Category: 3. Business

  • N.L. nursing staffing crunch poses big risk to patients this holiday season, says union

    N.L. nursing staffing crunch poses big risk to patients this holiday season, says union

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    Newfoundland and Labrador’s registered nurses’ union is calling on families to stay vigilant about the care of their loved ones who find themselves in the health-care system this holiday season.

    Yvette Coffey, president of the province’s registered nurses’ union, said the provincial health authority needs to end its reliance on mandatory overtime just to keep health-care services running.

    “It is a big, big potential for undue harm for the people who are in our care over this holiday season,” Coffey told CBC Radio’s On the Go.

    Coffey said the union and health authority were supposed to meet almost two weeks ago to discuss scheduling issues, which happened earlier this week.

    “If they had met with us on December 12, in early December, we wouldn’t be talking about that issue right now with an emergency department without any staff over Christmas,” Coffey said.

    According to Coffey, more than a dozen nurses were mandated to work overtime at Carbonear General Hospital last weekend. (Eddy Kennedy/CBC)

    If departments aren’t staffed, registered nurses will be mandated to work overtime. Last weekend in Carbonear, Coffey said more than a dozen people had to stay beyond their eight or 12 hour shifts.

    Coffey said once mandated for overtime nurses are asked to self-assess whether they are fit to practice or too exhausted.

    “They liken it to the RCMP pulling somebody over who they believe to be impaired and asking them whether or not they feel impaired. There is no external or independent judgement,” she said.

    CBC News asked NLHS for an interview on Tuesday but no one was immediately available.

    ‘Be diligent’

    Coffey also cautioned people who find themselves inside the health-care system over the holidays.

    “Come for care because the people who are working in that system are dedicated professionals,” she said.

    “But you also need to know that some of those nurses might be working 16, 20 or 24-hour shifts, and you need to be diligent, as well, in the care of your loved one.”

    Coffey said travel agency nurses aren’t readily available during the holidays, including the Christmas period. She added most travel nurses are from outside the province and they work for private agencies and aren’t invested in the province’s people or healthcare.

    “They have no allegiance to us,” she said.

    She wants the province to implement a provincial travel pool of nurses and said in January a briefing note will be sent to the provincial government to formally propose the provincial travel pool of nurses.

    In the meantime, Coffey said staff and patients may be at risk due to inadequate staffing.

    “Mandatory overtime for nurses means increased risk of injury, but for our patients it means increased risks of mistakes and undue harm.”

     Download our free CBC News app to sign up for push alerts for CBC Newfoundland and Labrador. Sign up for our daily headlines newsletter here. Click here to visit our landing page.

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  • Baker McKenzie Advises UST on the Acquisition of a Majority Stake in Italdesign Giugiaro from Lamborghini | Newsroom

    Baker McKenzie Advises UST on the Acquisition of a Majority Stake in Italdesign Giugiaro from Lamborghini | Newsroom

    UST, a global technology transformation company headquartered in California, has signed an agreement to acquire a majority stake in Italdesign Giugiaro S.p.A., a historic automotive design and engineering firm that has helped shape the industry’s history.

    The current shareholder of Italdesign, Automobili Lamborghini — part of the Audi Group — will retain an equity interest.

    The Audi Group will remain a long-term strategic partner of Italdesign, ensuring continuity and collaboration in the areas that have defined the company’s reputation for over five decades.
    The transaction creates a strong partnership that combines UST’s expertise in automotive engineering, artificial intelligence, software-defined vehicle development and digital ecosystem design, with Italdesign’s deep knowledge in vehicle and industrial product design and engineering, prototyping, small-series production, and automotive electronics.

    Together, the companies will be able to offer a comprehensive and integrated portfolio of services — from initial concept and design through hardware and software development to production systems — to support the development of modern, digitally advanced vehicles.

    UST and Italdesign also intend to extend this integrated approach on a global scale. UST will enable Italdesign to expand its international presence through UST’s global network in more than 30 countries.

    Completion of the transaction is subject to regulatory approvals.

    Baker McKenzie assisted UST with a team led by Partner Paolo Ghiglione, supported by Partner Anna Marina De Vivo and Associate Giacomo Lamperti, who handled the corporate aspects of the transaction. The London team was led by UST relationship partner, Ash Tiwari, with support from Senior Associate Niraj Visani and associate Ambrose Teo.

    The Baker McKenzie team also included Senior Counsel Alessia Raimondo and Associate Nicolò Crespi for employment matters, Associate Francesca Montefusco for real estate, and Counsel Antonio Lattanzio for regulatory issues. Counsel Philipp Schuett and associate Hannah Mack managed the German law aspects.

