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Omnicom will cut more than 4,000 jobs and fold several well-known advertising agency brands as part of an immediate restructuring following the completion of its $13bn takeover of US rival Interpublic (IPG). Reuters notes that the ad industry is under threat as artificial intelligence reshapes creative production and tech giants such as Meta make it easier for businesses to develop ads at scale and speed. IPG laid off about 3,200 employees in the first nine months of 2025, and Omnicom last year reduced its staff by 3,000 to about 75,000. "Advertising and technology sectors are undergoing contraction now. It's a tough job market. This announcement makes the market even more crowded," observed eMarketer analyst Ross Benes.

 

Ad Age

Financial Times

Reuters

Bank of International Settlements General Manager Pablo Hernández de Cos has urged tighter controls on hedge fund leverage in government bond markets, citing rising debt and growing risks from non-bank financial institutions. Speaking at the London School of Economics, he warned that strategies like cash-futures basis trades and zero-haircut repos expose markets to instability. De Cos proposed wider use of central clearing and mandatory minimum haircuts on collateral to limit risk. “The growing intermediation of record-high public debt levels by NBFIs introduces significant new financial stability challenges,” he said, saying leverage control is a key policy priority.

 

Reuters

Norway's $2trn wealth fund has announced its intention to support a shareholder proposal at Microsoft's annual general meeting advocating for a report on the human rights risks associated with the company's operations in countries with significant human rights concerns. Additionally, the fund, which is Microsoft's eighth-largest shareholder with a 1.35% stake, plans to vote against the re-election of CEO Satya Nadella as chair of the board, advocating for a compensation structure that includes shares locked for five to ten years. The fund emphasised the importance of addressing "material sustainability risks" and has a history of opposing executive pay structures deemed excessive.

 

Reuters

India’s telecoms ministry has said Apple, Samsung, Xiaomi, and other smartphone manufacturers must ensure that new handsets come installed with a government cybersecurity app, raising concerns about privacy. The Sanchar Saathi app would give Indian authorities access to the phone's call log, memory, and camera. For devices already in the supply chain, manufacturers should push the app to phones via software updates. Apar Gupta, director of the Internet Freedom Foundation, described the app as "disproportionate, legally fragile, and structurally hostile to user privacy and autonomy”. Apple has reportedly indicated that it will resist the mandate, while others, including Samsung, are still reviewing the order.

 

Business Standard

Financial Times

Reuters

Apple has informed the European Commission that its Apple Ads and Apple Maps services meet the Digital Markets Act (DMA) thresholds. The Commission now has 45 working days to determine if these services should be designated as gatekeepers. If designated, Apple will have six months to comply with the DMA’s regulatory requirements, which aim to ensure fair competition and limit the dominance of major tech platforms in the digital market.

 

Reuters

Prosecutors in Switzerland have filed charges against Credit Suisse and its owner UBS over alleged organizational “deficiencies” linked to a $7m (€6m) payment at the center 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.” 

 

Financial Times

SWI swissinfo.ch

Wall Street Journal

The Guardian

Accenture has started calling its nearly 800,000 employees “reinventors”, as the New York-listed consultancy overhauls itself to adapt to the explosion of artificial intelligence and advises companies adopting the technology. The Guardian notes that Accenture CEO Julie Sweet told investors in September that the firm would “exit” employees who were not getting the hang of using AI at work. The group said it was training staff in generative AI fundamentals, but employees for whom “reskilling, based on our experience, is not a viable path for the skills we need” would have to go.

 

Financial Times

The Guardian

A U.S. study has found that reduced work effort, increased leisure spending and investment in risky financial assets are all disproportionately common among young adults who face few home-ownership prospects.

 

Financial Times

Canadian small businesses are struggling after the U.S. scrapped its century-old de minimis rule in August, which had allowed duty-free entry for packages under $800. The change, introduced by executive order under President Donald Trump, has significantly increased shipping costs and logistical burdens. Businesses like Vancouver-based Free Label Clothing and Toronto’s Hanji Gifts report lost U.S. sales and operational strain, with some suspending cross-border shipments or relying on workarounds like bulk shipments or limited U.S. order windows. The impact is being felt across the sector, with experts warning of a ripple effect on employment and profitability.

 

CBC News

Shopify suffered an outage on Cyber Monday, interrupting operations for some of its merchants on one of the busiest shopping days of the year. About 4,000 users reported problems with Shopify’s website, with the number falling to a few hundred by early afternoon, according to Downdetector, which monitors online services. Later in the day, the company said it had fixed issue with its login authentication flow. 

 

Wall Street Journal

Bath & Body Works is embarking on a turnaround strategy after reporting a drop in quarterly sales and cutting its annual forecast, blaming past overreliance on promotions and expansion into non-core categories for eroding brand loyalty. Under new chief executive Daniel Heaf, the Ohio-based retailer plans to refocus on core products, enhance brand aspiration, leverage influencers, and streamline offerings to attract younger consumers. Executives cited the strong underlying brand as a key asset, with recent launches such as the Touch of Gold fragrance proving popular. "We want our brand to be a beacon for younger consumers who seek greater efficacy, ingredient-led innovation, modern packaging and compelling storytelling," said chief marketing officer Jamie Sohosky.

 

Wall Street Journal

Coupang, South Korea's largest online retailer, has apologized for a massive data breach potentially involving 33.7m local customer accounts, compromising email and shipping addresses, as well as phone numbers. No credit card information or login credentials were leaked. Coupang said it suspects that a Chinese former employee, who was responsible for authentication tasks, was a key figure in the data breach. The authorities are assessing the scale of the breach as well as whether Coupang had broken any data protection safety rules, South Korea's Ministry of Science and ICT said in a statement. "As the breach involves the contact details and addresses of a large number of citizens, the Commission plans to conduct a swift investigation and impose strict sanctions if it finds a violation of the duty to implement safety measures under the Protection Act".

 

BBC News

Bloomberg

The Korea Times

Reuters

Molson Coors Canada has accused former sales director Frank Ivankovic and other managers of embezzling millions of dollars in a fraud scheme that led to losses totalling at least C$9m ($6.41m) since 2021. A lawsuit filed with the Ontario Superior Court of Justice alleges that Mr Ivankovic orchestrated the scheme by approving fraudulent invoices to two companies that then made secret payments back to Mr. Ivankovic and his wife. The company is seeking the return of the money received by the defendants, punitive damages and further damages for violations including fraud, conspiracy, breach of employment terms and unjust enrichment, plus legal costs.

 

The Globe and Mail

Swiss voters have overwhelmingly rejected a proposal to impose a 50% levy on inherited fortunes exceeding 50 million Swiss francs. The initiative, which was backed by the youth wing of the Social Democrats, sought to fund climate change projects.  "The super rich inherit billions, we inherit crises," they argued. Critics had warned the tax could drive wealthy individuals out of Switzerland, diminishing tax revenues. 

 

Euronews.com

Financial Times

Politico

Reuters