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Economic conditions outlook, March 2025

So much can change in three months. In the December edition of our quarterly McKinsey Global Survey on economic conditions, respondents’ expectations for the global economy were largely stable with the previous quarter and more positive than negative. Now, amid a spate of policy shifts, uncertainty permeates views on the economy in the latest survey. Respondents are now equally likely to see geopolitical instability and changes in trade policy or relationships…

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A decade of data shows Latino entrepreneurship is on the rise

A decade of research into Latino entrepreneurs paints a picture of an innovative and resilient group of business owners who are a key driver of the U.S. economy.“Latino entrepreneurs are an important contributor to the growth of the U.S. entrepreneurial ecosystem,” says George Foster, a professor of accounting and management at Stanford Graduate School of Business and faculty director of the Stanford Latino Entrepreneurship Initiative, which has just published the…

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OSC delegates, CIRO regulates

Registration changes for Ontario investment dealers, mutual fund dealers and futures commission merchants Effective April 1, 2025, the Ontario Securities Commission (OSC) will delegate certain registration functions to the Canadian Investment Regulatory Organization (CIRO). The changes will affect firms registered in Ontario in one or more of the following categories, and the individuals acting on their behalf (collectively, the Delegated Categories): Investment dealer Mutual fund dealer1 Futures commission merchant The…

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AI at Work: New skills are going to require a new division of labor

In my last column, I discussed the new reality that AI can think and reason at a remarkably high level. Someday we’ll look back and see this as an inflection point in the evolution of technology—a change that will profoundly impact how we think about, organize, and deploy cognitive labor.  When I think about AI’s current abilities, I consider these five key cognitive tasks: perceiving, understanding, reasoning, executing, and creating. Looking…

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AI can boost productivity – if firms use it

28 March 2025By Antonin Bergeaud, Guzmán González-Torres Fernández, Vincent Labhard and Richard SellnerWe constantly hear of exciting new ways AI tools can help to tackle economic problems and the productivity gains they bring. However, benefits can only materialize when firms actually use AI.This post is part of a miniseries related to the ECB conference “The Transformative Power of AI”, on 1-2 April 2025, bringing together researchers, practitioners, and policymakers. Learn…

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The Future of NATO: Correction of Transatlantic Relations and the Umbrella Format

On March 27, the Valdai Discussion Club Conference Hall in Moscow hosted a discussion titled “The Crisis of Growth in NATO or the End of Atlantic Unity?” The event was moderated by Timofei Bordachev, Professor at the National Research University Higher School of Economics and Programme Director of the Valdai Discussion Club. He noted that now the Transatlantic unity, which gave birth to the concept of the ‘Collective West’, has…

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Implementing a Shared Service Centre

5 tips for navigating change with impact Implementing a Shared Service Centre is a major change that impacts people, processes, and culture. This guide shares five practical tips, from strong communication to people-focused planning, that can help leaders manage the transition smoothly. Learn how to align teams, transfer knowledge effectively, and build momentum for a successful, centralised model. Reading time: 3 minutes Implementing a Shared Service Centre (SSC) is a…

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Into the Breach Podcast – Episode 40: Making the Change – Transitioning from Big Law Associate to RWI Underwriter

Into the Breach is the first law firm podcast exclusively devoted to reps and warranties insurance and the transactional risk markets. Hosted by Seyfarth partners Bryan M. O’Keefe and Gena B. Usenheimer, each week the hosts in their unique, buoyant style, interview leaders from the industry, and explore the latest developments, market trends, and news impacting RWI and transactional risk insurance. Listen and learn more about each episode of the…

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Upcoming changes to insurance licensing in Québec for out-of-province representatives

The Autorité des marchés financiers (AMF) is introducing key regulatory amendments aimed at simplifying and modernizing the certification process for insurance and mortgage brokerage representatives in Québec. These changes will streamline licensing requirements and enhance flexibility in the conduct of the probationary period for representatives in insurance of persons, group insurance of persons, damage insurance, claims adjustment and mortgage brokerage. The amendments, introduced through the Regulation to amend the Regulation…

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Transforming the future of learning and work with AI skilling

Discover how Microsoft and Pearson are equipping learners with AI skills for the future. Over the past few years, companies around the world have seen a paradigm shift in how individuals consume content and attain new skills—changes that will only continue to accelerate and evolve in the AI era. A global IDC survey1 found that a lack of skilled workers is the biggest challenge for enterprises implementing AI technology within their…

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Companies That Receive State Subsidies Are More Likely to Break Workplace Laws‌

