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Washington Increases Minimum Wage and Salary Thresholds for Exemption and Non-Competes

The Washington State Department of Labor and Industries has announced the state minimum wage for 2025.  In Washington, the state minimum wage is calculated annually (and generally increases) based on inflation.  Effective January 1, 2025,  Washington’s state minimum wage will increase to $16.66 per hour, which is a 2.35% increase over 2024.  Notably, Washington cities can set minimum wages that exceed the state minimum, and many cities do: City 2025…

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New Azure OpenAI Service updates enable companies to deploy and optimize AI models at scale

With the new enhancements to Azure OpenAI Service Provisioned offering, we are taking a big step forward in making AI accessible and enterprise-ready. In today’s fast-evolving digital landscape, enterprises need more than just powerful AI models—they need AI solutions that are adaptable, reliable, and scalable. With upcoming availability of Data Zones and new enhancements to Provisioned offering in Azure OpenAI Service, we are taking a big step forward in making…

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Russia-North Korea: The Useless Threat of Sanctions

High-ranking American officials are reporting the appearance of North Korean military personnel in Russia, and also admit the possibility of their participation in the Ukrainian conflict on the Russian side. The Russian Foreign Ministry characterises such statements as information leaks and hype.Meanwhile, the United States and its allies have serious cause for concern. The breakdown of relations with Moscow amid the crisis in European security has also led to a change…

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AI power: Expanding data center capacity to meet growing demand

The race is on to build sufficient data center capacity to support a massive acceleration in the use of AI. Data center demand has already soared in response to the role data plays in modern lives. But with the emergence of generative AI (gen AI), demand is set to rise even higher. And that is likely to presage a supply deficit. As challenging as this could be, companies and investors…

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Building Mastery: What Leaders Do That Helps — or Impedes

Topics Column Our expert columnists offer opinion and analysis on important issues facing modern businesses and managers. More in this series Carolyn Geason-Beissel/MIT SMR | Getty Images This is a time when we are all asking how best to prepare for a long working life. With expanded life expectancies and fast-paced technological development, this is a necessity. In my own research, I’ve long focused on the notion of the multistage…

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Can a Coffee Shop in Utah Help Solve Underemployment for People with Disabilities?

Brian Kenny On September 17, 1987, advocates for people with disabilities marked a major milestone, the closure of the Willowbrook State School in Staten Island. Since opening in 1945, Willowbrook had become the largest state-run institution for people with disabilities in the United States. It had also come to epitomize the absolute disdain that many people had for some of the most vulnerable among us. Severe overcrowding, rampant physical and…

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Carried Interests Again – and a Reminder About Gifting

The tax treatment of carried interests (sometimes referred to as “promotes”) changed under the Tax Cut and Jobs Act of 2017. The thrust of the change was to establish a new three-year holding period (instead of the standard one-year holding period) before a fund general partner or investment partnership sponsor could access the favorable 20% long-term capital gains tax rate in respect of its carried interest (the tax treatment of…

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Will the real estate crisis bury China’s dreams of prosperity?

What makes this transition even more complicated is that it coincides with both a growth crisis and a crisis of confidence: a kind of price that must be paid to clean up after past excesses, with an overinvestment bubble – notably in real estate – in the process of deflating. With volumes (of transactions and new construction starts) having adjusted sharply, prices are now falling. Faced with this deflationary spiral…

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Can Chinese EV Brands Grow Globally?

Responding to the rise in sales and popularity of Chinese electric vehicles (EVs), the United States and European Union have imposed hefty import taxes to curb the market penetration of Chinese EVs and protect local automotive manufacturers. Scholars have cautioned that such industrial policies should be temporary, as they can have unintended lasting effects. For example, the high tariffs imposed by the US and EU could slow down the consumer shift to EVs,…

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The Risks of Too Much AI: Fortune’s Jeremy Kahn

Topics Artificial Intelligence and Business Strategy The Artificial Intelligence and Business Strategy initiative explores the growing use of artificial intelligence in the business landscape. The exploration looks specifically at how AI is affecting the development and execution of strategy in organizations. In collaboration with More in this series Get updates by email Please enter a valid email address Thank you for signing up Privacy Policy Jeremy Kahn’s investigation into the…

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Federal Contractors: Your 2021 EEO-1s Might Be Disclosed by OFCCP if You Don’t Object!

