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North American Edition
10th November 2025
 
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THE HOT STORY

U.S. consumer sentiment declines to a more-than three-year low

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.’’
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WORKFORCE

U.S. air travel disruption grows worse amid ongoing government shutdown

Air travel disruptions in the U.S. have intensified, with over 2,800 flights cancelled and more than 10,200 delayed as air traffic controller shortages caused by the ongoing government shutdown continue to escalate. Transportation Secretary Sean Duffy has warned that conditions are likely to worsen in the lead-up to the Thanksgiving holiday, saying: "You’re going to see air travel be reduced to a trickle."
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STRATEGY

Tripadvisor to cut 20% of staff amid restructuring

Tripadvisor has announced a 20% reduction in its workforce as part of a strategic effort to merge its Tripadvisor and Viator brands. The company aims to simplify its operations and enhance its focus on user experiences, saying it is transitioning to an “experience-led and AI-enabled company.” CEO Matt Goldberg said: “We will direct our focus, talent, and investment to what matters most, resulting in a simpler, leaner, and faster-moving organization.” This reorganization includes an $85m cost-savings program and is expected to affect around 600 employees. Despite a dip in third-quarter revenue, Viator and TheFork are experiencing growth, indicating a shift in focus towards booking user experiences. The changes come amid pressure from activist investor Starboard Value, which holds a 9% stake in the company.
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WORKPLACE

Target's smile initiative aims to boost sales

Target has introduced a new directive for its employees to enhance customer engagement as the holiday season approaches. Workers are now required to smile, make eye contact, and greet shoppers within 10 feet, with an even more personal approach for those within four feet. The initiative, known as the “10-4 program,” comes in response to a 1.9% decline in comparable sales year over year in the second quarter. Incoming chief executive Michael Fiddelke emphasized the need to improve the shopping experience, commenting: “We want to delight our guests who shop with us every time they shop.”
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LEGAL

Supreme Court allows Trump to enforce passport restrictions targeting transgender people

The Supreme Court has allowed President Donald Trump's administration to enforce a policy that blocks transgender and nonbinary individuals from selecting passport sex markers that reflect their gender identity. The decision halts a lower-court ruling that required the government to permit individuals to choose male, female, or X markers on their passports. The State Department's policy change follows an executive order from Trump, which stated that the U.S. recognizes only two sexes based on birth certificates. 

Pregnancy discrimination lawsuit settled for $115k

A South Jersey school district has agreed to pay $115,000 to Ashley Craven, a former social worker at Maude Wilkins Elementary School, to settle claims of pregnancy discrimination. Craven, who began her employment in 2022, disclosed a high-risk pregnancy in January 2023. Shortly after, she was informed that her position would not be renewed for the 2023–24 school year, despite having received strong performance reviews. The district cited budget constraints, yet her position was later advertised to another candidate who was not pregnant. The district denying any wrongdoing.
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REMUNERATION

Wall Street bonuses set to rise for second straight year

Wall Street bonuses are forecast to rise for a second consecutive year, driven by sustained market volatility and a rebound in dealmaking. Equity traders could see the largest gains, with bonuses set to increase by up to 25%, while fixed-income and advisory professionals may receive boosts of up to 15%. Wealth and asset management incentive pay is also expected to rise by as much as 10% and 12% respectively. However, bonuses in real estate and retail banking are likely to be flat or marginally up due to weak lending activity. Johnson Associates, which compiled the report, cautioned that compensation could plateau next year as economic risks materialize.
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TAX

Penalty relief offered to employers regarding tips, overtime

The IRS and the Treasury Department have announced penalty relief for employers regarding new information reporting requirements for cash tips and qualified overtime compensation for tax year 2025. Under Notice 2025-62, employers will not face penalties for failing to file correct information returns or provide accurate payee statements, as long as they submit complete and correct returns. The One Big Beautiful Bill Act allows individual taxpayers to deduct qualified tips and overtime compensation through 2028, with a maximum deduction of $25,000 for tips and $12,500 for overtime. The IRS encourages employers to provide detailed accounting of tips and overtime to help employees claim these deductions. "Tax year 2025 will be treated as a transition period," the IRS said, acknowledging that employers may lack the necessary information for compliance.
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INTERNATIONAL

Westpac won’t appeal pivotal work-from-home ruling

A spokesperson for Australian bank Westpac has said the lender will not appeal a labor tribunal ruling after it lost a case to compel one of its workers to be in the office twice a week. Last month, The Fair Work Commission found in favour of Karlene Chandler, who challenged Westpac after the bank said she needed to work from a corporate office two days a week. Until earlier this year, she had been allowed to work remotely. Legal experts say the Fair Work decision is a "wake-up call" for bosses campaigning for a return to the office.

Singapore's workplace fairness laws set for 2027

Singapore's new workplace fairness laws will be implemented by the end of 2027, Minister for Manpower Tan See Leng has said. The laws aim to encourage amicable resolutions through internal processes and mediation, with judges empowered to dismiss frivolous claims. The framework includes safeguards for resolving disputes and expands the jurisdiction of the Employment Claims Tribunals to handle claims up to S$250,000. Dr Tan noted the importance of preparation for both employers and workers, observing: "Ample preparation is critical for successful implementation." Education efforts will accompany the new laws.

Israel weighs not taxing new immigrants for first two years

Israel's Finance Ministry has announced a tax reform for new immigrants and returning residents making Aliyah in 2026. They will enjoy a two-year tax exemption, after which rates will rise by 10% annually, reaching 30% by 2030 for incomes up to 1m shekels. Aliyah and Integration Minister Ofir Sofer highlighted the reform's significance in enhancing integration and economic growth, describing it as a "major and meaningful component" of national efforts to encourage Aliyah. Finance Minister Bezalel Smotrich said: "The year 2026 will bring a revolution in Aliyah." 
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OTHER

Companies push for regulation on plastics reduction

Global food and packaging companies, including Nestle, PepsiCo, and Unilever, are collaborating to reduce plastic use and advocate for regulation following the collapse of U.N. talks in August. The failure to secure a deal on cutting plastic has left many advocates pessimistic about achieving a global agreement during U.S. President Donald Trump's administration. "It is certainly encouraging to see multinationals publicly recommit on plastics, but credibility now hinges on evidence, not new promises," Kelly Cooper, sustainability consultant and co-author of a Harvard study into the impact of political shifts on corporate sustainability, told Reuters.
 
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