This year, Russia will be hosting the BRICS summit in October in Kazan. Our governmental circles, our ministries and our NGOs are all preparing for the summit. It is considered the key foreign policy event in Russia this year. The top political question, as I personally see it, could be with regards to greater solidarity between the BRICS countries in the wake of the enlargement, and as new members have…
In a landscape where big and small decisions can have meaningful impacts on an organization’s strategic and cultural direction, building intentional and healthy decision-making habits is essential. What makes for “healthy” habits is determined by the company’s growth stage and current needs. For mid-size companies, the balance between rapid growth and operational efficiency can be particularly challenging. Changing roles, evolving leadership expectations, and shifting customer demands put pressure on the…
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22nd May 2024 To what extent can product packaging be an illicit look-alike of a competitor’s product packaging? A ruling by the Court of Turin provides some guidance on look-alikes and trade dress protection. Look-alikes are deemed to contravene Italy’s unfair competition rule. Consequently, the Court granted a preliminary injunction in favor of the applicant. This case provides an insight into how Italian courts will assess infringing products of this nature. The…
Throughout her life, philanthropist and businesswoman Melinda French Gates has navigated difficult transitions, including career changes, having children, and losing a close friend. In each case, she felt terrified that life as she knew it would end." hroughoutThroughout her life, philanthropist and businesswoman Melinda French Gates has navigated difficult transitions, including career changes, having children, and losing a close friend. In each case, she felt terrified that life as she…
Quick Hits Minnesota’s new ban on the use of nonsolicitation agreements by service providers or staffing agencies takes effect on July 1, 2024. The law will prohibit service providers from restricting in any way its employees from being solicited or hired by user companies. The law will render such provisions void and enforceable. The new law, which was contained in Minnesota’s Labor and Industry Policy Omnibus bill signed by Governor…
2024 has been called “the year of elections” with an estimated 2 billion people around the world heading to the polls. Voters in the UK will have their say on 4 July. Now that each of the main parties has published their manifestos, here’s what the 2024 general election could mean for your finances. Conservatives – more National Insurance cuts and the “triple lock plus” Having already reduced National Insurance…
In today's business landscape, sustainability and environmental consciousness have become paramount. However, it is crucial for businesses to avoid making misleading or exaggerated claims about their green initiatives, a practice known as greenwashing. How can businesses navigate the complex world of sustainability claims and maintain their credibility? To shed light on this important topic, the firm's Intellectual Property team recently hosted a multijurisdictional Lexology masterclass webinar on avoiding greenwashing and…
Consumers and businesses looking forward to the fillip of an interest rate cut may have to wait a little longer. Among our surveyed economies, only Brazil’s Monetary Policy Committee (Copom) cut its policy rate in May—but by just 0.25 percentage points, taking the Selic rate to 10.50%.Hopes of imminent interest rate reductions among the major economies are receding (Exhibit 1) except perhaps in the eurozone, where expectations of a June…
NVIDIA founder and CEO Jensen Huang on Friday encouraged Caltech graduates to pursue their craft with dedication and resilience — and to view setbacks as new opportunities. “I hope you believe in something. Something unconventional, something unexplored. But let it be informed, and let it be reasoned, and dedicate yourself to making that happen,” he said. “You may find your GPU. You may find your CUDA. You may find your…
Quick Hits The Superior Court of Arizona ruled Arizona municipalities cannot set prevailing wage ordinances. The court struck down prevailing wage ordinances enacted by Phoenix and Tucson affecting construction contractors. On June 21, 2024, the Superior Court of Arizona Maricopa County ruled in favor of three trade associations challenging the Phoenix and Tucson prevailing wage ordinances. The court found the state’s 2006 Minimum Wage Act did not effectively repeal the…
When you think about what you want the future to look like, it’s probably not the value of your assets that comes to mind first. Instead, you might think about the experiences you want or your loved ones Yet, to build the life you want, money is usually an important factor. While you often hear the saying “money can’t buy happiness”, the reality is that your financial circumstances are likely…
On June 28, the Valdai Club held a discussion dedicated to the presidential elections in the Islamic Republic of Iran and the potential for the development of Iranian-Russian relations. The event was moderated by Timofei Bordachev, Programme Director of the Valdai Club. Vitaly Naumkin, Full Member of the Russian Academy of Sciences, Academic Director of the Institute of Oriental Studies, Russian Academy of Sciences, noted that the political system of…
Digitalization of the financial sector has brought significant benefits but has also exposed businesses to rising technology risks, including cyberattacks, system outages, and third-party information and communications technology (ICT) failures. To ensure financial institutions (FIs) remain resilient in the face of these threats, the European Union’s Digital Operational Resilience Act (DORA) sets out detailed requirements for EU-based FIs to protect their key business processes (see sidebar “DORA’s scope”). While DORA…
