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European Edition
23rd June 2025
 
THE HOT STORY
UK government urged to protect workers
Business leaders are calling on the UK government to expand legislative measures to safeguard all public-facing workers amid alarming rates of violence and abuse. According to the Institute of Customer Service, 42% of workers in sectors including hospitality and transport reported experiencing abuse, a 19% increase year-on-year. Jo Causon, chief executive of the institute, highlighted that "frontline workers were facing unacceptable levels of assault and abuse from some customers." While a standalone offence for assaulting retail workers is being introduced, businesses argue that the legislation should encompass all public-facing roles. In a letter to the government, 76 businesses, including Sky, Wickes and Virgin Media 02, said that current laws offer "only a partial solution to an endemic and preventable issue." Causon emphasised the importance of protecting these workers to prevent negative impacts on business performance.
CYBERSECURITY
Cyberattacks top list of global business concerns
The threat of cyberattacks represents the most serious challenge for businesses in the coming year, according to a report published by advisory firm Kroll. Seventy-four percent of organisations report increased cybersecurity and data privacy concerns, with the most common threats including malware (44%) and AI-powered exploits (28%). “When it comes to addressing the patchwork of global data privacy laws and the impact on their businesses, just 12% of respondents globally ranked their organisations as ‘extremely prepared,’” Kroll said in its report. The average business gave itself a 7.4 score out of 10. Globally, one in three respondents ranked geopolitical tensions among their top business challenges for the year ahead, with companies in the United States, UK and Europe most likely to see it as a major concern. Tariffs, technology controls and cybercrime, supply chain disruption, regulatory shifts, and sanctions were cited as the highest areas of geopolitical concern. US companies indexed higher than global peers on concerns regarding inflation and domestic political tensions, while evolving data privacy regulations worry European companies more than other regions.
ECONOMY
Brexit's £40bn tax hole for UK
Brexit has resulted in a £40bn (€47bn) tax shortfall in the UK, according to the Office for Budget Responsibility (OBR). John Springford, an associate fellow at the Centre for European Reform, noted that the OBR's estimate of a 4% loss in long-run productivity has been confirmed by declining investment and trade volumes. This productivity loss translates to a significant tax deficit for the exchequer between 2019 and 2024, during which the government raised taxes by £100bn. Springford said: "A large chunk of [the tax rises] would not have been necessary if the UK had voted to remain in the EU." The OBR's projections suggest that the full impact of Brexit will unfold over 15 years, with a predicted 15% drop in trade volumes compared to remaining in the EU.
WORKFORCE
Union strikes threaten airport services in Finland
The Finnish Aviation Union (IAU) has issued a third warning for a work stoppage on 7 July, affecting airport ground staff and several airport services companies. This follows two previous warnings on 2 and 4 July, leading to Finnair cancelling hundreds of flights, including 140 on Tuesday and 128 on Thursday. The ongoing dispute, lasting six months, revolves around salary increases that the union claims were not implemented during the pandemic. The employers' group, Palta, disputes this claim. The National Conciliator's Office announced that negotiations will resume today and continue throughout the week if necessary.
London’s productivity sinks to below pre-pandemic levels
London was the only UK region where labour productivity fell below pre-pandemic levels in 2023, official data shows. The capital’s efficiency lead has been narrowing since before the financial crisis.
REMOTE WORKING
Remote work reshapes Dutch housing priorities
According to the latest ING Housing Report, remote work has significantly altered housing priorities for Dutch residents. The report reveals that 73% of respondents now value living comfort more than five years ago, while 63% feel a stronger emotional connection to their homes. Nearly half of the respondents have made adjustments to enhance their living environments, with a growing preference for quiet surroundings and nature. However, 24% feel their homes have become more like workplaces. Despite a slight decline in the national Woonindex from 109 to 106, confidence in the housing market remains stable.
