Human Times

European Edition

2nd December 2025

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THE HOT STORY

German firms divided on how to deal with far-right AfD

Several German companies are withdrawing from the business association Die Familienunternehmer after its decision to engage with the far-right Alternative for Germany (AfD) party. The association's president, Marie-Christine Ostermann, said that dialogue is essential to challenge the AfD's policies. However, backlash from members has been significant, with companies including Rossmann and Vorwerk announcing their exits from the association. Verdi union leader Frank Werneke has warned of historical parallels, and urged businesses to distance themselves from right-wing extremism.

Deutsche Welle (EN)

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STRATEGY

Thyssenkrupp and workers agree on job cuts

Thyssenkrupp Steel Europe has agreed with the IG Metall union to cut or outsource about 11,000 jobs, or 40% of its workforce, and reduce production capacity to a shipping level of 8.7 million to 9 million tons from 11.5 million currently.

Reuters

WORKFORCE

French lawmakers vote to nationalise ArcelorMittal plants

French lawmakers have voted in favour of a motion to nationalise the French operations of ArcelorMittal, Europe's largest steel producer. The proposal, backed by the far-left La France Insoumise party, is largely symbolic and faces government opposition. ArcelorMittal employs around 15,000 people in France and has struggled with weak demand and competition from cheaper imports. Unions view the vote as a partial victory for raising awareness about job cuts. Finance Minister Roland Lescure said the motion would not resolve the underlying issues affecting the steel industry.

Luxembourg Times

Taxi drivers in Greece launch 48-hour nationwide strike

Taxis across Greece will be completely halted on 2 and 3 December due to a 48-hour strike announced by the Panhellenic Federation of Taxi Owners and Drivers (POEIATA). The federation said that all dialogue with the government has failed. Key demands include delaying the switch to electric taxis until 2035, addressing competition from ride-hailing apps, increasing fares, and restoring bus lane access for occupied taxis.

GreekCitytimes

LEGAL

UBS charged over Credit Suisse ‘tuna bonds’ scandal

Prosecutors in Switzerland have filed charges against Credit Suisse and its owner UBS over alleged organisational “deficiencies” linked to a $7m (€6m) payment at the centre of the Mozambique $2bn (€1.72bn) “tuna bonds” scandal. The Office of the Attorney General said Credit Suisse, which was taken over by Swiss rival UBS in a state-engineered rescue in 2023, failed to maintain adequate controls and did not report the suspicious transaction until 2019. UBS said: “We firmly reject the Office of the Attorney General’s conclusions and will vigorously defend our position.”

Sanofi raided in French tax fraud probe of SocGen financing deal

French pharmaceutical giant Sanofi's Paris headquarters have been raided by authorities as part of a tax fraud investigation into a financing deal provided by Société Generale. The probe focuses on a deal from over a decade ago, amid suspicions of aggravated money laundering and tax fraud. Sanofi said in a statement that it “considers it has complied with all applicable laws and regulations in this matter.” Societe Generale's offices in Paris and Luxembourg were searched by the Parquet National Financier earlier this year as part of a tax fraud case focused on services the lender offered to large companies.

Luxembourg Times

TECHNOLOGY

HSBC announces partnership with French AI start-up

HSBC has partnered with French start-up Mistral AI to integrate generative artificial intelligence tools into its operations, aiming to enhance automation, productivity, and client services. This multi-year agreement allows HSBC to deploy Mistral's models on a self-hosted basis, facilitating the development of AI solutions for financial analysis, multilingual translation, and risk assessment. The bank anticipates that these innovations will significantly reduce the time employees spend on routine tasks, while maintaining compliance with its responsible AI governance framework amid ongoing data privacy concerns.

Reuters

REMUNERATION

Top consultancies freeze starting salaries as AI threatens ‘pyramid’ model

Top consultancies have frozen starting salaries for a third consecutive year as artificial intelligence starts to reshape the industry and forces firms to reconsider their traditional “pyramid” structure.

Financial Times

ECONOMY

Germany's consumer confidence dips ahead of Christmas

Germany's consumers are feeling at their least confident so far this year, according the the HDE retail association, whose consumer barometer has fallen to 95.2 points, from 95.6 in November. The group attributed the decline to persistent economic uncertainty, adding that 2025 appears to be "a lost year that offers no hope of an imminent economic recovery".

Reuters

INTERNATIONAL

Singapore is top for talent

Singapore has secured the top position in the 2025 Global Talent Competitiveness Index (GTCI), surpassing Switzerland in second place. The index highlights Singapore's strength in generalist adaptive skills, supported by a workforce proficient in soft skills and digital literacy. The US fell from 3rd to 9th place. Professor Felipe Monteiro of INSEAD noted that Singapore's robust talent ecosystem fosters adaptability and growth. He observed: "No country, however strong, is immune to disruption in the race for talent." The GTCI assessed 135 economies across various indicators.

Business Times SG

Straits Times

India gets to grips with biggest labour law shake-up in decades

Indian businesses and states are rushing to adapt to the sudden introduction of what Prime Minister Narendra Modi has hailed as one of the country's biggest-ever overhauls of labour rules.

Financial Times

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