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European Edition
8th May 2024
 
THE HOT STORY
Norway oil workers agree to wage deal, averting strike
Wage talks between Norwegian oil firms and three labour unions have ended in a deal, averting the risk of strike action. Unions Lederne, Safe, and IE&FLT reached an agreement with companies, covering 7,300 workers at more than a dozen oil companies and suppliers. The wage agreements include Equinor, ConocoPhillips, Aker BP, and Vaar Energi. Norway, Europe's largest gas supplier, produces around 4 million barrels of oil equivalent per day. The deal ensures a stable supply in the industry. "The wage talks have successfully concluded, ensuring the stability of the oil sector," said an industry official.
WORKFORCE
IT is most attractive sector for work in Poland
The IT sector has emerged as the most attractive industry for work in Poland, according to a survey by Randstad Employer Brand Research. Over half (51%) of the respondents selected the IT industry, which climbed from eighth place to first place in this year's survey. The automotive industry ranked second, closely behind at 50%, while the automotive components industry came in third at 49%. Despite some reduction in hiring, the IT sector remains appealing due to its financial stability and career growth opportunities. The automotive industry is also adapting, with new highly automated plants being established to improve efficiency and production quality.
Tesla halts production at German plant due to protests
Tesla will shut down production at its German plant in Gruenheide for four days due to protests, according to German newspaper Handelsblatt. All employees will work from home on Friday, as stated in an email seen by the newspaper.
HIRING
Santander expands private banking with 40 new hires
Banco Santander has hired 40 private bankers in 2024 to increase assets under management. The Spanish bank has been focusing on the high-net-worth and ultra-wealthy clients in Europe and Latin America. Santander's Wealth Management & Insurance division, led by Victor Matarranz, saw a 14% growth in assets under management in Q1 2024, reaching €482bn. The bank aims to reach €500bn by the end of 2025. Santander's corporate and investment banking unit has also been hiring to expand in investment banking.  Santander currently has 1,300 private bankers catering to wealthy clients across various locations.
HEALTH & WELLBEING
Obesity and low productivity in the UK go hand in hand, warns think-tank
A report from the Institute for Public Policy Research, a think-tank, suggests obesity helps to explain why economic inactivity rates due to sickness in the UK are at record levels.
LEGAL
French equality chief accused of ‘sexist and racist' comments
Sylvie Pierre-Brossolette, the chair of the French equality watchdog, is facing calls to resign over allegations of offensive remarks and a toxic management style. Employees claim that Pierre-Brossolette made sexist, racist, and Islamophobic comments, as well as stigmatising LGBTQ people. They also accuse her of trivialising rape culture and making victims feel guilty. The employees allege that Pierre-Brossolette takes no precautions to avoid offending others and that her statements tarnish the credibility of the organisation. Pierre-Brossolette denies the accusations and says they are an attempt to destabilise the watchdog's work.
STRATEGY
UBS mulls asset management overhaul
UBS is considering cost-cutting plans for its asset management division as the bank looks to reduce expenses and improve profitability. The bank aims to cut at least $300m in costs, including reducing back-office staff. UBS is also exploring the possibility of integrating parts of the unit into its larger wealth management activities.
CORPORATE GOVERNANCE
Rare German boardroom fight escalates as company founder pursues board shake-up
The founder and major shareholder of German online broker, FlatexDegiro, has publicly called for the ousting of the company's current chair, Martin Korbmacher. Bernd Foertsch, who controls nearly 20% of the broker, wants a fresh start for the company and believes Korbmacher is not the right person for the job. Foertsch has proposed Axel Hoerger, a former UBS executive, as the new board chairman. This public boardroom dispute is unusual in Germany's corporate culture. Foertsch previously campaigned against the CEO, Frank Niehage, and successfully had him removed. FlatexDegiro declined to comment on the matter.
