THE HOT STORY

Deep cuts agreed in major overhaul at Thyssenkrupp

German industrial giant Thyssenkrupp and the IG Metall labour union have reached an agreement on reduced working hours, lower bonus payments and site closures as part of a push to overhaul the country's largest steelmaker and prepare it for a standalone future. The agreement comes after Thyssenkrupp's announcement that up to 11,000 jobs at the TKSE steel unit, or around 40%, had to be cut or outsourced and that annual production capacity would be lowered to 8.7-9.0 million tons from 11.5 million tons. "We went to the pain threshold and only made concessions where it was really necessary in order to secure jobs and locations," said Tekin Nasikkol, head of Thyssenkrupp's works council and member of the group's supervisory board, adding "We have now created the conditions for the company to emerge from the difficult situation out of its own strength."

Reuters

STRATEGY

Glassdoor and Indeed to cut 1,300 jobs amid AI integration

The Japanese parent of Indeed and Glassdoor is to cut 1,300 roles across the two job sites amid a shift toward artificial intelligence, according to a memo seen by Reuters which detailed that the cuts are mostly in the U.S. and within the research and development, growth, and people and sustainability teams. Recruit Holdings did not provide a specific reason for the layoffs, but CEO Hisayuki "Deko" Idekoba said "AI is changing the world, and we must adapt by ensuring our product delivers truly great experiences for job seekers and employers."

Reuters

HIRING

UK labour market shows signs of cooling

The UK labour market is experiencing a significant slowdown, with the supply of available workers increasing at the fastest rate in nearly five years. According to analysis by KPMG and the Recruitment and Employment Confederation (REC), there has been a decline in permanent vacancies and reduced demand for employees. Consequently, wage growth in the private sector has slowed from 5.5% to 5.3%, marking the slowest pace in four months. Neil Carberry, chief executive of the REC, noted that companies are hesitant to hire due to "the scar tissue left by the spring tax hikes and fear of further business tax rises." Jon Holt, group chief executive and UK senior partner at KPMG, said the threat of rising employment costs is contributing to a "wait and see" approach among employers. Official jobs market figures show unemployment rose to a four-year high of 4.6% in the three months to April, up from 4.5% in the previous three months.

The Guardian

The Times

WORKFORCE

Deal reached in Finnish aviation labour dispute

A prolonged labour dispute in Finland's aviation sector has concluded with a new collective agreement between the Finnish Aviation Union (IAU) and Service Sector Employers Palta. The agreement, which is expected to last approximately 1.5 years, comes after over six months of negotiations that led to Finnair cancelling more than 1,200 flights, affecting around 100,000 passengers. Palta's Director of Labour Market Affairs, Minna Ääri, said: "After prolonged negotiations, it's good that we were able to reach a mutually acceptable deal." Ääri did however express disappointment over the lack of broader working condition improvements. Wage increases under the new deal are expected to follow Finland's general line, with an estimated rise of around 7.8% over the next three years.

YLE Uutiset

Ford agrees to job protection scheme at its Cologne e-car site

Ford has agreed to a job protection scheme at its Cologne electric car plant covering more than 10,000 workers. Company and German employee representatives said voluntary redundancies are planned in response to sluggish adoption of electric vehicles (EVs). "The job cuts are primarily based on voluntary redundancies. The severance payments are generous and significantly better than usual in the automotive industry," works council head Benjamin Gruschka said. Ford has invested $2bn in transforming the Cologne site into an EV production hub.

Reuters

Give struggling 16-year-olds state-paid jobs, key adviser says

UK government adviser Paul Gregg, a professor of economic and social policy at the University of Bath, argues that the government could take a radically different approach to tackle the rising number of 16- and 17-year-old school leavers who immediately move on to benefits, saying that young people who struggle in education should instead be offered jobs with training, with their wages supported by the government. While Prof Gregg said he was speaking in a personal capacity, not as chair of the Labour Market Advisory Board, he said the growth in "the number of people who've never worked by the age of 25" is "really scary," and that this "is what you'd call a ticking time bomb in the sense that it's been growing and it's doing a lot of damage and that damage sort of ages up."

The Sunday Times

ECONOMY

EU delays retaliatory tariffs

European Commission President Ursula von der Leyen has announced that retaliatory tariffs on US exports into the EU have been pushed back until early August. The decision comes after US President Donald Trump announced plans to impose 30% tariffs on EU imports from August 1, adding a warning that retaliatory import duties would see the US increase tariffs even further. Ms Von der Leyen said the commission will continue talks over the matter with the US, insisting that the EU has "always been very clear that we prefer a negotiated solution."

BBC News

REGULATION

Britain takes aim at office bullies and cover-ups

UK regulators including the Financial Conduct Authority are reforming workplace misconduct rules to enhance safety, but critics warn of potential overreach and increased burdens on managers regarding accountability for employee behaviour.

Financial Times

INTERNATIONAL

NASA braces for mass employee exodus

NASA is set to lose around 2,145 senior-ranking employees as part of a staff reduction initiative, according to a report by Politico. Most of those leaving hold GS-13 to GS-15 positions, and the agency is offering early retirement, buyouts, and deferred resignations. Bethany Stevens, a spokesperson for NASA, said: "NASA remains committed to our mission as we work within a more prioritised budget." The layoffs come amid proposed budget cuts that threaten numerous science programmes.

U.S. News

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