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Middle East Edition
18th October 2024
 
THE HOT STORY
Most accountants see rise in ethical challenges ahead
A global survey by the Association of Chartered Certified Accountants (ACCA) has found that most accountants see ethical challenges growing more complex throughout their profession as technology speeds the expansion of businesses worldwide. Nearly one in four accountants (24%) have faced pressure to act unethically during the past three years, while 55% of finance executives have witnessed unethical behaviour during their careers. Respondents identified a full range of unethical practices, including tax avoidance, pressure to manipulate financial statements, bribery, and weak governance and accountability. “These insights underscore the need for robust ethical leadership and culture in organisations, and ongoing learning and development to support professional accountants in navigating these challenges,” Sarah Lane, ACCA head of ethics and assurance, said.
STRATEGY
Meta lays off employees at WhatsApp and Instagram
Meta is laying off employees across units including Instagram, WhatsApp and Reality Labs, the Verge reports, citing people familiar with the matter. A Meta spokesperson told Reuters that a few of its teams were making changes to align with long-term strategic goals and location strategy. "This includes moving some teams to different locations, and moving some employees to different roles. In situations like these when a role is eliminated, we work hard to find other opportunities for impacted employees," the spokesperson said. Separately, the FT reports that Meta fired another two dozen staff in Los Angeles for allegedly using their daily $25 meal credits to instead buy household items including wine glasses and laundry detergent.
LEGAL
Raytheon to pay $950m to settle fraud, Qatar bribery charges
RTX Corporation, formerly known as Raytheon, has agreed to pay the US government $252m to resolve criminal charges related to bribery for contracts in Qatar. The company entered a deferred prosecution agreement for violating the Foreign Corrupt Practices Act and the Arms Export Control Act, also forfeiting $36.6m. During a federal court hearing, RTX pleaded not guilty to the charges but did not contest the allegations. The agreement mandates that RTX demonstrate good conduct for the next 3½ years and promote a culture of ethics and compliance. Court documents reveal that between 2012 and 2016, Raytheon employees paid bribes to a foreign official to secure lucrative contracts with the Qatar Emiri Air Force and Armed Forces, resulting in significant profits from these deals.
DIVERSITY, EQUITY & INCLUSION
UAE women tell conference how they broke barriers
Suhaila Ghobash from Dubai Economy and Tourism's DFRE was among the women who highlighted their remarkable resilience at the We the Women conference in the UAE. Notable examples included her own experience of organising an extensive festival in just 24 hours and Mariam Al Dhaheri's month-long stay in a labour camp while excavating a site. Their stories can be seen to exemplify the determination and grit displayed by women, and pave the way for future generations. The event aimed to "inspire and empower women" through shared experiences and achievements, Ghobash explained.
TRAINING & DEVELOPMENT
Saudi academy launches diploma to improve Arabic skills for government staff
The King Salman Global Academy for Arabic Language (KSGAAL) has launched a higher diploma in Arabic aimed at enhancing linguistic proficiency in government sectors. KSGAAL Secretary-General Dr. Abdullah Al-Washmi stated that the programme provides "high-quality training" in proofreading, qualifying specialists to meet the demands of the labour market. Accredited by the Ministry of Human Resources and Social Development, the diploma lasts for a full academic year, comprising 435 training hours. Graduates will gain advanced linguistic skills, preparing them for roles as linguistic specialists and proofreaders in both public and private sectors. Dr. Ayman Bayoumi Al-Jundi emphasised that proficiency in Arabic reflects employees' respect for local culture and strengthens national identity.
CORPORATE
EY slims workforce for first time in 14 years
EY's global revenue increased by 3.9% to $51.2bn in the year ending June, marking the slowest growth in over a decade. Janet Truncale, global chairwoman and chief executive of EY, stated: "Over the past year, EY teams have demonstrated extraordinary resilience in a challenging economic climate." The consulting sector, traditionally a growth driver, saw fees stagnate at $15.6bn, while audit and tax services grew by 6.3% each, contributing significantly to overall revenue. The firm also reduced its workforce for the first time in 14 years, employing 392,995 people, down from 395,442. The weakest performance was in Asia, where fees remained flat at $7.2bn, while growth was noted in the Americas and Europe, the Middle East, India, and Africa.
INTERNATIONAL
Finance professionals in China switch careers
Bankers and fund managers in China are switching careers amid tightened oversight of trading, financing and dealmaking in a moribund economy that has dried up private equity and venture capital and badly hit the market for stock market listings, precipitating pay and job cuts. Reuters notes that government campaigns and finance sector regulation have coloured prospects to the extent that areas as varied as education and even stand-up comedy seem preferable. "I have spoken to enough bankers . . . They know 'common prosperity' is here for good and the days of high-paying banking jobs are over. Banking talent has started to seek roles overseas or transition to less regulated industries," observed  Jason Tan, Shanghai-based director at headhunter REForce Group. Beijing's 'common prosperity' campaign seeks to root out the lavish lifestyle of the country's financial elite. 
Indians in Punjab fear dispute with Canada endangers their work and study plans
Indians in Punjab are increasingly concerned that recent tit-for-tat expulsions of diplomats in Canada and India could jeopardise their plans to work, study, or visit family in Canada. Karan S. Thukral, an immigration lawyer, said: "Many clients have reached out, worried about how this might affect their plans to migrate to Canada." With over 800,000 Sikhs in Canada, many of whom are students from Punjab, the impact of these tensions is significant. In 2022, Indian students held more than 41% of Canadian student permits, contributing approximately C$22bn to the country's economy. Political science professor Kanwalpreet Kaur emphasised the interdependence of both nations, saying: "It is something that both countries cannot afford." The diplomatic rift began after Canadian Prime Minister Justin Trudeau alleged Indian government involvement in the murder of Sikh separatist Hardeep Singh Nijjar.
EU AI Act checker highlights Big Tech's compliance pitfalls
Data from Swiss startup LatticeFlow AI seen by Reuters suggests that some prominent artificial intelligence models, including those developed by Meta, Mistral, Alibaba, Anthropic, and OpenAI fall short of European rules in key areas including cybersecurity resilience and discriminatory output. Discriminatory output has been a persistent issue in the development of generative AI models, reflecting human biases around gender, race and other areas when prompted. Petar Tsankov, LatticeFlow AI's CEO and cofounder, said the test results were positive overall and offered companies a roadmap for them to fine-tune their models in line with the AI Act. "The EU is still working out all the compliance benchmarks, but we can already see some gaps in the models," he said, adding "With a greater focus on optimising for compliance, we believe model providers can be well-prepared to meet regulatory requirements."
Blinkit tightens its grip on talent
In response to fierce competition in India's $5.5bn rapid delivery market, Zomato-owned Blinkit has introduced a policy mandating senior employees to extend their notice periods to two months. The move aims to retain top talent amid aggressive recruitment tactics from rivals including Zepto and Swiggy. A source said: "Blinkit's move is pre-emptive and also a response to what is happening now," underscoring the urgency of the situation. Since the policy's introduction in July, competitors have ramped up their hiring efforts. To further protect sensitive information, Blinkit may place employees on garden leave or relieve them immediately if they are heading to direct competitors.
 


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