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European Edition
18th November 2025
 
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THE HOT STORY

UBS reaffirms Swiss base after reported US move discussions

Zurich-based lender UBS has said it wants to continue operating from Switzerland in response to a Financial Times report that bank chair Colm Kelleher and US Treasury Secretary Scott Bessent had privately discussed moving the bank's headquarters to the US if the Swiss government did not back down on incoming new capital rules. UBS has argued that the new requirements go further than those required of global peers and would reduce its ability to compete internationally. "As we have said repeatedly, we want to continue to operate successfully as a global bank out of Switzerland," UBS told Reuters.
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TECHNOLOGY

Merz and Macron push for European digital 'sovereignty'

France and Germany are today hosting a high-level summit in Berlin to push for greater European "digital sovereignty." German Chancellor Friedrich Merz and French President Emmanuel Macron are joining forces in order that Europe can take greater control of its own digital destiny and depend less on US tech giants. German Digital Minister Karsten Wildberger said the summit's "core message" would be that "Europe is ready to shape its own digital future, to reduce dependence . . . We can make better progress by working together." 
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LEGAL

Vinted faces French probe over alleged porn content

Vinted is facing an investigation in France amid claims that some accounts on the second-hand clothes platform are being used to promote pornographic content, the government's child protection commissioner has said. Meanwhile, Vinted is exploring a share sale that may value the company at approximately €8bn, allowing early investors to exit. According to the Financial Times, preliminary discussions indicate a transaction worth several hundred million euros could begin early next year. 
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WORKFORCE

Luxembourg faces ageing workforce challenges

Luxembourg's statistics bureau Statec has highlighted "growing challenges" due to an ageing population. The number of workers aged 55 to 64 has surged by over 50% in 20 years, with employment rates for this group rising by 57% since 2004. Statec noted that 15% of the population will be aged 65 and over by 2024, driven by declining fertility and increased life expectancy. Additionally, a quarter of pensioners receive below the legal minimum pension, particularly affecting women and foreign nationals. A pension reform is set for 2026, raising contributions to address these issues.

More Dutch workers choose part-time hours

More Dutch workers are opting for part-time jobs, with nearly 1.9m employed in roles of 28 to 35 hours per week, according to Statistics Netherlands. This marks an increase from 1.6m a year ago. The trend is particularly prevalent among parents: 31% of women with children and 13% of men with children are in part-time positions. Economists, including those from the International Monetary Fund (IMF), have suggested encouraging longer working hours to address labour shortages.
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STRATEGY

BASF bets on China growth

BASF has highlighted the importance of investing in China for future growth and called for stronger ties between Berlin and Beijing. The company is constructing its largest integrated chemical complex in southern China, costing approximately €8.7bn ($10.1bn). CEO Markus Kamieth said: "If you want to be a growth company in chemicals, you have to grow in China." Kamieth noted that initial business performance in China has been slower than anticipated, with lower margins than expected.

Man Group plans to cut London jobs and move some roles to Bulgaria

Man Group, the world’s largest listed hedge fund manager, plans to cut London-based jobs, including in risk management and compliance, and move some roles to Bulgaria next year.
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LEADERSHIP

HSBC seeks new head for Europe

HSBC is searching for a new chief for its continental Europe division after Andrew Wild announced that he will stand down at the end of the year due to family reasons. Christopher Davies will act as interim chief during the recruitment process. The bank is also seeking a new chair as part of ongoing leadership changes, with a focus on growth in Asia and the Middle East.
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INTERNATIONAL

Some Korean workers return to US factory after raid

Some South Korean workers detained in a September immigration raid at Hyundai's Georgia plant in the United States have returned to their jobs. The raid involved over 300 workers, primarily skilled engineers, who were detained for visa violations. Following negotiations, many were flown back to South Korea. HL-GA Battery Co., the plant's operator, confirmed that construction has resumed with a mix of new and returning workers. Mary Beth Kennedy, a spokesperson for HL-GA Battery, noted that some returning workers were among those detained.

The key role of nomadic women in Iran

Nomadic women are vital to Iran's tribal communities, contributing to social and economic sustainability, Deputy Cultural Heritage Minister Ali Darabi has said. At a recent gathering focused on developing entrepreneurial skills, Darabi highlighted these women's role as guardians of culture and essential support for nomadic societies. He noted a 2024 project aimed at empowering these women in West and Central Asia, which included documenting traditional knowledge and integrating it into policymaking. “We believe that sustainable development emerges from within culture and from the heart of living communities,” Darabi said. “It is time for indigenous knowledge and climate wisdom, alongside modern science, to be placed at the centre of the country's development and cultural policymaking.”

Thailand considers raising retirement age for civil servants

Thailand is revisiting a proposal to extend the civil service retirement age from 60 to 65, seeking to address the challenges of an ageing population and labour shortages. Deputy Prime Minister Borwornsak Uwanno has tasked the Office of the Civil Service Commission (OCSC) to study the feasibility of such an extension. Prime Minister Anutin Charnvirakul supports the initiative, which aims to allow capable older officials to remain in the workforce. The OCSC's study will consider budgetary impacts and the effects on younger recruits, with findings expected by mid-December 2025. "We must prepare now," Piyawat Sivaraks, Secretary-General of OCSC, said.
 
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