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Europe’s economy is “geared towards a world that is gradually disappearing” and the EU needs reforms to spur growth, according to a warning from Christine Lagarde, president of the European Central Bank (ECB). Lagarde said the EU’s dependence on international trade had left it vulnerable, as major partners had turned away from the trade that made the bloc’s exporters wealthy. Speaking at the European Banking Congress, she said that protectionist measures and China's control over critical materials threaten growth, and proposed lowering trade barriers within the EU and adopting qualified majority voting on tax to enhance market access for smaller companies. Despite these challenges, Lagarde acknowledged strengths including resilient labour market and increased digital investment.

 

Financial Times

Wall Street Journal

The Guardian

CIOs Face Rising Pressure on AI

A new white paper from ServiceNow highlights how AI adoption is racing ahead of enterprise readiness, leaving UK CIOs under growing pressure to show meaningful transformation. With boards expecting rapid progress and clear risk mitigation, many leaders are struggling to bridge the gap between experimentation and enterprise-scale impact. The report outlines how AI agents can help CIOs respond to C-suite demands, streamline decision-making, and deliver measurable value without exposing the business to unnecessary risk. It offers a practical look at what the board wants, where organisations are falling behind, and how CIOs can regain control of their AI agenda.

 

Download the guide

The UK's Financial Conduct Authority (FCA) plans to save banks and investment firms over £100m annually by reducing transaction reporting requirements inherited from the EU. The FCA aims to cut costs from £493m to £385m by eliminating certain reporting obligations, including those for foreign exchange derivatives traded solely in the EU. Therese Chambers, the FCA’s joint executive director, said: "Reducing costs while improving the quality of the data we receive is a no-brainer." However, the FCA rejected calls for exemptions for hedge funds from reporting requirements, citing oversight concerns.

 

The Times

G20 leaders have been urged to closely monitor the rise of private credit markets and stablecoins, which Financial Stability Board Chair Andrew Bailey described as potential risks needing coordinated oversight. Bailey emphasized a need to “modernise and strengthen” global financial regulations without endangering stability, and highlighted regulatory divergences around stablecoins, warning of risks tied to their cross-border use and potential dollarisation. Bailey also criticised slow progress in implementing Basel III reforms, with delays in the US, EU, and UK. Basel Committee chair Erik Thedéen observed that crypto exposure rules must adapt to the surge in stablecoins.

 

Reuters

The UK's Financial Conduct Authority (FCA) has launched a consultation on proposals to introduce a UK equity consolidated tape to help increase capital investment and liquidity in equity markets. An equity tape brings together data from across UK markets, providing investors with a more comprehensive and clear view of the market. The FCA says this will help boost market participation and the global competitiveness of UK equity markets. 

 

Financial Conduct Authority

Financial Times

French police have raided companies and properties nationwide as a probe intensifies into an alleged scheme by employees and suppliers to defraud telecoms group Altice. It is alleged that hundreds of millions of euros were defrauded by some employees and suppliers overbilling for goods and services who then syphoned the money off into shell companies. More than 70 investigators were involved from Eurojust, the European Union Agency for Criminal Justice Cooperation based in the Hague which looks into serious crime within the European Union.

 

Bloomberg

Financial Times

Mobile Europe

The National Crime Agency (NCA) has revealed a billion-dollar money laundering network operating in at least 28 UK cities. The network, linked to Russian military funding, involves couriers converting cash to cryptocurrency. The NCA's Operation Destabilise has led to 128 arrests and the seizure of over £25m in cash and crypto. The investigation highlights the connection between local drug trades and international crime syndicates. Sal Melki, deputy director for economic crime at the NCA, said: "We can draw a line between crimes in our communities and state-sponsored activity." 

 

The Standard

Spain's Supreme Court has found Attorney General Álvaro García Ortiz guilty of leaking confidential information regarding Alberto González Amador, the partner of Madrid's influential opposition regional leader Isabel Díaz Ayuso, and who has been under investigation for alleged tax fraud. The court imposed a two-year ban on García Ortiz, who denied any wrongdoing. He must also pay €7,300 in fines and €10,000 in damages to González Amador. This was the first time in Spain's modern history that a top prosecutor had faced a criminal trial.

