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Novartis has defended its $12bn acquisition of Avidity Biosciences, saying it is an "appropriate risk" despite concerns from analysts about its timing ahead of critical data on Avidity’s treatments for muscle disorders. The deal, which grants Novartis a nearly 3% stake in Avidity at a premium of 46% per share, is its largest since CEO Vas Narasimhan took over in 2018, and signals increased mergers and acquisitions activity in the biotech sector. Novartis aims to enhance its pipeline amidst pending patent expirations on key medications. The Avidity acquisition is expected to complement its portfolio of therapies for rare diseases.

 

Reuters

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Amazon has announced that it will reduce its global corporate workforce by "approximately 14,000 roles." Reports had suggested that the firm was planning to eliminate up to 30,000 corporate jobs globally, representing about 10% of its workforce. The decision, led by CEO Andy Jassy, is part of a cost-cutting strategy following extensive hiring during the pandemic. The layoffs will affect various divisions, including human resources and Amazon Web Services. Mr Jassy noted that generative AI will alter job requirements, necessitating fewer staff in some roles. Sky Canaves, senior analyst at eMarketer, said: "This signals that Amazon is realising enough AI-driven productivity gains within corporate teams to support a substantial reduction in force."

 

BBC News

Financial Times

Reuters

Barclays has announced its acquisition of the US personal loans fintech Best Egg for $800m (£601m). Best Egg has facilitated over $40bn in loans since 2013, serving two million customers. Barclays aims to enhance its loan offerings for investment bank clients, with chief executive CS Venkatakrishnan saying: "The deep and sophisticated US consumer finance market offers rich prospects for growth at Barclays." John Cronin at analysis firm Seapoint Insights said it was "a landmark deal as it's the first time one of the UK's Big Six lenders has moved to acquire a major US lending institution since the financial crisis."

 

City AM

Daily Mail

Dutch online bank Bunq has obtained a broker-dealer licence to operate in the United States, marking a significant step in its expansion beyond Europe. The licence will enable Bunq, which serves over 20m users in Europe, to sell US stocks to American customers. Despite facing a fine from the Dutch central bank for issues with its money laundering controls, Bunq says it aims to solidify its presence in the US banking market.

 

Reuters

PwC shrank its global workforce in the past year and abandoned a five-year hiring target as it grappled with slower revenue growth, internal scandals and the rise of artificial intelligence. 

 

Financial Times

UK businesses are leading globally in risk management, with nearly 80% of firms reporting board involvement in risk oversight, according to Aon's Global Risk Management Survey. Three-quarters of UK firms have dedicated risk departments, surpassing the global average of 68%. It was also shown that UK firms are more likely to rely on brokers to identify major risks, with 78.3% doing so compared with 55.7% globally. The poll saw UK businesses identify cyber-attacks and data breaches as their top risks, followed by business interruption and economic slowdown. Looking ahead, UK firms placed AI and increased competition among their top five emerging risks over the next three years.

 

City AM

Former Stellantis CEO Carlos Tavares has told the Financial Times that Chinese carmakers are making inroads in Europe as local companies struggle with stringent emissions rules and shifting policy on electrification.

 

Financial Times

Negotiations between Lufthansa and its pilots’ union collapsed on Friday without agreement. Vereinigung Cockpit (VC) said it was ending discussions on a comprehensive solution on company pensions for approximately 4,800 pilots, increasing the likelihood of strikes at both the carrier’s mainline operations and its cargo subsidiary, Lufthansa Cargo.

 

The Local Germany

Clearview AI is facing a criminal complaint in Austria from the privacy group noyb, alleging the company has illegally collected images and videos of EU residents to develop its facial-recognition database, potentially breaching the General Data Protection Regulation (GDPR). The complaint could subject Clearview and its executives to personal liability, including prison time, amid previous violations of GDPR laws in several EU countries and ongoing controversies about their data practices.

 

Reuters

Research by the Leibniz Centre for European Economic Research ZEW in partnership with the Netherlands' Tilburg University suggests that the loss of income for German women after the birth of their first child is significantly greater than previously estimated. In the fourth year after giving birth, mothers earn on average almost €30,000 ($35,000) less than women of the same age without children, the research says. Previous estimates had been around €20,000. The study said such losses develop depending on how old a woman is when she first gives birth.

 

Reuters

Global mergers and acquisitions activity rose by 10% in the first nine months of 2025, reaching a total of $1.938trn, according to a report by the Boston Consulting Group. Despite challenges from geopolitical tensions and U.S. tariff policies, dealmakers have continued to pursue strategic opportunities, although the figures remain over 40% below the highs seen in 2021. Notably, North America accounted for more than 60% of the activity, while Europe experienced a 5% decline, particularly in the UK, which saw M&A value drop by 35%.

 

Reuters

HSBC's chief financial officer, Pam Kaur, has raised concerns about potential risks from hedge funds and smaller banks facing private credit losses. Kaur said: "The thing that worries me most is the second and third order risks from counterparties that might be affected." HSBC made a $1bn provision for expected credit losses, with a focus on UK and Hong Kong exposures. The bank downplayed its direct exposure to shadow banking, saying it was in the "low single-digit billions" of dollars, which it notes is small compared to its rivals.

 

Financial Times

The Times

ING says it has ceased all business with the Russian state, and no longer holds any government bonds. Between 2014, when Russia invaded Crimea, and the full-scale invasion of Ukraine in 2022, ING significantly increased its loans to the Russian state. Karel Burger Dirven, honorary consul of Ukraine, condemned ING's past actions, saying they had contributed to Russian aggression.

 

NL Times

DutchNews.nl