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ByteDance-owned TikTok has made a final push at the EU Court ​of Justice, Europe’s highest court, to overturn its designation as a “gatekeeper” under the European Union’s Digital Markets Act (DMA). The case could shape the bloc’s efforts to curb the influence of major technology companies. TikTok was designated a "gatekeeper" under DMA in September 2023, ⁠joining other companies including Alphabet's Google, Meta ​Platforms, Apple, Amazon, Microsoft and Booking.com. TikTok has previously argued that the company failed all ​three criteria for gatekeeper status: significant market impact, acting as a key business gateway to users, and holding ‌an ⁠entrenched market position.

 

PYMNTS.com

Reuters

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The Bank of England is preparing to water down its planned restrictions on stablecoins, after top BoE official Sarah Breeden said its initial proposals may have been “overly conservative.”

 

Financial Times

The European Commission has said EU regulators will give Google more time ​to allay their concerns about the company's compliance with the ​Digital ⁠Markets Act after a ‌previous proposal fell short. "Google is engaging with ​the Commission to defend itself . . . in order to offer ⁠a solution that really addresses the concerns ​that were raised in the case and ​in the preliminary findings," Commission spokesperson Thomas Regnier said, adding: "The reality for now ​is that solution is simply not ​strong enough. So we're giving Google a bit more ‌time ⁠to keep engaging with the Commission to offer a solution that really addresses the concerns in the interest of European ​businesses and European ​citizens." 

 

Reuters

European Central Bank (ECB) board member ‌Frank Elderson has called on euro area banks to quickly prepare for potential cyberattacks launched with the help of Anthropic's Mythos AI model or similar tools. Elderson, who is vice chair ​of the ECB's bank supervision arm, said in an interview in Supervision Newsletter, an ECB ​publication, that lenders' lack of access to ⁠Mythos added to the severity of the issue. "We need to be able to deal with ever more capable future models that could be released in relatively quick succession," he added.

 

Reuters

German Chancellor Friedrich Merz’s ruling coalition has put together a package of cost-cutting measures that would curb drug spending, tighten reimbursements and curtail some benefits. Germany spends more than half a trillion euros ($587bn) annually on healthcare, making it by far the most expensive system on the continent. Han Steutel, president of German pharma lobby vfa, said the measures will “have the worst impact we’ve seen so far” and “The outlook for the pharmaceutical industry in Germany is set to deteriorate,” forecasting that jobs would disappear and patients could find themselves receiving “the cheapest, rather than the best” medicines. Final approval of the package is targeted before lawmakers take their summer break. 

 

Bloomberg

China’s Xi Jinping has warned President Donald Trump that the two countries could clash over Taiwan if the issue was not handled properly. According to a post on X by Chinese Foreign Ministry spokesperson Mao Ning, Xi told Trump in a closed-door meeting of the leaders of the world's two largest economies that “the Taiwan question is the most important issue in China-U.S. relations . . . If it is handled properly, the bilateral relationship will enjoy overall stability. Otherwise, the two countries will have clashes and even conflicts, putting the entire relationship in great jeopardy.” In a brief public exchange before the meeting began, Trump told Xi: “You’re a great leader. Sometimes people don’t like me saying it, but I say it anyway, because it’s true.” Trump said: “It’s an honor to be your friend,” before promising that “the relationship between China and the USA is going to be better than ever before.”

 

AP News

Reuters

China urged the UK to act cautiously over plans to nationalise British Steel, warning against “administrative coercive measures” after the government took operational control from Jingye in April 2025. The UK said it would use new powers only when a public interest test is met. Gareth Stace, director-general of UK Steel, backed the move, saying steel is “a foundation industry and a recognised strategic national asset.” China argued Jingye’s investment and economic contribution should be respected, while ministers consider a taxpayer-backed future for Scunthorpe.

 

The Times

US law firm Greenberg Traurig must pay Dutch DJ Tiësto nearly €17m in damages for incorrect advice about US tax rules it gave him in 2012. The ruling by the Amsterdam appeals court overturns a lower court decision that had found no harm from the error. The court also ordered the firm to cover nearly €35,000 in legal costs. Tiësto, whose real name is Tijs Verwest, spent more than the limit of a certain number of days in the United States in 2012, so he became a tax resident there and was required to pay higher taxes. The faulty advice led to initially incorrect US tax filings. When Tiësto discovered the error in 2018, he disclosed it to the US tax authorities voluntarily and paid the extra tax and a penalty. Greenberg Traurig can appeal to the Netherlands’ Supreme Court.

 

Dutch News

NL Times

Law

Insurance company Allianz has said a lawsuit against six pro-Palestine activists who are accused of dousing a UK office in red paint is the “appropriate” way to secure compensation.

 

Financial Times

BYD is talking with Stellantis and ​other European car makers to take over ‌underused factories on the continent. The world’s largest seller of ​electric vehicles is discussing potential deals to ⁠take on facilities in countries including ​Italy, BYD's Executive Vice President Stella Li ​said, adding that BYD prefers to operate the plants on its own rather than as joint ventures. “We are talking to not only Stellantis, we’re talking to other companies too,” Li said. “We are looking for any available plant in Europe because we do want to utilise this kind of spare capacity.”

 

Bloomberg

Staffing group Adecco has said temporary hires outpaced permanent recruitment in the first quarter. Adecco CEO Denis Machuel said: "It's linked to ⁠the uncertainty and explains also why flexible placement is quite active, because the overall ​economy is pretty good." He observed that most of the group's clients "don't dare" to ​recruit on a permanent basis but the work needs to be done. Spain, Latin America and Asia Pacific were ​the markets where permanent recruitment bucked the trend, Machuel said.

 

Reuters

Amazon employees are using an internal AI tool called “MeshClaw” to automate non-essential tasks in a bid to show managers they are using the technology more frequently.

 

Financial Times

UK companies are investing heavily in AI, yet employees spend nearly a full day each week on tasks AI was meant to eliminate. Research by Workday reveals that 25% of UK workers lose over seven hours a week moving information between systems, finding data and manually feeding information into AI tools. It was also found that 19% of UK employees say they do not trust AI outputs. Dan Pell, Workday’s UK and Ireland country manager, noted that AI is enhancing individual productivity but not overall organisational efficiency, warning that without integration, employee engagement may decline. The study, which polled 2,400 professionals, also found that 53% of UK workers feel burned out, higher than the global average of 46%. 

 

City AM

Swatch’s controlling Hayek family has blocked activist investor Steven Wood from joining the board despite him winning support from more than 80% of bearer shareholders at the company’s AGM. Swatch’s dual-share structure allowed the family, which controls nearly half the voting rights, to defeat the appointment, prompting criticism from minority investors and governance advisers over board independence and shareholder representation.

 

Financial Times

Reuters

Responsible Vaping Ireland (RVI) warns that unless stricter tax enforcement and inspections are implemented, vaping products may thrive on a growing black market in Ireland. The trade body calls for enhanced inspections ahead of potential bans on disposable vapes and flavours, citing concerns about non-compliant products proliferating without proper oversight. Data shows that 39% of retailers inspected were non-compliant last year. RVI criticises the current self-assessment system for the E-liquid Products Tax (EPT) as being inadequate in curbing tax evasion. New regulations require suppliers to register with Revenue, and physical tax stamps for vapes are proposed. Junior health minister Jennifer Murnane O’Connor acknowledges the challenges posed by the aggressive marketing of vaping products to children.

 

Irish Independent