Quick Hits New FOIA request noticed: A new FOIA request has been filed with OFCCP, seeking the release of federal contractors’ 2021 Type 2 Consolidated EEO-1 Reports in OFCCP’s possession. Deadline for objections: Contractors have forty days from the date of publication of OFCCP’s notice to object to the disclosure of their 2021 EEO-1 data. Separate from previous request: This is a new request for 2021 Consolidated EEO-1s; the most…

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Beyond ESG: Why We Need A Novel Approach

Sustainability is no longer just a buzzword – it has become critical for life on our planet. It will also be a key actor in shaping corporate strategy and success. The shift towards sustainability has been increasingly embraced, and the common way companies do this is through the ESG (environmental, social and governance) framework. But even though corporate impact on the environment and society is huge, the ESG methodology is increasingly being questioned – particularly in the United States – for its effectiveness…

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Partner or Instrument? Ukraine’s Place in US Foreign Policy Strategy

Since the start of the military phase of the Ukraine crisis in 2014, Kiev has received active support from the United States and its allies. The West's strategy in the structural confrontation with Russia is aimed at defeating our country without getting involved directly in the conflict. This hybrid confrontation scenario is not new for the United States. Washington uses hybrid instruments in the Middle East, against Iran, and against…

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AI algorithm accurately detects heart disease in dogs

The research team, led by the University of Cambridge, adapted an algorithm originally designed for humans and found it could automatically detect and grade heart murmurs in dogs, based on audio recordings from digital stethoscopes. In tests, the algorithm detected heart murmurs with a sensitivity of 90%, a similar accuracy to expert cardiologists.Heart murmurs are a key indicator of mitral valve disease, the most common heart condition in adult dogs.…

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Author Chris Miller on the global influence of semiconductors

According to economic historian Dr. Chris Miller, “You can’t understand the modern world without putting chips at the center of the story.” That conviction led Miller, an associate professor at the Fletcher School at Tufts University and nonresident senior fellow at the American Enterprise Institute, to research and write the 2022 nonfiction best seller Chip War: The Fight for the World’s Most Critical Technology. In an interview with McKinsey alumnus…

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How to Stand Up When It Comes to Diversity, Equity, and Inclusion

Topics Column Our expert columnists offer opinion and analysis on important issues facing modern businesses and managers. More in this series Carolyn Geason-Beissel/MIT SMR | Getty Images Recently, several high-profile U.S. organizations have backtracked on diversity, equity, and inclusion (DEI) commitments. Rural chain store Tractor Supply said it would eliminate DEI roles and goals, and farm equipment company John Deere said it would no longer sponsor social or cultural awareness…

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Retention Bonus Found Not to Constitute ‘Wages’ Under the Massachusetts Wage Act

Quick Hits A Massachusetts appellate court found that a retention bonus did not constitute “wages” within the definition of that term set forth in the Massachusetts Wage Act. The court acknowledged that there are no Massachusetts cases that have held that a retention bonus is a “wage” within the meaning of the Massachusetts Wage Act. The court noted that the Massachusetts Supreme Judicial Court has not construed the Wage Act…

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Democrats Are Losing Latino Voters. That’s Not Surprising.