    London corporate partner, Ash Tiwari, commented on the transaction: “It was fantastic to support UST on this exciting and important transaction which will enable the combined business to support the development of fully modern, digitally enabled vehicles and to extend this integrated approach to a global scale. We look forward to partnering with the UST team again.” 

    Linklaters advised the Audi Group

     

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  • Treasury yields dip as stronger GDP data clouds rate path

    Treasury yields dip as stronger GDP data clouds rate path

    A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., Dec.15, 2025.

    Brendan McDermid | Reuters

    U.S. Treasury yields declined on Wednesday as investors positioned for a shortened trading day ahead of the holidays.

    The 10-year Treasury yield — the benchmark for U.S. government borrowing — was more than 3 basis points lower at 4.134%. The yield on the 2-year Treasury note fell more than 1 basis point to 3.51%. The 30-year bond yield slipped more than 3 basis points to 4.794%.

    One basis point equals 0.01%, or 1/100th of 1%, and yields and prices move inversely to one another.

    On Wednesday, the Labor Department reported that jobless claims for the week ended Dec. 20 came in at 214,000, signifying a decrease from the prior week’s 224,000 and coming in less than the Dow Jones forecast for 225,000.

    Investors continued to digest delayed Commerce Department data that showed the U.S. economy grew by 4.3% in the third quarter — its fastest pace in two years. However, the stronger-than-expected number reported Tuesday potentially complicates the Federal Reserve’s path on interest rates.

    National Economic Council Director Kevin Hassett — one of the leading contenders to succeed Jerome Powell as Fed chair next year — told CNBC that the Fed remains “way behind the curve” on rate cuts compared with other countries’ central banks, and is not lowering rates quickly enough.

    His comments contrast with those of Cleveland Fed president Beth Hammack, who this past weekend said rates should be held at their current level for several months, as she believes inflation concerns still outweigh labor market weakness.

    According to the CME FedWatch Tool, a majority of investors now expect rates to remain on hold until April, at which point the Fed will resume reductions.

    Bond markets will close early at 2 p.m. on Wednesday and will be closed Thursday for Christmas Day.

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  • Warwickshire County Council marks a Year of Progress and Partnership as 2025 draws to a close

    Warwickshire County Council marks a Year of Progress and Partnership as 2025 draws to a close

    As the festive season begins and 2025 comes to an end, Warwickshire County Council is reflecting on a year of achievement, resilience, and collaboration that has made a real difference to communities

    across the county. From responding to emergencies to investing in the future, this has been a year defined by partnership and progress. 

    The year began with challenges, as January’s severe flooding saw Warwickshire firefighters rescue 12 people stranded in floodwater. Alongside this, we launched the Public Health Annual Report, opened a state-of-the-art fire training facility, and approved vital investment in specialist resourced provisions. 

    Throughout the year, Warwickshire has embraced innovation and sustainability. Electric vehicles became part of our mobile library service, and we proudly hosted Stage 4 of the Lloyds Tour of Britain Men’s race. Alongside these achievements, we focused on strengthening communities, expanding transport links and celebrating local heroes whose acts of bravery and kindness remind us why Warwickshire is such a special place. 

    Young people have been at the heart of our work. From youth-led conferences and mental health podcasts to supported internships and work experience programmes, Warwickshire’s next generation has shaped the conversation and inspired change. We’ve also celebrated our rich heritage and culture, marking 200 years since the birth of the modern railway, restoring Chesterton Windmill’s sails, and hosting exhibitions and festivals that brought people together. A previously lost Tudor portrait of King Henry VIII was even discovered hanging on the walls in Shire Hall!  

    Economic growth and opportunity have remained a priority, with over 350 businesses benefitting from the Skills Escalator Fund and new plans approved to help more people into work. Major road improvements, new bus services, and ambitious regeneration projects have strengthened connectivity and laid the foundations for the future. 

    As part of our Christmas Advent Calendar campaign, we have been shining a light on these achievements and thanking everyone who played a part in making Warwickshire the best it can be. Together, we’ve shown that progress is possible when communities and partners unite. 

    Talking about the last year, Leader of Warwickshire County Council, Councillor George Finch said: 


     


    “This year has truly highlighted the strength and spirit of Warwickshire. Together, we’ve achieved incredible things, from supporting our most vulnerable residents to driving innovation, discovering history and shaping the future of our young people.  


     


    “As we look ahead to 2026, our commitment is unwavering, to make Warwickshire a place where everyone can live their best life. For now, I hope you’re able to take some time to relax and enjoy the festive season with your loved ones and friends. 


     


    “Wishing you all a very Happy Christmas and a prosperous New Year!” 