On May 17, 2024, the District of Columbia Office of Tax and Revenue (OTR) published a notice summarizing the District of Columbia’s current policy regarding the recordation and transfer tax treatment of an assignment of a lease, including a ground lease, with a term of at least 30 years (including renewals). This is the first official statement by OTR regarding the taxation of assignments of long-term leases, including ground leases.…
You probably read the predictions. For a decade, they peddled the same sunny promise: Someday AI will help make medicine smarter and faster. Someday has dawned. Nearly 80% of health care organizations now use AI. In fact, AI is already helping to reduce repetitive clinical tasks and enable more precise treatments. This month, we’re sharing a progress note on the confluence of tech and medicine, detailing how certain solutions are…
According to research from Scottish Widows, more than three-quarters of retirees could be missing out on potential investment returns by accessing their pension before their retirement date. Understanding the implications of withdrawing money from your pension could help you to make a decision that’s right for you. Read on to find out some of the areas you might want to consider before you access your pension for the first time.…
To explore how generative AI (gen AI) could transform the future of work globally, and in Singapore particularly, McKinsey partner Sanjna Parasrampuria, an expert in data, artificial intelligence and generative AI, talked to Terence Chia, assistant chief executive of the Infocomm Media Development Authority (IMDA) of Singapore, and to Kathryn Kuhn, an alumnus of McKinsey’s Digital Practice. The conversation led to the conclusion that collaboration is vital to ensure that…
From 2024, the UK’s Environment Act requires planning applications to demonstrate an overall biodiversity net gain of at least 10% as calculated using a new statutory biodiversity metric.The researchers trialled the metric by using it to calculate the biodiversity value of 24 sites across England. These sites have all been monitored over the long-term, allowing the team to compare biodiversity species data with results from the metric. Plant biodiversity at…
At a glance Cardiovascular disease (CVD) is the leading cause of death for women. Cardiovascular conditions in the United States make up at least a third of the women’s health gap because of inequities between women and men in care delivery, efficacy, and data availability. Addressing heart health at every life stage can improve a woman’s quality of life and overall health. It could lead to at least 1.6 million…
Quick Hits Act No. 273 modifies La. Rev. Stat. § 23:921, Louisiana’s noncompete statute, to limit the noncompete restrictions allowed in contracts with physicians. Any contract that restrains a primary care physician from practicing medicine expires three years after the effective date of the contract and all other physicians five years after the effective date of the contract. Any subsequent contract may not include a noncompete provision. The noncompete agreement…
At Microsoft, we’re doing deep research into AI adoption at work—what's working for people, what challenges are emerging, and how organizations can move from early experimentation to broad business transformation. Today we’re surfacing new data from Copilot customers that shows which job functions are gaining an early AI advantage. To do that, we looked at one of the first ways people report value from AI: time savings. Let’s have a…
It’s the new way of comparison shopping in the age of large language models (LLM): Tapping into AI-driven search engines for research and advice on which products to buy. But can consumers trust the recommendations to be impartial?New research finds that companies can subtly manipulate the LLM into favoring their own products by adding a carefully crafted short text sequence to online product descriptions. The study explores whether marketers “can…
When you’re accessing your pension, it’s important to consider the sustainability of your withdrawals. You might have heard of the “4% rule”, which provides a seemingly simple way to calculate how much you can access each year. However, for modern retirees, applying this rule to your pension could be risky. The 4% rule was first articulated by William Bengen, a retired US financial adviser. The rule essentially suggests you can…
Several top Democrats have reportedly issued strong warnings to Joe Biden to challenge Trump’s friendly ties to corporate America when the two face off on Thursday’s presidential debate, and less time talking up his legislative accomplishments. The news reflects continued pressure on Biden to lean more into populist, anti-corporate appeals. But that would be a huge mistake. Wealthy political advisors keep trying to tell Biden how to speak to the…
Demographic, regional, and technological shifts all influence the current story of global productivity. On this episode of The McKinsey Podcast, McKinsey senior partners Chris Bradley and Olivia White join editorial director Roberta Fusaro to discuss how best to measure productivity, what’s behind reduced productivity numbers, and what can be done to ramp up productivity rates again.In our second segment, McKinsey senior partner Tania Holt explores the challenge that Europe faces in filling many…
On June 27, the Valdai Club hosted a discussion on the confiscation of Russian assets abroad. The moderator, Ivan Timofeev, highlighted that a new development has emerged in this regard. While previously, the emphasis was on freezing assets, the current concern involves the dispossession of property rights. He went on to state that these measures are gradually evolving and suggested that this is not the final stage. Dmitry Timofeev, Director…
