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European Edition
19th March 2025
 
THE HOT STORY
Siemens to axe 6,000 jobs
Siemens has announced plans to eliminate over 6,000 jobs globally, representing about 2% of its workforce, due to weak demand and heightened competition in key markets including China and Germany. The majority of these cuts will occur in the factory automation unit, with around 5,600 positions expected to be lost by 2027, particularly in Germany. The company said: "Muted demand primarily in the key markets of China and Germany coupled with increased competitive pressures have considerably reduced orders and revenue." Additionally, 450 jobs will be cut from the company's electric vehicle charging business. Siemens says it aims to enhance competitiveness and invest in growth areas despite the challenges it faces in the industrial automation sector. At the end of last year, Siemens employed approximately 313,000 people worldwide.
TAX
Hungary cuts taxes to boost births
Hungary is implementing radical financial incentives to combat its declining fertility rate, which is projected to drop from 9.6m to 8.5m by 2050, according to the Hungarian Research Network. Mothers with two or more children will be exempt from income tax for life, while those with one child will enjoy tax exemption until age 30. Despite previous incentives that raised the fertility rate from 1.2 in 2011 to 1.6 in 2021, the rate has since stalled at 1.38. Prime Minister Viktor Orbán described the tax cut as “the largest in Europe, and indeed the entire Western world,” which aims to create a “family-centred economy.” He said: “With this, we are securing the future of Hungarian families for decades to come.”
WORKFORCE
Migrant women shape Finland's future
Migrant women are significantly influencing Finland's future by addressing labour shortages across various sectors, including healthcare and education. Cecilia Naadensua Quarshie, who moved from Ghana, transitioned from a cleaner to a daycare director and now runs a business summit for migrant entrepreneurs. She says: “When I struggled to find new opportunities, I created my own.” Aziza Hossaini, an Afghan quota refugee, became a legal interpreter and integration expert, advocating for civic orientation courses in migrants' native languages. Shielou Ann Tervonen, a nurse from the Philippines, has retrained to meet Finnish standards and now recruits Filipino nurses. She emphasises the importance of supporting newcomers.
Bayrou stands firm on retirement age
French Prime Minister Francois Bayrou has firmly rejected the idea of reverting the retirement age back to 62, saying "No" during an interview on France Inter radio. This stance narrows the options for unions and employers currently negotiating changes to the unpopular pension reform. Bayrou, leading a fragile minority government, has agreed to reopen discussions on the 2023 reform, which includes raising the retirement age from 62 to 64 years. He emphasised that all proposals must address the funding deficit which was highlighted in a report by France's Court of Accounts. If no agreement is reached, the government plans to implement the 2023 reform as is.
DIVERSITY, EQUITY, & INCLUSION
UBS ditches diversity goals for merit
UBS has removed its previous diversity targets from its 2024 annual report, opting instead to focus on meritocracy. The bank had previously aimed for women to hold 30% of director-level roles and for ethnic minorities to make up 18.8% of its US financial advisors by 2025. However, the latest report states: "We are committed to being a diverse and inclusive workplace based on meritocracy." A UBS spokesperson reiterated the bank's commitment to hiring the best talent while maintaining a diverse workforce. Additionally, UBS has revised its climate goals, extending its deadline to achieve net zero emissions by 2035. Finally, the FT notes that UBS chief executive Sergio Ermotti was paid SFr14.9m ($16.8m) last year, retaining his status as Europe's best paid bank boss.
TRAINING & DEVELOPMENT
‘Coachbots’ promise executive self-improvement for the masses
The FT reports on a new breed of "coachbots" that draw on generative AI and offer a cheaper version of a service that has hitherto been largely reserved for senior executives.
CORPORATE
Porsche quashes VW share sale rumours
Porsche, the largest shareholder of Volkswagen, has dismissed speculation regarding the sale of its voting shares in the carmaker. Following a report from German tabloid Bild, which suggested that the Porsche and Piech families were contemplating reducing their stake in Volkswagen from 53.3% to between 45% and 50%, Porsche clarified: "there are currently no concrete considerations . . . to divest VW shares." The holding firm emphasised its commitment to being a long-term anchor shareholder and expressed confidence in Volkswagen Group's potential for value growth. Porsche currently holds 31.9% of Volkswagen's equity and 53.3% of its voting rights.
INTERNATIONAL
Major law firms warned about their DEI policies
Andrea Lucas, the acting chair of the Equal Employment Opportunity Commission, the US agency that enforces laws banning workplace discrimination, has warned 20 major law firms, including including Perkins Coie, Hogan Lovells, Ropes & Gray, and WilmerHale, that their employment policies meant to boost diversity, equity and inclusion may be illegal. Lucas said she was concerned that the firms' policies "may entail unlawful disparate treatment in terms, conditions, and privileges of employment, or unlawful limiting, segregating, and classifying" based on race, gender, and other protected characteristics. She has requested the name, gender and race of every lawyer who has worked at or applied for a job at the firms since 2019, and whether each one participated in diversity programs or "affinity groups." Some of the information should be in a "searchable Excel spreadsheet," Lucas said.
One in three female students harassed during Japan job interviews
In Japan's male-dominated corporate landscape, one in three female students has experienced sexual harassment during job applications, according to a report from the Ministry of Health, Labour and Welfare. Akiko, a pseudonymous student, shared her experiences, noting that while she has been fortunate, many peers have faced inappropriate questions about their personal lives. Sumie Kawakami, a gender-issues author, highlighted that such questions are often seen as acceptable by an older generation of men. She observes: “Ten years ago, this was not something that women brought up,” indicating a shift in awareness and reporting since then. As workplace attitudes evolve, Kawakami believes that inappropriate behaviours will decline, especially as younger individuals assume management roles. Companies are also taking steps to improve safety, with some prohibiting hiring staff from sharing personal contact information with candidates.
End of ‘blank cheque’ era for outside consultants in Saudi Arabia
A consulting boom in Saudi Arabia is slowing as Riyadh reins in spending and reassesses the vast sums being paid to outside advisers to help it pursue its infrastructure ambitions.
OTHER
Seven EU countries joined France in calling for a 'critical chemicals act'
Seven European Union countries, including Italy and Spain, have joined France in calling for a "critical chemicals act" to protect Europe's struggling chemicals sector. The call builds on France's original proposal, which urged the EU to declare 15 key chemical compounds as "strategic." The proposal aims to ensure Europe remains self-sufficient in chemicals that are used in various industries, imitating rules for critical raw materials and medicines. The Czech Republic, Hungary, the Netherlands, Romania, and Slovakia have also backed the latest proposal, which also includes a tentative list of bio-based molecules that could replace fossil-based ones.
 


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