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Recent Editions

North America
Human Times
More than 300 South Koreans who were detained in an immigration raid at a Hyundai plant in the U.S. state of Georgia have arrived home. A chartered Korean Air jet carrying the workers and 14 non-Koreans who were also detained in the raid took off from Atlanta at midday local time on Thursday (17:00 BST). One South Korean national has reportedly chosen to stay in the U.S. to seek permanent residency. Korean companies would be "very hesitant" about investing in the U.S. following the raid, South Korean President Lee Jae Myung said on Thursday. "The situation is extremely bewildering," Lee observed, while noting it is common practice for Korean firms to send workers to help set up overseas factories. "If that's no longer allowed, establishing manufacturing facilities in the U.S. will only become more difficult . . . making companies question whether it's worth doing at all," he added. On Friday, the South Korean foreign ministry said it had called for the U.S. Congress to support a new visa for Korean firms.
Full Issue
UK
Human Times
Hundreds of large UK retailers could face closure under government plans to introduce a higher business rates band for properties valued above £500,000, the British Retail Consortium (BRC) has warned. The group said around 400 supermarkets and department stores are at risk, threatening 100,000 jobs and £100m in lost local revenue. The BRC argued these stores already pay a disproportionate share of rates and face mounting cost pressures. Helen Dickinson, chief executive of the BRC, said: "After years of rising costs, far too many stores have disappeared - leaving behind empty shells that once thrived at the heart of our communities. Four hundred more large stores could disappear if the Government forces them into its new higher tax band."
Full Issue
USA
Education Slice
In the wake of the killing of conservative activist Charlie Kirk, social media reactions have sparked significant controversy, particularly among educators. Following Kirk's death on September 10, teachers across multiple states have faced disciplinary actions for allegedly posting inflammatory comments online. Florida Education Commissioner Anastasios Kamoutsas emphasized that educators' First Amendment rights "do not extend without limit into their professional duties." The backlash has raised concerns about teachers' online speech rights during politically charged events. In Massachusetts, Wachusett Regional school district Superintendent James Reilly announced the district had asked for additional police patrols on its campuses after a teacher was accused of making “inappropriate comments on her personal social media page.” In a letter posted on the district's web page, Reilly said the teacher was under investigation and barred from campus, adding that “political violence, especially, has no place in our country, and it directly contradicts our nation's founding principles.” With investigations continuing, union leaders like Florida Education Association President Andrew Spar are urging educators to be mindful of their public statements, highlighting the stress teachers face in discussing current events.
Full Issue
USA
Accountancy Slice
The PCAOB has published a new staff document titled "Broker-Dealer Audit Focus: Review Engagements Regarding Exemption Reports," targeting auditors of broker-dealers. The publication addresses ongoing deficiencies in review procedures mandated by Attestation Standard No. 2, which has been in effect since 2013. The standard outlines the requirements for auditors reviewing exemption reports prepared under SEC rules. Auditors must plan their review engagements in conjunction with financial statement audits, ensuring moderate assurance through diligent inquiries. The PCAOB aims to identify any conditions that may lead to misstatements in broker-dealer assertions. This document is part of a broader initiative to enhance audit practices for SEC-registered broker-dealers, following the PCAOB's expanded authority under the Dodd-Frank Act of 2010.
Full Issue
Scotland
Legal Matters Scotland
The Justice Secretary Angela Constance has confirmed plans to establish standalone sexual offences courts as part of the Victims, Witnesses and Justice Reform Bill, aiming to tackle Scotland’s significant trial backlog of 17,873 cases. The proposed courts would focus on complex sexual offence cases, streamlining processes, reducing adjournments, and ensuring quicker trials. Constance argues this would improve efficiency by better deploying judicial resources across Scotland’s existing High Court and sheriff court locations. She also announced a pilot project allowing more rape survivors to deliver personal impact statements, either in person or via pre-recording. While Constance highlights benefits for victims, critics from Scottish Labour and Conservatives have raised concerns about costs, bureaucracy, and whether resources would be better spent improving trauma-informed practices within existing courts.
Full Issue
North America
Legal Slice
A federal appeals court has upheld a New Jersey law prohibiting firearms in sensitive locations such as schools and public gatherings. The 3rd Circuit Court of Appeals, in a detailed 139-page opinion, highlighted the historical precedent for restricting firearms in specific civic areas, observing: “a pattern emerges: our Nation has permitted restriction of firearms in discrete locations set aside for particular civic functions.” New Jersey Attorney General Matt Platkin praised the ruling as a “decisive victory” for public safety. However, Pete Patterson, representing gun rights supporters, expressed disappointment and noted they would consider their next steps. The court's decision aligns with similar rulings in other states following the U.S. Supreme Court's 2022 expansion of gun rights. While the court upheld the sensitive place restrictions, it maintained a lower court's ruling against an insurance mandate for gun carriers.
Full Issue
Europe
Risk Channel
The US Securities and Exchange Commission (SEC) has criticised two recent European laws on companies' disclosures of their environmental, social and governance impacts. SEC chair Paul Atkins said the laws, including the Corporate Sustainability Due Diligence Directive, which requires larger companies to verify whether their supply chains use forced labour or cause environmental damage, could impose costs on investors. "I have significant concerns with the prescriptive nature of these laws and their burdens on US companies, the costs of which are potentially passed on to American investors and customers," Atkins said, adding that European authorities should focus on promoting free enterprise instead.
Full Issue
North America
CFO Slice
In recent months, American companies have begun to reap the benefits of tax changes that allow for quicker deductions in areas like research and development, interest expenses, and equipment purchases. This shift has led to improved short-term liquidity and greater flexibility for strategic investments. However, small and midsized businesses face challenges in fully leveraging these tax benefits due to limited resources and awareness. Accountants and advisors specializing in SMBs play a crucial role in helping these businesses navigate the complexities of tax planning, ensuring that they can transform immediate relief into sustainable growth strategies. The current fiscal landscape emphasizes the need for proactive financial planning to capitalize on these opportunities.
Full Issue