    To keep up with the latest news in 2026 follow us on social or visit our news site https://www.warwickshire.gov.uk/warwickshirenews Alternatively you can sign up to our weekly newsletter, Warwickshire Update to get all the latest information sent directly to your inbox. You can sign up to the newsletter here.  

    We’ll see you tomorrow for the final day of our Christmas countdown calendar!

    And make sure you follow us on social media – Facebook and Instagram 


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  • Warwickshire County Council marks a Year of Progress and Partnership as 2025 draws to a close.

    Warwickshire County Council marks a Year of Progress and Partnership as 2025 draws to a close.

    As the festive season begins and 2025 comes to an end, Warwickshire County Council is reflecting on a year of achievement, resilience, and collaboration that has made a real difference to communities

    across the county. From responding to emergencies to investing in the future, this has been a year defined by partnership and progress. 

    The year began with challenges, as January’s severe flooding saw Warwickshire firefighters rescue 12 people stranded in floodwater. Alongside this, we launched the Public Health Annual Report, opened a state-of-the-art fire training facility, and approved vital investment in specialist resourced provisions. 

    Throughout the year, Warwickshire has embraced innovation and sustainability. Electric vehicles became part of our mobile library service, and we proudly hosted Stage 4 of the Lloyds Tour of Britain Men’s race. Alongside these achievements, we focused on strengthening communities, expanding transport links and celebrating local heroes whose acts of bravery and kindness remind us why Warwickshire is such a special place. 

    Young people have been at the heart of our work. From youth-led conferences and mental health podcasts to supported internships and work experience programmes, Warwickshire’s next generation has shaped the conversation and inspired change. We’ve also celebrated our rich heritage and culture, marking 200 years since the birth of the modern railway, restoring Chesterton Windmill’s sails, and hosting exhibitions and festivals that brought people together. A previously lost Tudor portrait of King Henry VIII was even discovered hanging on the walls in Shire Hall!  

    Economic growth and opportunity have remained a priority, with over 350 businesses benefitting from the Skills Escalator Fund and new plans approved to help more people into work. Major road improvements, new bus services, and ambitious regeneration projects have strengthened connectivity and laid the foundations for the future. 

    As part of our Christmas Advent Calendar campaign, we have been shining a light on these achievements and thanking everyone who played a part in making Warwickshire the best it can be. Together, we’ve shown that progress is possible when communities and partners unite. 

    Talking about the last year, Leader of Warwickshire County Council, Councillor Georger Finch said: 


     


    “This year has truly highlighted the strength and spirit of Warwickshire. Together, we’ve achieved incredible things, from supporting our most vulnerable residents to driving innovation, discovering history and shaping the future of our young people.  


     


    “As we look ahead to 2026, our commitment is unwavering, to make Warwickshire a place where everyone can live their best life. For now, I hope you’re able to take some time to relax and enjoy the festive season with your loved ones and friends. 


     


    “Wishing you all a very Happy Christmas and a prosperous New Year!” 

    To keep up with the latest news in 2026 follow us on social or visit our news site https://www.warwickshire.gov.uk/warwickshirenews Alternatively you can sign up to our weekly newsletter, Warwickshire Update to get all the latest information sent directly to your inbox. You can sign up to the newsletter here.  

    We’ll see you tomorrow for the final day of our Christmas countdown calendar!

    And make sure you follow us on social media – Facebook and Instagram 


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  • Minister Dara Calleary gives update on MyFutureFund

    • High levels of Employer Registrations for MyFutureFund recorded since launch
    • MyFutureFund provides highly competitive costs for participants
    • Employee Portal opens New Year’s Day
    • New pension contribution standards introduced for exemption from MyFutureFund

    Minister for Social Protection, Dara Calleary, today announced that over 77,000 employers, with approximately 645,000 employees have registered on the MyFutureFund employer portal since the 1st December.

    From 1st January, employees enrolled in MyFutureFund will benefit from being part of a high-quality retirement saving system. Under MyFutureFund, every €3 saved by the employee will convert into €7 when their employer and State contributions are added. These funds will then be invested on their behalf into well-regulated investment funds generating further returns and building up a retirement savings pot that will be available to the employee on their retirement.

    Low Costs of MyFutureFund

    Given the scale of MyFutureFund, employees will benefit from very low administrative and investment management fees.

    The administration fee is set at just 55 cent per week as opposed to a percentage of contributions which increase as savings build, and the fee will only apply to active contributions.

    This means that employees who have opted out or suspended participation for a period of time will not suffer erosion of their retirement savings through the application of administration fees.

    Separately, the investment management fees will average just under 0.04% of assets under management. Over the typical life of a retirement saving plan for an average-income employee, the combined administration and investment management fees are less than the 0.5% target set by the Government and are less than the rate of 1% of assets and 3 – 5% of contributions which is the norm for many personal retirement saving schemes.

