THE HOT STORY

LVMH's cognac maker Hennessy has reached pay deal with unions

LVMH's cognac maker Hennessy has reached a pay deal with unions to compensate for lost bonuses due to weak sales last year. The agreement includes one-off payments of 6.8% of annual salaries, with minimum payments around €3,200 and a maximum of €6,500. The deal is aimed at preventing strike action; LVMH's champagne brands Moet & Chandon and Veuve Clicquot have seen strikes over similar bonus issues. Hennessy has faced challenges, with profits halved in the past two years, impacted by US tariffs and declining demand for alcoholic drinks.

Reuters

WORKFORCE

German transport union strikes for better hours

Cities and municipalities throughout Germany will face public transport disruptions today after the Ver.di labour union called on workers to strike for shorter working hours and higher bonuses. “Public transport employees are under a lot of stress due to extremely unfavourable working hours, shift work, and constant time pressure,” Christine Behle, the union's deputy chairwoman, said. “We urgently need improvements here in order to stop the high turnover rate and once again find reliable skilled workers for public transport.”

Luxembourg Times

UK weighs universal basic income amid AI disruption

UK investment minister Jason Stockwood has revealed there are talks within government about introducing a universal basic income to support workers in industries likely to be hit by AI. Stockwood said that society must prepare for significant changes, and suggested a need for "some sort of concessionary arrangement" for jobs that are lost. He said: "People are definitely talking about it." Recent research from Morgan Stanley indicates that the UK is losing more jobs than it creates due to AI.

Financial Times

The Guardian

Prada cuts ties with over 200 suppliers after labour abuse audit

Prada has cut ties with more than 200 suppliers, as the brand conducts a “zero tolerance” audit in response to allegations of labour abuse in the industry’s supply chain.

Financial Times

STRATEGY

German auto supplier to cut up 4,000 jobs

German auto supplier Aumovio will cut up to 4,000 jobs in research and development worldwide as the company moves to address costs in the face of a “challenging” market environment and intensifying competition. Bloomberg says the cuts are indicative of the growing pressure facing Germany’s auto suppliers amid weaking European demand, and the report notes automakers’ increased tendency to develop key technologies in-house, which has further eroded suppliers’ bargaining power.

Bloomberg

LEGAL

Amazon employee in Slovakia dismissed after founding trade union

Ján Mizerák, an Amazon employee in Slovakia, was dismissed after founding the trade union United Voice to improve working conditions. His termination followed a meeting in which Amazon requested a list of union members, which is contrary to Slovak law. Mizerák, who had worked at the company for 12 years, returned from parental leave only to find himself sacked for "organisational reasons." The Technologický Odborový Zväz (TOZ) said that Amazon's actions violate the local Labour Code. Mizerák plans to seek help from the labour inspectorate.

The Slovak Spectator

UBS wants US court to axe $400m Libor suit

UBS has asked a Connecticut court to throw out a suit filed by former trader Tom Hayes that accuses the Swiss lender of handing him over to global prosecutors to protect the bank and its senior leadership during the Libor rigging scandal. Lawyers for UBS described Hayes' allegations as "spurious" and said that he cannot prove that UBS prosecuted him or acted maliciously, because UBS wasn't a party to the UK criminal proceedings. “Despite the bank’s efforts to deflect attention elsewhere, UBS’s purely procedural motion is a desperate attempt to avoid having discovery into the facts and having the case heard on its merits,” a spokesperson for Hayes said.

Bloomberg

ECONOMY

French consumer confidence steady in January

French consumer confidence remained stable in January, with the INSEE index holding at 90 for the second month in a row, still below the long-term average of 100. While views on future personal finances improved slightly, sentiment around major purchases dipped, and fewer households saw it as a good time to save. Concerns about the country’s future standard of living and unemployment levels remained high, with the latter index staying well above its historical average. Meanwhile, more consumers anticipated inflation to rise in the next 12 months, despite fewer reporting sharp price increases over the past year.

RTT News

INTERNATIONAL

EEOC plans major changes to pregnant-worker accommodation rules

Reuters reports on how US Equal Employment Opportunity Commission (EEOC) rules - such as the 2022 law which requires employers to reasonably accommodate pregnant workers - may dramatically change under Republican EEOC Chair Andrea Lucas, who said in 2024 the regulations were written too broadly. Now, as chair since November and with a Republican majority on the commission, Lucas has already begun an overhaul of the agency to reflect "a conservative view of civil rights." Democratic EEOC Commissioner Kalpana Kotagal observes: "Efforts to weaken the [Pregnant Worker Fairness Act's] meaningful worker protections, which have been shown to reduce miscarriage rates by nearly 10 percent, are misguided . . . We should be standing up for women and families, not weakening their civil rights."

U.S. News

Coupang CEO questioned over major data breach

Coupang's interim chief executive, Harold Rogers, has been questioned by Seoul police over allegations of obstructing investigations into a data breach affecting more than 33m of the e-commerce company's customers. Authorities suspect the company downplayed the scale of the breach and tampered with evidence, including analysing a suspect’s laptop without approval. Mr Rogers had defied two earlier summonses before appearing on Friday. The case has triggered political friction, with US officials warning against unfair treatment of Coupang, a US-listed company, and speculation linking it to increased US tariffs on Korean goods.

The Korea Times

Reuters

OTHER

KLM resumes flights to Tel Aviv and Dubai

KLM has announced it will resume flights to Tel Aviv and Dubai this week after a temporary suspension due to geopolitical tensions. Flights to Dubai will restart on February 1, while those to Tel Aviv are set for February 2 and 3. The airline had previously resumed operations to Riyadh and Dammam after halting services on January 23. KLM said: "Choosing safe and optimal routes is a core part of our daily operations." The airline said it will continue to monitor the situation closely to adjust flight schedules as needed.

NL Times

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