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Recent Editions

North America
Human Times
In June, U.S. employers added 147,000 jobs, showcasing the labor market's resilience amid uncertainties surrounding President Trump's economic policies. The Labor Department's monthly report also revealed that the unemployment rate decreased to 4.1%, down from 4.2% in May, with hiring surpassing economists' expectations. State government payrolls climbed by the most since the start of 2023, led by education, while employment at local governments also surged. Health care payrolls rose 59,000, the least in four months. Employment also moderated in leisure and hospitality, as a 20,000 increase in June followed a downward revision of similar size in May. Payrolls declined in manufacturing, wholesale trade and business services. Average hourly wages increased by 0.2% from May and 3.7% year-over-year, to $36.30. The Labor Department's weekly jobless report, meanwhile, revealed that initial claims for unemployment benefits fell 4,000 in the seven days to June 28th; the four-week moving average declined 3,750 to 241,500, while total claims, reported with a one-week lag, were unchanged at 1.964m.
Full Issue
UK
Human Times
Hiring confidence among UK employers has reached its lowest point in 13 years, according to BDO’s Business Trends barometer. The report highlights that the rise in national insurance, which adds £20bn annually to employers' costs, has led to a "prolonged caution from UK business." Many firms are hesitant to recruit due to policy uncertainty and the prospect of further tax increases in the autumn budget. Scott Knight, head of growth at BDO, commented: "We're seeing early signs of recovery in business output," primarily driven by the services sector. "But as we all know, we can't rely on good weather forever." A separate survey by the CBI found optimism among financial services bosses has fallen sharply, with many signalling that they plan to cut headcount in the coming months.
Full Issue
USA
Education Slice
Between March 11, when the U.S. Department of Education's Office for Civil Rights (OCR) began reducing its staff levels, and June 27, the agency dismissed 3,424 complaints, according to court documents filed by Rachel Oglesby, who has been chief of staff at the Education Department since January. By contrast, the office dismissed 2,527 cases in the three-month period between November 2024 and January 2025 under the Biden administration. “A dismissal rate this high suggests a fundamental shift in how OCR is triaging and processing complaints,” said Jackie Gharapour Wernz, an education civil rights attorney who worked for the OCR under the Obama and first Trump administrations. “It raises serious concerns about whether civil rights issues are being meaningfully evaluated and whether the agency is adhering to its own case processing manual and relevant law in dismissing cases.” In response, Education Department spokesperson Julie Hartman said the OCR is taking actions according to federal law, regulations and the OCR case processing manual, which outlines the steps the agency must take to process complaints.
Full Issue
USA
Accountancy Slice
The IRS has announced that pastors endorsing political candidates from the pulpit will not risk losing their tax-exempt status. This decision seeks to create an exception for religious organizations from the Johnson Amendment, a 1954 rule that prohibits tax-exempt entities from engaging in political endorsements. In a joint court filing, the IRS and the National Religious Broadcasters Association requested a federal court in Texas to halt the enforcement of the Johnson Amendment against them, arguing it infringes on their First Amendment rights. The plaintiffs that sued the IRS had previously asked a federal court in Texas to create an even broader exemption, to rule that all nonprofits, religious and secular, were free to endorse candidates to their members. The IRS has agreed to a narrower carveout, and said that if a house of worship endorsed a candidate to its congregants, it would be viewed not as campaigning but as a private matter, like “a family discussion concerning candidates.” Earlier this year, Republican lawmakers also introduced legislation aimed at removing the amendment.
Full Issue
Scotland
Legal Matters Scotland
A new Survation poll reveals that over a third of Scots believe crime has increased in their local area, while nearly two-thirds lack confidence that police have sufficient resources to prevent it. Although many still trust the police to solve crimes after they occur, concerns persist over visible policing and preventative work, with officers often diverted to health-related duties. Justice Secretary Angela Constance acknowledged public concern but insisted Scotland remains safe, pointing to a long-term decline in reported crime since 1991. However, opposition parties accused the SNP of neglecting frontline policing and contributing to an "epidemic of serious violence." Both Scottish Labour and the Conservatives called for urgent investment to restore public confidence and ensure police are adequately equipped to protect communities. David Threadgold, chair of the Scottish Police Federation, said: "If the government is genuinely concerned about policing and the electorate's perception of crime, then it should take heed of this poll."
Full Issue
North America
Legal Slice
The Justice Department has decided not to release additional files related to Jeffrey Epstein's sex trafficking investigation, despite previous assurances from Attorney General Pam Bondi. The department acknowledged that Epstein did not maintain a "client list," contradicting earlier claims that such a document was forthcoming. Bondi had previously suggested that more evidence would be revealed, stating: "It's a new administration and everything is going to come out to the public." However, after reviewing the evidence, the DOJ concluded that no further disclosures were warranted, citing the need to protect victims. This decision has sparked outrage among conservative commentators, with figures like Jack Posobiec expressing frustration over the lack of transparency. The memo from the DOJ emphasised that "one of our highest priorities is combatting child exploitation and bringing justice to victims," while also dismissing unfounded conspiracy theories surrounding Epstein's activities.
Full Issue
Europe
Risk Channel
Apple has filed a lawsuit against the European Commission after being fined €500m for violating the Digital Markets Act. The company argues that the Commission's decision "go far beyond what the law requires," claiming it mandates how Apple operates its App Store, which could confuse developers and harm users. Apple has recently revised its App Store rules to comply with EU regulations to avoid daily fines of 5% of its average daily worldwide revenue, approximately €50m. The EU is currently seeking feedback from app developers regarding these changes. In a related matter, Apple was previously ordered to pay Ireland €13bn in unpaid taxes after a lengthy dispute.
Full Issue
North America
CFO Slice
North American corporate finance leaders’ confidence dropped considerably in the year’s second quarter as economic and geopolitical uncertainties persist, according to Deloitte survey results published today. The Big Four firm's latest CFO Signals Report, which surveyed 200 CFOs in North America at groups with at least $1bn in revenue, found that only one in three think it’s a good time to take on greater risk as they seek to grow their business, down from 60% earlier this year. The respondents accompanied their increased caution with lowered projections for revenue, earnings, and capital investments. In North America, only 23% of CFOs rated the regional economy as “good now,” compared to 50% in the firm’s first-quarter survey. Internally, they cited hiring or retaining talent, lacking agility, and managing costs as top concerns for the second quarter, according to the latest results.
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