I was doing a workshop on tax planning in our community in Columbus, Ohio, when a self-assured CPA walked into the room. His confidence was overwhelming as he declared that not only did he already know everything I planned to discuss that evening, but he should be the one delivering the presentation.

I have a bit of a sense of humor, so I had to have some fun with him. During the workshop, I posed challenging questions about tax planning strategies we use with our clients, strategies that often remain unknown or misunderstood by many. I quizzed him on the ins and outs of Roth conversions, the tax implications of claiming Social Security at 62 vs 70 and the concept of a backdoor Roth IRA. As I expected, he did not have the answers.

Tax preparer vs tax planner

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Alphabet Inc.’s Google has fired 28 employees after they were involved in protests against Project Nimbus, a $1.2 billion joint contract with Amazon.com Inc. to provide the Israeli government with AI and cloud services.

The protests, which were led by the No Tech for Apartheid organization, took place Tuesday across Google offices in New York City, Seattle, and Sunnyvale, California. Protesters in New York and California staged a nearly 10-hour sit-in, with others documenting the action, including through a Twitch livestream. Nine of them were arrested Tuesday evening on trespassing charges.

Several workers involved in the protests, including those who were not directly engaged in the sit-in, received a message from the company’s Employee Relations group informing them that they had been put on leave. Google told the affected employees that it’s “keeping this matter as confidential as possible, only disclosing information on a need to know basis” in an email seen by Bloomberg. On Wednesday evening, the workers were informed they were being dismissed by the company, according to a statement from Google staff with the No Tech for Apartheid campaign.

“Physically impeding other employees’ work and preventing them from accessing our facilities is a clear violation of our policies, and completely unacceptable behavior,” Google said in a statement about the protesters. “After refusing multiple requests to leave the premises, law enforcement was engaged to remove them to ensure office safety. We have so far concluded individual investigations that resulted in the termination of employment for 28 employees, and will continue to investigate and take action as needed.”

Google has long favored a culture of open debate, but employee activism in recent years has tested that commitment. Workers who organized a 2018 walkout over the company’s handling of sexual assault allegations said Google punished them for their activism. Four other workers alleged they were fired for organizing opposition to Google’s work with federal Customs and Border Protection and for other workplace advocacy.

US labor law gives employees the right to engage in collective action related to working conditions. Tech workers will likely argue that this should grant them the ability to band together to object to how the tools they create are used, said John Logan, a professor of labor at San Francisco State University.

“Tech workers are not like other kinds of workers,” he said. “You can make an argument in this case that having some sort of say or control or ability to protest about how their work product is being used is actually a sort of key issue.”

Tech companies like Google have a reputation for having “more egalitarian and very cosmopolitan work cultures, but when they encountered labor activism among their own workers, they actually responded in a sort of quite draconian way,” Logan added.

Two Googlers who were involved in the protest in California told Bloomberg that a group of workers gathered on the sixth floor of Google’s Sunnyvale bureau, where Cloud Chief Executive Officer Thomas Kurian’s office is located, to show support for those who were staging the sit-in. It’s unclear how Google identified participants in the protest, as only some had their badges scanned by security personnel, and some of those who were fired were outside Google’s offices, according to the employees.

One worker said Google may have framed the move to initially place employees on leave as “confidential” to save face publicly, and argued that the protesters did not violate any company policies. The protesters left the building as soon as they were asked to and did not obstruct or disrupt others at the company, the person said.

Beyond the protest, Google has struggled with how to manage internal debate about the Middle East conflict. After the demonstration, posts on internal Google forums featured a mix of pro-Palestinian and pro-Israeli sentiment, with a number of other workers saying they felt the topic was inappropriate for the workplace, a Google employee said. Moderators locked down some threads on the subject, saying prior discussions had gotten too heated, the employee added.

Despite Google’s response, employees demonstrating against Project Nimbus have seen an uptick in support since the sit-in, said one of the fired workers.

Copyright 2024 Bloomberg.

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MADISON, Wis . (AP) — Wisconsin Republicans on Tuesday ignored the latest call from Democratic Gov. Tony Evers to spend $125 million to combat so-called forever chemicals, leading Evers to say he might sue over the issue.

The moves are the latest twist in the ongoing stalemate between Evers and the Legislature over the best way to combat PFAS chemicals that have polluted groundwater in communities across the state. Evers and Republicans have both said that fighting the chemicals is a priority, but they haven’t been able to come together on what to do about it.

Evers invoked a rarely used power and called a meeting of the Republican-led Legislature’s budget committee, urging it to release the funding that was previously approved in the state budget. But Republicans on the Joint Finance Committee did not show up, with the GOP co-chairs calling Evers’ move “blatant political game-playing.”

Although no Republicans came, Evers made a previously unannounced appearance in the Capitol hearing room and joined three Democratic lawmakers in blasting the GOP inaction.

