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Norwegian oil companies and labour unions have agreed to a wage deal that prevents strike action. Unions had said nearly 8% of Norwegian offshore oil and gas workers planned to strike if mediation ​had failed. A general annual pay increase of 42,000 Norwegian crowns ($4,493) was agreed, ‌including ⁠offshore compensation and holiday allowance, officials said. "In addition, shift and night supplements will increase by NOK 5 and NOK 8 respectively. Adjustments have also been made to variable supplements, along with ​some technical changes ​to the agreements," ⁠Offshore Norway said.

 

Reuters

Gary Smith, the general secretary of the UK's GMB union, has accused the Labour Party of "destroying jobs" through its clean energy policies. He said that such policies are "closing factories, hitting investment and hitting jobs." Smith dismissed energy secretary Ed Miliband's claims that increasing North Sea oil and gas production would not benefit the economy as "utter nonsense," and warned that an ideological push for clean energy is leading to growing support for right-wing populist party Reform UK among frustrated workers.

 

The Times

Three French telecom operators, Bouygues Telecom, Orange, and Iliad, have finalised a deal to acquire SFR from Altice for €20.35bn ($23.4bn). The agreement, described by the companies in a joint statement as "one of the largest industrial transactions in the telecommunications sector in Europe," will reduce the number of major operators in France from four to three. The deal includes a commitment to retain SFR employees until 2029. Altice's owner, Patrick Drahi, has faced financial challenges, leading to asset sales and scrutiny from regulators regarding consumer pricing impacts.

 

Bloomberg

Daily Sabah

Liam Byrne, the chairman of the business and trade committee, has urged the UK government to clarify its strategy for ensuring that Britain's first mini-nuclear reactors are primarily manufactured domestically. His call follows Rolls-Royce's announcement that it will outsource key components to South Korea. The government has said it aims for 70% of the project to be UK-made, but Rolls-Royce has not confirmed its ability to meet this target.

 

Financial Times

The Times

Permanent hiring in the UK has fallen to its lowest level in 10 months, according to research by KPMG and the Recruitment and Employment Confederation (REC). Permanent hiring came in at 44.1 in May, the lowest figure since July last year, on an index where a reading below 50 signals contraction. The report shows that companies are increasingly opting for temporary workers due to low confidence in the economy, with the conflict in the Middle East pushing up inflation. Shop worker roles have been particularly affected, with high street businesses hit by higher minimum wage costs, taxes and energy bills. Jon Holt, group chief executive and UK senior partner at KPMG, said: "Ongoing global and domestic uncertainty is making businesses more cautious, and that is increasingly reflected in hiring decisions."

 

Financial Times

Daily Mail

The Daily Telegraph

The Times

Hungary has ceased issuing worker visas to employees from the Philippines, Georgia ​and Armenia. A government spokeswoman said the move was intended to ​tighten employment opportunities for guest workers amid concerns they are pushing down local salaries. Reuters notes that some of Hungary's largest foreign investors ⁠have ​said a complete halt to ​the inflow of guest workers would hit companies and the ​country's wider economy.

 

Reuters

ABB chief executive Morten Wierod has said Europe risks a “mass unemployment” crisis unless there is urgent deregulation as the energy shock from the Iran war dents local competitiveness.

 

Financial Times

The European Central Bank (ECB) is poised this week to increase interest rates for the first time in two and a half years, driven by inflation pressures from the Iran war. Consumer prices in the eurozone rose to 3.2% in May, surpassing the ECB's 2% target. Analysts predict a quarter percentage point increase, raising the key deposit rate from 2.00% to 2.25%. ING economist Carsten Brzeski said: "Anything but a rate hike at the ECB meeting would be a big surprise."

 

France 24

The Dutch government plans to soften a controversial tax on unrealised gains affecting wealthy investors, responding to criticism about its potential negative impact on attracting investment.

 

Financial Times

On May 19, the Dutch Labor Inspectorate arrested five individuals suspected of laundering about €2m in healthcare funds. The investigation revealed a broader fraud scheme involving approximately €5m in misused care money, dating back to 2023. Authorities found that four foundations received the funds but did not use them for healthcare services. Instead, the money was transferred through complex financial structures to create a façade of legitimacy. Investigators seized luxury items and cash during searches of various properties. The foundations were set to cease operations in 2024, but laundering activities allegedly continued.

 

NL Times

More than 68% of fraud cases reported by Lloyds Bank customers originated on Meta platforms, according to Liz Ziegler, the UK bank's fraud prevention director. Individuals in their late twenties and early thirties are particularly vulnerable, with ticket scams being the most common.

 

Sunday Times