REGULATION
Microsoft accused of anti-competitive behaviour in Spain
Microsoft is facing accusations of anti-competitive behaviour in Spain after a complaint was been filed with the country's antitrust regulator. The complaint, filed by Asociación Española de Startups, alleges that Microsoft is using its dominance in the software market to force the use of its cloud services. The group claims that this is significantly affecting both cloud providers and customers within the startup ecosystem in Spain. Microsoft has faced similar criticism globally, with regulators in the European Union, the UK, and South Africa investigating its cloud business. The Spanish complaint adds to the growing scrutiny of Microsoft's power in the cloud computing market.
TECHNOLOGY
Warren Buffett fears AI has 'enormous potential for harm'
Warren Buffett, the chairman and chief executive of Berkshire Hathaway, has raised concerns about the dangers of AI, saying it could have devastating consequences on society, much like the atomic bomb, if used incorrectly. Buffett acknowledged that he knew little about how the underlying technology works, but said he had reason to worry. He recently saw his own image and voice so convincingly replicated by an AI tool that he said even his wife and children would have struggled to determine they were fake. Greg Abel, Buffett's designated successor as CEO of Berkshire, noted that the company has begun using AI inside some of its businesses to help make its employees more efficient. Abel said the company was looking to deploy the technology to make certain tasks more effective or safer. Buffett, for his part, said he struggled to predict the ultimate effects of AI on the world. “It has enormous potential for good and enormous potential for harm,” Buffett said. “And I just don’t know how that plays out.” 
INTERNATIONAL
US job switchers report lower satisfaction than those who stay
Job switchers in the US are reporting lower satisfaction at work compared to those who stay in their jobs, according to a survey by the Conference Board. The survey found that in 2022, job switchers scored higher on all aspects of job satisfaction, but in the most recent tally, those who quit said they were less pleased than those who remained, particularly in terms of job security, interest in work, and colleagues. The decline in satisfaction could be due to job switchers focusing solely on pay bumps and failing to consider other factors such as skills training and career development. Overall job satisfaction was the highest since 1987, with remote workers being the most satisfied. The least satisfied workers were those who switched jobs during the pandemic, expressing dissatisfaction with their employers' bonus plans, promotion policies, and training. Job switchers now feel stuck and believe that nobody is investing in their skills, said Allan Schweyer, a principal researcher at the Conference Board.
Wall Street Journal cuts staff in Hong Kong as it shifts focus to Singapore
The Wall Street Journal is cutting staff at its Hong Kong bureau and shifting its focus to Singapore. The newspaper is creating a new business, finance, and economics group in Singapore, and the move comes as numerous international companies have left Hong Kong due to the national security law and pandemic curbs. China's economic slowdown has also affected the work of analysts and financiers in Hong Kong. The city's media environment has deteriorated, with independent news outlets closing and international media shifting positions to other cities. Hong Kong now ranks 135th out of 180 countries in terms of media freedom.
Google lays off 200 employees, shifts positions to India and Mexico
Google has laid off around 200 employees from its so-called "core" team and will now move some positions to India and Mexico. The company's core team develops the technical foundation behind the company's flagship products and ensures user safety online. Google's Developer Ecosystem's vice president, Asim Husain, announced the layoffs in an email to employees. A Google spokesperson said affected workers will be able to apply for other open roles at the company. Google has been reducing its workforce since last year due to a decline in the online ad market.
OTHER
Millions of students impacted by heatwaves as schools close
As heatwaves become more frequent and intense due to climate change, millions of students around the world are being affected by school closures. The decision to either keep students in hot classrooms or encourage them to stay home and keep cool has consequences for their education. High temperatures can impair cognitive functions and lower students' ability to retain and process information. This is particularly concerning in developing countries, where a large proportion of children are already out of school and test scores lag. The impact of heat on education is expected to widen the learning gaps between hot and cool countries. The closure of schools due to heatwaves also exposes children to risks such as child labour and child marriage. As heatwaves continue to disrupt education, governments and authorities face the challenge of finding solutions to protect students' learning and well-being in a warming world.
 


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