THE HOT STORY

JPMorgan to hire more AI staff, fewer bankers

JPMorgan chief executive Jamie Dimon has told Bloomberg News that the bank will likely hire more artificial intelligence specialists and fewer traditional bankers. "There will be all different types of jobs, and I think we will be hiring more AI people and fewer bankers in certain categories, and it will make them more productive," ⁠Dimon said at the bank's China Summit in Shanghai, adding: "I think it will reduce our jobs down the road." JPMorgan's annual attrition rate of about 10%, or roughly 25,000 to 30,000 employees, means it can manage these changes gradually, Dimon said. He observed that the bank could retrain staff, redeploy ‌workers ⁠or offer early retirement instead of widespread layoffs.

Bloomberg

WORKFORCE

UAE issued 9.7m work permits and contract renewals last year

In 2025, the UAE processed nearly 9.7m work permits and contract renewals, indicating robust growth in its labour market. The Ministry of Human Resources and Emiratisation reported over 13.3m labour transactions, including new permits and contract renewals. Contract renewals accounted for 5,552,558 transactions, while new work permits totalled 4,181,597. Officials noted that these figures reflect the UAE's ability to attract talent and skilled workers, supported by economic expansion across various sectors. The ministry also recorded significant activity in labour complaints and grievances, highlighting employee awareness of rights.

Gulfnews.com

Egypt's unemployment rate drops to 6%

Minister of Labor Hassan Raddad has announced that Egypt's unemployment rate decreased to about 6% in the first quarter of 2026. Raddad highlighted initiatives like the New Egyptian Occupational Classification Guide and training-for-employment programmes, alongside job fairs, to connect job seekers with opportunities. He also emphasised the private sector's role in economic growth and the importance of training and employment in achieving Egypt Vision 2030's Sustainable Development Goals.

Egypt Today

HEALTH & WELLBEING

UAE, Philippines explore joint insurance support for Filipino workers

The UAE and the Philippines are collaborating to establish a formal system for medical coverage for overseas Filipino workers (OFWs) in the UAE. The initiative aims to enhance healthcare access and preventive care, particularly for chronic illnesses like hypertension and diabetes. During a bilateral meeting at the World Health Assembly, health officials discussed strategies for early screening and health awareness campaigns. Dr. Maha Barakat, UAE assistant minister for medical affairs, praised the contributions of Filipino healthcare professionals, saying: "It is only appropriate for the Philippines and the UAE to take care of Filipinos."

Gulfnews.com

CORPORATE

Arvind expands global presence with UAE subsidiary and London design hub

Indian textile giant Arvind Limited has expanded its international operations with the launch of Arvind Atelier in the UAE and a new design hub in London to strengthen its global sourcing, design and manufacturing capabilities. The UAE subsidiary, based in the Sharjah Airport International Free Zone, will focus on sourcing, manufacturing integration and logistics, while the London hub will support customer engagement, trend forecasting and product development for global fashion brands. Arvind said the expansion would improve speed, flexibility and collaboration across key markets in Europe, the Middle East and the Americas, with Rakesh Chadha appointed managing director of Arvind Atelier.

Economic Times

TAX

Over 68,600 benefit from UAE Corporate Tax Penalty Waiver

The UAE's Federal Tax Authority (FTA) has announced a waiver for late Corporate Tax registration penalties has benefited over 68,600 taxable persons since 2025. The initiative, effective from April 2025, is expected to extend further to more than 91,000 beneficiaries. To qualify, individuals must submit their tax return within seven months of their first tax period's end. Abdulaziz Al Mulla, Director General of the FTA, said: “The FTA is intensifying its efforts to support taxable persons by providing continuous facilitation to help them fulfil their tax obligations.”

Emirates24

ECONOMY

Turkey passes tax amnesty as war strains economy

Turkey has passed an ambitious package of tax incentives to support struggling exporters by halving their tax rates, while also boosting foreign exchange reserves via an amnesty on repatriated wealth.

Financial Times

INTERNATIONAL

Regulators quiz StanChart following CEO's ‘lower-value human capital’ remark

Regulators in Hong Kong and Singapore have sought clarity from Standard Chartered after chief executive Bill Winters said the company plans to replace "lower-value human capital" with ‌technology. The Hong Kong Monetary Authority (HKMA) asked the lender to explain Winters' comments, while the Monetary Authority of Singapore discussed the topic with the bank. Winters' remarks were made when referring to the role of AI in the bank's plans to cut thousands of jobs. The HKMA asked the bank if the comments meant the lender was seeking to use AI as a pretext to cut staff, according to a source. “It’s common practice to have regular dialogue with our regulators on wide-ranging topics, including on strategy and growth plans,” Standard Chartered said. “Talent is core to our strategy as we continue to invest to create new, reskill and redeploy roles – this will be done in line with regulatory expectations.”

Bloomberg

India's salt workers brave brutal heat

In the Indian state of Gujarat, around 50,000 seasonal workers endure extreme conditions to produce 75% of India's salt. They migrate to the Little Rann of Kutch region for eight months, where they face temperatures exceeding 45 degrees Celsius. “We work in staggered timing . . . doing our work in early mornings and after sunset,” 42-year-old salt worker Babulal Narayan said. “During the hottest hours, it is too hot to stand.” Workers report fatigue, dizziness and nausea - all symptoms of heat stress that can lead to organ failure.

AlJazeera

Russia warns foreigners to leave Kyiv

Russia has announced plans to intensify its strikes on Kyiv, targeting what it described as Ukraine's "decision-making centres." The warning followed a weekend attack that killed four people and injured many others. Russia's foreign ministry has called on foreign diplomats and civilians to evacuate the city. However, Western diplomatic missions, including those from France and the EU, have rejected the evacuation calls, and Ukrainian officials have labelled Russia's threats as mere "rhetoric." Ukrainian Foreign Minister Andriy Sybiga urged partners not to succumb to Russian intimidation.

France 24

Los Angeles World Cup workers vow strike if ICE agents are deployed

Workers at SoFi Stadium in Los Angeles are prepared to strike if Immigration and Customs Enforcement (ICE) is present during World Cup matches next month. The UNITE HERE Local 11 union, representing about 2,000 hospitality employees, is demanding assurances that ICE agents will not be there. "ICE should have no role in these games," said Isaac Martinez, a stadium cook, at a protest outside the venue. "We do not want to live in fear coming to work, or fear being detained going home . . . If we do not reach an agreement, my colleagues and I are ready to strike."

Bangkok Post

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