In 2013, the state of Washington gave the aerospace company Boeing a massive subsidy package worth $8.7 billion, including tax breaks and reimbursements for worker training costs. That eye-popping price tag isn’t typical—the Boeing subsidy is believed to be the largest in U.S. history—but state subsidies have become more common over the last couple of decades, as government officials try to lure firms to set up shop in their area…

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Breaking the standstill: How social mobility can boost Europe’s economy

A just and inclusive society has long been a strength of European countries. The continent is a world leader in advancing social imperatives such as gender equality and, historically, socioeconomic mobility. Yet progress on the latter has stalled in recent years, limiting the economic growth that is vital for Europe’s competitiveness. Research shows that social mobility can accelerate productivity—including through greater workforce participation, better skills matching, higher consumer spending, fewer…

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AI can help doctors give intravenous nutrition to preemies

Artificial intelligence can improve intravenous nutrition for premature babies, a Stanford Medicine study has shown. The study, which published March 25 in Nature Medicine, is among the first to demonstrate how an AI algorithm can enable doctors to make better clinical decisions for sick newborns.The algorithm uses information in preemies’ electronic medical records to predict which nutrients they need and in what quantities. The AI tool was trained on data…

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Farewell, Gaia: spacecraft operations come to an end

On 27 March 2025, Gaia’s control team at ESA’s European Space Operations Centre switched off the spacecraft’s subsystems and sent it into a ‘retirement orbit’ around the Sun.Though the spacecraft’s operations are now over, the scientific exploitation of Gaia’s data has just begun. Launched in 2013, Gaia has transformed our understanding of the cosmos by mapping the positions, distances, motions, and properties of nearly two billion stars and other celestial…

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FinCEN Narrows Scope of Corporate Transparency Act

On March 26, 2025, the Financial Crimes Enforcement Network’s (“FinCEN”) interim final rule (the “Interim Rule”) exempting domestic entities and U.S. persons from reporting beneficial ownership information (“BOI”) under the Corporate Transparency Act (the “CTA”) was published in the Federal Register. Summary of Changes U.S. companies and U.S. persons are no longer required to report BOI to FinCEN. Only foreign companies registered to do business in the U.S. are now…

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Catherine Eschbach Named OFCCP Director Amid Executive Order 11246 Rollback

Quick Hits Catherine Eschbach has been named director of OFCCP to “oversee its transition to its new scope of mission.” OFCCP will enforce EO 14173’s revocation of EO 11246, Eschbach said, stating that EO 11246 “had facilitated federal contractors adopting [diversity, equity, and inclusion (DEI)] practices out of step with the requirements” of civil rights laws. Contractors must unwind their EO 11246 compliance within ninety days of the issuance of…

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Board diversity: A made in Canada approach?

Board diversity remains a key consideration in Canada despite changing views in the United States. Cross-listed issuers may want to exercise caution in their disclosure approach. Takeaways Proxy advisors, institutional investors and other stakeholders in the United States (U.S.) have rescinded or changed their policies for public companies with respect to diversity on boards and among senior management. To date, Canadian proxy voting guidelines published by proxy advisors and institutional…

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Ahead of 2025 NAB Show: How Microsoft tech is transforming sports

In the dynamic world of sports, where every second counts, technologies such as cloud computing, AI, and real-time data analysis have emerged as pivotal forces for optimizing strategies and captivating audiences. Ahead of the 2025 NAB Show, we’re sharing how Microsoft is at the forefront of this transformation, partnering with sports organizations worldwide to integrate technology and gain a competitive edge. Technology integration opportunities in sports  Microsoft technology helps drive…

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Cambridge triumphs in Varsity double as University and United FC forge exciting partnership

The memorable evening, witnessed by over 2,000 spectators, set the perfect stage for the announcement of a new formal partnership between Cambridge University Association Football Club (CUAFC) and Cambridge United FC, strengthening the bond between the historic footballing institutions of the city.The women’s match opened the night in dramatic fashion, with Cambridge securing a thrilling 3-2 comeback victory. Despite trailing 1-0 at halftime, the Light Blues displayed resilience and attacking…

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Central Asia’s Fuel and Energy: Can’t Do Without a Powerbank?

