THE HOT STORY

UN sets first global standards for gig workers

The International Labour Organization (ILO) has agreed to adopt the first binding employment standards for gig workers in sectors such as ride-hailing and food ‌delivery. The Decent Work in the Platform Economy Convention, which was adopted at the 114th annual International Labour Conference in Geneva, aims to extend labour protections to hundreds of millions of people worldwide who work through digital platforms. A growing number of workers are being excluded from standard labour protections due to their classification as independent contractors rather than employees, and the protections include an end to such classification, as well as enforcement of minimum wage requirements and obligations including healthcare, sick leave and social security contributions. “For the first time in the history of international law, the women and men who move our cities, who clean and care in our homes . . . will be named, recognised and protected by a binding international standard,” said Amanda Brown, vice chair of the ILO’s Workers’ Group.

Al Jazeera

Reuters

Daily Star (Bangladesh)

WORKFORCE

Egypt to streamline work permits for foreign tourism workers

Egypt has introduced a 15-day initiative to simplify work permit issuance for foreign employees in the tourism sector, as announced by the Egyptian Tourism Federation (ETF). Starting June 15th, the programme will facilitate permits for foreigners in key tourist areas, including Luxor and the Red Sea Governorate. Applications will be processed within two working days, aiming to reduce administrative burdens and enhance operational stability. The initiative comes on the back of Egypt's record tourism revenues of $16.7bn for FY 2024/2025.

Zawya EN

TECHNOLOGY

JPMorgan Chase plans to deploy more powerful AI agents

JPMorgan Chase is set to deploy advanced AI agents later this year that can operate autonomously for extended periods, marking a significant step in corporate AI adoption. Derek Waldron, JPMorgan chief analytics officer, told CNBC: “We've entered now the era of long-running autonomous agents . . . [that] means that agents don't just run for two or three minutes to carry out a goal or some instructions of a human, they can run for an hour or two.” The bank has already seen a 20% increase in private banking gross sales due to AI tools, which have enhanced client interactions by analyzing market activity and client positions overnight. While some jobs may be displaced, Waldron emphasized that the focus is on creating a sustainable competitive advantage rather than merely cutting costs. He noted that the bank is shifting its approach to software development, considering in-house capabilities over traditional vendors, as the competitive landscape evolves.

CNBC

STRATEGY

Honeywell CEO says AI will ‘redefine automation' amid labour shortages

Honeywell chief executive Vimal Kapur has said that AI is set to “redefine automation” by transforming operational data into actionable insights. He observed that labour shortages and aging populations are increasing the demand for automation. “Net workforce is not going to be increasing. It's going to be decreasing over a period of time,” Kapur said. His comments come as Honeywell prepares to spin off its aerospace business on June 29; the company is seeking to focus solely on its automation sector. “We are taking the opportunity to build a pure play automation company across multiple sectors, and opportunity is more compelling now, with AI coming in,” Kapur said.

CNBC

Saudi's KAFD secures $3.2bn credit facility

King Abdullah Financial District Development and Management Company has secured 12bn Saudi riyals ($3.2bn) through a 15-year Murabaha facility. The funding, arranged by a syndicate of seven Saudi and three regional banks, aims to accelerate development in Riyadh's King Abdullah Financial District. Al Rajhi Capital served as the structuring advisor, with several banks participating as lead arrangers and bookrunners. The facility will enhance KAFD's assets and support its long-term development goals, following its acquisition by the Public Investment Fund in 2018.

Zawya EN

LEGAL

Bahrain issues laws to protect investments

Bahrain has enacted new laws and amendments aimed at protecting investments and enhancing consumer protection. The legislative package includes a new Legal Profession Law, which modernises the legal framework, and amendments to the Establishment and Organisation of Industrial Areas Law to improve investment conditions. Stricter penalties for unlicensed medical practice were also introduced to ensure healthcare quality. Additionally, consumer protection laws were updated to empower authorities against violators.

Zawya EN

RISK

To bet or not to bet: the corporate prediction market predicament

Companies are racing to set rules on how employees can bet on prediction markets. Recent high-profile cases have highlighted how the platforms’ soaring popularity could facilitate opportunities for insider trading.

Financial Times

INTERNATIONAL

Half of Americans fear AI could put someone in their household out of a job

A Reuters/Ipsos poll ‌reveals that more than half (53%) of Americans worry that the rise of AI could put them or someone in their household out of work. The survey of 4,531 U.S. adults nationwide found that the fear was spread fairly evenly across respondents by age, gender and education level. The poll found college graduates said they use AI more, with 50% saying they employ it regularly, compared to 34% of people without degrees and 40% of people overall.

Reuters

Italian unit of US firm probed over alleged worker abuse

A Milan court judge has upheld a decision to place the Italian unit of US builder Caddell Construction under ‌judicial control, as it faces a probe into alleged worker abuse at the Italian city's new US consulate site. The judge said that, based on available evidence, the Italian arm of ⁠the US firm had recruited workers in India through an intermediary and put them to work "on exhausting shifts, underpaid, without safety protections and under the constant threat of dismissal." Reuters observes that the judge's ruling is the latest indication of a broader crackdown on labour exploitation over the past three years.

Reuters

Meta starts unwinding Manus deal

Meta has ordered its employees to stop using Manus tools for internal projects and is blocking the Singapore-based firm's staff from accessing the Facebook parent company's internal data systems from this month. The operational split comes as Manus and Meta move to comply with Chinese regulators' demands to reverse the deal, which CNBC says has become a test case for how far Beijing will go to safeguard its strategic technology and talent. Bloomberg observes that Meta’s landmark acquisition of Manus, which was initially celebrated as a blueprint for Chinese AI startups keen to expand on a global stage, quickly drew criticism for handing over key technology to a geopolitical rival.

CNBC

Unpaid carers in UK could get maternity-style ‘right to return’ to work

Employees in the UK who quit work to care for relatives with a long-term illness could gain rights similar to those granted to new parents, including a right to paid carer’s leave and a new maternity leave-style “right to return” to work after a period of intensive caring, under proposals set out in a government consultation. Launching the consultation, the employment rights minister, Kate Dearden, said: “Whether you’re caring for an elderly parent, a partner with a long-term illness, or a child fighting a serious disease, you shouldn’t have to choose between your job and those you love.” Helen Walker, chief executive of Carers UK, said: “Too many carers currently have no choice but to reduce their hours or leave work altogether because workplace support and employment rights do not reflect the realities of caring.”

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