides clear safety benefits. Transportation Secretary Pete Buttigieg has emphasized the need to improve railroad safety, especially after a hazardous chemical spill caused by a train derailment. The new rule is set to take effect in early June, but the railroads are challenging it in court, arguing that train crew sizes should be determined through contract talks rather than regulation. The major freight railroads believe that automatic braking systems have made the second person in the cab unnecessary.
ECONOMY
Americans increase spending pace in March
Americans increased their spending pace in March at a better-than-expected pace from February, the Commerce Department said Monday, underscoring how shoppers remain resilient despite inflationary pressures and other economic challenges. Retail sales rose 0.7% last month, beating the 0.4% rise forecast by economists polled by FactSet. Sales last month were boosted by a 2.1% rise in gasoline sales and a 2.7% acceleration in online receipts, which followed a 0.2% gain in February. Building material and garden equipment store sales advanced 0.7%. Sales at food services and drinking places, the only services component in the report, rose 0.4% after climbing 0.5% in February. However, they were down 0.3% at furniture stores, 1.8% at sporting goods, hobby, musical instrument and book stores, 1.2% at electronics and appliance outlets, and 1.6% at clothing retailers. 
INTERNATIONAL
Greek media workers initiate 24-hour strike in protest against government
Greek media workers have gone on a 24-hour strike to protest the government's economic policies. The strike, which includes journalists, has led to the suspension of news broadcasts on various platforms. The strike is part of a broader labor movement that includes railway workers and sailors, who have already initiated protest actions. Todays's strike is expected to see widespread participation from various sectors, with demands ranging from higher wages to reduced unemployment. The General Confederation of Greek Workers has also called for a strike, coinciding with the broader labor movement's demonstrations. Rising inflation and precarious working conditions have fueled discontent among workers, with a 37% increase in prices over the past two years.
OpenAI opens first Asia office in Tokyo
Microsoft-backed artificial intelligence startup OpenAI has opened its first Asia office in Tokyo, Japan. The company, known for its ChatGPT generative AI chatbot, is looking to expand its sources of revenue globally. OpenAI CEO Sam Altman and COO Brad Lightcap have been pitching for business to Fortune 500 executives in the U.S. and U.K. OpenAI's move into Japan comes as the country aims to leverage AI to compete with China, accelerate digital services, and address labor shortages. The company has a custom model optimized for the Japanese language and is led by Tadao Nagasaki, former president of Amazon Web Services in Japan. Local companies like SoftBank and NTT are also investing in large language models. Microsoft recently announced a $2.9bn investment in cloud and AI infrastructure in Japan.
Multinationals need to read fine print on employee secondment to the UAE
The introduction of the UAE's corporate tax and a withholding tax regime in the near future has put the spotlight on cross-border employee secondments, writes Pankaj S. Jain for Gulf News. Until last year, multinationals were not worried about employees from group entities being deputed to work in the UAE at one of their subsidiary companies. The physical presence of such employees in the UAE did not expose the overseas entity's profits to any local tax risks. But now, shifting employees from any of an organization's global operations to the UAE can trigger tax rules.
U.K. firms pull up a chair in shift to gender-neutral language
Over the past five years, more than half of FTSE 100 companies in the U.K. have replaced 'chairman' with 'chair' in a shift towards gender-neutral language. The move represents changing attitudes in the City and comes amid increased scrutiny of representation on corporate boards. In 2019, 98 FTSE 100 companies used the title 'chairman,' even when the head of their board was a woman. However, analysis of company results, announcements and filings over the past five years has shown 62 FTSE 100 businesses now use 'chair.' Only 32 still exclusively refer to the head of the board as 'chairman,' while six companies use both 'chair' and 'chairman.' The male-dominated finance and insurance industry is more likely to retain the use of "chairman," analysis shows.
OTHER
U.S. military to expand universal pre-K across dozens more bases
The Department of Defense Education Activity (DODEA), which manages schools on U.S. military bases around the world, will this fall expand universal pre-K to nearly all primary schools on U.S.-run bases worldwide. The program launched in 2023 at M.C. Perry Primary School at Marine Corps Air Station Iwakuni in Japan; its success there will see it rapidly expanded to another 79 primary schools in the 2024-25 school year. “One of the struggles . . . with dual-military families or families with two working parents, service member and spouse, is the challenge in ensuring their kids are in a good situation, whether it’s child care, the Child Development Center, or some kind of educational opportunity,” said DODEA spokesperson Will Griffin. “This is absolutely a win-win. They have the opportunity to know their child is in a good place, a nurturing, developmental environment that gets them started with a strong foundation to begin kindergarten.”
 


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