    Flexibility of MyFutureFund

    MyFutureFund also allows the employee the flexibility to opt-out, and to suspend their savings for a period of time. The ‘pot follows the member’ approach means they carry their retirement savings from job to job with no minimum waiting or vesting periods. This means when they reach retirement age, they will have just one consolidated pot of retirement savings rather than a multitude of different retirement plans accumulated through different employments, with no job changing gaps in their retirement savings.

    Noting the progress made since the portal opened, Minister Dara Calleary said –

    “The response to the launch of the MyFutureFund employer portal has been fantastic. Already, 77,000 employers with 645,000 staff have registered and contributions will start for these employees from pay-dates starting on the 1st January. This will give these employees, and the many others who we expect to see registered between now and January, access to a high-quality occupational retirement scheme, at low cost with the added flexibility to opt-out, suspend their savings for a period of time and to carry their retirement savings with them from job to job.”

    Employees Accessing MyFutureFund

    The next stage in the rollout of MyFutureFund will be the opening of the employee portal on 1st January. From mid-January, employees will be able to view their contributions and those of their employer and the State in their MyFutureFund account, when collected and processed by the National Auto-Enrolment Retirement Savings Authority (NAERSA). Employees will also be able to select their preferred investment plan, monitor investment returns and exercise options to opt-out or suspend savings.

    Standards for Exemption from Enrolment in MyFutureFund

    To coincide with the opening of the employee portal, Minister Calleary has signed a statutory instrument today to give effect to exemption standards determined by NAERSA.

    These standards, were developed following consultation with the Pensions Authority, set out the minimum contribution requirements that occupational pensions schemes must satisfy if participation in these schemes is to be used as the basis for claiming exemption from enrolment into MyFutureFund.

    The standards ensure that pension arrangements outside of MyFutureFund are at least as favourable for the participating employee as they would be under the introductory contribution rates in MyFutureFund.

    In the case of a defined contribution occupational pension scheme, the standards specify the total contributions amount to at least 3.5% of the employee’s gross pay, subject to a maximum of €1,200, of which at least 1.5% must be made by the employer to exempt an employment from enrolment in MyFutureFund.

    For defined benefit schemes, the standards specify that those that confer a long-term benefit based on continuing employment, will allow such employments to be exempted.

    In signing the regulation, the Minister said

    “The MyFutureFund scheme is intended to provide coverage to employees who are not already members of an employer sponsored occupational scheme – as is the case for many employees.

    We don’t want to cut-across any well established, well designed and well operating schemes. However, it is also important that such occupational schemes, if they are to be exempted, serve their purpose in allowing participants to accumulate sufficient retirement savings to fund a decent pension in retirement. That is why it is necessary to set exemption standards.

    To begin with, these standards are being set at a modest amount reflecting the phased introduction over a 10-year period of MyFutureFund, and the vast majority, if not all, pre-existing pension schemes will easily satisfy these standards.”

    NAERSA’s focus will be on ensuring that any schemes claiming exemption from MyFutureFund comply with these standards, rather than on imposing penalties. This will involve assessing contribution levels over a three-month period which is also the basis for determining eligibility for MyFutureFund. This assessment period is necessary so that the average level of contribution can be accurately calculated taking account of seasonal impacts, overtime, and commission payments.

    Employers of any schemes where the contribution amount, over this period, is less than the specified 3.5%, will be contacted with a view to assisting them to become compliant. However, if an employer scheme continues to fall below the standard with no evidence of the employer making appropriate efforts either to reach the exemption standard or to allow their staff to enrol in MyFutureFund, then the compliance powers available to NAERSA under Part 9 of the Automatic Enrolment Retirement Savings System Act 2024 will be enforced.

    The Minister explained,

    “I don’t expect this situation to arise to any great extent. As the registration levels to date show, the overwhelming majority of employers are supportive of and welcome the introduction of MyFutureFund.

    They are well-aware of the experience of other countries such as Australia and the UK where the availability of a state-owned auto-enrolment option has been seen as a huge positive. For example it is not unusual for employers in those countries to promote the availability of the auto-enrolment option as a selling-point in recruitment campaigns.

    We have, however, learned that a very small number of employers have sought to enrol some employees, who were not previously participating in those occupational schemes, into these schemes with just a notional contribution. Even though this is a very small number it is not a practice that can be ignored as it, in effect, denies the employees concerned access to an effective retirement savings plan. The enactment of these regulations will reassure workers that they will, either through their company’s own occupational scheme or through MyFutureFund, have the ability to participate in a decent retirement savings scheme.”

