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The UK's five biggest business groups have written an open letter calling for urgent changes to the government's Employment Rights Bill. The proposed new law, due to be scrutinised by the House of Lords this month, includes a right to guaranteed hours and cracks down on zero-hour contracts without the offer of work. But in a rare joint intervention, the British Chambers of Commerce, Confederation of British Industry, Institute of Directors, Federation of Small Businesses and Make UK warn the Bill in its current form would "damage growth and employment, undermining the government's own goals." They argue the changes will discourage companies hiring "particularly those at the margins of the labour market" as businesses will not want to risk costly tribunal cases. Business groups also urged Lords to consider if guaranteeing workers fixed-hours contracts could backfire, reduce flexibility for both employers and staff, and introduce unnecessary administrative costs.

 

BBC News

City AM

Other news media pick up on the story - first reported in the Financial Times - that PwC has ceased operations in over a dozen countries deemed too small, risky, or unprofitable, as part of a strategy to avoid a repetition of past scandals. According to the Financial Times, the decision stemmed from "mounting differences with local partners." Local leaders reported losing over a third of their business due to pressure from PwC's global executives to abandon risky clients. The firm has faced significant client losses and layoffs since last year. Additionally, PwC's mainland China unit received a six-month suspension and a $62m fine for audit failures linked to China Evergrande's $78bn fraud. PwC is also working to restore relations with Saudi Arabia after a suspension of activities with the kingdom's sovereign wealth fund.

 

The Times

Daily Mail

Google is being sued in the UK for up to £5bn in damages over claims it shut out rivals in the internet search market and abused its dominance to overcharge businesses for advertisements. The claim, filed by competition law expert Or Brook, accuses Google of overcharging businesses for advertisements by restricting competition through preinstalled apps on Android devices and paying Apple to make its search engine the default on iPhones. A Google spokesperson said: “This is yet another speculative and opportunistic case – and we will argue against it vigorously. Consumers and advertisers use Google because it helpful, not because there are no alternatives.”

 

The Guardian

The Supreme Court has ruled that the legal definition of a woman is based on biological sex.  Judges said the "concept of sex is binary" while cautioning that the landmark ruling should not be seen as a victory for one side over the other. Transgender people still have legal protection from discrimination, the court added. Reacting to the ruling, a UK government spokesperson said: "We have always supported the protection of single-sex spaces based on biological sex. This ruling brings clarity and confidence, for women and service providers such as hospitals, refuges, and sports clubs. Single-sex spaces are protected in law and will always be protected by this government."  Chelsea Feeney, an employment associate at law firm Stevens & Bolton, said employers may need to review human resources policies to ensure they accord with the updated definition of woman.

 

BBC News

Financial Times

The UK's Financial Conduct Authority (FCA) has announced plans to remove up to 140 pages from its extensive handbook in a bid to reduce regulatory burdens and stimulate economic growth. The proposed changes, which will benefit around 16,000 firms, include eliminating certain data collection requirements related to stock lending and complaints. Despite the potential for only £1.3m in annual savings from two proposed changes, the FCA is expected to continue its efforts to streamline regulations.

 

City AM

BNP Paribas Asset Management has announced the closure of two of its ESG exchange-traded funds (ETFs). The move comes ahead of the European Securities and Markets Authority's (ESMA) new guidelines on the naming of existing ESG funds, which are aimed at preventing greenwashing. BNP, however, has denied that the upcoming regulatory changes played a role in its decision. “The liquidation of the fund had no link to the regulatory changes and was purely driven by . . . low demand,” a BNP spokesperson told The Luxembourg Times.

 

Luxembourg Times

Research from Hazlewoods reveals that law firms backed by private equity are experiencing growth rates double that of the average legal profession. Over the past two years, these firms saw a revenue increase of 30%, compared to 15% for the UK's largest firms. Andy Harris, a partner at Hazlewoods, said: "Rather than seeking to disrupt the industry, private equity is taking a careful approach." With over £1.2bn invested in UK law firms since the Legal Services Act 2007, private equity is reshaping the sector. Zulon Begum from CM Murray noted that private equity investors are "driving operational efficiencies," while Neil Lloyd of Lawfront described the legal market as "a fragmented, early stage consolidation opportunity." However, concerns remain about the sustainability of growth and the impact on traditional partnership models.

 

The Times

Italy's government is poised to outline conditions for UniCredit's proposed acquisition of Banco BPM, including a directive to exit Russia "as soon as possible," according to Il Messaggero. The government is also expected to require UniCredit to maintain a stable loan-to-deposit ratio and uphold current project finance operations. Reports suggest that conditional approval for the merger could be granted during a cabinet meeting on Friday.

 

Daily Mail

Roughly one in three workers at multilingual companies in the Netherlands report that language differences frequently lead to misunderstandings, according to a new study by Statistics Netherlands (CBS) and research institute TNO. The annual labour survey, which included over 30,000 employees, revealed that more than 10% of respondents experienced communication barriers that resulted in errors. Additionally, 4% felt excluded, and nearly 2% reported discrimination due to language differences. The ICT sector, where nearly 60% of companies use multiple languages, reported the fewest misunderstandings. Although communication barriers remain a challenge in many sectors, TNO researchers have highlighted how technology can play a critical role in addressing broader labour shortages if implemented properly. “The success of new technology rises or falls with how employees handle it,” observed TNO labour market researcher Dr. Jessie Koen. “Technology is not good or bad in itself, but it always affects how we do our jobs.”

 

NL Times

DutchNews.nl

Meta has received approval from the European Data Protection Commission to use publicly shared content from its platforms, including Facebook, Instagram, WhatsApp, and Messenger, for training its artificial intelligence models. The company said: “It’s important for our generative AI models to be trained on a variety of data so they can understand the incredible and diverse nuances and complexities that make up European communities.” However, private messages and data from users under 18 remain off-limits. Users can opt out of data usage for AI training through an accessible form. This approval follows a previous pause in AI training due to privacy concerns raised by advocacy group None of Your Business, which led to a review by the Irish Data Protection Commission. Meta claims its approach now meets legal obligations and aligns with practices of other tech giants like Google and OpenAI.

 

CoinTelegraph

UK inflation fell from 2.8% in February to 2.6% in March, intensifying the pressure on the Bank of England to consider cutting interest rates next month. Analysts had expected a drop of 2.7%. Services inflation slowed more than expected to 4.7% in March from 5% in February. Food inflation also eased, from 3.3% to 3%. However, the drop is expected to be short-lived, with analysts predicting a spike from April as rising bills and higher business costs take hold. The Chancellor welcomed the figures, saying: "Inflation falling for two months in a row, wages growing faster than prices and positive growth figures are encouraging signs . . . but there is more to be done."

 

Financial Times

The Daily Telegraph

City AM

Daily Express

The Guardian

France’s economics minister, Eric Lombard, has said that a minimum 20% tax on the country’s wealthiest introduced last year should be made permanent in a bid to tackle spiralling national debt. The levy raised €2bn (£1.7bn) last year from households earning more than €500,000.

 

The Daily Telegraph

The Advertising Standards Authority (ASA) has banned adverts from six companies promoting liquid Brazilian butt lifts (BBLs) for trivialising risks and exploiting women's insecurities. The ads, primarily on Facebook and Instagram, used time-limited offers to pressure customers into booking procedures. The ASA emphasised that cosmetic surgery should be approached thoughtfully, saying: "Marketers must not suggest that happiness or wellbeing depends on conforming to a particular body shape or physical appearance." The risks associated with liquid BBLs include infections and serious side effects.

 

BBC News