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Unions and lawmakers fear that the European Union's new proposal, "EU Inc", a rulebook which aims to streamline business registration across member states, allowing companies to set up online in under 48 hours, could undermine labour rights and worker protections. "On the surface it looks like a technical company law proposal," Marcus Meyer-Erdmann, a researcher at the European Trade Union Institute (ETUI), said. "But underneath there are a lot of core elements like pay, worker protection, individual workers' rights, also dismissal protection . . . that would be rendered obsolete in a sense." Finnish radical left EU lawmaker Li Andersson said the proposal "clearly opens up the possibility" for companies to register where labour rights are the weakest. But centrist French EU lawmaker Pascal Canfin is offering reassurances that workers' rights will be protected. "The proposal must not have loopholes that allow abuses," he said. Canfin is to take part in negotiations on behalf of the parliament, 

 

France 24

Companies’ growing use of non-compete clauses is harming productivity in rich economies, according to OECD research that found about a third of private sector employees restricted from joining a rival, limiting their outside options, and thereby weakening their bargaining power and reducing wage growth. The OECD said stronger rules alone may not stop the misuse of non-compete clauses, as unclear or overly broad terms are still common. Governments can improve transparency, simplify regulations and increase enforcement, including sanctions for clauses that are too broad, the OECD said.

 

Financial Times

OECD

UniCredit has secured a 47.6% holding in Commerzbank, bringing Andrea Orcel, the Italian bank's chief executive and the deal's architect, within striking distance of taking control of Germany’s second-largest lender. Orcel must now decide if he wants to lift the stake above 50%, which would allow UniCredit to propose board changes at Commerzbank, or attempt to first build consensus as he has pledged.

 

Financial Times

Reuters

Tomas ​Kunzmann, CEO of ‌Allianz ⁠Partners, has confirmed that Allianz's travel ​insurance division ‌will cut up ​to ​1,800 jobs, mainly in call centres, due ⁠to ​the growing ​use of AI. Allianz Partners said last November that it was actively examining how technological change will affect all employees, which could "also impact roles that are currently heavily reliant on manual processes."

 

Reuters

Reuters

Airbus is to make its first foray into aircraft engines through a joint venture with Germany’s MTU Aero Engines dedicated to the development and commercialisation of a fully electric hydrogen fuel cell engine. “Our planned joint venture is the next logical step in our shared vision of a hydrogen-based propulsion concept for aviation,” said Bruno Fichefeux, Head of Future Programmes at Airbus. “By pooling our respective technology and expertise into a dedicated entity, we are establishing a European powerhouse capable of transforming advanced research into industrialised, certifiable electric propulsion systems. This new company will help secure strategic sovereignty in the next generation of aviation technologies while strengthening our ability to achieve the long-term ZEROe ambition."

 

Aviation Week

Airbus

Financial Times

The UK's Financial Conduct Authority (FCA) is attempting to dismiss legal challenges from a consumer group which is advocating for higher compensation for victims of mis-sold car loans. The FCA alleges that Consumer Voice has failed to fully disclose its funding and relationship with law firm Courmacs Legal, creating potential conflicts of interest. Consumer Voice, which says the FCA's proposed £9.1bn compensation scheme undercompensates borrowers with average payouts of just £830, has accused the regulator of making false and misleading claims in an attempt to undermine its case. Meanwhile, the FCA says the legal arguments put forward by motor finance companies opposing the consumer compensation scheme amount to letting "the foxes guard the henhouse." Volkswagen, Credit Agricole, and the car loans division of Mercedes-Benz have taken the FCA to court, arguing that the scheme is unlawful.

 

Financial Times

City AM

The Guardian

The Times

The European Commission plans to close a loophole that lets ships from far-flung ports cut their carbon bill without reducing emissions by making stopovers just outside the bloc.

 

Financial Times

UK media regulator Ofcom has fined Virgin Media £28m for obstructing customers from cancelling contracts. The regulator found that millions of customer calls were "likely mishandled" over nearly three years, with tactics including "deliberate call-dropping" and unnecessary hold times. Ofcom noted that the penalty was reduced by 30% because Virgin Media admitted its failings and agreed to settle the case.

 

BBC News

City AM

The Daily Telegraph

Four Ugandan farmers have filed a lawsuit in the UK's High Court against the East African nation’s $5.6bn 1,450-kilometer (900-mile) crude pipeline, which they claim will have an impact on water sources, wildlife and biodiversity. In a petition through law firm Leigh Day, the farmers want the court to apply Ugandan climate, environmental and constitutional law to EACOP Ltd., the UK-registered firm developing, building and operating the pipeline.

 

Bloomberg

Etias, the new online system to pre-authorise entry to the EU, is set to be delayed until next year after the chaotic rollout of EES, a separate electronic border-check system.

 

Financial Times

Alibaba has announced a ban on its employees using Anthropic's artificial intelligence tools, effective July 10, amid concerns over potential security risks. The company has classified Anthropic's Claude Code as high-risk, a move which follows Anthropic's decision last month to send a letter to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, blaming the Chinese company of “brazenly” and “illicitly” attempting to extract its AI capabilities. Anthropic claimed Alibaba had carried out “the largest known distillation attack” on it to date. Alibaba employees will be required to uninstall all Anthropic models and agent products and instead use the Chinese company’s own AI assistant, Qoder.

 

CNBC

MPs have urged the government to publish a classified report warning that the collapse of global ecosystems could severely threaten UK food security within five years. The report is said to predict food shortages, rising prices and wider instability as climate change and biodiversity loss disrupt global food supplies. MPs warned ministers were failing to treat ecosystem protection as a national security priority, arguing greater investment is needed to safeguard future supplies of food, water and other essential resources.

 

The Guardian

The value of bids (£60bn) for companies on the London Stock Exchange is 27 times greater than the value of new entrants (£2.2bn) so far this year, according to EY data.

 

Financial Times

The Ebola outbreak in Congo has resulted in at least 500 deaths among over 1,500 confirmed cases since its declaration on May 15, according to the Ministry of Health. Frontline workers in Ituri province, the outbreak's epicentre, have threatened to strike amid unpaid benefits and poor working conditions. They have also complained of the "arrogance" of teams sent from Congo's capital of Kinshasa, and the “excessive” use of labour from other provinces without prioritising local labour in Ituri.

 

U.S. News