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Recent Editions
Human Times
North America
PwC global chairman Mohamed Kande says the growth of artificial intelligence may eventually lead to fewer entry-level graduates being hired, although he said AI was not behind recent job cuts at the firm. In 2021, PwC said it wanted to hire 100,000 people over the course of five years, but Kande said this would no longer be possible. "When we made the plans to hire that many people, the world looked very, very different," he said. "Now we have artificial intelligence. We want to hire, but I don't know if it's going to be the same level of people that we hire - it will be a different set of people." Kande noted that PwC actually needed to hire hundreds of new AI engineers but was struggling to find them.
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Human Times
UK
The government has announced an increase in the minimum wage that will see 2.7m people receive a pay rise in April. The hourly rate for over-21s will rise to £12.71, while 18- to 20-year-olds will see their rate increase to £10.85, and under-18s and apprentices will earn £8 an hour. While the government says these changes balance worker needs with what businesses can afford, some employers warn that repeated above-inflation rises could lead to hiring freezes, reduced investment, or higher prices for customers. Jane Gratton, deputy director of public policy at the British Chambers of Commerce, said: "There's a limit to how much additional cost employers can bear without something having to give."
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Human Times
Europe
The European Bank for Reconstruction and Development's semiannual report warns that aging populations have already begun to hinder economic growth in certain countries - some of which need to act now to keep slowing population growth from wreaking havoc on their long-term economic prospects. "Already today, demography is eroding growth in living standards, and it is going to be a headwind for GDP growth in the future," EBRD Chief Economist Beata Javorcik told Reuters. She also observed that post-communist nations "are getting old before getting rich." The report noted that migration at a level needed to counteract falling birth rates is not politically palatable in most places.
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Human Times
Middle East
Saudi Arabia is set to open two new alcohol stores, including one for non-Muslim staff at Aramco, as part of ongoing reforms led by Crown Prince Mohammed bin Salman. These outlets, located in Dhahran and Jeddah, mark a significant shift in the Kingdom's approach to alcohol, which has been heavily restricted for decades. The Dhahran store will cater to non-Muslims working for Aramco, while the Jeddah store will serve non-Muslim diplomats. "We do understand that some of the international travellers want to enjoy alcohol when they visit the Saudi destinations but nothing has changed yet", said Saudi Tourism Minister Ahmed Al-Khateeb. The new stores are expected to open in 2026, furthering the Kingdom's efforts to attract tourists and diversify its economy.
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