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North American Edition
22nd April 2024
 
THE HOT STORY
United Auto Workers celebrates victory at Volkswagen plant in Tennessee
The United Auto Workers (UAW) union has achieved a significant victory at a Volkswagen plant in Tennessee, winning 73% of the vote. The win marks the UAW's first success in a Southern assembly plant owned by a foreign automaker. The UAW hopes to build on the success and expand its presence in the South, which is the least unionized part of the country. However, the union is likely to face a tougher challenge in representing workers at two Mercedes-Benz plants in Alabama. The UAW has accused Mercedes of violating labor laws with anti-union tactics. President Joe Biden congratulated the UAW on its win and praised the role of unions in raising wages and building the middle class. The UAW's win is seen as demonstrating that organizing in the South is possible and challenges negative perceptions about unionization in the region.
STRATEGY
U.S. law firms Troutman Pepper Hamilton Sanders and Locke Lord in talks to merge
U.S. law firms Troutman Pepper Hamilton Sanders and Locke Lord are in discussions to merge, potentially creating the largest law firm combination of the year. The firms have confirmed their talks and stated that their priority is delivering exceptional legal services to clients. Troutman Pepper, with over 1,100 lawyers in 22 U.S. cities, generated $1.08bn in gross revenue in 2023. Locke Lord, with over 500 lawyers in 20 locations globally, brought in $497.6m in revenue last year. The number of law firm mergers in the first quarter of 2024 has increased by 25% compared to the same period in 2023. Allen & Overy and Shearman & Sterling are also set to merge, creating a firm with over 3,900 lawyers across 48 offices.
Google consolidates AI teams to boost portfolio
Alphabet-owned Google is consolidating its artificial intelligence (AI) teams across its Research and DeepMind divisions. The move aims to develop Google's AI portfolio and address growing concerns about AI safety. Google will relocate its Responsible AI teams from Research to DeepMind to be closer to where AI models are built and scaled. The consolidation follows Google's merger of its research units Google Brain and DeepMind last year. The company plans to release a series of AI models in 2024. This move comes after a series of job cuts and cost reductions at Google, despite increasing investment in AI and automation.
PwC U.S. shakes up organizational structure
PwC U.S. is to realign its organizational structure across three lines of service—Assurance, Tax and Advisory—three years after it restructured it into two sides, Trust Solutions and Consulting Solutions. The changes, effective July, will also see a new Operating Committee formed to run the firm; it will include assurance leader Deanna Byrne and tax leader Krishnan Chandrasekhar. Tyson Cornell, the deputy platform leader for the U.S. cloud and digital practice, will serve as U.S. advisory leader. Jenny Koehler, the U.S. chief investment and strategic growth officer, will become chief operating officer of advisory. The Big Four firm is also considering shrinking its new class of U.S. consulting partners to 85, from 174 a year earlier. 
Nike to lay off 740 employees at Oregon HQ
Nike plans to lay off 740 employees at its Beavertown, Oregon headquarters before June 28th, the company has told state officials. In a notice mandated by the Worker Adjustment and Retraining Notification Act, the company said it "will be permanently reducing its workforce at its World Headquarters" in a "second phase of impacts". The reductions are part of a three-year plan to cut $2bn in costs Nike announced in December.
MANAGEMENT
Elon Musk says the best employees need little management
Elon Musk has pushed back on his reputation as a micromanager, stating that the best employees actually require little management. While some bosses may not consider their actions as encroaching on employee autonomy, surveys have shown that many workers have experienced what they believe to be overly involved bosses. Musk believes that smart and talented individuals can manage themselves and that setting clear goals is key to keeping them happy. However, he says he reserves the right to intervene and take control when necessary. In the interview, Musk emphasized the importance of attention to detail when striving for a perfect product. 
RISK
BlackRock triples spending on home security for Larry Fink
BlackRock, the world's largest asset manager, has spent nearly $800,000 on security for its CEO, Larry Fink. The company has faced a backlash over its ESG investment push but also for its perceived lack of action on decarbonisation, prompting the increased security measures. The expenses included $564,000 for upgrading security systems at Fink's home and $217,000 for bodyguards.
WORKFORCE
Consulting firms step up efforts to push out their low performers
There has been a slump in voluntary departures at professional services firms such as McKinsey and Deloitte, and bosses have been desperate to increase what they call “attrition.”
ECONOMY
Conference Board's LEI gauge dialled back last month
A measure of the U.S. economy put together by the Conference Board declined in March, although there is little sign that U.S. growth is significantly dropping off. The business research group's Leading Economic Indicators index fell 0.3%, after rising 0.2% in February. "Negative contributions from the yield spread, new building permits, consumers' outlook on business conditions, new orders, and initial unemployment insurance claims drove March's decline," said Justyna Zabinska-La Monica, senior manager, business cycle indicators, at the Conference Board. "Overall, the Index points to a fragile—even if not recessionary—outlook for the U.S. economy. Indeed, rising consumer debt, elevated interest rates, and persistent inflation pressures continue to pose risks to economic activity in 2024."
INTERNATIONAL
Dutch companies file 1,500 work permit requests for refugees
Dutch companies have filed over 1,500 requests for work permits for refugees this year, following a ruling that allows them to work more than 24 weeks. The ruling, made last year, states that asylum seekers should have access to the job market to become self-sufficient and better integrated into society. The annual report from the Dutch jobs agency UWV confirms that companies are embracing this change and seeking work permits for refugees.
Malaysia offers incentives to attract global tech companies
Malaysia will provide exemptions, subsidies, and tax rates to attract global tech companies, aiming to create high-skilled jobs and develop future entrepreneurs and leaders in the tech industry. Minister Rafizi Ramli stated this at the KL20 Summit, where new policies to support Malaysian start-ups were discussed. "We want to attract global unicorns to enter Malaysia," said Ramli.
OTHER
Human-pet dog patrol teams to start duties in Seoul
A total of 1,424 human-pet dog patrol teams will start their duties in Seoul this week, joining in efforts to prevent crimes and safety risks in neighborhoods across the capital. The civil patrol program launched by the city government in 2022 encourages designated pet dog owners and their animals to watch for and report any suspected crimes or other safety risks to authorities while they go for walks in their neighborhoods. Last year, 1,011 teams were in operation, which together filed 331 police reports and 2,263 safety or inconvenience risk reports during their 48,431 patrol walks. "With the domestic population of pet owners reaching 15 million, the pet dog patrol unit is a new policy that can help prevent crimes and safety risks," said Mayor Oh Se-hoon.
 


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