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Recent Editions

North America
Human Times
OpenAI chief executive Sam Altman has accused Mark Zuckerberg’s Meta of trying to poach his developers with the promise of $100m sign-on bonuses and even higher compensation. Although Meta had sought to hire “a lot of people” from OpenAI, “so far none of our best people have decided to take them up on that,” Altman said, speaking on the “Uncapped” podcast, which is hosted by his brother. “I’ve heard that Meta thinks of us as their biggest competitor,” he said. “Their current AI efforts have not worked as well as they have hoped and I respect being aggressive and continuing to try new things.” Meta did not immediately respond to a request for comment.
Full Issue
UK
Human Times
A former Janus Henderson analyst who used working from home during the Covid-19 pandemic as a cover for insider trading has been found guilty in one of the most high-profile UK insider dealing cases in recent years. Redinel Korfuzi was accused of using information he accessed through his job as a research analyst at the asset manager to trade using accounts held by his sister Oerta Korfuzi and two other co-defendants. Prosecutor Tom Forster told jurors at the start of the trial at Southwark Crown Court in February that the defendants made a profit of around £963,000 in relation to 11 companies' shares in just over six months.
Full Issue
USA
Education Slice
The U.S. Supreme Court on Wednesday upheld a Tennessee law banning certain gender-transition treatments for minors, which may influence similar state-level restrictions on transgender rights. The 6-3 decision in United States v. Skrmetti, came in response to a challenge brought by the Biden administration, three families and a physician who had argued that Tennessee's law violated the Constitution's guarantee of equal protection under the law. The court concluded that the state's measure, which is known as SB1 and was enacted in 2023, does not run afoul of the 14th Amendment's equal-protection clause, and allows it to regulate sports eligibility and restroom access for transgender students. Chief Justice John G. Roberts Jr. commented: “This case carries with it the weight of fierce scientific and policy debates about the safety, efficacy, and propriety of medical treatments.” The law, SB1, prohibits puberty blockers and hormone therapy for minors transitioning genders, affecting approximately 300,000 transgender youths in the U.S. The ruling may have broader implications for ongoing cases in Arizona, Idaho, and West Virginia regarding transgender participation in sports. trans rights advocates said they’re worried the ruling could push trans youth in other states to more dangerous, unsupervised sources of gender affirming care.
Full Issue
USA
Accountancy Slice
Federal Reserve officials kept the key interest rate unchanged at 4.25%-4.5% for their fourth straight meeting. Along with the rate decision, the committee indicated, through its closely watched “dot plot,” that two cuts by the end of 2025 are still on the table. The plot indicated continued uncertainty from Fed officials about the future of rates. Each dot represents one official’s expectations for rates. There was a wide dispersion on the matrix, with an outlook pointing to a fed funds rate around 3.4% in 2027. In a post-meeting statement, the Fed’s rate-setting committee said uncertainty about the economic outlook has “diminished,” but said it’s still watching closely for risks related to both inflation and unemployment. Fed Chair Jerome Powell said after the release that the Fed needs more confidence about the path of inflation. “Without tariffs that confidence would be building,” he commented. “We have to learn more about tariffs. I don’t know what the right way for us to react will be. I think it’s hard to know with any confidence how we should react until we see the size of the effects.” Commenting on President Donald Trump's criticisms - on Wednesday he called him "a stupid person" - Mr. Powell said the Fed is "well-positioned" to deliver "a good solid American economy," adding: "Pretty much that's all that matters to us."
Full Issue
Scotland
Legal Matters Scotland
Richard Hermer, the Attorney General, has expressed concerns regarding the legality of the UK joining military actions against Iran, stating that Britain should limit its involvement to defending allies. As Sir Keir Starmer considers military support for the US, critics including shadow foreign secretary Priti Patel say Lord Hermer should not be restricting the UK's actions in a time of crisis. The UK has not yet received a formal request from the US to use its bases for potential strikes against Iran, but observers suggest the terms of the Chagos Islands deal could mean the UK has to inform Mauritius about any future air strikes launched on Iran from the Diego Garcia military base there. Meanwhile, Britain and Europe have warned President Trump that military intervention against Iran could trigger a wave of terror attacks by sleeper cells across Europe. Finally, Ed Davey, the Liberal Democrat leader, has said the Government should publish Hermer's advice. "The last thing we need is for the UK to be dragged into another illegal war in the Middle East by the US," he said.
Full Issue
North America
Legal Slice
A federal judge has invalidated a rule from the Biden era that aimed to enhance privacy protections for women seeking abortions and patients undergoing gender transition treatments. U.S. District Judge Matthew Kacsmaryk in Amarillo, Texas, said that the U.S. Department of Health and Human Services (HHS) overstepped its authority, limiting states' enforcement of public health laws. The rule, which prevented healthcare providers from sharing information about legal abortions with law enforcement, has now been blocked nationwide. Kacsmaryk observed: "HHS lacked clear delegated authority to fashion special protections for medical information produced by politically favored medical procedures."
Full Issue
Europe
Risk Channel
The London Stock Exchange faces yet another setback after Scottish Widows, one of the UK's largest pension funds managing £72bn in assets, said it plans to drastically reduce its UK equities allocation. The fund intends to cut its allocation from 12% to 4% in its highest growth portfolio and from 4% to 1% in its conservative portfolio by January 2026. The decision is part of a broader strategy to increase exposure to US equities and reflects a retreat from UK investments. Simon French, Chief Economist at Panmure Liberum, said the move "was an inevitable reaction" to the recent Mansion House Accord, with funds poised to sell down their UK stock holdings to compensate for the increased spend on UK private assets. This allows them to keep their overall exposure to the UK unchanged. Scottish Widows said that its "new and enhanced pension proposition - Scottish Widows Lifetime Investment - takes a market weight allocation to global equities by default, in line with similar propositions from other pension providers."
Full Issue
North America
CFO Slice
Nature has published a study exploring the relationship between the overseas experiences of chief financial officers, and digital transformation in Chinese-listed companies, using data from 2009-2022. Based on upper echelons theory, which is used in human resource management to determine correlations between organizational outcome and managerial background characteristics, it examines how CFOs’ international experience influences corporate strategy and digital innovation. The results demonstrate that CFOs with overseas experience significantly drive digital transformation within firms. By linking CFOs’ overseas experience with innovation and sustainable development strategies, the research contributes to the theoretical understanding of how strategic leadership impacts digital transformation.
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