Priceless black gold The oil and oil products sector is more predictable and is unlikely to change in the foreseeable future: Russia supplies hydrocarbons to all Central Asian countries, while of these nations, only Kazakhstan has significant oil reserves (although it does not own most of the extracted oil). In 2024, oil and gas condensate production in the Republic of Kazakhstan amounted to 87.8 million tonnes, of which two thirds…

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Termination Requirements Around the Globe

Quick Hits U.S. at-will employment is not common internationally; other countries require valid reasons and advance notice for termination. Statutory severance pay is mandatory in many countries, calculated based on length of service and salary, and non-negotiable. Additional benefits include accrued but unused vacation, pro-rata thirteenth-month salary, earned bonuses, and seniority premiums. Good cause termination requires specific procedures and evidence, making it challenging to avoid severance payments. Employers may want…

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Do you still need to report? Thoughts on the second reporting cycle under the Supply Chains Act

Given updated guidance from Public Safety Canada (PSC), some businesses that prepared reports on forced labour and child labour in their operations and supply chains in 2024 may not need to report in 2025. Takeaways PSC’s updated guidance has clarified the meaning of “assets” and the types of activities that will trigger a reporting obligation under the Fighting Against Forced Labour and Child Labour in Supply Chains Act (the Supply…

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Unlocking value with AI in the rack-to-retail fuel market

The downstream wholesale market in the United States is a critical component of the refined fuel supply chain, moving fuel from refineries to end users through pipelines and secondary terminals countrywide (see sidebar “Refinery-to-rack and rack-to-retail: Definitions”). However, many companies in this sector are grappling with the challenges posed by shifting macroeconomic and geopolitical forces. To thrive in this complex environment, operators need to make integrated, data-driven decisions to capture…

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Webb Telescope sees galaxy in mysteriously clearing fog of early Universe

A key goal of the NASA/ESA/CSA James Webb Space Telescope has been to see further than ever before into the distant past of our Universe, when the first galaxies were forming after the Big Bang, a period know as cosmic dawn.Researchers studying one of those very early galaxies have now made a discovery in the spectrum of its light, that challenges our established understanding of the Universe’s early history. Their results…

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Researchers develop innovative new method to recycle fluoride from long-lived ‘forever chemicals’

Dr Thomas Schlatzer and Dr Christopher Goult inspect the degraded Teflon sealing rings that started the team’s investigations into this new method for recycling PFAS chemicals. Credit: Department of Chemistry, University of Oxford. PFAS – which stands for poly- and perfluoroalkylated substances – have been produced in large quantities for over 70 years. They are found in a wide variety of products including textiles, food packaging, non-stick cookware, and medical…

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Oxford launches first human aerosol TB challenge trial

The University of Oxford in partnership with the Coler Lab at Seattle Children’s Research Institute (SCRI) has begun a new clinical trial called TB045, which aims to test tuberculosis (TB) vaccine safety and the host immune response in a first-in-man aerosol mycobacterial challenge infection model with healthy adult volunteers. TB is a disease caused by the bacterium Mycobacterium tuberculosis and in 2023 was the leading cause of death from an…

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Expert Comment: The Modern Slavery Act at 10 – what have we learnt for human rights?

Former Conservative Prime Minister Theresa May, who can justifiably take the political credit for the passage of the UK’s ground-breaking  Modern Slavery Act 10 years ago today, famously described modern slavery as ‘the greatest human rights issue of our time.’Our experience of modern slavery research for policy teaches us that the patient and systematic resort to properly resourced, independent and expert policy-relevant research, evidence and data, which is the product…

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Washington Supreme Court Rejects Noncompete Provision Barring Employees Competitors

A recent Washington State Supreme Court decision addressed a simmering conflict between the statutory right of employees earning less than double minimum wage to work a second job, on the one hand, and employees’ duty of loyalty owed to its employer, on the other.  In David v. Freedom Vans LLC, the Court held employees in Washington state earning less than double the minimum wage can work directly for competitors without…

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UK Parliament Proposes Increased Penalties for Failure to Consult in a Collective Redundancy

Quick Hits In March 2025, the UK government announced amendments to the Employment Rights Bill following a series of consultations. The penalty “protective award” payable to employees when an employer fails to consult properly in a collective redundancy situation would be doubled from 90 to 180 days’ pay. Collective redundancy consultation obligations (which apply when twenty or more redundancies are proposed) would continue to be determined separately for each “establishment”…

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Managing unforeseen risks in supply chain contracts: Choice of law considerations

While the topic of U.S. tariffs has dominated recent headlines and turned the attention of business leaders and legal advisors to supply chain matters, often there are more basic legal considerations at play that are not adequately scrutinized by those carrying out cross-border business: basic contractual terms respecting unforeseeable events, which can be significantly impacted by applicable law governing supply agreements, purchase orders, bills of lading and other legal documentation.…

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Strategic Implications and Regional Dynamics of AI on Modern Warfare for Pakistan

