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European Edition
17th April 2024
 
THE HOT STORY
Greek media workers initiate 24-hour strike in protest against government
Greek media workers have gone on a 24-hour strike to protest the government's economic policies. The strike, which includes journalists, has led to the suspension of news broadcasts on various platforms. The strike is part of a broader labour movement that includes railway workers and sailors, who have already initiated protest actions. Today's strike is expected to see widespread participation from various sectors, with demands ranging from higher wages to reduced unemployment. The General Confederation of Greek Workers has also called for a strike, coinciding with the broader labour movement's demonstrations. Rising inflation and precarious working conditions have fueled discontent among workers, with a 37% increase in prices over the past two years.
WORKFORCE
Unemployment jumps as UK jobs market stalls
The UK jobs market is showing signs of stalling as the number of people out of work grew, according to new figures from the Office for National Statistics (ONS). The unemployment rate increased to 4.2% between December and February - the highest level for six months. Meanwhile, the rate of people with a job dipped and the economically inactive - those not in work or looking for employment - ticked higher. Overall, the ONS said the UK's unemployment rate rose from 3.9% in the three months to January and surpassed economists' forecast of an increase to 4%. In total, there were 1.4 million unemployed people in the UK between December and February, it said. However, other figures showed that while average wage growth, excluding bonuses, edged down from 6.1% to 6% it remained far above forecasts. And, when taking inflation into account, real wages rose by 1.9% in the three months to February. This was the highest since the three months to September in 2021. Additionally, the number of people out of work due to long-term sickness in the UK has reached a new record high, with over 2.8m individuals affected. Alexandra Hall-Chen, principal policy advisor at the Institute of Directors, said the rise was a “worrying development” which had the “potential to exacerbate persistent skills and labour shortages in the UK.”
LEGAL
Italian prosecutors seize €64.7m from Carrefour unit in VAT fraud probe
Italian prosecutors have seized €64.7m from Carrefour's Italian unit, GS spa, as part of an investigation into VAT fraud and labour exploitation. The supermarket chain and four of its directors are accused of evading €64.72m in VAT between 2018 and 2022. The alleged fraud involved outsourcing logistics and transport services to "false cooperatives" that do not pay taxes or social security contributions. The practice has been the focus of previous investigations by Milan prosecutors. Other companies mentioned in the investigation include DHL Supply Chain, Uber, UPS, Fiera Milano, and Esselunga. The investigation claims that GS spa illegally deducted over €64m in VAT, while the cooperatives evaded tax and social security payments worth around €110m. The probe states that GS spa's conduct has resulted in the exploitation of workers and significant damage to the inland revenue. Carrefour Italia, the parent company, has not yet commented on the matter.
HIRING
UK visas for 'brightest and best' account for less than 2% of total
Two visa routes introduced by the UK government to attract highly skilled workers after Brexit accounted for less than 2% of the total work visas issued in 2023, according to analysis of Home Office statistics. The High Potential Individual visas and Global Talent visas, which were hailed as benefits of leaving the EU, made up just 1.9% of the 337,240 work visas issued last year. Yash Dubal, director of the immigration and visa company A Y & J Solicitors, said: "The figures show that while high achievers have taken advantage of these routes, they have done so in modest numbers and as a tiny percentage of overall work visas."
CORPORATE
EY audits found negligent in Wirecard probe
An investigation by the German audit watchdog has found that EY’s audits of collapsed payments group Wirecard were “at the very least” negligent and in some cases grossly negligent.
ECONOMY
Euro zone economy set for timid recovery, says ECB survey
The euro zone economy is expected to have a timid and patchy recovery, according to a survey conducted by the European Central Bank (ECB). The survey, which included 57 leading companies, revealed that increased spending is driving the recovery, but lacklustre investment and labour demand are holding it back. The euro zone economy has stagnated for the past six quarters, and annual growth of just 0.5% is predicted for this year. The ECB stated that the recent destocking cycle has ended, and there are tentative signs of improving consumer confidence. However, inflation remains low, and retailers and the food industry are still experiencing difficulties. Investments are also weak, with declining demand and production in the capital goods industry. The survey indicates a weak employment outlook and a continued focus on cost containment.