    Overview

    MyFutureFund, the auto-enrolment retirement savings system, is a landmark initiative aimed at helping an estimated 750,000 workers in Ireland who do not currently have access to a work or personal pension, being paid through payroll, to begin saving for their future. MyFutureFund has a legislative basis under the Automatic Enrolment Retirement Savings System Act 2024.

    From 1 January 2026, employees in Ireland who meet the eligibility criteria will have access to a quality-assured retirement savings scheme.

    Administration

    MyFutureFund has been designed with simplicity in mind. The bulk of the administration will be handled centrally by a new body that has been set up called the National Automatic Enrolment Retirement Savings Authority (NAERSA). NAERSA will act as the administrator of MyFutureFund and will take care of:

    • identifying and enrolling eligible employees
    • handling opt-in, opt-out and suspension requests
    • collecting and investing contributions
    • enforcing compliance with the legislation.

    NAERSA will facilitate employer and participant online portals as well as providing a customer contact centre to assist with queries.

    Employer advantages

    MyFutureFund has a number of advantages for employers. First and foremost, MyFutureFund is designed to keep pension administration for employers to a minimum as NAERSA will handle the vast majority of this. This makes MyFutureFund a more straightforward option for employers compared to procuring and administering an occupational scheme.

    • Contribution rates are being phased in gradually over the first decade of the scheme to allow for employers to budget.
    • NAERSA will not charge employers for this administration. Instead, NAERSA will be funded through a participant fee.
    • MyFutureFund will make it easy for employers to ensure that their employees have better financial provision for their retirement, potentially improving their own attractiveness as an employer of choice and improving retention rates of valued workers in a tight labour market.

    Employee advantages

    MyFutureFund will provide access to a quality assured retirement savings scheme to around 750,000 employees who otherwise would not have pension coverage outside of the State Pension. Enrolment for eligible staff is handled automatically, meaning that employees don’t need to do anything to begin saving for their retirement.

    • MyFutureFund guarantees employer matching contributions as well as a top-up paid at a rate of €1 for every €3 contributed by the employee.
    • Fees and charges for the scheme are very low and are clear and transparent
    • Because all participants are placed into a default investment strategy that operates on a life cycle basis e.g., decreasing investment risk the closer a participant gets to retirement, there is no need to make difficult financial decisions to get a good retirement savings pot.
    • All savings will be the personal property of the participant. There is no vesting period, meaning that as soon as the contributions are received by NAERSA they belong to the participant.

    There may be a period of time between employees seeing contributions being deducted through their payslip and appearing on their dashboard in the MyFutureFund participant portal. This is to allow the contribution payments to be collected, processed, pooled and allocated appropriately to the investment managers. If an employee has still not seen the contributions appear in their MyFutureFund participant portal after 10 business days from their pay day, they are advised to contact NAERSA.

    Contributions

    Contributions will begin to be collected from 1 January. NAERSA will collect the employer and employee contributions from the employer and the State top-up separately. Contributions are calculated on gross pay as reported to Revenue and taken from net pay after deductions.

    The contribution rates are set out in the table below.

    Employee Employer State

    2026-28 1.5% 1.5% 0.5%

    2029-31 3% 3% 1%

    2032-34 4.5% 4.5% 1.5%

    2035+ 6% 6% 2%

    Contacts and Further Information

    Further information on MyFutureFund is available at myfuturefund.ie.ie or www.gov.ie/ae

    The MyFutureFund contact centre for employers and employees can be reached on 01 568 9555.

    Alternatively, NAERSA can be written to at MyFutureFund, TCS Drive, Letterkenny Technology Park, Letterkenny, Co. Donegal, F92 W8CY.

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  • Prepare for the Future of ISSB Sustainability Reporting

    Prepare for the Future of ISSB Sustainability Reporting

    Prepare your organization for the evolving global sustainability reporting standards landscape with our comprehensive International Sustainability Standards Board (ISSB) report, focused on the ISSB’s efforts to establish globally consistent sustainability reporting standards.

    Is your organization ready to navigate the complexities of global sustainability reporting?

    The global climate change and sustainability regulatory landscape is complex and fragmented, creating significant challenges for businesses worldwide.

    The International Sustainability Standards Board (ISSB), established under the IFRS Foundation and aligned with the International Accounting Standards Board, aims to unify corporate sustainability reporting under a coherent global baseline of sustainability disclosure standards.

    This report explores the dynamics shaping global sustainability reporting, including the ISSB’s plans to consolidate existing frameworks such as the Sustainability Accounting Standards Board (SASB) standards and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. It highlights hurdles, opportunities, and the critical role of the private sector and other stakeholders in driving convergence toward widespread adoption of IFRS sustainability disclosure standards.

