THE HOT STORY

Amtrak workers to receive bonuses funded by executive cuts

More than 18,000 Amtrak workers will receive a $900 bonus by year-end, the Federal Aviation Administration (FAA) has said, in an announcement which explained that funding for the bonuses will come from Amtrak's executive leadership team bonus packages. The FAA urged executive leadership "to forgo 50% of the bonus packages that would have been paid out under the misplaced priorities of the previous executive bonus structure.” Mark Wallace, the president of the Brotherhood of Locomotive Engineers and Trainmen National union, said: "End-of-year bonuses will now go to 18,000 front-line workers rather than being limited to the executive ranks. This long-overdue recognition of the employees who keep the railroad moving is a step in the right direction.” The announcement comes in the wake of the Trump administration's decision to limit $10,000 bonuses to only those air traffic controllers and technicians who had perfect attendance during the government shutdown.

U.S. News

WORKFORCE

Initial jobless claims post largest increase since March 2020

Initial claims for unemployment benefits rose 44,000 in the seven days to December 6th to 236,000, the Labor Department reported on Thursday - the biggest claim since March 2020, and well ahead of the 220,000 expected among economists polled by Reuters. The four-week moving average of claims rose 2,000 to 216,750, while the total number of applicants for benefits, reported with a one-week lag, fell by 99,000 to 1.84m. Market watchers noted that weekly claims are typically variable around the end of the year. “Don’t read too much into the jump in jobless claims,” commented Heather Long, chief economist at Navy Federal Credit Union. “Smoothing it out, this still looks like an economy averaging 215,000 to 220,000 new jobless claims a week. That’s not a cause for concern.”

Starbucks strike expands as union escalates push for first labor contract

More than 3,800 Starbucks baristas across 180 stores in 130 U.S. cities have joined a month-long strike, marking the longest work stoppage in the company’s history as Starbucks Workers United presses for a first labor agreement. The union is demanding better pay, staffing, and scheduling, while Starbucks says fewer than 1% of its 17,000 U.S. locations have been affected and is prepared to resume talks. The strike began during the company’s Red Cup Day on November 13th and follows stalled negotiations and the rejection of a previous pay proposal.

Reuters

IRS faces mounting telework request backlog

The IRS is currently facing a significant backlog of over 8,000 requests for telework as a reasonable accommodation, raising concerns about compliance with federal disability laws. An anonymous IRS employee said: “There are tons, and I don't know what's going on. These are clear violations of the Americans With Disabilities Act.” The approval process has become increasingly complex, leading to delays, with very few requests being approved. Snider Page, director of the Treasury Office of Civil Rights and Equal Employment Opportunity, highlighted the urgency of the situation, noting that the backlog exceeds the Equal Employment Opportunity Commission's processing timeframe. The National Treasury Employees Union has urged the IRS to address this issue promptly, emphasizing that these delays hinder the agency's ability to serve the public effectively.

Tax Notes

LEGAL

Treasury eyes central role in bank AML enforcement under Trump overhaul

The U.S. Treasury is proposing to take a lead role in anti-money-laundering (AML) enforcement, aiming to curb what it sees as excessive and ineffective regulation of banks. Under the draft plan, regulators would need Treasury’s Financial Crimes Enforcement Network (FinCEN) approval before penalizing banks for Bank Secrecy Act breaches, especially in cases of technical violations. Treasury Secretary Scott Bessent argues current rules stifle economic growth and wants FinCEN to act as a "gatekeeper" for AML enforcement. The proposal would undergo public consultation before implementation.

Wall Street Journal

Ex-DOJ staff blast 'destruction' of civil rights unit

More than 200 former employees of the U.S. Justice Department have publicly condemned what they described as the ongoing "destruction" of the DOJ's Civil Rights Division. In an open letter, they accused Attorney General Pam Bondi and Assistant Attorney General Harmeet Dhillon of undermining critical cases related to sexual harassment, police brutality, and voting rights. The letter, published by Justice Connection, an advocacy group for DOJ employees, highlights a significant loss of staff at the unit, with about 75% leaving since January. A White House spokesperson in September said that the Civil Rights Division has been "restored to its original mission of protecting the constitutional rights of all Americans, instead of pursuing a targeted political agenda against administration opponents."

U.S. News

TAX

San Francisco aims to boost film tax credits

San Francisco Supervisor Rafael Mandelman has proposed a new tiered film and television tax credit to attract more productions to the city. The legislation aims to provide a 10% rebate on local spending up to $1m and a 20% rebate for spending exceeding that amount. Mandelman said: “As localities across the state compete to attract more film production, San Francisco must stay in the game.” Co-sponsor Supervisor Connie Chan emphasized the need for the update to ensure the program's benefits are fully realized, predicting it will create job opportunities and boost tourism. This proposal follows California's recent increase in its film tax credit program cap from $330m to $750m, which has already led to over three dozen TV shows and 52 films receiving credits. The legislation is set for a committee hearing next month.

Los Angeles Times

INTERNATIONAL

Petrobras workers to strike over labor disputes

Workers at Brazil's state-owned oil company, Petrobras, have announced a strike set to begin on Monday, following what they called an "insufficient" second counteroffer for a new labor agreement. The strike arises amidst ongoing negotiations concerning a retirement fund deficit and changes to employee compensation. Petrobras plans to implement contingency measures to maintain operations during the strike, emphasising that discussions are still ongoing.

Reuters

Korean AI talent is being driven overseas

Korea faces a talent drain in artificial intelligence skills due to lower wages compared to the United States. A report from the Bank of Korea (BOK) reveals that AI specialists in Korea earned 6% more than their non-AI counterparts last year, but this AI wage premium is far behind the 25% figure in the U.S. “Korean AI talent working overseas accounted for about 16 percent in 2024, six percentage points higher than other workers,” said Oh Sam-il, an economist at the BOK. “The number of Koreans with AI skills working in the United States rose to 6,300 last year as a large number of jobs and strong treatment in the US AI industry pulled domestic talent overseas,” he added.

Korea Joongang Daily

UBS may cut another 10,000 jobs by 2027

Swiss lender UBS could cut an additional 10,000 jobs by 2027, according to a report in SonntagsBlick. UBS did not confirm the number, but said it would "keep the number of jobs cuts in Switzerland and globally as low as possible," adding "The role reductions will take place over the course of several years and will be mostly achieved through natural attrition, early retirement, internal mobility and inhousing of external roles."

Reuters

OTHER

French far right proposes to reopen brothels

Marine Le Pen's National Rally party is proposing a bill to reopen brothels in France. Brothels were banned in 1946. Jean-Philippe Tanguy, a party member, argues that the 2016 law criminalizing clients has worsened conditions for sex workers. He advocates for cooperatives run by sex workers to ensure their safety and rights. While some support the idea, others, including sex workers and advocacy groups, criticized the proposal as a publicity stunt. Equality Minister Aurore Berge said that France has no plans to change its current stance on prostitution.

France 24

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