John Judis and Ruy Teixeira heralded a new age of US politics in their 2002 book, The Emerging Democratic Majority. The book predicted that the growing Latino population, coupled with a clear Democratic lead in many other growing segments of society, would strengthen the party’s hold on the US electorate for decades to come.Judis and Teixeira actually made two predictions: that Latinos and other Democratic-leaning groups would become a larger…

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The rise of private credit and its future potential

Private credit has become a more popular financing option across many industries and types of businesses—and the opportunity for investors to deploy this approach is growing. In this episode of Deal Volume, McKinsey’s podcast on private markets, McKinsey partner and host Brian Vickery speaks to Vivek Mathew, president and head of asset management at Antares Capital, one of the world’s largest private credit managers. They discuss how the private credit…

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Magnetic field applied to both sides of brain shows rapid improvement for depression

The treatment – known as repetitive transcranial magnetic stimulation (TMS) – involves placing an electromagnetic coil against the scalp to relay a high-frequency magnetic field to the brain.Around one in 20 adults is estimated to suffer from depression. Although treatments exist, such as anti-depressant medication and cognitive behavioural therapy (‘talking therapy’), they are ineffective for just under one in three patients. One of the key characteristics of depression is under-activity…

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Does it ever pay to be rude?

Employee dismissal backfires: worker wins unfair dismissal claim against employer after being fired for insulting a customer. A recent Employment Tribunal case has drawn attention to the importance of correct disciplinary procedures, after a worker who was summarily dismissed for calling a customer a t*** wins nearly £5,500 for unfair dismissal (Ms M. Jones v Vale Curtains and Blinds). Background The Claimant, Ms Jones, worked as a part-time administrator at…

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Understanding The Whole Picture

Leadership happens in groups, as does most work. Without followers, who and what are we leading? As such, leaders must understand what groups need if they want to maximise performance. While most leaders should be familiar with the idea of executive coaching on an individual basis, they may know less about the benefits of group coaching.Much of individual performance is influenced by the context, and so efforts to improve performance…

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Connecting for growth: A makeover for your marketing operating model

The consumer-packaged-goods (CPG) and retail industries are entering an era marked by a focus on growth and a search for value. The past decade has been particularly challenging, with population growth slowing and consumer attention fragmenting. To respond, companies must push an ambitious dual agenda, as McKinsey outlined in a recent article. They need to find new pockets of growth through portfolio management and enhance capabilities to improve performance. This…

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Parameters of a Dream: Archipelago or Continent

The juxtaposition of these two opposite trends produces a rather specific effect: countries, their elites, and even ordinary citizens are trying to find some kind of solution that would allow them to at least look into the future with relative confidence, without constantly looking back in anticipation of some kind of nastiness. The search for such a solution is further complicated by the fact that the world is in dire…

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The Shift Toward Underconsumption in Beauty

In an era characterized by an overwhelming influx of new product launches and constant, in-your-face advertising, the concept of underconsumption has emerged as a compelling countertrend. Underconsumption – broadly defined as the practice of using fewer resources and making more deliberate purchases – is gaining traction in the beauty industry, influenced by social media dynamics and the evolving preferences of Gen Z consumers. As influencers and social media have historically…

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No Non-Compete? Maybe not a problem as PepsiCo appears to be alive and well.

Scott Graham, Unsplash In 2016, the Defend Trade Secret Act, 18 U.S.C. § 1836 (the “DTSA”), passed Congress and went into effect. At its heart, it effectively codified the Uniform Trade Secrets Act at the federal level, creating a federal cause of action. Prior to the enactment of the DTSA, a large body of federal common law had developed around the remedies available to a plaintiff after a defendant allegedly…

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Construction Chronicles: The Not-So-New and OMB-Approved Monthly Construction Utilization Report

Quick Hits OFCCP recently released a new construction scheduling letter and itemized listing, corresponding frequently asked questions (FAQs), and a renewed and revised Form CC-314, for covered construction contractors to notify OFCCP of new federal or federally assisted contracts or subcontracts in excess of $10,000, also known as the Notification of Construction Contract Award Portal (NCAP). But the agency has more in store for construction contractors. On September 30, 2024,…

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U.S. Virgin Islands Enacts Fair Chance for Employment Act

Quick Hits Employers may not inquire about an applicant’s conviction history before the applicant is determined to be otherwise qualified for a position, except when required by local and federal law. Employers are barred from asking, seeking from any source, or using as a factor in determining any condition of employment information regarding an applicant’s criminal record until the applicant has been given a conditional offer of employment. In the…

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US Market Update August 2024

By Robert Fernando CFA | 09 Sep, 2024 The usually quieter summer months for financial markets stirred to life with concerns over central bank policy, a slowing US economy and corporate earnings guidance.The fall in equity markets during mid-July spilled into early August and by the 5th, the S&P 500 index was down 10% while the more global MSCI World equity index was down 8.5%.However, markets recovered during the month…

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What if IV medicines could be taken in pill form?