TAX
European wealth tax could generate funds 50% greater than EU budget
A European wealth tax proposed by Oxfam could generate funds nearly 50% greater than the entire annual EU budget, according to a report. The study suggests that levying a 2% tax on European citizens with a net wealth of over €4.6m, 3% on wealth above €45.7m, and 5% on wealth over €913m could generate €286.5bn annually. The report comes amid signs of growing international support for levies on extreme wealth, although political parties that support a wealth tax are generally forecast to lose ground in the European parliamentary elections. Oxfam's study follows a report by the EU Tax Observatory that called for a “coordinated global minimum wealth tax on the very rich."
INTERNATIONAL
US employers must accommodate workers' pregnancies, including abortion and contraception, says EEOC
US employers are now required to accommodate workers' pregnancies, including abortion and contraception, according to a new rule by the US Equal Employment Opportunity Commission (EEOC). The rule implements the Pregnant Workers Fairness Act, which mandates employers to modify job duties or provide time off for workers with pregnancy-related limitations. The rule has faced criticism from Republicans and religious groups who argue that it should not cover workers who choose to have abortions or use birth control. The lack of a religious exemption could potentially lead to a legal challenge. The EEOC's rule will be published on Friday and take effect 60 days later. It applies to employers with 15 or more employees and includes accommodations such as limits on heavy lifting, part-time work schedules, additional breaks, modified equipment, remote work, and paid or unpaid leave. Advocacy groups have supported the rule, stating that it removes obstacles for pregnant workers in the workforce. However, critics argue that some accommodations may be impractical for certain jobs and workplaces.
UN Deputy Secretary-General: Make 2024 a 'turning point' for education
Speaking Thursday at an education panel convened by the European Union in Brussels, UN Deputy Secretary-General Amina Mohammed called on the world to "make 2024 a turning point for education." A series of meetings this year will build on the Transforming Education Summit convened by the UN in 2022 in response to the COVID-19 crisis, including the Summit of the Future in September. Ms. Mohammed called for two specific outcomes on education at the Summit.  “First, we need a clear recognition from world leaders of the urgent need to transform and invest in education as a global imperative,” she said. “Second, we need major breakthroughs on issues that are critical for education, including reform of the international financial architecture, strengthened digital cooperation and a new agenda for peace.” Without additional measures, an estimated 84 million children and young people will still be denied access to the classroom by 2030, and approximately 300 million students will lack the basic–and vital–numeracy and literacy skills.
OpenAI opens first Asia office in Tokyo
Microsoft-backed artificial intelligence startup OpenAI has opened its first Asia office in Tokyo, Japan. The company, known for its ChatGPT generative AI chatbot, is looking to expand its sources of revenue globally. OpenAI CEO Sam Altman and COO Brad Lightcap have been pitching for business to Fortune 500 executives in the US and UK. OpenAI's move into Japan comes as the country aims to leverage AI to compete with China, accelerate digital services, and address labour shortages. The company has a custom model optimised for the Japanese language and is led by Tadao Nagasaki, former president of Amazon Web Services in Japan. Local companies like SoftBank and NTT are also investing in large language models. Microsoft recently announced a $2.9bn investment in cloud and AI infrastructure in Japan.
Apple jobs in India set for 3x jump in 3 years
Apple's ecosystem of component makers and suppliers could collectively employ around 500,000 people in India directly in the next three years, a more than three-fold increase, as the tech giant moves at least half of its existing supply chain from China to India. The Cupertino-based company, which is looking to increasingly decouple from China, also aims to increase local value addition from its Indian suppliers in line with the approach that it has adopted in China. Apple’s suppliers in India who rank as top job creators include Tata Electronics, which makes enclosures for iPhones at its Hosur facility, Salcomp Technologies, which produces enclosures and power adaptors, as well as Foxlink and Sunwoda, which make cables and batteries for iPhones.
OTHER
Nordea Bank customers were able to view other clients' accounts
Some Nordea Bank customers in Finland reported being able to view accounts belonging to other individuals or companies. The bank quickly fixed the error, but customers expressed concerns about the privacy breach. Nordea stated that no money transfers were possible from the accounts that were visible. The bank is currently investigating the matter.
 


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