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Recent Editions
North America
Human Times
U.S. wireless carrier AT&T has confirmed its decision to end diversity, equity, and inclusion (DEI) programs in order to secure approval from the Federal Communications Commission (FCC) for its $1.02bn acquisition of wireless spectrum assets. The move aligns with similar actions taken by T-Mobile and Verizon, which have also ceased DEI initiatives while pursuing regulatory approvals for major deals. AT&T said in its letter to the FCC that it “does not and will not have any roles focused on DEI.”
Full Issue
UK
Human Times
Angela Rayner, the former deputy prime minister, will today propose an amendment to expedite the passage of the Employment Rights Bill. This comes after the Lords forced the watering down of day-one rights against unfair dismissal. After negotiations between unions and business leaders, the qualifying period will now kick in after six months - down from the existing two years. The move was a breach of the Labour party’s manifesto and has angered backbenchers who fear that further concessions on the bill will follow. Rayner will argue that because the compromise position is shortening the current system, it does not need consultation and therefore the change must be implemented more quickly.
Full Issue
USA
Education Slice
The abrupt termination of federal grants for school mental health services has left many initiatives in jeopardy. Ian Levy, an assistant professor of school counseling at Rutgers University, expressed disappointment, commenting: "The grant funding would have ended in five years, but the work of the grant would have lived well beyond the period." The U.S. Department of Education terminated these grants, citing inconsistencies with the new administration's priorities. This decision affects 174 initiatives aimed at increasing the availability of mental health professionals in schools, which are crucial given the ongoing mental health crisis exacerbated by the COVID-19 pandemic. The funding cuts have prompted appeals and legal challenges from affected organizations, but few have been successful. As a result, many school districts may struggle to retain newly hired counselors, further impacting student mental health services.
Full Issue
USA
Accountancy Slice
Corporations are set to claim $16bn in tax breaks this year for investments made before the Republican-backed “One Big Beautiful Bill Act” was passed in July, according to the Joint Committee on Taxation (JCT). The legislation reinstates 100% bonus depreciation, allowing companies to immediately deduct the full cost of capital investments like equipment and facilities. Though aimed at stimulating investment, the provision was made retroactive to January 19th, the day before Donald Trump began his second term, prompting criticism that it serves as a windfall rather than a genuine economic incentive. Over the next decade, the JCT estimates the rule will cost $362.7bn and boost GDP by 0.4%. Critics including Sen. Elizabeth Warren (D-MA) argue it disproportionately benefits large corporations, with over 80% of prior claims made by firms earning more than $1bn annually.
Full Issue
Scotland
Legal Matters Scotland
Professor Alexis Jay, who chaired the UK Government's Independent Inquiry into Child Sexual Abuse, which ran from 2016 to 2022, has urged the Scottish Government to set up a multi-agency review into the activities of grooming gangs in Scotland, as a potential "precursor to a public inquiry". Prof. Jay said that "we do not have a clear or reliable picture of what the present situation is in Scotland, therefore I think it is important that should be established", and that such a review "could inform other decisions", including "whether an inquiry into child sexual exploitation was necessary". Scottish Labour MP Joani Reid, who has called for such a review to be carried out, said of Prof. Jay's comments that SNP ministers "were willing to quote her as the final word in the argument when they mistakenly thought she was opposed to an independent investigation, and so they would be nothing more than hypocrites if they failed to act now". First Minister John Swinney indicated that the Government's position will be announced before Christmas.
Full Issue
North America
Legal Slice
The city of San Francisco has filed a lawsuit against 10 major food manufacturers, including Coca-Cola, PepsiCo, Kraft Heinz, and Nestlé, claiming that ultraprocessed foods are contributing to a public health crisis. City Attorney David Chiu said: "They took food and made it unrecognizable and harmful to the human body," as he highlighted the link between these foods and serious health issues including Type 2 diabetes and cancer. The lawsuit seeks to hold the companies accountable for deceptive marketing practices, and also calls for consumer education on health risks and financial penalties to assist local governments with healthcare costs related to ultraprocessed food consumption. The lawsuit marks the first time a municipality has sued over claims food companies have knowingly marketed addictive and harmful ultra-processed foods. A report from the U.S. Centers for Disease Control and Prevention indicates that most Americans derive over half their calories from such foods.
Full Issue
Europe
Risk Channel
The Bank of England has raised concerns about the significant role foreign hedge funds play in financing UK government borrowing. In its Financial Stability Report, the Bank noted that hedge funds borrowed nearly £100bn against UK bonds, or gilts, last month, marking a record high. The Bank warned that this concentration of borrowing increases market vulnerabilities and the risk of disorderly selling. "Relatively high use of leverage by a small number of firms taking crowded positions increases vulnerabilities and the risk of a disorderly unwind as well as a jump to illiquidity in core UK markets," the Bank said. The BoE also said share prices in the UK are close to the "most stretched" they have been since the 2008 global financial crisis, while equity valuations in the US are reminiscent of those before the dotcom bubble burst due to the high valuation of AI firms.
Full Issue
North America
CFO Slice
EY-Parthenon has forecast that global mergers and acquisitions activity will continue to grow in 2026, with corporate deal volume projected to rise 3% and private equity by 5%, building on expected growth of 10% and 8% respectively in 2025. The firm cites resilient balance sheets, improved valuations, and rising chief executive confidence as key drivers, with further support from expected U.S. interest rate cuts.
Full Issue