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Recent Editions
North America
Human Times
U.S. job openings fell to 6.88m in February from an upwardly revised 7.24m in January, undershooting expectations and signalling a moderation in labor demand after a brief uptick at the start of the year. According to the Labor Department's latest JOLTS report, hiring also slowed markedly, to its lowest level since April 2020, reflecting weaker recruitment across sectors including construction, leisure and hospitality, and business services. The slowdown in vacancies was driven by declines in accommodation and food services, healthcare, and manufacturing, suggesting softness is concentrated in specific industries rather than broad-based. Meanwhile, the quits rate held at 1.9%, matching its lowest level since 2020, indicating reduced worker confidence in securing new roles, while layoffs edged up slightly but remained subdued overall. The ratio of job openings to unemployed workers fell to 0.9, down significantly from a peak of 2 in 2022, reinforcing the Federal Reserve’s view that the labor market is no longer a key source of inflationary pressure.
Full Issue
UK
Human Times
Marks & Spencer has warned that rising levels of shoplifting and violence are putting staff and the public at risk, with retail director Thinus Keeve calling for stronger policing and greater transparency on crime. Writing in the Telegraph, Keeve said incidents had become "more brazen, more organised and more aggressive," citing recent attacks on staff and disorder involving large groups of youths in London. The retailer has written to both the Mayor of London and the Home Secretary, arguing that current responses are insufficient to deter repeat offenders. Meanwhile, Sadiq Khan has warned against any recurrence of the "utterly unacceptable" disorder seen in Clapham earlier this week, stressing that those who intimidate or attack shop workers will face the full force of the law.
Full Issue
USA
Education Slice
Utah has enacted a law requiring students in grades 3-12 to study specific Bible passages and stories that influenced American political thought, starting in the 2028-29 school year. Governor Spencer Cox stated: “It’s about understanding history and the things that influence people,” emphasizing the educational intent behind the law. This move aligns Utah with other states that have integrated Christian teachings into K-12 education, although it is distinct in being codified into law. Critics, including the Freedom From Religion Foundation, argue that this approach risks blurring the line between education and religious endorsement. Mark Chancey, a professor at Southern Methodist University, noted that the law reflects a growing trend influenced by Christian nationalism within the Republican Party. The operationalization of this mandate remains to be seen, as state board members have yet to determine which specific Bible passages will be included in the curriculum.
Full Issue
USA
Accountancy Slice
According to a new TIGTA report, individuals with Individual Taxpayer Identification Numbers (ITINs) have improperly claimed approximately $172m in tax credits for the tax years 2023 and 2024. The report highlights that 45,386 returns included claims for credits, including $142.8m in refundable credits like the Earned Income Tax Credit, which ITIN holders are not eligible for. TIGTA's review revealed that 294 tax returns claimed over $637,000 in credits without valid Social Security Numbers (SSNs). Kenneth Corbin, chief of the Taxpayer Services Division at the IRS, said: "We are implementing significant procedural and programming changes under the One Big Beautiful Bill Act of 2025," to enhance compliance and integrity in tax credit claims. TIGTA has made six recommendations to address these issues, all of which the IRS has agreed to implement.
Full Issue
Scotland
Legal Matters Scotland
The Law Society of Scotland has joined a legal challenge in the United States against executive orders issued by President Donald Trump targeting law firms over the clients they represent. The case, being heard at the Court of Appeals in Washington DC, centres on an appeal by the US Department of Justice against rulings that the sanctions imposed on firms including WilmerHale, Perkins Coie, Jenner & Block and Susman Godfrey were unconstitutional. The orders restricted the firms' access to government contracts and facilities, citing concerns over national security and alleged partisan activity linked to high-profile cases, including investigations into the 2016 and 2020 elections. Legal bodies from the UK and Europe have filed a joint submission warning that such measures undermine the independence of the legal profession and the rule of law. Patricia Thom, president of the Law Society of Scotland, said the intervention aimed to provide an international perspective, stressing that protecting lawyers’ ability to act for clients without interference is fundamental to democratic systems.
Full Issue
North America
Legal Slice
The American Bar Association’s lawsuit challenging President Donald Trump’s attacks on law firms can move forward after a federal judge rejected the Justice Department’s motion to dismiss the case. The ABA plausibly alleged “a realistic threat of sanctions to establish its standing,” Judge Amir Ali ruled. Ali said the ABA's suit "details at length the chilling effect the alleged policy has had on firms and lawyers," including claims that law firms have declined to take on some matters that challenge the Trump administration out of fear of retaliation. ABA President Michelle Behnke said the organization was "confident in the soundness" of its lawsuit. "The ABA believes this case is crucial to defending our members’ rights to represent clients of their choice and the public’s right to secure counsel of choice," Behnke said.
Full Issue
Europe
Risk Channel
Unilever's European works council has said that the company's $65bn merger with McCormick could precipitate union action over potential job losses. The labour pushback comes as Unilever CEO Fernando Fernández seeks to streamline operations and focus on high-growth categories. The deal, which combines brands including Hellmann's and Knorr with McCormick's spices, is expected to close next year pending approvals. "We fear that a possible transaction could be accompanied by further personnel measures," the Unilever European Works Council (UEWC), which represents nearly 20,000 employees in Europe and Britain, told Reuters. "Uncertainty among the workforce is high." The UEWC said it would weigh what action might be taken if Unilever does not "find good solutions for affected employees," adding "It could lead from negotiations to maybe strikes in different countries where that is possible. It depends on the legislation around Europe."
Full Issue
North America
CFO Slice
Amy Hood, Microsoft's chief financial officer, is under growing scrutiny as she navigates the company’s massive artificial intelligence (AI) investment cycle, having paused parts of the company's data center expansion in 2024 over concerns about unsustainable spending and uncertain demand forecasts. The decision, while aimed at maintaining financial discipline, has since contributed to a shortage of computing capacity, limiting Microsoft’s ability to meet surging demand for AI and cloud services and allowing competitors to secure some of the abandoned projects. Hood has earned strong support from investors for preserving margins through tight cost controls, including layoffs, hiring restrictions, and rigorous capital allocation, even as rivals ramp up spending. However, Microsoft now faces a delicate balancing act: continuing to invest heavily in AI infrastructure while avoiding overextension in a market increasingly clouded by fears of an AI-driven tech bubble. The situation underscores the broader industry challenge of predicting long-term demand for transformative technologies while managing short-term financial performance and operational constraints.