    Use this report to:

    • Understand the evolving global sustainability reporting landscape and the ISSB’s role as a potential unifying framework for sustainability related financial disclosures and climate related financial disclosures.
    • Gain insights into geopolitical and regulatory challenges impacting sustainability reporting, including the roles of the US, EU, UK government, China, and India, and their respective regulatory frameworks such as UK sustainability reporting standards (UK SRS) and the Climate Disclosure Standards Board.
    • Learn how standardized sustainability disclosures can improve risk management, investor confidence, and regulatory compliance by providing material information on sustainability risks, climate related risks, and sustainability impacts.
    • Explore the opportunities and risks associated with regulatory divergence and geopolitical tensions affecting financial markets and capital markets.
    • Discover how your organization can prepare for and adapt to emerging disclosure requirements and integrate sustainability related information into your company’s financial statements and integrated reporting framework.

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  • ending the GDPR Articles 13 vs 14 tug of war for body worn cameras

    ending the GDPR Articles 13 vs 14 tug of war for body worn cameras

    As the festive season draws near, the Court of Justice of the European Union (CJEU) has added something to the compliance calendar, a ruling that unwraps long standing uncertainty around transparency obligations under the General Data Protection Regulation (GDPR) for body worn cameras.

    Background

    In its decision in C‑422/24 Storstockholms Lokaltrafik (SL), the CJEU ruled that when ticket inspectors record passengers during ticket checks, the personal data captured is obtained directly from the individual. This means organisations must comply with Article 13 of the GDPR and inform individuals at the point of data collection about who is processing their data, why it is being processed, and how it will be used. This contrasts with the obligations within Article 14 of the GDPR, which applies when personal data is collected indirectly, i.e. from sources other than the individual themselves, allowing greater flexibility in when and how that information is provided. The ruling reinforces the GDPR’s core notice at collection principle, rejecting interpretations that could delay or dilute transparency where individuals themselves are the source of the data.

    For businesses, this decision offers much needed clarity on the use of video surveillance technologies and is likely to set an important precedent across the EU for how such systems should be operated in compliance with data protection law.

    The facts

    SL, a public transport company operating in Sweden, equipped its ticket inspectors with body worn cameras to deter threats and violence and to verify passenger identity when issuing penalty fares. The devices captured audio and video recordings in short, continuous loops, automatically overwriting footage every minute unless it was saved for enforcement purposes. While intended as a safety measure, this practice operated in a legal grey area.

    In 2021, the Integritetsskyddsmyndigheten (DPA) audited SL’s practices and concluded that, between December 2018 and June 2021 the use of body cameras breached several GDPR provisions, most notably the failure to provide data subjects with adequate information about the processing of their personal data at the point of collection. As a result, the DPA imposed a significant fine of approximately €1.42 million, including €355,188 specifically for non-compliance with Article 13 of the GDPR.

    SL challenged the decision, arguing that the collection of personal data was indirect, meaning that Article 13 GDPR obligations did not apply. The case progressed through the Swedish courts and reached the Högsta förvaltningsdomstolen (Swedish Supreme Administrative Court), which referred two key questions to the CJEU:

    1. Which GDPR provision applies when personal data is collected via body worn cameras, i.e. does this constitute direct or indirect collection of personal data?

    (This distinction is crucial for determining transparency. Article 13 of the GDPR applies when personal data is collected directly from the data subject, requiring organisations to inform the individual at the point of data collection. Whereas Article 14 of the GDPR applies when personal data is obtained from sources other than the data subject, allowing organisations to provide the required information at a later stage).

    1. Can failure to inform data subjects at the time of collection justify an administrative fine?

    The CJEU’s bottom line on transparency

    In reaching its decision the CJEU agreed with the DPA’s position, ruling that Article 13 of the GDPR applies to body worn camera recordings because the data is collected directly from the individual, and not from a third-party source. Specifically, the CJEU noted that “the classification of data collection as ‘direct’ does not require either that the data subject knowingly provide data or any particular action on his or her part. Therefore, data obtained from observing the data subject is considered to have been collected directly from him or her.”

    The CJEU explained that organisations must provide information immediately at the point of collection and advised using a “multi-layered approach” that combines methods of communication such as clear signage and accessible notices that recordings are taking place. Referring to EDPB Guidelines 3/2019, the CJEU confirmed that transparency can be achieved through:

    • First layer: Clear signage or a “warning sign” stating that a recording is taking place.
    • Second layer: Along with other mandatory information, a full privacy notice stating the purpose, types of data collected, and identity of the controller made available in an “appropriate and complete manner, in an easily accessible place” such as via a QR code, website, or printed material.

