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Research by the UK's University of Sussex and King's College London which mapped sales, production and supply chain exposures of ​companies listed on Germany's DAX and MDAX indices suggests that German firms are so deeply connected to both the United States ​and China that they cannot decouple from either without ‌taking a severe economic hit. "Leading industrial players like ‌Siemens ⁠and BMW were built in a fundamentally globalised system and can't decouple from either China or the US without devastating losses," University of Sussex political economist Steven Rolf, a ​co-author of the study, observed.

 

Reuters

The UK's Competition and Markets Authority (CMA) has launched a strategic market status investigation into Microsoft's software ecosystem, including Windows, Office, Teams, and Copilot. The probe, starting in May, aims to address competition concerns in the cloud market. Sarah Cardell, chief executive of the CMA, said the investigation shows that the competition watchdog is "getting ahead of emerging issues." The CMA has also announced that Microsoft and Amazon are taking action on cloud egress fees and interoperability to support greater choice for businesses and the public sector.

 

Financial Times

The Times

Swiss lawmakers have assured senior UBS executives that they will water down stringent new rules as Bern finalises a decision on how much capital the country’s largest bank should hold.

 

Financial Times

The private credit industry is coming under increasing strain, with investors withdrawing more than $11bn over the past two quarters, even as funds raised $12.4bn in new capital over the past five months, albeit at a slowing pace. Record redemption requests have prompted many funds to impose withdrawal limits, underscoring liquidity pressures and raising concerns about whether the sector can sustain growth and continue supporting borrowers’ refinancing needs. While some managers argue that inflows still offset outflows and that redemption caps are protecting investors and stabilising funds, others warn that continued withdrawals and weaker fundraising could signal a more challenging environment ahead, particularly if investor sentiment deteriorates further.

 

Wall Street Journal

Spain’s annual inflation rate rose to 3.3% in March, its highest level since mid-2024, driven by a sharp increase in energy prices linked to the Iran conflict. The jump from 2.5% in February has intensified concerns about a renewed inflation spike across the euro zone and strengthened expectations that the European Central Bank may consider raising interest rates. While the rise was slightly below forecasts, the surge highlights growing economic pressure from higher fuel costs, prompting the Spanish government to introduce a €5bn support package to offset the impact on households and businesses. 

 

Bloomberg

A European Central Bank study has found that US consumers and importers absorb most of the cost of tariffs, contradicting claims that foreign exporters pay the bulk. The analysis estimates consumers currently bear around one-third of tariff costs, potentially rising above half over time, while a 10% increase in tariffs is projected to reduce import volumes by 4.3%, also negatively impacting exporters.

 

US News and World Report

Bloomberg reports on how London - once a global hub for entry-level jobs - is now experiencing a growing youth joblessness crisis that is threatening the futures of hundreds of thousands of people. Around one in four 16-24 year-olds in the capital is looking for work, the highest proportion in the UK. The composition of London’s jobs market leaves it vulnerable to AI, which tends to reward seniority and punish those who are just starting out, but Bloomberg says the problem of youth unemployment in London, and also in the UK more widely, is partly self inflicted, amid increases to payroll taxes and the minimum wage making it more expensive for firms to hire workers. “Employers often ask for prior experience, while lower-skilled roles are shrinking and being filled by older workers or graduates,” said Chris Goulden, director of impact and evidence at the Youth Futures Foundation. “In London, this is compounded by high housing costs and reliance on informal routes, for example internships, which exclude more disadvantaged young people.”

 

Bloomberg

Distrust precipitated by artificial intelligence is causing some companies to reassess their approach to hiring, introducing obstacles in application forms to prevent cheating, and increasing use of AI screening tools.

 

Financial Times

Italy’s government is nearing decisions on who will lead major state-backed companies worth about €250bn ($287bn). Prime Minister Giorgia Meloni is understood to be leaning toward changes at Enel, Eni, Leonardo, Poste, grid operator Terna SpA and air traffic control Enav SpA, with the board chairs at all six companies potentially being replaced, according to sources. Talks are ongoing regarding these roles, they said. Bloomberg notes that the leadership changes under consideration would add to a broader political reset by Meloni after defeat last week in a referendum on judicial reform.

 

Bloomberg

Michele Faissola, a former Deutsche Bank executive, is suing the bank for £439.5m in lost wages. He claims Deutsche scapegoated him and three others for an £11bn accounting scandal that led to a 2013 restatement of financial accounts. Faissola alleges that Deutsche created a "false narrative" regarding the incident. He asserts that current CEO Christian Sewing was aware of the controversial trades that concealed significant loans. Deutsche Bank says it considers the claims without merit and will defend itself vigorously.

 

The Daily Telegraph

Air Canada CEO Michael Rousseau will retire later this year after being criticised for failing to speak French in a condolence video following a fatal collision at LaGuardia Airport in New York that killed two pilots. Rousseau informed the airline that he will be stepping down by the end of the company's third quarter. He had faced calls to resign after delivering his condolences in English only. One of the pilots who died, Antoine Forest, was from French-speaking Quebec. Air Canada is headquartered in Montreal and the company's own policy requires employees to be able to communicate in both of Canada's official languages. In a post on X, Quebec Premier François Legault welcomed Air Canada's announcement, saying the carrier's next CEO should speak French as a "matter of respect for the employees, francophone customers, and all Quebecers."

 

CBC

CNN

New York Times

BBC News