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Recent Editions
North America
Human Times
U.S. consumer sentiment has fallen to a more-than three-year low, with the government shutdown weighing on the economic outlook and high prices souring views about personal finances. The University of Michigan's preliminary November sentiment index dropped to 50.3, the lowest since June 2022, from 53.6 in October. A measure of current economic conditions slumped 6.3 points to a record low of 52.3, and fears about unemployment rose, with 71% of respondents expecting it to rise in the year ahead. “Consumers perceive pressure on their personal finances from multiple directions,” Joanne Hsu, director of the survey, said in a statement. “Consumers also anticipate that labor markets will continue to weaken in the future and expect to be personally affected.’’
UK
Human Times
One in six employers anticipates workforce reductions due to AI over the next year, according to the Chartered Institute of Personnel and Development (CIPD). The CIPD's latest labour market outlook survey, involving over 2,000 employers, shows that 62% expect clerical, junior managerial, professional or administrative roles to be most affected. Large private sector firms are particularly concerned, with 26% expecting headcount reductions compared with 17% in the private sector overall and 20% in the public sector. Of the firms that expect to cut roles because of AI, a quarter said they were preparing to lose more than one in 10 staff. James Cockett, a senior labour market economist at the CIPD, said: "AI has great potential for improving productivity . . . but it also risks leaving many people behind."
Full Issue
USA
Education Slice
The ongoing government shutdown and President Donald Trump's policies have created significant uncertainty regarding mental health funding for schools. Julie Giannini-Previde, superintendent of the McKinleyville Union School District in California, expressed concern, commenting: "You have to be under a rock as an educational leader to not be worried about how any of this is going to happen." The Education Department has introduced new priorities for $270m in mental health grants, limiting funding to school psychologists while excluding counselors and social workers. Advocates worry that these changes, coupled with the cancellation of previously approved grants, will hinder recruitment and planning efforts in schools. Meanwhile, Senator Bill Cassidy (R-LA) downplayed these concerns, urging a focus on facts rather than fear.
Full Issue
USA
Accountancy Slice
Even as the Senate moves towards ending the 40-day government shutdown, the IRS continues to grapple with significant layoffs and service disruptions. The IRS began furloughing employees shortly after the shutdown commenced on October 1st, initially relying on leftover funds from the Inflation Reduction Act. While some clients are relieved that audits are paused, others face delays in processing requests, such as lien releases. A proposed congressional deal aims to reverse layoffs and restore furloughed IRS employees, including one attorney who has resorted to selling hot dogs on the street.
Full Issue
Scotland
Legal Matters Scotland
Malcolm Graham, chief executive of the Scottish Courts and Tribunals Service (SCTS), has warned MSPs that the court system faces a 'significant threat' due to under-funding and increasing workloads. He highlighted a £8m shortfall in this financial year and called for a baseline resource funding of £165m by 2026/27 to ensure sustainability. Graham noted that rising serious criminal cases, including historical sex offences, are exacerbating existing backlogs. The Scottish Government pledged to assess future budget needs.
Full Issue
North America
Legal Slice
Donald Trump has threatened to target the BBC with a $1bn lawsuit after the U.K. public broadcaster doctored a speech he made. A documentary, part of the broadcaster's “Panorama” series, included an edited version of Trump's Jan. 6, 2021, speech. Critics argue that the edit misleadingly combined separate passages to suggest Trump was inciting violence, omitting his call for a peaceful protest. Trump's legal team has demanded a retraction, an apology, and compensation by 5pm on Friday. His lawyer, Alejandro Brito, said that the BBC's actions caused significant financial and reputational harm to the President. The controversy over the editing of the speech precipitated the resignation of BBC Director-General Tim Davie and Deborah Turness, the chief executive of BBC News.
Full Issue
Europe
Risk Channel
Activists have criticised proposed changes to Europe's landmark privacy law. EU antitrust chief Henna Virkkunen will present the Digital Omnibus, in effect a package of proposals to simplify overlapping legislation including the General Data Protection Regulation, the Artificial Intelligence Act, the e-Privacy Directive and the Data Act, on November 19. Austrian privacy group noyb commented: "The draft Digital Omnibus proposes countless changes to many different articles of the GDPR. In combination this amounts to a death by a thousand cuts." Max Schrems of noyb said: "This would be a massive downgrading of Europeans' privacy 10 years after the GDPR was adopted."
Full Issue
North America
CFO Slice
Bloomfire vice president of marketing Brian Zander has warned chief financial officers and chief information officers against overestimating the current capabilities of artificial intelligence technology, urging clear expectations, defined ROI metrics, and alignment between finance and technology functions to avoid stalled implementations and unmeasurable outcomes. He noted that CFOs often misjudge AI’s handling of complex data while CIOs can lose sight of the end user, with both needing a more balanced approach to risk and practical application. “I absolutely think that technology investments do have a direct input on the value that a company can produce,” Mr. Zander said. “I think that technology 100% impacts the human performance side of things, and the CFO should be measuring that in a very real way.”
Full Issue