Pakistan’s indigenous AI capabilities, exemplified by its Burraq and Shahpar-II drones, signify its determination to counterbalance India’s advancements. These platforms, while still evolving, have demonstrated the potential to contribute to Pakistan’s broader strategic objectives. Moreover, AI’s utility in countering non-traditional threats — such as cross-border terrorism and hybrid warfare — adds another layer to its strategic relevance. Along the Line of Control and the Durand Line, AI-enabled surveillance systems and…

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Why Four-Day Workweek Experiments Fail (and How to Make Yours Stick)

Topics Column Our expert columnists offer opinion and analysis on important issues facing modern businesses and managers. More in this series Subscribe Share Nick Lowndes/Ikon Images Summary: As the four-day workweek evolves from experiment to reality at many organizations, some are thriving and reaping benefits like higher productivity, stronger engagement, and improved hiring and retention, while others are struggling with implementation. For business leaders, the challenge is executing the necessary…

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Six Essential Tips for Understanding Intellectual Property Rights Under Government Contracts

In celebration of the release of the 6th Edition of the Government Contracts Compliance Handbook, we are sharing six essential tips for understanding intellectual property (IP) rights in government contracts. Contractors navigating federal procurement must understand how IP is created, owned, and licensed under government agreements. The failure to properly manage IP rights can lead to the unintended loss of ownership, competitive disadvantages, or disputes with the government over licensing…

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New Mexico Is the Next State With a Proposed Heat Illness Rule

Quick Hits The proposed rule would require a plan that incorporates control measures, acclimatization, emergency medical care, and training. The proposed rule would apply to both indoor and outdoor locations. There will be narrow exemptions for incidental heat exposures of fifteen minutes or less within a one-hour period, emergency response operations, telework, and environments where mechanical ventilation systems maintain a heat index below 80 degrees Fahrenheit. The New Mexico Environment…

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Consumer rights and protection across Canada’s supply chain operations

Consumer protection laws in Canada consist of a combination of federal, provincial, and territorial legal requirements that businesses must follow when contracting with consumers. Within supply chains, consumer protection issues can arise at various stages, including the manufacturing process, where companies must ensure product safety and compliance with regulatory standards. Businesses must also adhere to legal requirements related to product labelling, marketing, and advertising to provide accurate consumer disclosures, as…

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Level up your AI skills on March 28, National AI Literacy Day

Build your AI skills and celebrate National AI Literacy Day with our free resources. Educators across the world are using AI to streamline lesson planning, personalize instruction, and enhance accessibility. According to our AI in education report, many educators, students, and school leaders are already incorporating AI into school-related activities. On March 28, 2025, we’re celebrating National AI Literacy Day in the US. This nationwide initiative is a fantastic opportunity…

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Curator unravels mystery of Virgil manuscript’s journey to Stanford

Among the 200,000 items in Stanford’s Special Collections, a few were made for the limelight. There’s a seminal work by Copernicus, who proposed that the Earth revolves around the sun, that is valued at $2.5 million; a handwritten draft of Cannery Row, by John Steinbeck, Class of 1923; a receipt for grain from the year 2056 BCE, carved into a piece of hardened clay the size of a postage stamp.But…

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China: will the change in the authorities’ rhetoric be enough to restore confidence?

Whereas Chinese public policy has traditionally targeted supply, notably through various forms of support for businesses (grants, tax credits, access to liquidity), and Xi Jinping used to regularly slam “welfare societies” where the welfare state and Keynesian mechanisms play a role, this shift in tone means there is now more emphasis on domestic consumption and demand.Last week, the Chinese authorities announced a plan to “vigorously boost consumption” – something they…

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Do you really need Strategic Workforce Planning?

Choosing the right workforce planning approach for your organisation Workforce planning isn’t one-size-fits-all. While Strategic Workforce Planning (SWP) helps organisations plan for the long term, Tactical and Operational Workforce Planning address more immediate and mid-term needs. Understanding when to apply each approach is critical to workforce resilience, cost efficiency, and business success. Which planning approach is right for you? Reading time: 3 minutes Strategic, Tactical, or Operational Workforce Planning –…

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DOJ Withdraws Eleven ADA Guidance Documents For Public Accommodations

Department of Justice logo. By: Ashley S. Jenkins and Minh N. Vu Seyfarth synopsis: The Trump DOJ rescinded five COVID-19 related documents and six older guidance documents designed to educate businesses on the requirements of the ADA, claiming that the recission will reduce the burden on businesses to review them. On March 19, 2025, to comply with President Trump’s January 20, 2025 memorandum “Delivering Emergency Price Relief for American Families…

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