THE HOT STORY

AI is not hitting European jobs for now, ECB says

Economists at the European Central Bank say artificial intelligence has only had minor effects on employment in Europe to date, but they cautioned that the future impact of the technology is uncertain. In a comparison of 3,500 businesses, some of which reported using AI and some of which did not, the economists overall found no difference in terms of creating or cutting jobs, and firms that use AI particularly frequently were in fact 4% more likely to hire new staff than average. "As things stand, based on firms' overall hiring plans, investment in and the intensive use of AI are not yet replacing jobs," the economists said in a blog post, adding "In fact, some firms are hiring additional employees - perhaps because they are looking to develop and implement AI technologies while maintaining their existing production processes, or because AI is a way to help them scale up more quickly."

France 24

ARTIFICIAL INTELLIGENCE

EU AI Act Deadline Webinar: Are You Ready?

August 2, 2026 may sound far away, but for HR teams using AI in hiring, performance management and workforce analytics, the EU AI Act clock is ticking. If you operate in the European Union or use AI tools that impact EU-based employees or candidates, this law affects you.

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TRAINING & DEVELOPMENT

AI inequality gap is emerging in Latvia, survey suggests

Artificial intelligence is becoming integral to work in Latvia, yet the local labour market is unprepared, according to a survey by research company Norstat commissioned by human resources consultancy ERDA and Future of Work Institute. The survey revealed that only 23% of employed individuals have received AI training in the past year, and most training was self-funded, with only 16.2% provided by employers. Zane Čulkstēna, Director of ERDA, observed: "If only 23% of employees have received training, this is a clear signal of the urgent need to act." The survey highlights generational and income disparities in AI usage.

The Baltic Times

LEGAL

UK government launches menopause and gender pay gap action plans

Bridget Phillipson, the UK's Minister for Women and Equalities, has urged employers to outline how they will support staff experiencing menopause, warning many women still face unfair pay and inadequate workplace support. From next month, companies with 250 or more employees can voluntarily publish action plans alongside gender pay gap data, with the government aiming to make these mandatory by spring 2027. The plans may include menopause training for managers, workplace adjustments, and measures to improve pay transparency and gender representation. Groups such as the Women's Business Council and Fawcett Society say the initiative could boost women’s participation, productivity and economic growth. Phillipson said: "We're acting to empower women at work."

Daily Mail

The Independent

ECONOMY

EU firms are handling US tariffs well, survey shows

Companies in the European Union are managing higher US tariffs effectively, but report problems with selling their products within the bloc itself due to fragmented rules and regulations, according to a survey by the European Investment Bank (EIB), Europe’s largest investment bank. "Removing [differing national laws] could boost the ratio of ⁠firm investment to assets by 10%, with even stronger gains for intangible investment," the report said.

Reuters

LEADERSHIP

Bavarian Nordic CEO to step down after failed deal

The CEO of Danish vaccine maker Bavarian Nordic is to step down in the wake of his recommendation last year of a failed $3bn takeover deal. Paul Chaplin will depart for personal reasons at the end of this year or once a successor is appointed. Private equity firms Nordic Capital and Permira abandoned the offer for Bavarian in November after failing to secure the required two-thirds shareholder approval. Bavarian chairman Luc Debruyne resigned following the failed bid.

Bloomberg

STRATEGY

Novo Nordisk to invest $506m in Ireland plant expansion

Novo Nordisk is set to invest €432m ($506.3m) to expand its manufacturing facility in Athlone, Ireland. The facility will provide “significant” additional capacity for current and future obesity and diabetes medicines. The investment will include an upgrade and retrofit of the existing facility and create up to 600 construction jobs. “Ireland hosts 9 of the top 10 global pharma companies, producing a significant portion of the world’s most innovative drugs, solidifying our country’s role as a central hub for pharmaceutical manufacturing,” Peter Burke, Ireland’s Enterprise Minister, observed.

Bloomberg

Reuters

CORPORATE

Danish government urged to sell its stake in Orsted

Four parties on Denmark’s political right want the country's government to sell its stake in wind energy company Orsted after the upcoming election. They are pursuing an exit plan for the state's 50.1% ownership stake. A fifth party, the Liberals, has said it won't oppose the idea. “If the power shifts from the current middle-government, towards a right-wing government, Orsted’s days as a publicly owned entity could be counted,” Jakob Magnussen, head of credit research at Danske Bank, observed. He did however point to current opinion polls which indicate it is more likely Denmark will get “a left-wing government which has not expressed willingness to sell Orsted.”

Bloomberg

INTERNATIONAL

Citi's investigation unit described as ‘internal hit squad’

A Citigroup executive who is suing the bank for sexual harassment has described the lender’s investigations unit as “HR’s internal hit squad.” Ardith Lindsey claims that the Citi Security and Investigative Services (CSIS), which employs former FBI agents and prosecutors, twisted her confidential statements to be used against her. “Citi’s CSIS operates as HR’s internal hit squad, highly trained to protect the firm at employees’ expense,” Lindsey told the Financial Times. A Citi spokesperson said the lender “takes seriously our responsibility to look into concerns raised about conduct within the bank. These situations are inherently challenging for those involved, and we approach them with professionalism, integrity, and empathy.”

New York Post

Financial Times

Singapore to train 100,000 'AI-bilingual' workers by 2029

Singapore plans to train 100,000 workers in AI skills by 2029 under the National AI Impact Programme (NAIIP). The initiative aims to enhance the capabilities of professionals in fields including accountancy and law, thus enabling them to integrate AI into their work processes. Minister for Digital Development and Information Josephine Teo said: "Not all of us can be AI engineers. But we can be ‘bilingual' in AI and our own areas of expertise." The programme will also support 10,000 enterprises in adopting AI technologies, with a focus on improving productivity and innovation across various sectors.

Straits Times

Nestlé lays off 400 employees in South Africa

Nestlé is issuing retrenchment notices to over 400 employees in South Africa as part of a global restructuring plan focusing on four core divisions. Initial severance discussions have begun for at least 100 workers. The restructuring, led by new CEO Philipp Navratil, aims to cut about 16,000 jobs globally, accounting for approximately 6% of the company's workforce.

Bloomberg

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