THE HOT STORY

AT&T to cease DEI activities to appease FCC

U.S. wireless carrier AT&T has confirmed its decision to end diversity, equity, and inclusion (DEI) programs in order to secure approval from the Federal Communications Commission (FCC) for its $1.02bn acquisition of wireless spectrum assets. The move aligns with similar actions taken by T-Mobile and Verizon, which have also ceased DEI initiatives while pursuing regulatory approvals for major deals. AT&T said in its letter to the FCC that it “does not and will not have any roles focused on DEI.”

CNN

Reuters

LEGAL

NJ Transit HR chief suspended without pay

Joel Gokool, NJ Transit's chief of human resources, was suspended without pay last week amid allegations of inappropriate relationships with employees. NJ Transit spokesman John Chartier said: “Within hours of NJ Transit being informed of additional complaints, the employee who was hired in 2024 was suspended without pay pending the conclusion of that review.” The agency has engaged independent counsel to conduct a thorough investigation into the matter. Gokool, who took on the HR chief role in August 2024, has denied the allegations, calling them “patently false.” Chartier emphasized the agency's commitment to integrity and the safety of its 12,000 employees, saying: “NJ Transit treats allegations of this nature with the utmost seriousness.”

New Jersey Herald

STRATEGY

Estée Lauder puts cost of restructuring at $1.14bn

Estée Lauder says its restructuring, which has seen it streamline operations and reduce headcount, has cost $1.14bn. In a filing with the SEC, it said that $285m of the total had come from actions taken since October 27th. Estée Lauder said in February it hoped to cut up to 7,000 jobs as part of the restructuring, and by May had eliminated more than 2,600 positions.

Wall Street Journal

TECHNOLOGY

Allowing AI to train itself is 'the biggest decision'

Anthropic chief scientist Jared Kaplan has warned that humanity will face a critical decision by 2030 over whether to allow AI systems to autonomously train themselves. Kaplan is urging governments and society to engage in what he called "the biggest decision," as frontier AI firms race toward artificial general intelligence. While AI could dramatically boost productivity, healthcare, and scientific research, Kaplan stresses the existential risks if machines begin to self-improve beyond human oversight. He also predicts that AI will soon be capable of performing most white-collar work, fundamentally reshaping education and employment.

The Guardian

CORPORATE GOVERNANCE

Norway wealth fund to support Microsoft AGM shareholder proposal

Norway's $2trn wealth fund has announced its intention to support a shareholder proposal at Microsoft's annual general meeting advocating for a report on the human rights risks associated with the company's operations in countries with significant human rights concerns. Additionally, the fund, which is Microsoft's eighth-largest shareholder with a 1.35% stake, plans to vote against the re-election of CEO Satya Nadella as chair of the board, advocating for a compensation structure that includes shares locked for five to ten years. The fund emphasised the importance of addressing "material sustainability risks" and has a history of opposing executive pay structures deemed excessive.

Reuters

CULTURE

Women in accounting report higher levels of happiness

Data suggests a notable increase in job satisfaction among female CPAs in audit, tax, and CAS service lines, with scores rising to 6.79 compared to 6.75 for their male counterparts. Erin Daiber, chief executive of Well Balanced Accountants, highlighted that "solid evidence" supports the positive impact of workplace culture investments on female professionals. A 2023 McKinsey study noted that women value the growing awareness of psychologically safe workplaces and flexible work arrangements, which may be crucial given their roles as primary caregivers. The article emphasizes three key trends: the importance of a positive firm culture, the visibility of women in leadership roles, and the impact of technology on work-life balance. While both genders report similar satisfaction levels, there remains room for improvement to elevate average scores above seven out of 10.

Accounting Today

INTERNATIONAL

Wacker Chemie to cut more than 1,500 jobs

German chemical group Wacker Chemie is to eliminate 1,500 jobs, or nearly 10% of its workforce, as part of a cost-cutting strategy. The job losses, primarily in Germany, aim to save over €300m ($350m) annually and will be completed by the end of 2027. "Particularly in Germany, the excessively high energy prices and bureaucratic obstacles continue to act as a major brake on the successful development of the chemical industry," said CEO Christian Hartel. Wacker reported a net loss of over €80m in Q3, driven by weak demand and increased competition, particularly from China.

The Local Germany

Singapore is top for talent

Singapore has secured the top position in the 2025 Global Talent Competitiveness Index (GTCI), surpassing Switzerland in second place. The index highlights Singapore's strength in generalist adaptive skills, supported by a workforce proficient in soft skills and digital literacy. The U.S. fell from 3rd to 9th place. Professor Felipe Monteiro of INSEAD noted that Singapore's robust talent ecosystem fosters adaptability and growth. He observed: "No country, however strong, is immune to disruption in the race for talent." The GTCI assessed 135 economies across various indicators.

Business Times SG

Straits Times

India gets to grips with biggest labor law shake-up in decades

Indian businesses and states are rushing to adapt to the sudden introduction of what Prime Minister Narendra Modi has hailed as one of the country's biggest-ever overhauls of labor rules.

Financial Times

OTHER

Charitable giving faces challenges under new U.S. tax law

New tax reforms signed into law by President Donald Trump will reduce charitable donations from high-income Americans by $4.1bn to $6.1bn annually, according to the Indiana University Lilly Family School of Philanthropy, as the effective tax benefit for top earners is cut and deductions for itemizers are limited. While a new $1,000 deduction for non-itemizers aims to encourage broader participation, experts are sceptical it will offset the shortfall. Historical data and prior legislative efforts suggest limited impact from such measures, and the overall share of American households donating has declined from 66.2% in 2000 to 45.8% in 2020. Wealth advisers are recommending high earners accelerate giving into 2025 and consider donor-advised funds or IRA distributions to optimise tax benefits.

CNBC

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