Human Times

European Edition

26th November 2025

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THE HOT STORY

EBRD warns how aging populations will challenge growth

The European Bank for Reconstruction and Development's semiannual report warns that aging populations have already begun to hinder economic growth in certain countries - some of which need to act now to keep slowing population growth from wreaking havoc on their long-term economic prospects. "Already today, demography is eroding growth in living standards, and it is going to be a headwind for GDP growth in the future," EBRD Chief Economist Beata Javorcik told Reuters. She also observed that post-communist nations "are getting old before getting rich." The report noted that migration at a level needed to counteract falling birth rates is not politically palatable in most places.

Daily Sabah

Reuters

EMPLOYEE BENEFITS

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TECHNOLOGY

EU risks missing the boat on AI, Lagarde warns

Europe must quickly remove obstacles that prevent the diffusion of artificial intelligence, European Central Bank President Christine Lagarde has warned. "With the United States and China ahead of the field, Europe has already missed the opportunity to be a first mover in AI," Lagarde said in a speech in Bratislava, Slovakia. "We still bear the costs of having been slow adopters during the last digital revolution," the ECB president said. "We risk letting the wave of AI adoption pass us by and jeopardise Europe’s future."

Reuters

STRATEGY

HP to cut up to 6,000 jobs by 2028

Computer and printer maker HP expects to cut between 4,000 and 6,000 jobs - up to 10% of its total globally - by fiscal 2028 as part of a plan to streamline operations and adopt artificial intelligence to speed up product development, improve customer satisfaction and boost productivity. “We really think this is a unique opportunity we cannot miss to really continue to transform the company and continue to be competitive for the next 10, 20 years,” chief executive Enrique Lores said. HP said it also expects to increase investment in some areas to integrate AI further into its product portfolio. “I think any work is going to be impacted by AI, and we need to take advantage of it as a company,” Lores observed.

Telefónica proposes laying off more than 5,000 workers in Spain

Telefónica has presented unions with a plan to cut just over 5,000 jobs in Spain as the telecoms group looks to consolidate its operations in its four core markets of Spain, Germany, the UK and Brazil. If carried out, the layoffs would affect 41% of employees in the Telefonica de Espana unit, 31% at Telefonica Moviles and 24% in Telefonica Soluciones, adding up to around 20% of Telefonica's staff in Spain of roughly 25,000. Telefónica employs about 80,000 people globally, according to a spokesperson.

Bloomberg

Financial Times

Reuters

Novartis plans to cut up to 550 jobs in Switzerland

Novartis plans to cut up to 550 full-time jobs at its plant in Stein in northern Switzerland by the end of 2027. The pharmaceutical firm said it also plans to invest $80m at its Schweizerhalle site on the edge of Basel and create around 80 new roles there by the end of 2028.

Handelsblatt

Reuters

The Local Switzerland

REGULATION

EU to tighten investment rules to stand up to China

The European Union plans to tighten its foreign investment rules to ensure that Chinese companies do not gain advantage from the bloc’s open market without generating benefits for local workers.

Financial Times

WORKFORCE

UK minimum wage to increase in April

The UK government has announced an increase in the minimum wage that will see 2.7m people receive a pay rise in April. The hourly rate for over-21s will rise to £12.71 (€14.46), while 18- to 20-year-olds will see their rate increase to £10.85, and under-18s and apprentices will earn £8 an hour. While the government says these changes balance worker needs with what businesses can afford, some employers warn that repeated above-inflation rises could lead to hiring freezes, reduced investment, or higher prices for customers. Jane Gratton, deputy director of public policy at the British Chambers of Commerce, said: "There's a limit to how much additional cost employers can bear without something having to give."

BBC News

The Independent

The Times

RISK

Russia exploits western polarisation to ‘split us up’, warns top general

Michael Claesson, Sweden’s chief of defence staff, tells the Financial Times that Russia is “exploiting vulnerabilities in the information environment” in order to “break up cohesion in our societies.”

Financial Times

LEADERSHIP

Luxury group Zegna elevates CFO as it plans fourth-generation succession

Italian luxury group Ermenegildo Zegna has appointed chief financial officer and chief operating officer Gianluca Tagliabue as its new chief executive, effective January 1st. He will succeed Gildo Zegna, who will become executive chair; his sons, Angelo and Edoardo, will be promoted to co-CEOs of the group's Zegna label. "They continue the family legacy and have demonstrated their business leadership over the past years," Gildo said, adding that he will act as a "custodian" of the brand's vision and values.

Financial Times

Reuters

INTERNATIONAL

Australia's ‘world first’ minimum pay deal for food delivery drivers

In a deal that has been described as a “world first”, Australia's two largest food delivery services, DoorDash and Uber Eats, are partnering with the Transport Workers’ Union to set new minimum standards for delivery drivers, including a minimum hourly wage and accident insurance for injuries sustained on the job. Under the terms of a draft agreement released on Tuesday, their workers would earn at least A$31.30 ($20.19) per hour, an increase of about 25% for some couriers who are paid per delivery and not for how long they have worked. The deal would put them level with the minimum wage earned by Australian casual workers.

Reuters

The Guardian

Unions slam new labour codes rollout in India

Ten major Indian trade unions have condemned the government's new labour codes, calling them a “deceptive fraud” against workers. They have demanded the withdrawal of the laws ahead of planned nationwide protests. Prime Minister Narendra Modi's government claims the codes simplify work rules and enhance worker protections. However, unions argue that the changes allow easier hiring and firing, raising concerns about job security. The Association of Indian Entrepreneurs warned that the new rules could increase costs for small businesses.

Gdn Online

OTHER

Rich nations retreat from development goals

A new report from the Center for Global Development (CGD) finds that wealthier countries, including the US and Japan, are scaling back global development efforts, slashing aid and multilateral funding. The US dropped to 28th in the Commitment to Development Index, with further declines expected due to policy shifts under President Trump, who has also shuttered the United States Agency for International Development (USAID). Although some progress was noted in emissions cuts and migration support, CGD’s Ian Mitchell warned: “The changes the Trump administration is making are very significant.” Sweden, Germany, and Norway lead the rankings.

Reuters

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