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North American Edition
11th November 2024
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THE HOT STORY
Trump's election could halt student debt relief
The U.S. Department of Education's efforts to cancel student debt for millions may face a significant setback with Donald Trump's election. The President-elect has labeled these initiatives as "vile" and "not even legal," indicating a likely cessation of support for the Biden administration's loan forgiveness programs. With outstanding education debt exceeding $1.6tn, nearly 43m Americans are affected. The Biden administration has forgiven over $175bn in student loans, but experts warn that this relief may end under Trump, who previously proposed eliminating programs like Public Service Loan Forgiveness. Mike Pierce, executive director of the Student Borrower Protection Center, emphasized the potential financial instability for millions, saying: "The threat posed by these plans is real and will imperil the financial stability of millions of working families."
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STRATEGY
Jobs could go at Booking.com as part of reorganization plan
Online travel agency Booking.com has said it could cut jobs as part of a review of its organizational structure. "This is a difficult but necessary proactive step to make sure Booking.com remains agile in a very competitive industry and keeps driving customer-centered innovation at pace," the company said in a statement, adding "We believe these efforts will improve operating expense efficiency, increase organizational agility, free up resources that can be reinvested into further improving our offering to both travelers and partners." The review is specific to Booking.com and not its other brands, including Priceline, Agoda, Kayak and OpenTable, a company spokesperson said.
LEGAL
Meta fired whistleblower after she criticized AI revenue prediction, lawsuit claims
Yuet-Peng Cheong, a former product manager at Meta, has filed a whistleblower lawsuit alleging wrongful termination and retaliation after she raised concerns about inflated revenue projections for the company's generative AI technology. Cheong claimed that her supervisor, Maryam Gholami, pressured data scientists to increase revenue estimates by $1.5 bn, a figure which Cheong believed was “pulled out of thin air.” After expressing her concerns, Cheong said she faced harassment and was ultimately fired in June 2023. Meta has denied the allegations, stating they are “without merit” and that it will “vigorously defend against them.” Cheong is seeking unspecified damages for the alleged mistreatment and retaliation she experienced during her employment.
FEMA supervisor fired for 'targeted discrimination' of Trump supporters
A supervisor working for the Federal Emergency Management Agency has been fired for telling her subordinates to skip Florida homes with Trump signs in the aftermath of Hurricane Milton. Marn'i Washington’s actions meant residents were left without assistance. FEMA Administrator Deanne Criswell announced on Saturday that Washington had been fired for her “reprehensible” directive which amounted to a “clear violation of FEMA's core values and principles to help people regardless of their political affiliation.” The guidance was first reported by The Daily Wire, which spoke with multiple government employees from the relief team who said the instructions led to at least 20 homes being skipped. Several state and federal lawmakers are now calling for an investigation and prosecutions if necessary.
RISK
Ackman wants to move from Amsterdam after attacks
Billionaire Bill Ackman has said he would seek to delist investment firm Pershing Square Holdings and move record label Universal Music Group away from Amsterdam after Israeli soccer fans were attacked following a Europa League match between Israel's Maccabi Tel Aviv and Dutch team Ajax. Ackman said the board of Pershing Square, an investment holding company in which Ackman and his family own a 23% stake, had already been considering the move and "events in Amsterdam . . . provide an appropriate tipping point" to follow through. "Leaving a jurisdiction that fails to protect its tourists and minority populations combines both good business and moral principles," Ackman wrote in a message on X.
TECHNOLOGY
AI tools in HR 'have the potential to redefine the employee experience'
Writing for Forbes, Raunak Bhandari, the regional HR business partner leader of Google Asia Pacific, says his use of AI technology has been "transformative." He notes that by leveraging automated tools for résumé screening and candidate matching, Google is able to identify top talent more efficiently and build a diverse, inclusive workforce. The company also uses AI to enhance employee engagement through personalized feedback and development opportunities, which Bhandari says empowers employees and fosters a culture of continuous learning. The author nevertheless observes that the deployment of AI within certain HR processes raises several ethical concerns, including issues of bias and discrimination.
HEALTH & WELLBEING
Finance chiefs look for ways to curb burnout in face of economic strain
Many finance chiefs are worried about employee burnout and stress as workers are asked to do more with less in the face of ongoing economic uncertainty, according to John Gronen, CFO of e-invocing and “purchase-to-pay” automation provider Yooz. Many CFOs are “being asked to do more with a smaller group, hold back on hiring until we really see where the economy is going to go,” Mr. Gronen said, citing recent economic headwinds, as well as conversations with fellow CFOs. In a recent study conducted by Yooz, 88% of finance professionals said they were experiencing stress due to “shifting business priorities.” Meanwhile, 92% said constraints on their budgets were impacting their ability to meet their strategic goals, likely due to operational limitations around available technology and employee headcount.
