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European Edition
20th January 2025
 
THE HOT STORY
German executives warn against 'Wolf of Wall Street' machismo
A LinkedIn post by the chief executive of German asset manager DWS warning against growing "anti-woke" rhetoric has attracted support from other executives amid growing nationalist rhetoric from the far-right ahead of a national election next month. "I am worried that the anti-woke rhetoric will lead us straight back to the macho 'Wolf of Wall Street' era," Stefan Hoops wrote, in reference to the Hollywood movie based on the memoir of controversial U.S. fund manager and convicted fraudster Jordan Belfort. Reuters notes that Hoops' post is a rare political statement from a leading figure in the German corporate world.
LEGAL
Warning over UK employment bill’s impact on overheard conversations
The UK's Equality and Human Rights Commission (EHRC) has warned of the “complexity” that employers might face when deciding whether an overheard conversation in a workplace could amount to harassment. The government's Employment Rights Bill includes provisions to require employers to take all reasonable steps to prevent harassment at work by third parties. The law would cover any workplace, and so could include pubs, offices and other settings where a third party is present, such as a customer, client or patient. The equalities regulator said the legal definition of what amounts to philosophical belief “is complex and not well understood by employers,” and observed that it is “arguable that these difficulties may lead to disproportionate restriction of the right to freedom of expression.” The watchdog has urged the government to “undertake further analysis,” and particularly to take into account “any additional complexity that may arise if the third party is expressing a philosophical or religious belief that is protected under the Equality Act 2010.”
STRATEGY
Commerzbank considers thousands of job cuts
Commerzbank, Germany's second-largest bank, is contemplating job cuts, potentially affecting "a few thousand" positions, as part of a strategy to fend off a hostile takeover bid from Italy's UniCredit. The Financial Times has reported that UniCredit has increased its stake in Commerzbank to 28%. Commerzbank chief executive Bettina Orlopp is expected to present a strategy update on February 13 which aims to showcase the lender's ability to enhance profitability and shareholder returns independently. The proposed redundancies will be discussed with unions in the coming weeks.
CORPORATE GOVERNANCE
Telefónica shakes up leadership
Telefónica is to to appoint defence company Indra's chairman Marc Murtra as its new chief executive, replacing chief executive Jose Maria Alvarez-Pallete following a request from state-owned investment fund SEPI. The company said the decision was taken "in view of Telefónica's new shareholding structure and that some of its relevant shareholders have expressed the convenience of embarking on a new stage in the executive chairmanship."
WORKFORCE
Algar workers to strike over pay
Workers at Algar, a company in Portugal that processes solid waste and is part of the EGF Group (Mota-Engil), are set to strike on 20 and 21 January 2025 due to dissatisfaction with the company's proposed salary adjustments. According to SITE, the union representing the workers, "the proposal presented by Algar for a 2% salary increase . . . left Algar workers with no choice but to decide that the path had to be to strike." The strike will commence at midnight on the 20th and continue until midnight on the 21st, affecting all overtime work from 18 to 21 January.
HEALTH & WELLBEING
Better workplace support urged for UK women with endometriosis
British mother-of-two Samantha Gelder has called for better workplace support for women with endometriosis, saying she felt many employers in the UK "didn't understand" the condition. Gelder said she had undergone repeated operations since she was diagnosed, and often needed to take prolonged periods of time off work. She said she had felt "unsupported" by previous employers and felt unable to pursue some senior roles due to the lack of provision. Gelder spoke to the BBC after Sheffield Brightside and Hillsborough MP Gill Furniss led a debate on the impact of endometriosis on women in the workplace. According to Endometriosis UK, one in six women with endometriosis has to leave the workplace due to their condition. A spokesperson for the charity said it was "unacceptable" and "vital" that government and employers take action to protect those with endometriosis from "unfair practices" in the workplace. "We hope government will take note of the changes needed to better support those with endometriosis at work - including amendments to the Employment Rights Bill," the spokesperson said.
WORKPLACE
What is the future for the corporate HQ?
The FT considers the future for the corporate headquarters as work patterns evolve. Some employers are doubling down on big offices while others move to smaller but better-serviced properties.
TECHNOLOGY
Apple is pulling its AI-generated notifications for news
Apple has suspended a new artificial intelligence (AI) feature that drew criticism and complaints for making repeated mistakes in its summaries of news headlines. The tech giant had been facing mounting pressure to withdraw the service, which sent notifications that appeared to come from within news organisations' apps. "We are working on improvements and will make them available in a future software update," an Apple spokesperson said. The feature had inaccurately summarised headlines from the BBC, the New York Times and the Washington Post, according to reports from journalists and others on social media. The BBC had complained to Apple about the technology after it created false headlines stating that Luigi Mangione, who is charged with the murder of the CEO of UnitedHealthcare, had shot himself. CNN notes that last week, the Apple feature incorrectly summarised a Washington Post notification, stating falsely: “Pete Hegseth fired; Trump tariffs impact inflation; Pam Bondi and Marco Rubio confirmed.” None of these statements are true.
INTERNATIONAL
Global unemployment to hold steady at 5%, ILO says
The International Labour Organization (ILO) has said global unemployment remained steady last year at an historical low of 5%, where it is set to stay in 2025. However, the ILO said job creation would be limited by a global economic slowdown from 3.3% to around 3.2% last year, and a gradual medium-term deceleration. "The global economy continues to expand at a moderate rate, but it is projected to gradually lose steam, preventing a stronger and more durable labour market recovery," the ILO's flagship report on global employment and social trends said. Meanwhile, ILO Director-General Gilbert Houngbo urged bold action to help address barriers to a thriving labour market. "The world must embrace new approaches to social justice that generate decent work," Houngbo wrote in the report's preface.
Walmart faces backlash over DEI cuts
Thirteen state attorneys general and a group of more than 30 shareholders representing $266bn in funds have urged Walmart chief executive Doug McMillon to rethink the company's recent decision to roll back its diversity, equity, and inclusion (DEI) initiatives. In a public letter, the officials expressed concern over Walmart's closure of its Center for Racial Equity, the cessation of equity training, the phasing out of supplier diversity programs, and the removal of the terms "diversity" and "DEI" from company documents. The letter highlights the significant implications of these changes on the company's commitment to equity and inclusion. Illinois Attorney General Kwame Raoul, a Democrat, said: “There could be economic pressure from the other side of things which is, quite frankly, the majority of the United States. Women and minorities buy as well, have purchasing power as well." He added: “On the heels of George Floyd’s murder, Walmart had stepped forth and said that we’re making a commitment to the very thing that they’re now abandoning. So I question how genuine that commitment was."
Aging population poses threat to Japan's labour market
The Japanese government has warned that labour shortages in the country are reaching record levels. Two-thirds (66%) of respondents to a Reuters survey agreed that their businesses were significantly affected by the issue. One manager at a railroad operator told the survey: "It goes without saying this drives up personnel costs, but it could even pose a business continuity risk."
 


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