THE HOT STORY

Wizz Air exit from Abu Dhabi leaves staff in limbo

Bloomberg reports that around 450 employees of Hungarian low cost carrier Wizz Air have been left in limbo after the airline announced the suspension of flights from Abu Dhabi from September. Wizz Air CEO Jozsef Varadi held a call with the employees and offered them the opportunity to take another job across the budget carrier's European network; however it is reported that many will find it difficult to migrate to Europe. A Wizz Air Abu Dhabi employee, who did not wish to be named, confirmed that airline management had held a conference call with staff, offering them different options.

Bloomberg

Khaleej Times Online

LEGAL

UK gender pay gap hits decade low

The UK's gender pay gap has reached its lowest point in a decade, decreasing from 11.8% to 11.2% in the past year, according to the latest data from PwC. The median hourly pay gap also fell by 0.5 percentage points to 8.6% in 2024, marking "one of the most significant year-on-year improvements to date." The data is based on disclosures from over 10,000 companies with more than 250 employees. Andrew Curcio from PwC said: "The dial is finally shifting," as he pointed to the importance of sustained efforts from employers to close the gap. The financial services sector reported the largest pay gaps, while sectors with higher female employment, such as hospitality and health, showed smaller disparities. Companies with 5,000 to 19,999 employees experienced the most significant average annual pay-gap decline of 1.1%.

The Times

TECHNOLOGY

Oracle announces AI investment plans

Oracle has announced an investment of $3bn in artificial intelligence and cloud infrastructure across Germany and the Netherlands over the next five years, with $2bn allocated to Germany and $1bn to the Netherlands. The move underscores Oracle's commitment to expanding its technological capabilities in Europe, aiming to enhance its competitive position in the AI and cloud markets.

Reuters

REGULATION

EU AI rules stifle innovation, CEOs say

Siemens CEO Roland Busch and SAP CEO Christian Klein have called on the European Union to revise its artificial intelligence legislation, claiming it hinders innovation. In an interview with the Frankfurter Allgemeine Zeitung, Busch said: "We are sitting on a treasure trove of data in Europe, but we are not yet able to tap into it." The EU's AI Act, which became law last year, categorises AI applications by risk and imposes security and transparency requirements. However, both CEOs argue that overlapping regulations are detrimental to progress, with Busch labelling the EU's Data Act as "toxic" for digital business models. They emphasised the need for reforming data rules before investing in infrastructure and data centres.

Reuters

HIRING

AI disrupts UK hiring

Data from McKinsey & Co shows that online job postings in the UK fell 31% in the three months to May, compared with the same period in 2022. Analysis shows that the decline jumps to 38% in roles identified as highly exposed to AI, such as software engineering, finance, and consulting. Tera Allas, senior adviser at McKinsey, said: "The anticipation of significant – albeit uncertain – future productivity gains, especially as the technology and its applications mature, is prompting companies to review their workforce strategies and pause aspects of their recruitment." Meanwhile, jobs platform Adzuna has found that postings for internships, apprenticeships, and junior positions have fallen by almost a third since late 2022, with the decline coinciding with the rise of generative AI tools. Elsewhere, data from PwC shows that job listings in the 25% of roles least exposed to AI have increased significantly since 2012, while those most exposed have remained flat or declined.

City AM

SUSTAINABILITY

EU told to explain speed of proposals to cut green rules

In response to a complaint by campaigners who have accused Brussels of weakening green rules without consulting the public, the European Union's Ombudsman has instructed the European Commission to explain why it expedited proposals to cut sustainability laws. Earlier this year, the Commission proposed legal changes that would exempt thousands of smaller European businesses from European Union sustainability reporting rules. The move aimed to simplify rules for sectors competing with rivals in China and the U.S. "Based on the material made available to date, the Commission does not seem to have adequately justified derogating from its rules in this case," Ombudsman Teresa Anjinho said in a letter to the Commission.

Reuters

TAX

EU's new tax plan to pay for Covid debt

The European Commission is set to propose its first bloc-wide taxes on tobacco, e-cigarettes, and large companies to address a €650bn pandemic loan. The plan aims to raise between €25bn and €30bn annually, which constitutes about 20% of the EU's budget. The taxation on tobacco could generate €15bn each year, with member states charged based on their number of smokers. Countries like Greece, Germany, and Bulgaria may face significant impacts.

The Daily Telegraph

The Times

INTERNATIONAL

Work-from-home ban relaxed for US federal employees for religious reasons

The Trump administration has said federal staff can get permission to work from home or adjust their hours to accommodate religious fasts and prayers, after previously mandating that workers report to offices full time. Office of Personnel Management director Scott Kupor urged agencies to "adopt a generous approach" to allowing employees to work remotely before and during religious holidays, advising that workers who want to take breaks during the workday while they are fasting should also get permission to work from home. Agencies seeking to deny a request to work remotely for religious reasons must justify it with "evidence of significant operational impact," Kupor said.

Reuters

China prison sentence for Astellas Japanese employee

The Nikkei newspaper has reported that a court in Beijing has sentenced a Japanese employee of Astellas Pharma to 3-1/2 years in prison. The man had been detained since March 2023 on suspicion of spying and had been indicted about a year ago. When asked a question about a Chinese court sentencing an employee of a Japanese pharmaceutical company to prison for espionage, Chinese foreign ministry spokesperson Lin Jian said that the country's judicial authorities handle cases in accordance with the law.

U.S. News

Delivery robots take to Shenzhen's subway to restock 7-Eleven stores

Subway trains across the southern Chinese megacity of Shenzhen saw a fleet of delivery robots join passengers during off-peak hours to restock 7-Eleven's station outlet. The metre-tall robots, operated by a logistics subsidiary of Chinese property giant Vanke, are capable of autonomously riding lifts, entering and exiting platforms, boarding trains and delivering goods to 7-Eleven stores across the city. “These robots are specially designed with unique chassis systems that allow them to cross gaps to enter lifts and carriages”, said Hou Shangjie, head of automation at VX Logistics, the Vanke subsidiary. “They will continue to iterate based on real-world performance.” Li Yanyan, a manager at one of the 7-Eleven stores involved in the project, said: “In the past, delivery workers had to park above ground, unload goods, and manually push them into subway stations . . . Now, with robots, it’s much easier and more convenient."

South China Morning Post

OTHER

Proteins in human body reveal warning signs for Alzheimer’s and Parkinson’s

International research into the human body’s proteins has revealed new clues about ageing and how to track and treat destructive neurological diseases such as Alzheimer’s and Parkinson’s. The results, drawn from samples from 18,645 people, reveal biochemical fingerprints of neurodegenerative disorders such as Alzheimer’s, Parkinson’s, frontotemporal dementia and amyotrophic lateral sclerosis, or ALS.

Financial Times

Science News

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