REGULATION
New Trump administration could reshape business policies
The Wall Street Journal takes a look at how a second Trump administration could rewrite the way America does business, suggesting that the president-elect is likely to oversee a more hands-off, business-friendly approach to policy and regulation. The Journal examines key areas where the new administration could shift or even reverse Biden administration strategies, including AI deregulation, on-shoring of chip manufacturing, cyber enforcement priorities, federal agency reorganization, cyber threats, the Inflation Reduction Act’s future, Gary Gensler's tenure at the helm of the SEC, Environmental Protection Agency emissions rules, SEC climate disclosure rules, and the exit from the Paris Agreement on climate change. It is noted that Republican control of the Senate should boost Trump’s efforts, including by easing the way for swift approval of his agency nominees and leadership of oversight committees.
ECONOMY
Speedy election call 'saved Christmas'
U.S. retail industry executives who are looking ahead to the holiday shopping season are relieved by the clear outcome to the presidential election, Bloomberg reports. “I wish that we had different choices, but I would say that the most important thing, selfishly, is I’m glad it’s over,” said Jim McCann, founder and chairman of 1-800-Flowers.com. “As a retailer, particularly the retailer of a lot of gifts for the Thanksgiving and Christmas holidays, if this caused distractions — very selfishly, that would’ve damaged our business.”
INTERNATIONAL
Gender-critical council worker loses U.K. legal fight
An ICT project officer has been ordered to pay £12,000 ( $15,500) in legal costs after his U.K. employment tribunal claim against East Riding of Yorkshire Council was deemed "vexatious." Jim Orwin protested against the council's pronoun policy by adding 'XYchromosomeGuy/AdultHumanMale' to his email signature, leading to his suspension and eventual dismissal in 2022. He claimed that remaining silent on the issue would "facilitate the steady creep of evil." Although the tribunal recognized his gender-critical beliefs as a protected philosophical belief under the Equality Act 2010, it dismissed his claims of discrimination and unfair dismissal. Employment Judge Ian Miller observed: "The real reason that [Mr Orwin] decided to add 'XY-chromosome-guy/adult-human-male' was in protest . . . The footer was designed to provoke and, we think given his acceptance of possible offenze, was designed to offend."
Australia's parliament seeks to address sexual harassment
The Sydney Morning Herald has reported that staff at Australia's parliament made 30 complaints of serious workplace offenses such as sexual assault and intimidation in the initial nine months of operation of the Parliamentary Workplace Support Service, a confidential service for federal parliament workers. The legislature is seeking to address issues of sexual harassment as it struggles amid a wave of scandals.
Construction firms in Singapore urged to take safety timeout
In Singapore, authorities are urging construction firms to implement a safety timeout from November 8 to 22, following a concerning rise in workplace fatalities, which doubled from July to October 2024. The Ministry of Manpower (MOM) highlighted three critical areas of focus: falling objects, vehicular safety, and safe lifting practices. Senior Minister of State for Manpower, Mr Zaqy Mohamad, emphasized the need to combat complacency, saying: “Since we find complacency seeping in, it's important to arrest that . . . before it spreads.” The recent fatalities, including the death of a 46-year-old worker struck by a concrete mixer truck, underscore the urgent need for enhanced safety measures. MOM has ramped up inspections in high-risk sectors and is calling for a renewed focus on workplace safety, especially as the festive season approaches. The construction sector accounted for the majority of workplace fatalities in the first half of 2024, prompting a multi-agency task force to take action.
Remote work boosts off-peak domestic travel in China
As temperatures drop in North China, an increasing number of younger people are travelling south for warmer weather, alongside the traditional elderly travellers. According to Qunar, a Beijing-based online travel agency, hotel bookings for stays longer than a month in southern China have doubled year-on-year. Zhu Xiaoqing, an office employee in Beijing, shared her experience of booking a serviced apartment in Hainan for a month, highlighting the flexibility offered by her company for remote work. Cai Muzi, a researcher at Qunar, observed: "Flexible working has become a popular choice for young people" as they seek to escape harsh winters. Popular destinations include Yunnan, Guangxi, Fujian, and Hainan, with long-term hotel bookings increasing threefold year-on-year. Despite the rise in young flexible remote workers, elderly travellers still make up the majority of off-peak travellers, with bookings nearly tripling after the National Day holiday.
OTHER
Labubu toy mania comes to America
The Los Angeles Times reports on a global frenzy that has erupted for Labubu, a furry elf character made by Chinese toy company Pop Mart, a huge brand in Asia that began opening stores in the U.S. last year. Worldwide, Pop Mart has more than 500 retail stores and 2,500 toy vending machines in 30 countries. Since April, every new release and restock of Labubu dolls has sold out, often within minutes, and counterfeits and resellers have flooded the market. “We’re not trying to manufacture” scarcity, said Emily Brough, head of licensing for Pop Mart North America. “It’s not like we’re just sending 12 to the store so that there’s this craze and nobody gets what they want,” she said. “We want people to get what they want, and we do try to stock up for the demand.” The Chinese company reported record revenue of $638.5m for the first half of 2024, a 62% year-over-year increase.
 


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