The latest business Intelligence for HR professionals and people managers everywhere
Sign UpOnline Version
European Edition
23rd April 2024
 
THE HOT STORY
Health-harming heat stress rising in Europe, scientists say
Europe is experiencing increasingly intense heatwaves due to climate change, according to a report by the EU's Copernicus climate monitoring service and the World Meteorological Organization. Last year, southern Europe faced extreme heat stress, with 41% of the region affected. Scientists say this poses significant health risks to outdoor workers, the elderly, and those with existing conditions. Heat-related deaths in Europe have increased by around 30% in the last 20 years. The report highlights the need for governments to prepare healthcare systems for climate change and protect workers from extreme heat. Greenhouse gas emissions and the El Nino weather pattern were identified as major contributors to last year's exceptional heat. The heat also fueled extreme weather events such as flooding.
HEALTH & WELLBEING
Climate change is affecting workers' mental health
Climate change is driving a crisis in workers' mental health, according to a report by the International Labour Organisation (ILO). The report highlights that extreme weather, climate change-induced disasters, and exposure to excessive heat are contributing to anxiety, depression, and post-traumatic stress disorder among workers. The ILO said that workers may experience distress related to financial and workload problems, as well as loss of hope for the future of their community. The report also notes that climate change risks are worsening the financial situations of some workers, particularly farmers and fishermen, while also flagging that climate change will impact seasonal and transient farm workers, leading to increased stress.
Teachers at reduced risk of cognitive decline
People with mentally stimulating jobs, such as teachers, are less likely to experience cognitive decline in later life, according to a study from Norway. The research found that jobs involving creative thinking were better at preventing cognitive decline than those involving repetitive tasks. The study examined 7,000 people and 305 occupations, measuring the level of cognitive stimulation in each job. After adjusting for other factors, the study found that those in the lowest group of mentally stimulating jobs had a 66% higher chance of mild cognitive impairment. The researchers suggest that education and challenging work throughout one's career play a crucial role in lowering the risk of cognitive decline.
STRATEGY
BNP Paribas returns to China with focus on brokerage and asset management
BNP Paribas is re-entering the Chinese market after 17 years, focusing on brokerage, research, and asset management. The French bank has hired close to 30 people to launch its securities operation in China. It has decided not to expand its onshore investment-banking business due to high costs and a bleak outlook for deals. BNP Paribas is leveraging its European status to slowly expand in China, while other Wall Street firms scale back amid US-China tensions. The bank has been focusing on corporate banking in China, but has also hired industry veteran Ren Wang to revamp its investment banking business. BNP Paribas saw a significant increase in its ranking for mergers and acquisitions in China last year. Other banks, such as Goldman Sachs and JPMorgan, also own full control of their securities platforms in China. Morgan Stanley and UBS are opting not to build their own platforms, but will focus on specific areas of business in the country.
Investors call for TotalEnergies to split CEO and chairman roles
A group of investors in French oil major TotalEnergies is calling for the company to split the roles of CEO and chairman, which they say could speed up its shift away from fossil fuels. The resolution, proposed by 19 international investors, challenges the dominance of Patrick Pouyanne, who has held the role of CEO and chairman for nearly a decade. TotalEnergies has faced pressure from climate-focused investors to cut carbon emissions and move away from fossil fuel production. Last year, 30% of TotalEnergies investors voted in favour of faster emissions cuts. The investors argue that separating the roles of CEO and chairman would improve dialogue on climate transition issues and ensure a better balance of power. However, TotalEnergies has stated that the governance of the company is a competence of the board and is unlikely to consider the resolution. Fourteen companies listed on France's CAC 40 index have already split the roles of chairman and CEO since 2016.
UBS layoffs to begin in June as part of cost-cutting program
Layoffs under UBS's cost-cutting program, following its takeover of Credit Suisse, will occur in five waves starting in June. The plan aims to eliminate around one in 12 of UBS's Swiss jobs and cut costs by over $10bn. Analysts estimate that between 30,000 and 35,000 jobs could be lost globally. A source described as an insider predicts that 50%-60% of former Credit Suisse staff will be laid off over the five rounds. The subsequent rounds are scheduled for August, September, October, and November, with planned savings of 12 billion Swiss francs ($13.2bn). UBS was not immediately available for comment.
