Human Times

European Edition

29th January 2026

THE HOT STORY

ASML to lay off 1,700

ASML, the world's largest supplier of computer chip equipment and Europe's biggest company by market cap, is to lay off 1,700 employees, or 3.8% of the total workforce, mostly in the Netherlands and US and largely at leadership level. The job reduction programme is the largest the company has seen in absolute numbers, CFO Roger Dassen said. ASML reported stronger-than-expected bookings in the fourth quarter on Wednesday.

NL Times

Reuters

WORKFORCE

German auto union signals tougher stance as cost-cutting pressures increase

Germany's influential autoworker union, IG Metall, has indicated that it will intensify its efforts against major automotive companies including Volkswagen and Mercedes-Benz if they persist with aggressive cost-cutting measures and outsourcing production. As the largest labour union in the country, IG Metall is preparing for crucial wage negotiations in the metal and electrical engineering sectors later this year, with significant discussions anticipated in the autumn. The local automotive sector faces heightened competition from China, alongside the effects of US tariffs and a slower than expected adoption of electric vehicles.

Bloomberg

STRATEGY

Amazon to cut a further 16,000 corporate jobs

Amazon plans to cut around 16,000 jobs as part of efforts to streamline its corporate workforce. This brings the total number of job cuts announced by Amazon over the last four months to 30,000. Amazon’s corporate headcount is estimated to be about 350,000 staff, most of whom work in the US.

Renault shuts down Ampere unit

Renault plans to shut down its Ampere electric vehicle and software unit on 1 July, reintegrating its operations into the parent company. Despite the closure, the company does not anticipate any job losses among Ampere's 11,000 employees. Ampere was initially created to lead Renault's electric vehicle initiatives but will now serve as an advanced engineering centre within the company.

Automotive World

LEGAL

Deutsche Bank offices raided in German money laundering probe

Deutsche Bank offices, including its Frankfurt headquarters, have been searched by prosecutors as part of a money laundering investigation. “We confirm Frankfurt prosecutors are currently conducting an investigation at Deutsche Bank’s business premises,” the bank said in a statement. “We are cooperating fully with prosecutor’s office. We cannot comment further on this matter.”

CNBC

Financial Times

Luxembourg Times

HIRING

Russia taps India for labour

Russia plans to recruit at least 40,000 Indian workers by 2026. The hiring initiative follows a labour mobility agreement signed by Indian Prime Minister Narendra Modi and Russian President Vladimir Putin in December. Around 70,000 to 80,000 Indians are already employed in Russia. An Indian diplomat observed: "Russia needs workers, India needs to export unemployment." Russian economist Igor Lipsits has said that a big challenge for most Indian citizens in Russia is overcoming the language barrier. "You bring people into the country with whom you cannot communicate. This means that they can only be employed for the simplest jobs such as hauling, cleaning and shoveling snow," he said.

Deutsche Welle (EN)

Vacancies for UK jobs continued to fall last month

A survey by online jobs portal Adzuna has found that UK vacancies fell from 745,448 in November to 716,791 last month, a 15% reduction compared with a year earlier, and the weakest full year since 2020. "Competition for roles intensified and hiring slowed across many of the UK's largest sectors as the usual year-end uplift failed to materialise," said Adzuna co-founder Andrew Hunter, who nevertheless observed early indications of a recovery in graduate and entry-level posts.

Reuters

ECONOMY

Europe's economy 'risks falling further behind other regions'

The European Banking Federation (EBF) has warned that Europe's economy is at risk of falling further behind other regions unless the European Union overhauls regulation that it said is undermining banks' ability to lend. "The regulatory and supervisory landscape has grown increasingly complex and fragmented," EBF President Slawomir Krupa wrote in a letter seen by Reuters. The current situation was "neither satisfactory, nor sustainable," observed Krupa, who is also the CEO of French lender Societe Generale.

Reuters

CORPORATE

European IPO market starts 2026 at record pace, sparking hope of revival

Europe’s IPO market has recorded its best ever start to a year, sparking hope among investment bankers and investors of a surge in new listings after a prolonged slowdown.

Financial Times

INTERNATIONAL

Employees say AI is not saving time

Despite bold claims from executives about artificial intelligence's productivity gains, a new survey reveals a stark disconnect with employees, most of whom report little to no time saved using the technology. While over 40% of executives say AI saves them more than eight hours per week, two-thirds of non-management staff say they save less than two hours or none at all, according to a Section survey of 5,000 white-collar workers. Many workers said they feel overwhelmed or anxious about AI integration, using it mainly for basic tasks including draft writing or search, and often spending time correcting AI errors. CEOs acknowledge limited bottom-line impact so far, with just 12% reporting both cost and revenue benefits from AI, according to PwC. The findings suggest a growing credibility gap between C-suite optimism and employee experience.

Wall Street Journal

Middle East businesses wary of Saudi Arabia-UAE tensions

Bloomberg reports that Middle East businesses are nervously watching tensions between Saudi Arabia and the United Arab Emirates amid concerns that commerce could be affected. Some companies operating in both countries have begun contingency planning to ensure business continuity should the situation - focussed on the political situation in Yemen - escalate further, according to people familiar with the matter. Bloomberg notes that about $22bn in trade between the two largest Gulf economies is at stake, as well as business confidence. “At this stage, companies are not reacting operationally; they are asking baseline questions,” observed Hussein Nasser-Eddin, chief executive officer of Dubai-based security services provider Crownox. “Most inquiries focus on financial resilience in case of escalation and whether there are any early diplomatic or consular shifts.”

Bloomberg

OTHER

French Parliament backs U-15 social media ban and school phone curbs

French lawmakers have approved legislation banning access to social media for children under 15 and prohibiting mobile phone use on high school premises. Backed by President Emmanuel Macron’s government and fast-tracked through parliament, the bill was introduced by MP Laure Miller following concerns over the psychological impact of platforms such as TikTok on minors. After legal concerns from France’s top administrative court about compatibility with EU law and fundamental freedoms, the bill was softened and rewritten. The adopted version does not directly impose obligations on platforms but states that access to social networks is prohibited for under-15s, with the government indicating platforms will need to implement age-verification measures. The legislation also includes provisions to protect minors from excessive commercial pressure and harmful content, and could extend to certain social features of messaging apps and popular video games. The government intends for the social media ban to apply to new registrations from September 2026, with full age verification of users required by January 1 2027, allowing the measures to take effect at the start of the next school year.

Le Monde

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