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Recent Editions

North America
Human Times
The General Services Administration (GSA) wrote to EY, McKinsey, BCG, FTI Consulting, AlixPartners, and A&M on Thursday, asking them to outline and justify their federal contracts. The GSA helps oversee procurement across the government and is coordinating the administration-wide review to determine which tasks can be done internally by federal employees, and which must be done by outside consultants. “Our objective is to critically evaluate which engagements deliver genuine value,” wrote the GSA’s Josh Gruenbaum, who serves as commissioner of the Federal Acquisition Service. “In keeping with this Administration’s laser focus on fiscal responsibility, our baseline presumption is that most, if not all, of these contracted services are not core to agency missions.” He asked the consulting firms to respond by July 11 by detailing their existing federal contracts in plain language - “no consultant gobbledygook,” he said in the letter - and explaining the pricing structure of projects.
Full Issue
UK
Human Times
Analysis by jobs search site Adzuna shows that the number of new entry-level jobs has fallen by 31.9% since the launch of the AI tool ChatGPT in November 2022. The report highlights that entry-level posts now account for just a quarter of the overall jobs market, down from 28.9% in 2022. James Neave, head of data science at Adzuna, said: "If you can reduce your hiring at the entry level, that’s just going to increase your efficiency and improve cost savings."
Full Issue
USA
Education Slice
On Monday afternoon, the Trump administration announced that it is delaying the release of nearly $6.9bn in federal K-12 education funding scheduled for July 1, affecting programs including Title I-C Migrant Education ($375m), Title II-A Supporting Effective Instruction Grants ($2.2bn), Title III English Language
Acquisition Grants ($890m), Title IV-A for academic enrichment ($1.3bn), and Title IV-B 21st Century Community Learning Centers ($1.4bn). It later added that it is also withholding Grant Award Notifications for adult basic and literacy education ($72m). The funds being withheld from the affected programs represent at least 10% of the federal K-12 education spending in 33 states and territories, according to estimates by the Learning Policy Institute, a nonpartisan nonprofit think tank. “The Department remains committed to ensuring taxpayer resources are spent in accordance with the President’s priorities and the Department’s statutory responsibilities,” the Department of Education said in written communications to states about its plans. Although federal law prohibits the executive branch from withholding congressionally appropriated funds unless it gives federal lawmakers an opportunity to approve or reject the move within 45 days, Russell Vought, who Trump appointed to lead the Office of Management and Budget, has said he believes restrictions on impoundment are unconstitutional. It is currently unclear how long the funding delay might last, or when the federal funds might be distributed.

USA
Accountancy Slice
U.S. Senate Republicans were continuing their efforts early this morning to pass President Donald Trump's sweeping tax-cut and spending bill, amid deep divisions within the party about its expected $3.3tn hit to the nation's debt pile. Voting on amendments and procedural motions started midmorning Monday and dragged through the night as Republican leaders worked to find a balance of policies that could pass both the Senate and later the House. Mr. Trump spoke with congressional leaders by phone, and the White House said it was confident that the bill was on track even as its fate and final content remained uncertain. Senate Majority Leader John Thune (R-SD) spoke privately with Sen. Lisa Murkowski (R-AK), after he and other party leaders had engaged in long discussions with her on the Senate floor regarding both the Medicaid and nutrition-assistance cuts in the bill and the phaseouts of clean-energy tax credits.
Full Issue
Scotland
Legal Matters Scotland
Susan Aitken, the leader of Glasgow City Council, has expressed deep concern over the rising youth violence in Scotland, particularly following the tragic deaths of three teenagers, including Kory McCrimmon, who was fatally attacked in Greenfield Park. Aitken described these incidents as "a warning sign" during an emergency council meeting. The Parents Against Knives campaign, led by Kory's grieving parents, has called for immediate action, stating: "Enough is enough." The council is now exploring new strategies to combat this issue, emphasising the need for community participation. SNP councillor Laura Doherty highlighted the complex nature of youth violence, exacerbated by the pandemic's impact on young people's development. The Scottish Government has recently allocated £82,000 to the Violence Reduction Unit in response to these concerns.
Full Issue
North America
Legal Slice
The Trump administration has appealed a federal judge's decision to strike down an executive order targeting Perkins Coie over its past legal work for Hillary Clinton and others. The Justice Department filed a notice of appeal to the U.S. Court of Appeals for the District of Columbia Circuit challenging the May 2 ruling by U.S. District Judge Beryl Howell. Three other federal judges in Washington have rejected executive orders against law firms WilmerHale, Jenner & Block and Susman Godfrey. The DOJ has not yet filed appeal notices in those cases. Perkins Coie said it was looking forward to presenting its case to the appeals court, and noted that judges in Washington "permanently blocked all four unlawful executive orders targeting law firms because those orders violate core constitutional freedoms."
Full Issue
Europe
Risk Channel
Aon chief executive Greg Case has called for $1trn in private capital to enter the insurance sector over the next decade to address increasing coverage gaps for natural disasters and cyber threats. Speaking to the Financial Times, Case said: “If we don't bring in a trillion dollars in alternative capital in the next decade, we've failed.” The insurance industry is under pressure from rising climate-related losses and a surge in cyber incidents, with Aon noting that since 2000, less than one-third of global natural catastrophe costs have been covered. In 2024, economic losses from natural disasters reached $223m, with only $145bn insured. Aon anticipates that alternative capital investment will double in the next five years, driven by investor appetite and demand from companies facing reduced capacity from traditional insurers. Case emphasised the importance of transparency and understanding risk to bolster investor confidence.
Full Issue
North America
CFO Slice
A new report from Compensation Advisory Partners (CAP), a consulting firm, examines 2024 compensation outcomes for chief financial officers relative to chief executives. It looked at 155 public companies with a median revenue of $12.6bn and fiscal years ending between August 31st 2024, and January 1st 2025. CAP’s analysis found that for executives in the data set who did receive a bump to their salary, the median increase was 5.7% for CFOs and 4.1% for CEOs. The previous year, CFOs’ median increase was 5%, and 5.1% the year before that. “We were expecting salary increases to start shifting downward, given the labor market,” Kelly Malafis, founding partner at CAP told me. “But salary increases are likely to remain steady for CFOs.” The report suggests that this stability is being driven by high turnover due to retirements or departures and strong demand for finance chiefs. CEOs still lead in total compensation, according to CAP data. Over the past decade, CFO total compensation has averaged about 33% of CEO compensation, the firm’s research shows. The median tenure for these positions is typically around seven years, said Roman Beleuta, principal at CAP. “Every time there’s a reset, you’re kind of resetting the bar again,” he explained. “That’s why that ratio stays at about a third.”
Full Issue