“The Republicans are missing in action on this,” Evers said. “This is one they whiffed on, big time.”

Evers said he is considering filing a lawsuit, perhaps with the Wisconsin Supreme Court, to force the committee to take action. The court is hearing arguments on Wednesday in a similar case brought by Evers against the Legislature that is related to the budget committee blocking funding for a state conservation program.

Evers said it was more important that ever for Republicans to release the funding to help communities meet the new limits on certain common types of PFAS chemicals in drinking water announced by the Environmental Protection Agency. It is the first time a nationwide limit on the chemicals has been imposed on water providers.

“This makes it very, very difficult on our local officials,” Evers said.

Sen. Howard Marklein and Rep. Mark Born, the Republican committee co-chairs, said in a letter delivered to Evers on Friday that although the governor can call a meeting of the budget committee, he can’t actually require it to meet or take action. The committee will not meet, they said.

“We are disappointed in your disregard for a co-equal branch of government, as well as the legislative process,” Born and Marklein wrote to Evers.

Republican Sen. Eric Wimberger, a member of the budget committee, accused Democrats of staging a “publicity stunt.”

He said in a statement Tuesday that if Democrats were serious about helping PFAS victims, they would vote to overturn Evers’ veto of a Republican-backed bill that established a grant program for distributing the money.

Evers said in his veto message that he objected to the bill because it would limit the Wisconsin Department of Natural Resources’ authority to hold polluters liable. But Wimberger, the bill’s sponsor, said Evers wants to create a “slush fund” for the DNR and not protect landowners not responsible for pollution from possible costly enforcement actions.

PFAS, short for per- and polyfluoroalkyl substances, are man-made chemicals that don’t easily break down in nature. They are found in a wide range of products, including cookware and stain-resistant clothing, and previously were often used in aviation fire-suppression foam. The chemicals, which are commonly referred to as forever chemicals because some don’t degrade naturally, have been linked to health problems including low birth weight, cancer and liver disease, and have been shown to make vaccines less effective.

Municipalities across Wisconsin are struggling with PFAS contamination in groundwater, including Marinette, Madison, Wausau and the town of Campbell on French Island. The waters of Green Bay also are contaminated.

Evers also wanted the budget committee to approve the spending of $15 million in crisis-response funding for needed hospital services in western Wisconsin in the wake of hospital closures in Eau Claire and Chippewa Falls. Evers signed a bill into law allowing for the spending, but the budget committee has yet to approve it.

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Finnish telecom gear maker Nokia reported a smaller-than-expected rise in quarterly profit on Thursday as sluggish demand for 5G gear in key markets North America and India continued to weigh on sales.

“This will still be a weak year, for the mobile RAN (radio access network) market and we expect, as I said, it to gradually pick up during the year,” CEO Pekka Lundmark told reporters.

A fall in demand for 5G equipment in North America, the largest market for Nokia and Swedish rival Ericsson, and market share losses in China have forced both to temper expectations and lay off thousands of employees to shed costs.

First-quarter operating profit, excluding certain items of income and expenses, and helped by cost cuts, was 597 million euros, up from a 479 million year-earlier, as constant-currency sales fell 19%.

Four analysts polled by LSEG had on average forecast a 663 million-euro profit.

Nokia’s shares reversed course and were up 1.5% as of 0801 GMT, having fallen 3% earlier.

In a note to clients, J.P.Morgan analysts said Nokia’s weak sales trends caused the earnings miss, but added the company is well positioned for a recovery.

CEO Lundmark said an improvement in orders seen late last year continued in the first quarter despite persistent challenges in the market.

The Mobile Networks segment, which books orders for 5G gear, saw local-currency sales tumble 37% in the quarter, which Nokia said marked a low-point this year and it expects a recovery in the remainder of 2024.

Nokia in January already forecast a demand recovery in the second half of 2024. Ericsson on Tuesday said its sales would normalise in the second half.

Sales at the Network Infrastructure division fell 26%, measured in local currencies as well as net.

“Overall, the softness in the early part of the year will put more pressure on the rest of the year, and it looks like the sustainability of Nokia’s guidance will be under pressure again until the very end of the year,” said Inderes analyst Atte Riikola.

Paolo Pescatore at PP Foresight said Nokia and Ericsson’s mid-to-long term confidence in the market is encouraging, but said macroeconomic uncertainty, elections and ongoing geopolitical tensions remain huge concerns.

Nokia on Thursday repeated an outlook given in January for a comparable operating profit in 2024 of 2.3-2.9 billion euros.

Its comparable gross margin widened to 48.6% from 37.7%.

Long-time president Ben Francavilla announces plans to retire

CHARLOTTE, N.C., April 18, 2024 – Amwins, a global distributor of specialty insurance products and services, today announced the appointment of Jon Beckham to lead Amwins Program Underwriters (APU), an MGA specializing in affinity program management. Beckham will succeed Ben Francavilla who has served as president of APU since 2009 and recently announced his retirement scheduled for later this year.