STRATEGY
Microsoft plans major layoffs amid AI push
Microsoft is preparing to cut thousands of jobs, especially in sales, as it refocuses on artificial intelligence, Bloomberg reports. The cuts come after a May round that affected 6,000 workers. While final decisions may shift, layoffs are expected after the company’s fiscal year ends next month. Microsoft, with 228,000 employees as of last June, is investing $80bn in capital expenditures this year- primarily for expanding data centres to support AI. The move aligns with broader industry trends. Microsoft declined to comment on the planned cuts.
LEGAL
Heineken and Shell linked to Italian espionage scandal
NL Times reports that Heineken and Shell have become embroiled in an espionage scandal in Italy linked to the company Equalize, which is accused of illegally selling confidential data. Equalize, which claims to provide business intelligence services, allegedly hacked into police and tax authority systems to obtain sensitive information. A Heineken spokesperson said that the company ceased its relationship with Equalize once its methods became known and is cooperating with authorities. Shell's involvement relates to a past investigation into bribery allegations concerning the oil field OPL 245 in Nigeria, where over $1bn in bribes were suspected but not proven.
Analyst guilty of insider dealing as he worked from home
A former Janus Henderson analyst who used working from home during the Covid-19 pandemic as a cover for insider trading has been found guilty in one of the most high-profile UK insider dealing cases in recent years. Redinel Korfuzi was accused of using information he accessed through his job as a research analyst at the asset manager to trade using accounts held by his sister Oerta Korfuzi and two other co-defendants. Prosecutor Tom Forster told jurors at the start of the trial at Southwark Crown Court in February that the defendants made a profit of around £963,000 in relation to 11 companies' shares in just over six months.
CORPORATE
UniCredit's takeover gets green light
European antitrust regulators have conditionally approved UniCredit's acquisition of Banco BPM, requiring the sale of 209 branches in northern Italy to address competition concerns. The EU rejected a request from the Italian competition authority to assess the merger under national law, despite Italy invoking its "golden powers" due to national security issues. UniCredit is contesting the government-imposed conditions, with a court hearing scheduled for next month.
INTERNATIONAL
Amazon instructs employees to relocate to Seattle, other hubs
Bloomberg reports that Amazon has ordered some workers to relocate to such cities as Seattle, Arlington, Virginia, and Washington, D.C. Sources told the agency that the online retailer is mostly rolling out the mandate in one-on-one meetings and town halls rather than sending out a mass email. One employee said their manager informed the team of the need to relocate and told them they had 30 days to make a decision, and 60 days thereafter to either resign or begin their relocation process. A company spokesperson said “we hear from the majority of our teammates that they love the energy from being located together, and whenever someone chooses to or is asked to relocate, we work with them to offer support based on their individual circumstances.”
Korean language textbook for migrants focuses on workplace phrases
A new textbook titled "Jang Young Sil Basic Korean" aims to assist migrant workers and international students in navigating Korea's manufacturing workplaces. Released by the Institute for Special Purpose Korean at Seojeong University, the book focuses on practical phrases and vocabulary relevant to the factory environment, such as “Do we have work gloves in this workshop?” and “When is payday?” Son Hye-jin, head of the university's Korean language institute, highlighted that existing textbooks often lack real-life context, leading to disengagement among learners. The initiative addresses the communication challenges faced by many migrant workers, with the goal of helping them integrate into Korean society. “Effective communication impacts not only productivity but also workplace safety,” Son said. The university is also developing additional resources for other sectors, aiming to support learners in becoming valued members of society.
OTHER
Tinder launches double-dating feature
Tinder has launched a new feature called Double Date, allowing users to create joint profiles with friends for paired matches. The feature, which aims to alleviate dating stress for younger users, was popular during testing in Europe and Latin America. Cleo Long, Tinder's head of product marketing, said:“This is a social-first experience that's really meant to help relieve some of the pressure that we know a lot of Gen Z experiences with dating.” The feature has shown promising results, with nearly 90% of testers under 29 and a significant increase in messaging activity. However, Tinder faces challenges, including a decline in paying subscribers and leadership changes, as it seeks to adapt to shifting user preferences.
 


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