May 2024 brought forth a wave of noteworthy developments that shaped the business landscape across various sectors.Here are some key highlights from the month’s industry news:
- Semiconductor Industry: The semiconductor industry grappled with rising prices and subdued demand.According to the Global Semiconductor Industry Outlook 2024, conducted by KPMG and the Global Semiconductor Alliance (GSA), the global economy faced challenges due to high inflation and interest rates,leading to weak economic performance and limited recovery in end-consumer demand .
- Corporate Sustainability Reporting: The European Sustainability Reporting Standards (ESRS) featured in the Corporate Sustainability Reporting Directive (CSRD) faced delays . Non-EU companies and industry-specific data collection were put on hold for two years, with the standards now taking effect in 2026 for non-EU companies .
- Talent Retention and Skill Gaps: Talent retention continued to pose a challenge for companies, particularly in the accounting and finance sector . Many businesses focused on providing work/life balance to attract and retain employees . Additionally, companies struggled to fill tech skill gaps and increasingly turned to internal training programs to develop existing staff .
In addition to these major developments, other noteworthy news included the publication of interoperability guidance for companies by the IFRS and EFRAG, the release of a sustainability taxonomy by the ISSB, and discussions on the use cases and limitations of AI chatbot ChatGPT.
Stay tuned for further updates and analysis as we continue to monitor the evolving landscape of industry news and trends.
References:
- https://www.sourcengine.com/blog/semiconductor-industry-news
- https://www.fm-magazine.com/news.en.2.html
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