In his new role, Beckham will be responsible for managing the day-to-day operations of APU and overseeing the growth and development of 35 insurance programs covering a variety of niche industries. APU has nine locations across the U.S. with more than 175 dedicated professionals and $550 million in annual premium.

Francavilla joined Amwins in 1999, with his company being one of the founding entities. Under his leadership, APU has nearly doubled its number of specialty programs and grown annual premium by more than 400%.

“Ben has been foundational to the growth of our underwriting capabilities and the formalization of Amwins’ Underwriting division,” said Ryan Armijo, president of Amwins Underwriting. “During his tenure, he has played a pivotal role in shaping the company’s direction and growth, contributing immensely to its success. His passion, dedication, mentorship and strategic vision have been instrumental in establishing APU as a leader in our industry. We extend our heartfelt gratitude to Ben for his contributions and wish him the best in retirement and all his future adventures.”

“We are thrilled to welcome Jon to the APU family,” Armijo added. “With his extensive industry experience, underwriting-focused expertise and market know-how, he is a perfect fit to lead us forward, and we’re confident that under his guidance, APU will continue to thrive and achieve new heights of success.”

Beckham is an industry veteran with more than 25 years of experience in the U.S. and internationally, most recently serving as president of Beat Capital Partners. Previously, he led DUAL North America as CEO and director, focusing on origination and managing specialty programs. Throughout his career, he has held management positions at (or within) national and international managing general agencies where his responsibilities have included program/product development, business development, operations and capacity management.

“Jon is ideally suited for this role,” said Ben Francavilla. “He brings a wealth of knowledge and experience to this position with a thoughtful leadership style that is a great fit with Amwins’ culture.”

Commenting on his new role, Beckham stated, “I am honored and excited to join the talented team at APU and look forward to working collaboratively with Ben during this leadership transition as we embark on a new chapter together, driving toward continued success in helping our clients win.”

About Amwins

Amwins is among the largest independent wholesale distributors of specialty insurance products in the U.S. dedicated to serving retail insurance agents by providing property and casualty products, specialty group benefit products, and administrative services. Based in Charlotte, N.C., the company has 7,300 employees, operates through more than 155 offices globally and handles premium placements in excess of $33 billion annually. For more information, visit amwins.com.

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Underwriting

Climate change will inflict losses to the global economy worth an annual $38 trillion by 2049, as extreme weather ravages agricultural yields, harms labor productivity and destroys infrastructure, according to researchers at the Potsdam Institute for Climate Impact Research (PIK).

Planetary warming will result in an income reduction of 19% globally by mid-century, compared to a global economy without climate change, according to research published in Nature on Wednesday. The paper uses data from more than 1,600 regions worldwide over the past 40 years to assess future impacts of a warmer planet on economic growth.

“Climate change will cause massive economic damages within the next 25 years in almost all countries,” Leonie Wenz, the scientist at PIK who led the study, said in a statement. “We have to cut down our emissions drastically and immediately – if not, economic losses will become even bigger in the second half of the century, amounting to up to 60% on global average by 2100.”

Human-made greenhouse gas emissions have warmed the world about 1.1C on average since pre-industrial times, leading to extreme weather events that cost about $7 trillion over the past 30 years, according to Bloomberg Intelligence. Climate damages keep rising, averaging $500 billion a year — or 2% of the US GDP — since 2016. Developing nations that contributed less to global warming are bearing the brunt of losses and damages.

The researchers said cutting emissions and limiting global warming to 2C by the end of the century would be the most cost effective way to reduce further climate damages. “Protecting our climate is much cheaper than not doing so, and that is without even considering non-economic impacts such as loss of life or biodiversity,” Wenz said. “We will need more adaptation efforts if we want to avoid at least some of them.”

Countries least responsible for climate change are predicted to suffer an income loss 60% greater than the higher-income countries, and 40% greater than higher-emission countries, according to the report. They also have the least resources to adapt to current impacts.

But the economic losses of the warming will be felt everywhere and “also in highly developed ones such as Germany, France and the United States,” Wenz said. Only regions at very high latitudes will benefit from hotter temperatures.

The magnitude of the economic damages exceeds previous estimates because it takes into account not just temperature increases, but also additional climate variables like extreme rainfall and impacts of extreme weather events on agriculture and labor productivity, as well as human health.

“Structural change towards a renewable energy system is needed for our security and will save us money,” said Anders Levermann, a co-author of the study. “Staying on the path we are currently on will lead to catastrophic consequences.”

Photograph: A child inspects a large-scale projection of planet earth at the Museum of Natural Sciences of Barcelona, a designated climatic refuge, part of Barcelona’s Climate Shelter Network, where residents can take shelter during extreme heat.

Copyright 2024 Bloomberg.

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Climate Change