 

U.S. News

The European Commission has issued a formal warning to Italy over concerns that the country's far-reaching "golden power" rules may breach European Union legislation. A "letter of notice" marks the formal start of an infringement procedure under which Rome will be accused of potentially breaching EU law.

 

Financial Times

Reuters

Former Bank of England chief economist Andy Haldane says speculation about potential UK Budget measures has been "costly for the economy" and "caused paralysis among businesses and consumers." He told the BBC's Sunday with Laura Kuenssberg programme that the "month upon month of speculation" amounted to a "fiscal fandango" that was "the single biggest reason" why economic growth has "flatlined." Warning that the Budget process was "too lengthy, too leaky, with real costs," he described it as a "pantomime" that has been "degraded over many years."

 

BBC News

City AM

Daily Mail

Nathan Gill, the former leader of Reform UK in Wales, has been sentenced to 10 years in prison for accepting bribes from a pro-Kremlin agent. Sir Keir Starmer has since urged Reform UK leader Nigel Farage to investigate potential Russian links within his party. Gill admitted to taking payments to promote pro-Russian statements while serving as an MEP. The Crown Prosecution Service noted that Gill's actions involved other MEPs, although they were not found to have received money. Farage dismissed Gill as a "bad apple," but Labour has called for a thorough review of Reform UK's structures.  

 

Daily Express

London Evening Standard

The Guardian

The Times

Italian prosecutors are investigating Tod's and three of its executives for alleged labour exploitation involving Chinese subcontractors. The Milan Prosecutor's Office claims Tod's knowingly violated labour laws regarding working hours, wages, and safety. A court document revealed that 53 workers were exploited, with one worker alleging physical abuse over unpaid wages. Prosecutors described the company's lack of oversight as "malicious." Tod's founder Diego Della Valle defended the luxury fashion label's reputation, warning that such investigations could harm "Made in Italy" brands. A hearing is set for December 3 regarding a proposed advertising ban.

 

France 24

The European Commission has proposed a major overhaul of the Sustainable Finance Disclosure Regulation (SFDR), aiming to simplify ESG reporting rules and improve the EU’s financial competitiveness. Under the new proposal, asset managers will no longer need to report negative environmental or social impacts across their entire portfolios. Instead, the system will shift to revised ESG fund categories with specific exclusion thresholds, including a new category for environmental and social “transition” investments. Nonprofit groups strongly oppose the changes, warning that removing requirements for full portfolio-level impact reporting will leave investors without crucial transparency. The revised framework - described as an “earthquake” for the industry - must still be approved by EU lawmakers and member states. The changes would apply not only to asset managers but also banks, insurers, and pension funds. Only the largest institutions would continue to face entity-level ESG reporting under the Corporate Sustainability Reporting Directive (CSRD).

 

Bloomberg

Royal London Asset Management's chief data officer, Rob Middleton, says companies must accept that the shift to AI is already reshaping how teams work. “We have to attempt to get into workshop settings with open minded people about what we want to be,” he said. “It doesn't change the fundamental premise, but it may change the way we deliver that to our clients.” He added: “Anything that looks like data, ETL-type tasks that have been done manually, forget about it.”

 

City AM

Belgium is set to experience significant disruptions as unions launch three days of strikes starting today. The strikes, aimed at protesting proposed government spending cuts and labour law changes, will unfold in three phases. Public transport will be affected first, with the national railroad company SNCB predicting limited train services. On Tuesday, schools and public services will join the action, culminating in a general strike on Wednesday, which will halt flights at major airports. Unions are urging Prime Minister Bart De Wever to reconsider austerity measures.

 

France 24

The European Commission has proposed new measures to enhance supplementary pensions amid concerns over a shrinking workforce and ageing populations. The proposals aim to liberalise supplementary pensions and encourage cross-border investment. Key recommendations include auto-enrolment for workers and the development of comprehensive pension tracking systems. The Commission also plans to amend the Directive on Institutions for Occupational Retirement Provision (IORP) II to diversify investments and reduce costs. A new Basic Pan-European Personal Pension Product (PEPP) will be introduced to improve accessibility and affordability. "This package does not replace national measures," a note stated.

 

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