Editor's note

Issue 648 • August 2023

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‘Era of global boiling’ impacts long term environmental sustainability

UN secretary general, António Guterres has commented that the era of global warming has ended and “the era of global boiling has arrived”, after scientists confirmed that July registered as the world’s hottest month since records began.

With reports of deadly heatwaves and raging fires making headlines globally throughout July and into August, the tangible effects of climate-change are becoming harder to ignore. The Guardian reported that the heatwaves in southern Europe, North America and China recorded temperatures 2.5C, 2C and 1C hotter than they would have been if not for human-induced climate change. Meanwhile, Allianz’s calculations suggest that the associated costs, including fire suppression, insurance and loss of assets, may have run to a total of 0.6pp of GDP in 2023, ranging from 0.1pp for France to 1.3pp for China. It has been said that one day of extreme heat (above 32 degrees) is equivalent to a half day strike in terms of impact on the economy, and all this is in addition to the biggest loss, being the tragic loss of lives.

The impacts of wildfires are broad and long-lasting. To minimise the effects of similar events in future, Allianz’s report suggests that adaptation is key. Warning and prevention measures can be put in place in the short term, to be complemented by longer-term structural adaptation measures and changes to workplaces to adapt to an increased heat burden, such as adapting buildings and infrastructure, or implementing changes to working hours.

In this issue, do read Steve Heathcote, CEO PrimeGlobal’s explanation on the introduction of an innovative initiative known as ‘Workation’ which lets members combine work with a vacation; Emily Alston, at Baxendale Employee Ownership explains Employee Ownership Trusts (EOT) and the stability this brings to business growth and sustainability; John McGowan, CEO, HubSync discusses the impact of the expanding use of AI in Revolutionising Tax and Accounting; Kreston Global’s Herbert M. Chain, MBA, CPA and Doron Rozenblum, CPA posit that auditors need to develop new hard and soft skills sets to remain relevant and competitive in the face of the rapid rise of new technologies, increasing complexity in business transactions and the changing regulatory landscape; Aisha U-K Umaru, Analyst, Thematic Intelligence draws attention to how LegalTech can be used across sectors to improve service quality and the efficacy of workflows; in a rapidly evolving payments landscape, Amal Ahmed, Director, financial services and EMEA marketing, Signifyd advises on how to protect businesses from returns fraud; Chris Poole, managing director, Robert Walters discusses ‘Career Cushioning,’ positing that a third of workers admit to lining up a ‘Plan B’ job, while experts at Weekly10 advise on setting realistic goals to incentivise remote workers’ employee engagement and productivity.

There are ranking reports and fee and staff tables for China and Malaysia and additional tables for South Korea, Vietnam and Malaysia.

There is also the usual monthly sector news round up. We look forward to your feedback.

Zoya Malik