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European Edition
26th June 2025
 
THE HOT STORY
Deloitte, PwC and EY fined in Dutch audit exams scandal
The US audit regulator, the Public Company Accounting Oversight Board (PCAOB), has imposed a total fine of $8.5m on the Dutch branches of Deloitte, PwC, and EY due to widespread cheating on internal training exams, including ethics tests. The PCAOB reported that "hundreds" of staff, including senior leadership, improperly shared answers from 2018 to 2022. The fine follows a similar incident in which KPMG Netherlands was fined $25m for answer-sharing. The PCAOB noted that the firms cooperated with the investigation and have since implemented clearer policies. Deloitte and PwC will each pay $3m, while EY will pay $2.5m in civil penalties.
HIRING
UK graduate jobs hit 7-year low
Data from Indeed reveals that graduate jobs in the UK have reached their weakest level since at least 2018, with postings down 12% compared to last June. The decline follows Chancellor Rachel Reeves' £20bn increase in national insurance contributions, which has led employers to hesitate in hiring junior workers. The UK is now the only developed nation with job postings remaining below pre-pandemic levels, approximately 21% lower than in February 2020. Jack Kennedy, senior economist at Indeed, noted that while the labour market is "holding out overall," new graduates are facing significant challenges in securing employment. The analysis also highlights a decrease in job postings for HR, marketing, and media, alongside a reduction in work-from-home opportunities.
WORKFORCE
Foreign workers fill record number of jobs in Slovakia
In May, Slovakia's foreign workforce reached a record high of over 125,000, increasing by nearly 1,200 from the previous month and almost 26,000 year-on-year. The growth highlights the country's reliance on foreign labour, particularly from Ukraine, Serbia, and India, to address workforce shortages. However, the number of highly skilled foreign workers is declining, with only 24 Blue Cards issued in 2023, compared to over 500 in the Czech Republic and more than 7,400 in Poland. Experts attribute this to Slovakia's complex bureaucratic processes, which deter skilled migrants. Despite a steady unemployment rate of 4.9%, job vacancies remain high at over 105,000, although new postings are slowing. Observers warn that without reforms to attract skilled migrants, Slovakia risks becoming increasingly dependent on low-wage labour.
LEGAL
Telling employee their work is messy 'is not harassment'
An employment tribunal in London has ruled that pointing out that an employee’s work is messy and mistake-ridden is not harassment. The ruling came in the case of Thomas Shevlin, a senior HR operations manager at publishing firm John Wiley & Sons, who claimed he was left “devastated, hurt and profoundly upset” after he was told by his boss that his work was messy and required improvement.  Shevlin said that any errors were a result of his ADHD and accused Rebecca Roycroft of discrimination and harassment. The tribunal disagreed. Employment judge David Massarella said: “The making of spelling and grammar errors in professional documents is, self-evidently, a weakness . . . We consider that [Shevlin's] response, and that sense of grievance, to be unjustified having regard these anodyne comments. In our judgment, there was no unfavourable treatment. If a manager cannot be explicit about a weakness in performance, there is a risk that an entirely well meant warning will not be taken onboard by the employee.”
STRATEGY
Bumble cuts 240 jobs in shake-up
Bumble, the online dating platform, has announced plans to lay off approximately 240 employees, representing about 30% of its global workforce. The decision, approved by the board, aims to "realign its operating structure to optimise execution on its strategic priorities." The company anticipates annual cost savings of $40m from the reductions, which will be reinvested in product and technology development. CEO Whitney Wolfe Herd said: "Bumble, like the online dating industry itself, is at an inflection point," as she highlighted the need for difficult decisions during the company's rebuilding phase. The layoffs are expected to incur costs of between $13m and $18m, primarily in the third and fourth fiscal quarters.
Primark cuts 150 jobs globally
Retail group Primark has confirmed plans to cut approximately 150 jobs across Ireland, the UK, and the US. Around 100 redundancies will occur at its international headquarters in Dublin. The decision affects about 7% of the company's 1,500 staff in Dublin and is linked to the outsourcing of certain support activities to Accenture in Mumbai. A Primark spokesperson said: "As we continue to grow internationally, we need to evolve our operating model to best support this ambition." The company has notified Ireland's Minister for Enterprise, Peter Burke, and Minister of State for Small Business and Retail, Alan Dillon, about the collective redundancy plan.
INTERNATIONAL
Australia's national plan to improve mental health is 'not fit for purpose'
The Productivity Commission has declared Australia's National Mental Health and Suicide Prevention Agreement "not fit for purpose" and in need of a complete rewrite. The interim report reveals that the agreement, established in 2022, is "fundamentally flawed" and has failed to improve the mental health system. Commissioner Angela Jackson said: "Unfortunately what we've found is there are lofty ambitions, but the actions made under the agreement were never going to deliver those objectives." The report highlights a worsening suicide rate among Aboriginal and Torres Strait Islander people and criticises the lack of funding for key initiatives. Co-commissioner Selwyn Button emphasised the need for better connections between initiatives to prevent suicide. The commission recommends extending the current agreement to 2027 to allow for a new, co-designed framework with measurable outcomes. Health Minister Mark Butler acknowledged the need for reform, saying: "It is essential we get this right." The commission is currently accepting public submissions for its final report.
No vacation until One Big Beautiful Bill passes, Trump warns Congress
President Donald Trump has urged Republicans to ensure that the One Big Beautiful Bill Act is sent to the Oval Office for his signature by July 4th. Senate Republican leaders are currently revising their version in advance of potential votes later this week. The bill must then pass the House, with any changes there requiring a further Senate vote. Lawmakers are scheduled to leave Washington for a recess next week but signalled they were prepared to stay to finish the bill. “No one goes on vacation until it’s done,” Trump said in a Truth Social post on Tuesday. House Speaker Mike Johnson (R-LA) said Tuesday that “If the Senate does its work on the timeline we expect, we will do our work as well. And I think everybody’s ready for that." 
Seafarers unite against harassment at sea
This year, the International Maritime Organization (IMO) highlighted harassment on its Day of the Seafarer (June 25). The issue is said to affect one in four seafarers during their careers. IMO Secretary-General Arsenio Dominguez said: "We have taken a decisive step to amend the Standards of Training, Certification and Watchkeeping for Seafarers Code." The code now mandates training on preventing violence and harassment. The IMO has also initiated a social media campaign to share success stories and promote a culture of respect among seafarers. V.Group CEO Rene Kofod-Olsen emphasised the importance of a positive workplace culture, saying: "We . . . cannot afford to make seafarer wellbeing an afterthought." The Global Maritime Forum says that clear policies and morale-boosting measures can help reduce harassment.
Oman to introduce income tax
Oman is poised to become the first Gulf state to implement a personal income tax after Sultan Haitham bin Tariq Al Said ratified a 5% tax on earnings exceeding OR42,000 (£109,000). Set to take effect in 2028, the tax will include deductions for healthcare and charitable donations, and affect only about 1% of the population. Tax adviser Thomas Vanhee noted that wealthy individuals may reconsider their residency in Oman, saying: "Not that 5% is too high, but for some people any dirham or any penny is too high." The move is indicative of a shift in Gulf states' reliance on oil revenues, as they explore new revenue sources amid fluctuating oil prices and budget deficits.
OTHER
Eurostar cross-channel rail services delayed and cancelled after cable theft
Eurostar cross-channel rail services experienced a second successive day of severe delays and cancellations yesterday after the theft of cable near Lille forced the diversion of trains to slower routes.
 


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