    The CJEU explained that if Article 14 of the GDPR applied the data subject would not receive any information at the time of collection, even though he or she is the source of those data, which would allow the controller not to provide information to that data subject immediately. Therefore, such an interpretation would carry the risk of the collection of personal data escaping the knowledge of the data subject and giving rise to hidden surveillance practices.”

    In essence, the CJEU confirmed that real time transparency is non-negotiable. Organisations using body worn cameras must inform individuals immediately when data is collected, not later. The CJEU has closed the door on any attempt to rely on Article 14 of the GDPR as this would allow organisations to delay or avoid informing individuals, creating a risk of hidden surveillance, an outcome incompatible with the GDPR’s objective of ensuring a high level of protection for individual rights.

    What should organisations be doing in light of this decision? 

    Organisations who have implemented or considering implementing body worn cameras are encouraged to:

    • Review transparency measures to ensure compliance with relevant GDPR provisions and build these into operational processes and not simply hidden in a privacy policy.
    • Update policies and procedures for direct data collection i.e. embed Article 13 GDPR obligations into operational workflows for systems collecting data including body worn cameras, CCTV, or similar technologies.
    • Assess technical configurations so that features like short loop recording and override functions are documented and justified to demonstrate compliance with the GDPR principles of data minimisation and purpose limitation.
    • Ensure appropriate employee training to understand when and how to provide information to an individual and how to respond to questions about data processing.

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  • Accenture to Acquire Cabel Industry, Strengthening its Financial Services Capabilities in Italy

    Accenture to Acquire Cabel Industry, Strengthening its Financial Services Capabilities in Italy

    The acquisition will enhance the managed services portfolio of Accenture Financial Advanced Solutions & Technology (AFAST), the company’s technology center of excellence dedicated to financial services in Italy. By integrating Cabel Industry’s capabilities—along with its approx. 200 highly-skilled professionals—AFAST will be better positioned to deliver advanced IT solutions for the banking and insurance sectors, including in credit management, and accelerate technology adoption among mid-market institutions, helping them build more scalable and competitive business models.

    “Core banking and credit management services are undergoing a profound transformation driven by new demands for modernization, scalability and productivity,” said Teodoro Lio, market unit lead for Accenture in Italy . “ Integrating Cabel Industry into Accenture significantly strengthens our core banking proposition. Their specialized platform and industry expertise enable us to accelerate the delivery of flexible, industrialized solutions aligned with the evolving technology priorities of Italian banks.”

    “Combining Cabel Industry’s capabilities with Accenture’s existing AFAST assets will create important synergies for our clients and lead to a stronger platform for innovation and efficiency,” said Massimiliano Colangelo, Financial Services lead for Accenture in Italy and Greece. “We can further support financial institutions in their IT reinvention journeys—from core banking modernization to managed services—reinforcing our role as a trusted partner in the region.”

    “Innovation in banking increasingly depends on economies of scale and Accenture’s strong expertise and global network will ensure continuity of service for our clients while providing the best opportunity for our people to expand their skillsets,” said Andrea Pettinelli, CEO of the Fibonacci Group and Chairman of Cabel Industry. “We believe that the integration of Cabel Industry’s unique capabilities into AFAST, including around credit management, will enable us to develop new technology solutions and deliver even more value to clients.”

    Since 2023, Accenture has completed seven strategic acquisitions in Italy, including IQT (Engineering Managed Services), Ammagamma (AI), Intellera Consulting (Public Administration), Fibermind (5G and fiber networks), Customer Management IT and SirfinPA (Justice and Security), and SIPAL’s Integrated Product Support business (Aerospace and Defense).

    Terms of the transaction were not disclosed. Completion of the acquisition is subject to customary closing conditions.

