THE HOT STORY

Telefonica plans to lay off 6,000 workers this year

Expansion has reported that Spanish telecoms group Telefonica plans to lay off at least 6,000 employees before the end of the year. The report in the newspaper said the total number of workers initially affected by the redundancy plan could increase to 7,000 out of a global workforce of around 100,000. Telefonica is set to present its new strategic plan on November 4, and the group will seek to officially inform unions of the potential layoffs shortly after the plan's presentation, according to the Expansionreport.

Reuters

ECONOMY

Lecornu’s resignation forces risk rethink

Politico reports that the shock resignation of French Prime Minister Sébastien Lecornu has forced financial markets to confront the extent of the country’s political dysfunction. France's benchmark 10-year borrowing costs have risen above Italy’s due to concerns about its ability to put public finances back on a solid footing. “The only way to stop this crisis is to have a new election,” said Emmanuel Cau, head of European equities strategy at Barclays. “It’s making Europe hard to invest in.”

Financial Times

Politico

STRATEGY

Renault announces job cuts

Renault plans to eliminate 3,000 jobs in support functions, targeting reductions of around 15% in areas such as human resources, finance, and marketing, according to a report from French newsletter L'Informe. The move is part of the company’s cost-saving initiative known as "Arrow," as Renault seeks to streamline operations amidst uncertainties in the automotive market and a highly competitive environment. Although Renault has confirmed it is exploring cost cuts, it has not yet finalised any specific figures, noting that decisions should be made by the end of the year.

Reuters

Ineos to close German plants

Ineos will close two chemical plants in Rheinberg, Germany, due to high energy costs and environmental penalties. Stephen Dossett, divisional chief executive of Ineos Inovyn, commented: "Europe is committing industrial suicide." The closures will affect 175 jobs in resins for various sectors, although the company will retain its PVC facilities and 300 jobs.

The Times

CYBERSECURITY

Tech talent in high demand at UK banks

UK banks and financial services companies are increasingly hiring nonexecutive directors with technology expertise, according to a report by EY. The study reveals that 52% of new board directors appointed in the past year have tech backgrounds, up from 36% the previous year. The shift follows recent cyber-attacks on major companies which have prompted regulators to emphasise the need for tech knowledge in boardrooms. Preetham Peddanagari, EY's UK financial services technology head, said: "Technology has moved from a back-office enabler to a boardroom capability."

The Times

The Daily Telegraph

REGULATION

Chatbots cannot replace human customer service staff, Dutch regulators say

Two Dutch regulators - the privacy watchdog AP and competition authority ACM - have said that organisations which use chatbots for customer service must always give people the option of speaking to a real employee. The regulators - which noted that complaints about chatbots are increasing rapidly - said companies also need to make clear when customers are dealing with a chatbot, and ensure that the software does not provide evasive, misleading or incorrect information.

DutchNews.nl

LEGAL

Milan's fashion industry faces scrutiny

Authorities in Milan, targeting brands including Loro Piana, Armani, Dior, and Valentino, have uncovered widespread exploitation in Italy’s luxury fashion industry. The Observer reports that factories held workers, many undocumented, in unsafe conditions, forcing 12–13-hour shifts for minimal pay. Investigations revealed systemic supply chain failures, challenging the ethical "Made in Italy" image. Prosecutor Paolo Storari has placed several brands under judicial administration, aiming to remove criminal influence and enforce compliance, and expose how cost-cutting and efficiency in luxury fashion can drive worker abuse.

The Observer

INTERNATIONAL

Deloitte refunds Australian government over AI errors

Deloitte will issue the Australian government a partial refund after a report the firm issued contained several errors caused by the use of AI. The Big Four firm reportedly included multiple errors, including references and citations to non-existent reports. Deloitte issued an updated version of the report and said that AI-generated errors did not impact or affect the substantive content, findings, and recommendations in the original document. The Financial Times notes that the UK accountancy regulator warned this summer that Big Four firms were failing to keep track of how automated tools and AI affected the quality of their work.

Australian Financial Review

Financial Times

The Guardian

Employee caused shooter hoax 'to bond with co-workers'

An active shooter hoax that prompted a lockdown at Joint Base McGuire-Dix-Lakehurst, New Jersey 's largest military base, was caused by a civilian employee who wanted to “trauma bond” with her colleagues, according to a criminal complaint filed in the U.S. District Court of New Jersey. Malika Brittingham faces a federal charge in connection with a false active shooter report that prompted lockdowns at the base on Sept. 30. Brittingham eventually told investigators she "carried out this hoax because she had been ostracized from her co-workers and hoped that their experience in response to an active shooter would allow them to 'trauma bond,'" according to the complaint.

USA Today

U.S. News

Thousands of jobs at risk in Africa as trade deal ends

The African Growth and Opportunity Act (AGOA), a major US-Africa trade deal, ended last week, removing duty-free access to US markets for many African products. The termination poses significant risks for industries reliant on AGOA, particularly in Kenya, where textile exports have surged from $50m to $500m since 2000. Pankaj Bedi, owner of United Aryan, an apparel manufacturer in Nairobi that exports Levi's and Wrangler jeans to the US, observed: "If AGOA goes away we have zero chance to compete with the Asian countries." The end of AGOA could jeopardise 1.3 million jobs across Africa.

U.S. News

OTHER

Brussels unveils tax breaks for savers

Brussels has introduced a new initiative aimed at creating tax-friendly Savings and Investment Accounts (SIAs) to encourage European citizens to invest rather than keep cash idle. With €10tn currently held in bank accounts, the European Commission believes that SIAs could lead to an additional €330bn in investments over the next decade, potentially boosting EU household income by €232bn. Maria Luís Albuquerque, Commissioner for Financial Services, said: “With SIAs, Europeans could get better returns on their savings, while supporting the financing of EU businesses.”

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