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European Edition
2nd April 2025
 
THE HOT STORY
France stands firm on DEI policies
France's minister for foreign trade, Laurent Saint-Martin, has said that his country will not compromise on its diversity, equity, and inclusion (DEI) initiatives despite reported demands from the US State Department for French companies to abandon such policies. Speaking on RTL Radio, Saint-Martin expressed his shock at the US interference, emphasising that the DEI initiatives align with French values and laws, including equality and anti-discrimination efforts. He said: “All of this is progress that corresponds first and foremost to our French values, we are proud of this and we don't want to compromise on it.” He did however stress the need to have a “positive agenda” and maintain a dialogue with the United States.
LEGAL
More Dutch employers include religious holiday swaps in CAO
An increasing number of employers in the Netherlands are willing to accommodate workers who wish to swap religious holidays. As Muslims celebrate Eid al-Fitr, many companies are incorporating this flexibility into their collective labour agreements (CAOs). For instance, Muslims can take time off for Eid by offering to work during Christian holidays like Christmas. Civil engineering firm Arcadis has already implemented a holiday swapping system that includes various cultural and religious observances. This initiative allows employees to maintain their holiday entitlements while respecting diverse cultural practices.
STRATEGY
UBS cuts jobs in Italy, removes ban on defence investment
UBS has announced plans to reduce its workforce in Italy by 180 positions, which constitutes approximately one-third of its total staff in the country. According to documents reviewed by Reuters, the cuts will primarily affect the Italian branch of UBS Europe SE. The reductions will impact various group functions and global wealth management roles, but investment banking will remain unaffected. Additionally, UBS Asset Management has ditched a restriction on some sustainability funds backing defence companies.
Valmet to cut 1,150 jobs globally
Finnish engineering and manufacturing company Valmet has announced plans to reduce its global workforce by up to 1,150 employees, including 395 positions in Finland. The decision is part of a strategy to simplify operations and aims to save the company €80m annually. Valmet CEO Thomas Hinnerskov said: "Our overhead costs have also increased in relation to our turnover in recent years," as he highlighted the need for improved cost efficiency and competitiveness. Valmet currently employs around 19,000 people worldwide, with approximately 4,800 based in Finland.
WORKFORCE
Greek air traffic controllers to join nationwide strike
Greek air traffic controllers will engage in a 24-hour nationwide strike on April 9 called by the public sector employees' federation ADEDY. The Greek Air Traffic Controllers Association has confirmed that only specific flights, such as medical and emergency services, will operate during this period. Despite previous court rulings against their participation in general strikes, the association is determined to support the broader protest. ADEDY's work stoppage aims to demand the reinstatement of the 13th and 14th salaries along with significant wage increases. Concurrently, the private sector trade union federation GSEE has also announced a nationwide strike addressing inflation and wage negotiations. A similar strike in February resulted in a complete grounding of flights.
National strike grounded flights in Belgium
A national strike in Belgium on Monday grounded all flights and disrupted public transport as citizens protested against the government's austerity measures. Demonstrators also blocked access to several stores in Brussels, including Foot Locker and Zara. The strike marked the second major protest against proposed reforms to pensions and the labour market, which critics argue disadvantage lower-income workers. The new pension system, introduced by Bart De Wever's government, penalises early retirees without 35 years of service, and contrasts unfavourably with the previous system.
RISK
Eurozone banks warned of geopolitical shocks
Eurozone banks are showing resilience but must prepare for potential geopolitical shocks, according to Claudia Buch, the European Central Bank's supervisory chief. She highlighted the risks of liquidity drying up amid volatile financial markets. Buch said: "A potential deterioration in asset quality and possible economic disruptions caused by geopolitical conflicts or the effects of financial sanctions require heightened attention." The ECB's annual report stressed the need for robust governance and risk management systems, as well as preparedness for cybersecurity threats.
TECHNOLOGY
Alibaba offers AI model for phone and laptop image and video processing
Alibaba Group Holding has launched Qwen2.5-Omni-7B, a multimodal AI model capable of processing text, images, audio, and video on smartphones and laptops. With just 7bn parameters, the model is designed to run on mobile phones, tablets, and laptops, making advanced AI capabilities more accessible to everyday users. The model can handle various types of inputs and generate real-time responses as text or audio. Alibaba made the model open-source and it is available on Hugging Face, Microsoft’s GitHub, and Alibaba’s ModelScope. The model's versatility underscores the growing demand for AI systems that go beyond text generation.
INTERNATIONAL
Chinese agency briefs Germany on anti-espionage law
China's Ministry of State Security has briefed German diplomats and businesspeople on the revised anti-espionage law, aiming to foster an "internationally friendly business environment." The updated law, effective since July, broadens the definition of espionage and expands the powers of national security enforcement agencies. A ministry spokesperson said: "National security is a prerequisite for national development," emphasizing the law's role in maintaining a stable business environment. Critics have raised concerns about the law's clarity and potential for arbitrary enforcement against foreign entities. The briefing was part of ongoing efforts to enhance transparency and address foreign businesses' concerns.
Taiwan probes talent poaching
Taiwan's authorities are investigating China's Semiconductor Manufacturing International Corporation (SMIC) for allegedly luring Taiwanese tech workers through a shell company posing as a Samoan firm. The probe by the investigation bureau of Taiwan's justice ministry follows concerns over illegal activities by Chinese companies aimed at stealing expertise and attracting talent in the semiconductor sector. This month, 180 officials raided 11 companies suspected of such practices, including SMIC, as part of a broader effort to protect Taiwan's vital high-tech industry. Since 2020, over 100 cases have been investigated, highlighting the ongoing tensions surrounding semiconductor technology in the region.
Trump cuts programmes that fight child labour abroad
President Donald Trump's administration is ending US-backed programmes that combat child labour, forced labour and other abuses in dozens of countries around the world. The cuts are expected to end 69 programmes that have allocated more than $500m to fight child labour, forced labour and human trafficking, and to enforce labour standards in more than 40 countries. John Clark, a Trump-appointed official, justified the cuts by citing a “lack of alignment with agency priorities and national interest.” Courtney Parella, a spokesperson for the US Department of Labor’s bureau of international labor affairs (ILAB), said that the administration wants to prioritise “investments in the American workforce.”
OTHER
Contactless payments are keeping children out of hospital
Analysis published in The Annals of the Royal College of Surgeons of England has found a "significant decline" in the number of children in the UK being admitted to hospital to remove objects lodged in their throats, noses, and airways. The analysis attributes the decline to the declining popularity of coins as contactless payments became more common. The study found a "significant decline" in cases from 2,405 in 2012 to 1,716 in 2022.
 


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