Michelin moves production from Poland to Romania
French tyre manufacturer Michelin is closing its heavy truck factory in Olsztyn, Poland and relocating production to Romania. The move will affect approximately 430 employees. Michelin has 123,000 employees worldwide and annual revenues of nearly €30bn.
HIRING
Campaign launched to attract international skilled workers to Denmark
This week, a campaign is launched to get more international skilled workers to Denmark. 37 national partners will stand together to attract international labour who can help Danish companies to spark a green transition. The effort to attract international skilled workers is part of the EU-funded project Talent to a Green Denmark. 
WORKFORCE
Up to 70% of flights in France face cancellation
Up to 70% of flights in and out of France could be cancelled as air traffic controllers call a strike to protest against proposed changes to their navigation system.
LEGAL
Chinese spy ring busted in Germany
Three people have been arrested in Germany on suspicion of passing sensitive military technology to Beijing. The suspects, including a Chinese spy, used a front company based in London to trick German universities into conducting research into naval technology. They also managed to establish an agreement with an unnamed German university for a study on high-grade engines used in battleships. The financing for the study came from a Chinese front company funded by China's MSS intelligence agency.
MANAGEMENT
Elon Musk says the best employees need little management
Elon Musk has pushed back on his reputation as a micromanager, stating that the best employees actually require little management. While some bosses may not consider their actions as encroaching on employee autonomy, surveys have shown that many workers have experienced what they believe to be overly involved bosses. Musk believes that smart and talented individuals can manage themselves and that setting clear goals is key to keeping them happy. However, he says he reserves the right to intervene and take control when necessary. In the interview, Musk emphasized the importance of attention to detail when striving for a perfect product. 
INTERNATIONAL
Business travel for bankers in Hong Kong takes a hit
Business travel perks for bankers in Hong Kong are being cut back as firms tighten their belts amid a deal drought in the region. Some banks have reduced hotel allowances to below $100 a night, while other cutbacks include car pooling, taking the train instead of a taxi, and booking second-class tickets for high-speed rail. The austerity measures are a far cry from the days when bankers could book flights on a whim and travel in business class. The prolonged real estate crisis and concerns about China's economy have led to job cuts and warnings against financial elitism. Even at the likes of Goldman Sachs and UBS, austerity is being felt, with some bankers voluntarily booking premium economy seats instead of business class.
Japanese companies agree to largest pay raise in 33 years
Japanese companies have agreed to raise pay by 5.20% on average this year, the biggest increase in 33 years, according to Rengo, the country's largest union group. The outcome of these pay talks is seen as a barometer for spending and inflation. Bank of Japan Governor Kazuo Ueda and Prime Minister Fumio Kishida have both emphasized the importance of sustained wage growth and inflation for the country's monetary policy and to combat deflation. The first round of talks resulted in a 5.28% pay raise, the highest in 33 years, with subsequent rounds seeing slightly lower increases. A separate survey found that 77% of companies raised wages this year, although two-thirds of them fell short of the 5% demanded by Rengo.
OTHER
Human-pet dog patrol teams to start duties in Seoul
A total of 1,424 human-pet dog patrol teams will start their duties in Seoul this week, joining in efforts to prevent crimes and safety risks in neighborhoods across the capital. The civil patrol program launched by the city government in 2022 encourages designated pet dog owners and their animals to watch for and report any suspected crimes or other safety risks to authorities while they go for walks in their neighborhoods. Last year, 1,011 teams were in operation, which together filed 331 police reports and 2,263 safety or inconvenience risk reports during their 48,431 patrol walks. "With the domestic population of pet owners reaching 15 million, the pet dog patrol unit is a new policy that can help prevent crimes and safety risks," said Mayor Oh Se-hoon.
 


The Human Times is designed to help you stay ahead, spark ideas and support innovation, learning and development in your organisation.

The links under articles indicate original news sources. Some links lead directly to the source material. Others lead to paywalls where you may need a subscription. A third category are restricted by copyright rules.

For reaction and insights on any stories covered in the Human Times, join the discussion by becoming a member of our LinkedIn Group or Business Page, or follow us on Twitter.
Follow us on FacebookFollow us on TwitterFollow us on Linkedin

This e-mail has been sent to [[EMAIL_TO]]

Click here to unsubscribe