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Recent Editions
North America
Human Times
Japanese carmaker Toyota has told its employees in Venezuela to work from home following the Trump administration’s removal of President Nicolás Maduro over the weekend. Bloomberg notes that the company’s manufacturing site in Cumana has faced repeated disruptions due to the South American country’s protracted economic crisis. The remote working directive is not affecting sales and production, Toyota said.
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UK
Human Times
The decline of Saturday jobs has left many young people ill-prepared for the workforce, according to Labour's employment adviser, Alan Milburn. Official statistics show that fewer than 20% of 16- and 17-year-olds are employed, down from nearly half a decade ago. Milburn, who is reviewing the issue of "Neets" - young people not in education, employment, or training - highlighted that many teenagers now lack the work experience and skills once gained through part-time jobs, which he said instilled discipline and responsibility. The review will also examine successful approaches in countries such as Australia and the Netherlands, which combine tailored job placements with reduced reliance on benefits to improve youth employment prospects.
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USA
Education Slice
Florida's school choice program has revealed significant issues, with over $400m in taxpayer-funded education vouchers remaining unused. Approximately 500,000 students have accepted these vouchers, yet many are not utilizing the funds, leading to concerns about accountability. State Senator Carlos Guillermo Smith (D-Orlando) remarked: "Hundreds of millions of dollars have been sitting unspent in so-called scholarship accounts where they could have been funding our public schools." In response to a recent audit highlighting a lack of oversight, lawmakers are proposing reforms for 2026, including measures to recover unspent funds more efficiently. The proposed legislation, FL SB318 (26R), aims to shorten the time frame for deeming accounts inactive and enhance communication with parents regarding voucher balances.
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USA
Accountancy Slice
The U.S. and over 100 countries have reached an agreement exempting American companies from certain foreign taxes, marking a significant step in the ongoing discussions about a global minimum tax. This deal allows U.S.-based multinationals to avoid the 15% global minimum tax established by the Organization for Economic Cooperation & Development (OECD). Treasury Secretary Scott Bessent played a crucial role in securing the exemption, which prevents other nations from imposing additional taxes on U.S. subsidiaries. The OECD estimates that the global tax program could generate $220bn in revenue for governments worldwide. The agreement also addresses concerns over digital taxes on U.S. tech giants like Google and Amazon, which the U.S. government argues are being unfairly targeted.
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Scotland
Legal Matters Scotland
The Justice Secretary Angela Constance has refused to resign after an independent investigation found she twice breached the ministerial code, a legally binding framework governing ministers’ conduct. Advisers concluded the breaches were inadvertent, involving inaccurate attribution of views to Alexis Jay during a parliamentary debate and a later failure to follow proper procedure by speaking to the expert without an official present. While opposition parties argue the breaches undermine parliamentary accountability, John Swinney issued a formal letter of reproval rather than dismissal, accepting there was no intent to mislead Parliament. Constance acknowledged procedural errors, accepted the findings and committed to stricter adherence to due process, transparency and correction obligations under the ministerial code governing statements to Scottish Parliament.
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North America
Legal Slice
A U.S. appeals court has agreed to expedite an appeal regarding President Donald Trump's $100,000 fee on new H-1B visas for hiring skilled foreign workers. The U.S. Chamber of Commerce argued that a swift review is crucial to protect employers' rights ahead of the H-1B visa lottery in March. "Those employers' ability to participate in the H-1B program this year therefore hinges on the outcome of this appeal; without relief by March, it will be too late,” the Chamber said. The appeal follows a December 24 decision by a district judge affirming the fee's legality. The Trump administration has said the H1-B program has been abused by U.S. employers who seek to replace American workers with lower-paid foreign workers.
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Europe
Risk Channel
FTSE 100 chief executives will earn more by midday today than the average worker will in an entire year, according to the High Pay Centre. The median annual pay for these CEOs is £4.4m, which is 113 times the £39,039 earned by the median full-time worker. This equates to £1,353.23 an hour. Andrew Speke, the interim director at the High Pay Centre, said: "The idea that executives, as a class, are individually contributing over 100 times more in value than the workers they rely on is simply not credible." Paul Nowak, general secretary of the Trades Union Congress, commented: "While millions of low- and middle-income workers are still struggling with the cost of living, those at the very top keep helping themselves to a huge slice of the pie."
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North America
CFO Slice
The Organization for Economic Cooperation and Development (OECD) has finalized a deal exempting U.S. multinational corporations from a global minimum corporate tax of 15%. This agreement, supported by nearly 150 countries, aims to prevent large companies from shifting profits to low-tax jurisdictions. OECD Secretary-General Mathias Cormann described the deal as a “landmark decision in international tax cooperation,” enhancing tax certainty and reducing complexity. U.S. Treasury Secretary Scott Bessent hailed it as “a historic victory in preserving U.S. sovereignty.” However, critics like Zorka Milin from the FACT Coalition argue that the deal undermines progress in corporate taxation, allowing major U.S. companies to continue utilizing tax havens. Congressional Republicans praised the agreement, viewing it as a step towards prioritizing American interests.
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