Risk Channel delivers the latest, most relevant and useful business intelligence to key decision makers and influencers, each weekday morning.

Several major banks have won their bid to block a £2.7bn ($3.6bn) lawsuit brought on behalf of thousands of asset managers, pension funds and financial institutions over alleged foreign exchange rigging. The lawsuit, which was brought against lenders including JPMorgan, UBS, Citigroup, Barclays and Natwest is based on European Commission findings. The commission fined banks more than €1bn ($1.1bn) in 2019 after finding they had rigged the multitrillion-dollar foreign exchange market in two separate cartels between 2007 and 2013. An appeal by the banks to the UK's Supreme Court reinstated a Competition Appeal Tribunal decision to refuse to certify the case on an opt-out basis.

 

Reuters

Economic risks shaping 2026

Global volatility is reshaping the risk landscape. Trade disputes, tariffs and persistent cost pressures disrupted markets in 2025. What do the latest forecasts mean for 2026?

In this on-demand webinar, Euromonitor’s research experts break down the global economic outlook through a risk lens. You’ll get updated GDP and inflation projections, insight into consumer spending and income trends, and a clear view of the macroeconomic scenarios most likely to impact organisations in the year ahead.

Designed for senior leaders and risk-aware decision-makers, the session helps you understand where pressures are building, which assumptions need revisiting, and how to anticipate potential downside and opportunity across markets.

If you’re responsible for assessing exposure, informing strategy or supporting resilient decision-making, this briefing provides the context you need to plan with confidence.

Watch now

 

The European Union will expand its carbon border levy - a fee imposed on the CO2 emissions of imported goods including steel, aluminium, cement and fertilisers - to cover car parts and washing machines. The European Commission proposals would also tighten loopholes that could allow foreign firms to avoid the fee. The EU's Carbon Border Adjustment Mechanism (CBAM), the world's first carbon border tariff, is designed to protect European industries against cheaper imports from countries with weaker climate rules. Trading partners including China, India and South Africa say CBAM unfairly penalises their economies.

 

Reuters

Bloomberg reports on how back leverage, an increasingly popular form of financing in property deals, is raising concerns that creditor protections are being eroded. Back leverage allows lenders to maintain some exposure to real estate while helping debt funds inflate returns. “The back leverage space in Europe has become a lot more competitive,” observes AJ Storton, a partner at real estate debt advisory firm Art Capital.

 

Bloomberg

The governor of the Bank of England has said that the widespread adoption of artificial intelligence is "likely" to displace people from jobs in a similar way to that seen during the Industrial Revolution. Andrew Bailey said the UK needed to have the "training, education, [and] skills in place" so workers could shift into jobs that use AI. He told the BBC that people looking for a job would find securing employment "a lot easier" if they had such skills. However, Bailey warned that there was an issue with younger, inexperienced professionals finding it difficult to secure entry-level roles due to AI.

 

BBC News

The European Central Bank maintained its 2% interest rate, citing a resilient Eurozone economy and upgraded growth forecasts, while inflation remains uncertain due to service price increases.

 

Financial Times

Portugal's government is to amend labour reform legislation in the wake of the country's first general strike since June 2013. Unions said the labour code - an important part of the government's agenda to boost productivity and economic growth - favours employers at the expense of workers. Labour Minister Maria do Rosario Ramalho on Tuesday met with the leadership of umbrella union UGT,  and said the government was now ready to reach a compromise. "It was a very constructive meeting. This is not about backing down, but about bringing positions closer together in a negotiation," she said, adding that UGT would also put forward proposals to seek a middle ground.

 

Reuters

Employees at the Louvre have voted to extend their strike, which has already disrupted operations at the world's most visited museum. The strike, which was launched due to chronic understaffing and recent management decisions, followed a recent jewels heist that highlighted security issues. Union officials said that proposed measures from the Culture Ministry, including cancelling a funding cut and increasing staff compensation, are insufficient. Louvre President Laurence des Cars has admitted to an "institutional failure" in the wake of the heist 

 

Deutsche Welle (EN)

France 24

U.S. News

German prosecutors have charged three unnamed individuals linked to Greensill Bank for bankruptcy and financial misrepresentation. The charges stem from a €2.2bn refinancing deal in 2019 involving the Gupta Family Group Alliance, which allegedly led to the bank's collapse in 2021. Two of the accused were former members of the bank's management board, while another served on its supervisory board. The prosecutors suspect that the accused misrepresented the loan business as low-risk in financial statements. Lex Greensill, the bank's founder, is not among those charged.

 

The Guardian

A privacy advocacy group, noyb, has lodged complaints against TikTok and Grindr, alleging violations of the EU's General Data Protection Regulation by tracking user activities across apps without consent. The group claims TikTok accessed sensitive user information from Grindr through data analytics firm AppsFlyer, raising concerns about data privacy and compliance.

 

Reuters

BHP has been hit with a demand for at least £189m in legal costs after the mining group was found liable for a 2015 dam collapse that killed 19 people.

 

Financial Times

Lucy Knight writes in the Guardian that Secret Santa can pose workplace risks if poorly managed. Anonymous or “jokey” gifts can humiliate recipients, trigger grievances and, in serious cases, amount to harassment. HR specialists warn against gifts that reference personal traits, trauma, health, sexuality, alcohol or food sensitivities. Knight adds that many organisations now mitigate risk through opt-outs, spending limits, named gifts, wishlists or outright bans, recognising that festive activities should not undermine psychological safety, inclusion or professionalism at work.

 

The Guardian