Quick Hits Act No. 273 modifies La. Rev. Stat. § 23:921, Louisiana’s noncompete statute, to limit the noncompete restrictions allowed in contracts with physicians. Any contract that restrains a primary care physician from practicing medicine expires three years after the effective date of the contract and all other physicians five years after the effective date of the contract. Any subsequent contract may not include a noncompete provision. The noncompete agreement…
With summer finally here, it’s the perfect time to enjoy the warmer weather by exploring the great outdoors. Yet, although the 2021 census found that 87% of UK households have a garden, many people overlook the simple joy of spending more time looking after it. As well as allowing you to cultivate a beautiful outdoor space to relax or entertain in, gardening also offers some incredible advantages that you might…
27 June 2024By Othman Bouabdallah, Ettore Dorrucci, Lucia Hoendervangers and Carolin NerlichEurope needs trillions of euros to manage climate change, become digital and defend itself. How can EU and national policymakers support these projects? This Blog post discusses the options in times of low growth and high public debt levels.The views expressed in each blog entry are those of the author(s) and do not necessarily represent the views of the…
Following a record showing in 2022, the global banking sector continued to exceed expectations during 2023. Global return on tangible equity reached 13 percent in 2023, its highest level since the 2008 financial crisis. Meanwhile, the worldwide Tier 1 ratio hit a ten-year high of 13.4 percent, and net interest margins rose to 2.4 percent, snapping a decade-long contraction. Despite the remarkable overall performance of global banking, several challenges that…
The European Football Championship is in full swing. Germany beat Scotland 5:1 in the opening game. But for the host country, it is not just about sports. The Euro 2024 and the upcoming Summer Olympics in Paris belong to the category of mega-events where billions are at stake – and therefore politics is always on the pitch. All the more reason to take a look at the five economic principles.1.…
Since it was founded in the United Kingdom close to two decades ago, enterprise software company Anaplan has been built around the core concept of what it has dubbed “connected planning.” For customers who had long dealt with a messy patchwork of different systems and manual processes, this has meant having a single platform to enable integrated planning and forecasting for everything from finance and sales to supply chain and…
For chief marketing officer success, focus on helping them attain the right skill set at the right corporate growth stage. Kimberly A. Whitler and Jonathan Metrick June 26, 2024 Reading Time: 6 min Nick Lowndes/Ikon Images Chief marketing officer turnover has long been a challenge for companies. As a company matures, it can become clear that the CMO’s leadership skills and abilities no longer align with the organization’s needs —…
To bring Hong Kong’s Foreign-Sourced Income Exemption (FSIE) regime in line with the European Union’s updated guidance on FSIE regimes promulgated in December 2022, the Inland Revenue (Amendment) (Taxation on Foreign-sourced Disposal Gains) Ordinance 2023 was enacted on 8 December 2023 to refine Hong Kong’s FSIE regime with effect from 1 January 2024, under which, subject to certain carve-outs and reliefs, the scope of assets in relation to foreign-sourced disposal…
Your relationship with money may play a huge role in how you handle financial decisions and your long-term security. Many factors affect your financial decisions, but you might be surprised by how much your childhood experiences still influence you today. The majority of parents recognise how important financial education is. Indeed, according to Nationwide, almost 9 in 10 parents to children aged between 8 and 13 say personal finance education…
Over the past decade, private-capital firms and insurers have built a symbiotic relationship. Private-capital firms, which typically raise money from institutional investors such as pension funds and sovereign wealth funds, encompass multistrategy private-market firms, private-credit firms, private equity firms, and real estate firms. Tie-ups with insurers have allowed private-capital firms to expand their supply of permanent capital—investment funds that do not have to be returned to investors on a timetable,…
Q: When we talked two years ago, you described an industry in search of a profitable business model. You warned that companies would be in for a tough stretch. Where do things stand now? It’s been a very difficult two years for the entertainment sector— worse than we could have imagined—and streaming is a big part of why. People have continued dropping pay TV, which was a very profitable business,…
The advent of Generative AI (GenAI) has ushered in a new era of possibilities for businesses, allowing them to harness the power of artificial intelligence in unprecedented ways. With the global generative market currently worth $44.89 billion and expected to reach $66.62 billion (Statista) by the end of the year, it’s no wonder that organisations are keen to get a piece of the proverbial pie. However, whilst the appetite exists,…
Quick Hits On June 21, 2024, two bills were introduced in the California Legislature to reform PAGA, which could provide a measure of relief to California employers and much-needed increased court oversight. Notably, the proposed amendments would allow an employee to bring PAGA claims only for Labor Code violations the employee “personally suffered” within the statute of limitations. For several claims, the proposed legislation would adjust PAGA penalties based on…