    Forward-Looking Statements
    Except for the historical information and discussions contained herein, statements in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “aspires,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “positioned,” “outlook,” “goal,” “target” and similar expressions are used to identify these forward-looking statements. These statements are not guarantees of future performance nor promises that goals or targets will be met, and involve a number of risks, uncertainties and other factors that are difficult to predict and could cause actual results to differ materially from those expressed or implied. These risks include, without limitation, risks that: Accenture and Cabel Industry will not be able to close the transaction in the time period anticipated, or at all, which is dependent on the parties’ ability to satisfy certain closing conditions; the transaction might not achieve the anticipated benefits for Accenture; Accenture’s results of operations have been, and may in the future be, adversely affected by volatile, negative or uncertain economic and geopolitical conditions and the effects of these conditions on the company’s clients’ businesses and levels of business activity; Accenture’s business depends on generating and maintaining client demand for the company’s solutions and services including through the adaptation and expansion of its solutions and services in response to ongoing changes in technology and offerings, and a significant reduction in such demand or an inability to respond to the evolving technological environment could materially affect the company’s results of operations; risks and uncertainties related to the development and use of AI, including advanced AI, could harm the company’s business, damage its reputation or give rise to legal or regulatory action; if Accenture is unable to match people and their skills with client demand around the world and attract and retain professionals with strong leadership skills, the company’s business, the utilization rate of the company’s professionals and the company’s results of operations may be materially adversely affected; Accenture faces legal, reputational and financial risks from any failure to protect client and/or company data from security incidents or cyberattacks; the markets in which Accenture operates are highly competitive, and Accenture might not be able to compete effectively; if Accenture does not successfully manage and develop its relationships with its ecosystem partners or fails to anticipate and establish new alliances in new technologies, the company’s results of operations could be adversely affected; Accenture’s ability to attract and retain business and employees may depend on its reputation in the marketplace; Accenture’s profitability could materially suffer due to pricing pressure, if the company is unable to remain competitive, if its cost-management strategies are unsuccessful or if it experiences delivery inefficiencies or fail to satisfy certain agreed-upon targets or specific service levels; changes in Accenture’s level of taxes, as well as audits, investigations and tax proceedings, or changes in tax laws or in their interpretation or enforcement, could have a material adverse effect on the company’s effective tax rate, results of operations, cash flows and financial condition; Accenture’s results of operations could be materially adversely affected by fluctuations in foreign currency exchange rates; Accenture’s debt obligations could adversely affect its business and financial condition; as a result of Accenture’s geographically diverse operations and strategy to continue to grow in key markets around the world, the company is more susceptible to certain risks; if Accenture is unable to manage the organizational challenges associated with its size, the company might be unable to achieve its business objectives; Accenture might not be successful at acquiring, investing in or integrating businesses, entering into joint ventures or divesting businesses; Accenture’s business could be materially adversely affected if the company incurs legal liability; Accenture’s work with government clients exposes the company to additional risks inherent in the government contracting environment; Accenture’s global operations expose the company to numerous and sometimes conflicting legal and regulatory requirements; if Accenture is unable to protect or enforce its intellectual property rights or if Accenture’s solutions or services infringe upon the intellectual property rights of others or the company loses its ability to utilize the intellectual property of others, its business could be adversely affected; Accenture may be subject to criticism and negative publicity related to its incorporation in Ireland; as well as the risks, uncertainties and other factors discussed under the “Risk Factors” heading in Accenture plc’s most recent Annual Report on Form 10-K and other documents filed with or furnished to the Securities and Exchange Commission. Statements in this news release speak only as of the date they were made, and Accenture undertakes no duty to update any forward-looking statements made in this news release or to conform such statements to actual results or changes in Accenture’s expectations.

    About Accenture
    Accenture is a leading solutions and services company that helps the world’s leading enterprises reinvent by building their digital core and unleashing the power of AI to create value at speed across the enterprise, bringing together the talent of our approximately 784,000 people, our proprietary assets and platforms, and deep ecosystem relationships. Our strategy is to be the reinvention partner of choice for our clients and to be the most client-focused, AI-enabled, great place to work in the world. Through our Reinvention Services we bring together our capabilities across strategy, consulting, technology, operations, Song and Industry X with our deep industry expertise to create and deliver solutions and services for our clients. Our purpose is to deliver on the promise of technology and human ingenuity, and we measure our success by the 360° value we create for all our stakeholders. Visit us at accenture.com.

    # # #

    Contacts:

    Alberto Morici
    Accenture
    +39 340 2255389
    [email protected]

    Armando Barone
    Accenture
    +39 348 5608969
    [email protected]

    Michael McGinn
    Accenture
    +1 312 693 5707
    [email protected]

    Copyright © 2025 Accenture. All rights reserved. Accenture and its logo are registered trademarks of Accenture.

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  • Chinese shares close higher Wednesday-Xinhua

    BEIJING, Dec. 24 (Xinhua) — Chinese stocks closed higher on Wednesday, with the benchmark Shanghai Composite Index up 0.53 percent to 3,940.95 points.

    The Shenzhen Component Index closed 0.88 percent higher at 13,486.42 points.

    The combined turnover of these two indices stood at 1.88 trillion yuan (about 266.78 billion U.S. dollars), down from 1.9 trillion yuan on the previous trading day.

    Stocks related to commercial space led the gains, while shares in the precious metal, insurance and dairy sectors saw major declines.

    The ChiNext Index, tracking China’s Nasdaq-style board of growth enterprises, gained 0.77 percent to close at 3,229.58 points Wednesday.

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