THE HOT STORY

UBS may cut another 10,000 jobs by 2027

Swiss lender UBS could cut an additional 10,000 jobs by 2027, according to a report in SonntagsBlick. UBS did not confirm the number, but said it would "keep the number of jobs cuts in Switzerland and globally as low as possible," adding "The role reductions will take place over the course of several years and will be mostly achieved through natural attrition, early retirement, internal mobility and inhousing of external roles."

Reuters

WORKFORCE

Louvre Museum workers confirm strike action

Workers at the Louvre Museum in Paris have voted to strike, citing deteriorating working conditions, a controversial ticket price increase for non-European visitors, and significant security vulnerabilities. In a letter addressed to France's culture minister, Rachida Dati, the CGT, CFDT and Sud labour unions described the museum as being in "crisis" and plagued by insufficient resources. Industrial action will commence next Monday.

France 24

Doctors in Spain to strike this week

Doctors in Spain will strike for four days starting today. Medical unions are demanding revised working conditions and a separate professional statute. The action will affect all regions and the country’s major hospitals.

The Local Spain

HEALTH & SAFETY

Strike announced at Greek construction site following fatal accident

A tragic incident occurred on Saturday at the former Hellinikon Airport site in Athens, where a migrant construction worker from Egypt died after falling from a second floor. Site developer LAMDA Development expressed regret and emphasised its commitment to worker safety. However, the Workers' Union condemned the incident as an "employer's crime," citing long hours and inadequate safety measures. Valsamos Syrigos, President of the Union, said: "The responsibility lies with the government, LAMDA, and major employers." In response, the union has called for a 24-hour strike on December 9.

GreekCitytimes

HIRING

UK firms take 'low hire, low fire' approach

BDO's employment index dropped from 93.95 to 93.53 in November, the weakest level since April 2011, as UK businesses adopted a "low-hire, low-fire" stance ahead of the Budget. Economic activity worsened overall, with the output index falling sharply from 101.84 to 97.77, its biggest monthly decline since April 2022. The services sector was particularly weak, with output sliding from 102.75 to 98.12 amid inflation pressures and low consumer confidence. BDO’s Scott Knight said: "The run-up to Christmas is usually a golden time where business booms and revenues are shored up, but so far this year it's falling flat."

The Times

ECONOMY

European CEOs favour US investments amid economic concerns

A recent survey shows that European CEOs are increasingly pessimistic about the continent's economic outlook, with many preferring to invest in the United States rather than Europe. Approximately 38% of executives indicated they would reduce their planned investments in Europe, because they believe the EU is too slow to enact necessary reforms. Business leaders have called for urgent action to enhance competitiveness, as they express dissatisfaction with the lack of positive impacts from recent EU initiatives.

Reuters

STRATEGY

Volkswagen to transform Dresden plant into AI and chip technology hub

Volkswagen will convert its Dresden assembly plant, which has ceased car production, into an innovation centre focused on artificial intelligence, robotics, and chip design. The initiative aligns with the company's commitment to keep its German factories operational while fostering technological advancements. The project, in collaboration with the state of Saxony and the Technical University of Dresden, will involve an investment exceeding €50m (approximately $58.3m) over the next seven years.

Bloomberg

SUSTAINABILITY

EU delays by one year landmark law to curb deforestation

The European Commission, European Parliament and EU Council representing member states have reached a preliminary deal to delay the EU’s Deforestation Regulation by one year. The EU regulation, known as EUDR, aims to tackle the felling of trees associated with imports into the bloc of key commodities including soybeans, coffee, cocoa and palm oil.

Bloomberg

INTERNATIONAL

OECD to tackle global mobility and remote-work tax challenges

The OECD is preparing to make global mobility and remote-work taxation its next major policy focus, according to Manal Corwin, director of the Center for Tax Policy and Administration. Speaking virtually at the Foundation for International Tax conference in Mumbai, she said tax systems must adapt to shifting geopolitical and economic realities as cross-border remote work becomes more common. The OECD has begun a diagnostic and scoping process to gather input from governments, businesses and advisers, and will launch a public consultation in January. The initiative aims to clarify how countries should address emerging tax, compliance and residence issues linked to mobile workforces.

Bloomberg Tax

Temperature increase is accelerating in Arab Region

The Arab region had its hottest year on record in 2024, and the rate of warming has accelerated in recent decades, accompanied by more intense heatwaves and droughts as well as extreme rainfall and storms, according to the inaugural World Meteorological Organization (WMO) report on the State of the Climate in the Arab Region. “2024 was the hottest year on record for the Arab region – a continuation of a long-term trend. Temperatures are rising at twice the global average, with intense heatwaves that are pushing society to the limits. Human health, ecosystems and economies can’t cope with extended spells of more than 50 °Celsius – it is simply too hot to handle,” said WMO Secretary-General Celeste Saulo.

World Meteorological Organization

Financial Times

OTHER

HSBC bans Christmas jumpers

HSBC has told UK staff not to wear Christmas jumpers due to a need to maintain a sense of professionalism and sensitivity to customers who may be dealing with difficult circumstances. A HSBC spokesman said: "We are encouraging colleagues to celebrate Christmas in branches in lots of different ways, including decorating branches, team celebrations and festive lunches. However, it’s important to also remember that branches are spaces where customers receive a range of specialist services that require professionalism and sensitivity."

The Daily Telegraph

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