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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
The Supreme Court has ruled in favor of parents in a case against Maryland's Montgomery County Public Schools regarding the opt-out policy for certain storybook readings. The court's 6-3 decision in Mahmoud v. Taylor found that the school board violated parents' First Amendment rights by not allowing them to opt their children out of lessons that conflict with their religious beliefs. Justice Samuel Alito stated that the school board's actions “substantially interfere with the religious development of petitioners' children.” The ruling comes after a lawsuit from a group of Muslim, Christian, and Jewish parents who argued that mandatory participation in LGBTQ+-themed lessons constituted coercion. Dissenting Justice Sonia Sotomayor warned that the ruling could lead to chaos in public education, imposing burdens on schools to provide advance notice for every lesson that might conflict with parental beliefs.
Full Issue
USA
Accountancy Slice
The Senate is set to vote on the One Big Beautiful Bill, which includes significant tax provisions that have evolved since the Senate Finance Committee's initial proposal. If passed, the bill will return to the House, where its future is uncertain. Key changes, as outlined in the Journal of Accountancy, include making tax rates from the Tax Cuts and Jobs Act permanent, increasing the standard deduction, and temporarily raising the SALT cap to $40,000. Major Medicaid cuts are a major part of the package, along with food assistance for low-income Americans and financial aid for college students. The bill also introduces deductions for tips and overtime pay, while eliminating many clean energy tax incentives. AICPA has expressed gratitude for the rejection of new tax increases on pass-through entities. The bill aims to address various tax priorities, impacting both individuals and businesses. To help speed the bill's passage - President Donald Trump has asked for it to on his desk by July 4th - Republicans have declared that the extensions of expiring tax cuts will have no impact on the federal budget. Rather than use standard congressional accounting, Republicans are saying that extensions of tax cuts set to lapse Dec. 31 don’t count toward budget deficits the same way that new tax cuts do, because they are just continuing current policies. According to the Congressional Budget Office, that assumption turns the Senate’s bill from a $3.3tn deficit increase that can’t pass through reconciliation into a $508bn deficit decrease that can. Republicans are expected to endorse the accounting move in a procedural vote early today.
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
Global dealmaking in the first half of the year fell to a two-decade low as tariffs, high interest rates, a choppy market and uncertainty around the Trump administration’s policies stalled a rebound in M&A activity. Financial data company Mergermarket has reported that the worldwide tally of mergers, acquisitions, divestitures, financings and joint ventures so far in 2025 is down 16% year-over-year at 16,663, its lowest level since 2005. “Corporates were just in wait-and-see mode,” Mergermarket executive editor Lucinda Guthrie said, adding: “This uncertainty around where the [tariff] levels would land and where the deals would be struck caused shockwaves at different points in the calendar.” Kevin Desai, head of PwC’s U.S. deals platform, added: “All of us in the industry thought 2025 was going to be this banner year, with a meaningful uptick in volume . . . Obviously, that hasn’t come to fruition.”
Full Issue
Europe
Risk Channel
Agustín Carstens, general manager of the Bank for International Settlements, has warned that the global economy is at a "pivotal moment" as it enters a "new era of heightened uncertainty and unpredictability." This, he said, is testing public trust in institutions such as central banks. Mr Carstens, the former governor of Mexico's central bank, said increasing protectionism and trade fragmentation is "particular concerning" as they were exacerbating a decline in economic and productivity growth. He also voiced concern over evidence that the world economy is becoming less resilient to shocks. Pointing to rising debt levels, Mr Carstens said: "This trend cannot continue."
Full Issue
North America
CFO Slice
The Senate is set to vote on the One Big Beautiful Bill, which includes significant tax provisions that have evolved since the Senate Finance Committee's initial proposal. If passed, the bill will return to the House, where its future is uncertain. Key changes, as outlined in the Journal of Accountancy, include making tax rates from the Tax Cuts and Jobs Act permanent, increasing the standard deduction, and temporarily raising the SALT cap to $40,000. Major Medicaid cuts are a major part of the package, along with food assistance for low-income Americans and financial aid for college students. The bill also introduces deductions for tips and overtime pay, while eliminating many clean energy tax incentives. AICPA has expressed gratitude for the rejection of new tax increases on pass-through entities. The bill aims to address various tax priorities, impacting both individuals and businesses. To help speed the bill's passage - President Donald Trump has asked for it to on his desk by July 4th - Republicans have declared that the extensions of expiring tax cuts will have no impact on the federal budget. Rather than use standard congressional accounting, Republicans are saying that extensions of tax cuts set to lapse Dec. 31 don’t count toward budget deficits the same way that new tax cuts do, because they are just continuing current policies. According to the Congressional Budget Office, that assumption turns the Senate’s bill from a $3.3tn deficit increase that can’t pass through reconciliation into a $508bn deficit decrease that can. Republicans are expected to endorse the accounting move in a procedural vote early today.
Full Issue