For many people with cancer, IV infusions of chemotherapy are their best chance at a cure. But these infusions can be inconvenient or inaccessible to patients, and some complications arise not from the active drug itself, but the infusion. Turning these drugs into pills could be transformative. In a study published in Nature Communications on Oct. 1, a team of researchers led by Mark Smith, the director of medicinal chemistry…

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5 Key Multistate Considerations When Handling Reductions in Force

Quick Hits Documenting both the business reasons for a RIF and the objective criteria used to select employees for termination is crucial to mitigating the risk of discrimination claims and other legal challenges. Employers may want to note the various federal and state legal requirements, such as the WARN Act and any applicable mini-WARN acts when planning and executing a RIF. According to recent figures released by the U.S. Bureau…

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Podcast: Tackling the world’s toughest problems with AI

MOLLY WOOD: Juan, thanks so much for joining me.  JUAN LAVISTA FERRES: Thank you, Molly, for the invitation.  MOLLY WOOD: So when you think about the reason you have the Microsoft AI for Good Lab, what would you say is the high-level mission?   JUAN LAVISTA FERRES: So our mission is to help the world with AI, help organizations around the world on some of the world’s greatest challenges. We are not experts on…

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For the Youngest, Pertussis Is Dangerous and Preventable

This commentary was adapted from episode 147 of the Health & Veritas podcast. Subscribe for weekly doses of expert insight on health and the healthcare industry. For most of the 21st century, there have been 10,000 to 50,000 pertussis cases every year in the U.S. Pertussis, also known as whooping cough for its characteristic hacking cough followed by a whooping sound, is a vaccine-preventable illness that causes its most severe…

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A tax code oversight is causing innovation to falter

Tucked into page 59 of the 2017 Tax Cuts and Jobs Act was a short but consequential section titled “amortization of research and experimental expenditures.” It changed how companies operating in the U.S. are taxed for their spending on research and development. Before the amendment, they could deduct 100% of R&D expenses every year; after the change, this deduction was spread over five years, which would ultimately make R&D more…

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FDIC’s New Regulations Align with the Fair Hiring in Banking Act’s Amendments to Section 19 of the Federal Deposit Insurance Act

On December 23, 2022, President Biden signed the “James M. Inhofe National Defense Authorization Act for Fiscal Year 2023” which, among many other things, amended Section 19 of the Federal Deposit Insurance Act, 12 U.S.C. Section 1829 (FDIA), to reduce hiring barriers across the financial services sector. As a result of this “Fair Hiring in Banking Act,” the category of crimes for which a financial institution can outright reject a…

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Female Employee Not Entitled to ‘All the Way to the Top’ Pay Gap Adjustment, German Regional Labor Court Rules

Quick Hits A female employee was not entitled to an “all the way to the top” compensation adjustment in a gender discrimination case, where the comparator was the highest-paid colleague worldwide, a German Regional Labor Court ruled. However, the female employee was awarded higher remuneration in accordance with the discrepancy between the medians of the comparison groups of men and women. The court determined that the discrepancy between the employer’s…

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Charting the US-China Trade War: What Does ‘Made in Vietnam’ Mean?

Exports from Vietnam to the United States have grown significantly since America’s trade war with China began in 2018. At the same time, Vietnam has been importing more Chinese goods. This has led many to question: is “Made in Vietnam” really “Made in China"? Not as much as the public would think, say Ebehi Iyoha and Jaya Wen, assistant professors at Harvard Business School. By one broad measure of products,…

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