THE HOT STORY

KPMG partner fined for AI cheating

A partner at KPMG Australia has been fined A$10,000 (US$7,000) for using artificial intelligence to cheat on an internal training exam on AI. The unnamed partner uploaded training materials to an AI platform to answer questions, violating company policy. Over two dozen KPMG Australia staff have been caught using AI tools to cheat on internal exams since July, according to the firm. Andrew Yates, chief executive of KPMG Australia, said: "Like most organisations, we have been grappling with the role and use of AI as it relates to internal training and testing. It's a very hard thing to get on top of given how quickly society has embraced it."

Financial Times

The Guardian

The Times

STRATEGY

Sanofi to increase Hyderabad workforce to over 4,500 employees

Sanofi is to expand its global capability centre (GCC) in the southern Indian city of Hyderabad, and increase its workforce there to more than 4,500 employees from over 2,600 people currently. The French drugmaker said that the expansion would be supported by a "multi-hundred-million" investment, but it did not specify a timeframe. India hosts more than 1,700 GCCs, employing over 1.9m professionals, according to real estate consultancy Anarock.

Reuters

TECHNOLOGY

AI threatens millions of office jobs, says Microsoft boss

Mustafa Suleyman, Microsoft's AI chief, predicts that most white-collar jobs could be fully automated within 12 to 18 months. He said that AI is nearing "human-level performance" in tasks including law, accounting, and project management. Suleyman noted that AI-assisted coding is already common in software engineering. The potential job losses could be severe, with estimates suggesting up to 80% of entry-level positions might be at risk.

Fortune

Financial Times

HR teams are drowning in slop grievances

Disaffected employees can now effortlessly create complaints using AI, leaving firms with the time-consuming job of responding. Employers are advised to intervene in problems before employees start considering an AI complaint.

Financial Times

REGULATION

Mizuho Securities under investigation for insider trading

Mizuho Financial Group's brokerage division is reportedly being investigated by Japan's financial watchdog following allegations of insider trading involving its staff. The Securities and Exchange Surveillance Commission is looking into employees from the company’s investment banking division, according to a report by the Nikkei newspaper. However, the specific sources of this information have not been disclosed.

Bloomberg

LEADERSHIP

Designer of Hello Kitty steps down after over 40 years

The designer of Hello Kitty, Yuko Yamaguchi, is stepping down after over 40 years at the helm of the character's design. Since 1980, she has overseen Hello Kitty's evolution into a global icon of Japan's kawaii culture. Yamaguchi's successor, known as Aya, is set to take over by the end of 2026. Sanrio, the company behind Hello Kitty, praised Yamaguchi for her engagement with fans and her collaborations with various artists. Originally launched as a coin purse design, Hello Kitty has grown into a multi-faceted brand with countless products and partnerships, including upcoming media projects and a theme park in China. The character maintains a simple narrative, featuring her sister Mimmy and boyfriend Dear Daniel while pursuing dreams of being a pianist or poet.

The Japan Times

ECONOMY

Dollar uncertainty threatens world economy

Zhu Min, an ex-deputy director of the International Monetary Fund and former deputy governor of the People's Bank of China, has warned that dwindling trust in the US dollar poses significant risks to the global economy. Zhu, who noted that the dollar's share of global foreign exchange reserves has dropped from 70% to 57%, said the global economy has consistently seen low growth as structural damage brought by geopolitical conflict, the pandemic and the global financial crisis of 2008 has not yet been repaired.

South China Morning Post

INTERNATIONAL

More middle-income US earners seek help from credit-counselling agencies

Financial stress in the US is spreading beyond low-income households, with more middle-income earners seeking help from credit-counselling agencies. The average client now earns about $70,000 annually and carries nearly $35,000 in unsecured debt - around half their income - compared to $40,000 income and $10,000 debt before the pandemic. Rising debt-to-income ratios and missed payments have pushed financial stress to its highest level since 2018. Delinquent household debt has climbed to 4.8%, with serious credit-card and auto-loan delinquencies nearing post-2008 crisis levels. FHA mortgage delinquencies and foreclosures are also increasing. Despite strong job growth and consumer spending, counsellors warn of growing household fragility and a shift from discretionary to "survival" debt.

The Wall Street Journal

UK leads the world in concern about migration

People in the UK are far more concerned about immigration than people in other countries with similar levels of migrants, according to a Gallup poll. According to Gallup's inaugural World’s Most Important Problem report, just over one in five Britons (21%) named immigration as their No. 1 concern, statistically tied with mentions of the economy (23%). In only six other countries, including the Netherlands (13%), Portugal (12%) and Ireland (11%) do at least one in 10 adults name immigration as the most important national problem. Nevertheless, the poll found that despite high levels of national concern, most Britons said immigration is a good thing - a sentiment that grew over time between 2016 and 2023.

Gallup

Germany's far-right seeks to woo auto workers

Germany's far-right wants to tap into anxieties among workers in Germany's auto industry to build grassroots support that could help on the national stage. Officials at IG Metall, the main union at manufacturers including Mercedes and Volkswagen, say many far-right candidates plan to stand in elections to works councils in the sector's southern heartland. "A works councillor can present [Alternative for Germany (AfD)] arguments once every quarter to tens of thousands of people at a works assembly," said Lukas Hezel, part of the union's initiative to counter the far-right. "That is a much more valuable political position than a local councillor." The AfD says the unions serve a left-wing agenda that no longer represents ordinary workers.

U.S. News

OTHER

North Korea completes new housing district

North Korea has announced the completion of a new housing district in Pyongyang that is dedicated to the families of soldiers who died fighting alongside Russian forces in Ukraine. Kim Jong Un, accompanied by his daughter Kim Ju Ae, visited the area, named Saeppyol Street, to honour the "young martyrs" who "sacrificed all to their motherland." The initiative is part of a broader propaganda effort to glorify North Korean troops involved in the conflict. South Korea's National Intelligence Service estimates around 6,000 North Korean troops have been killed or wounded during their deployment.

U.S. News

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