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European Edition
4th February 2026
 
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THE HOT STORY

Europe recovery fund struggles to transform economy

Skills shortages, cumbersome bureaucracy and uncertain long-term funding mean the European Union's $955bn "Next Generation" post-pandemic recovery fund, agreed six years ago and billed as a "chance to emerge stronger," has struggled to transform the region's economy. The European Commission says the fund has delivered on both its short- and long-term goals, but officials, businesses and others interviewed by Reuters have said the outcome was more differentiated. There is broad consensus, however, that the fund cushioned the blow from the pandemic.
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REGULATION

Spain announces plans to ban social media for under-16s

Spain has announced plans to ban access to social media for children under the age of 16. "We will protect [children] from the digital Wild West," Prime Minister Pedro Sánchez said at the World Governments Summit in Dubai. The ban, which still needs parliamentary approval, is part of a number of changes that include making company executives responsible for "illegal or harmful content" on their platforms. "Today, our children are exposed to a space they were never meant to navigate alone," Sánchez said, as he described social media as a place of "addiction, abuse, pornography, manipulation [and] violence."
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LEGAL

Paris prosecutors summon Elon Musk

French prosecutors have asked Elon Musk to appear for questioning as part of an investigation into the distribution of sexual deepfakes and Holocaust denial content on his X social media platform. The Paris offices of X were searched following a public outcry over how the firm's Grok chatbot spread sexualised images of women and children. A voluntary summons was issued for Musk and former X CEO Linda Yaccarino to appear and answer questions about the platform's adherence to French law. "The voluntary interviews with the managers should enable them to explain their position on the facts and, where applicable, the compliance measures envisaged," the prosecutor's office said.

Trafigura wins nickel fraud case against Prateek Gupta

Swiss trading house Trafigura has won a victory at London's High Court after a judge found businessman Prateek Gupta liable for fraud involving fake nickel cargoes. Trafigura claimed Gupta was the mastermind of a "Ponzi scheme" in which he and his companies agreed to provide high-quality 99.8% pure nickel but delivered low-value or even worthless materials instead. The long-running legal dispute began in 2023 after the fake nickel shipments emerged and Trafigura filed charges against its former business partner Gupta. The ruling by Judge Justice Saini recommends that Geneva-based Trafigura is entitled to relief for “sums of about $500m, together with substantial damages.”
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WORKFORCE

Over half of temporary workers in Netherlands are from overseas

In 2024, the Netherlands had over 2,300 temporary employment agencies providing 407,000 jobs, with more than half filled by foreign workers, according to Statistics Netherlands (CBS). The share of foreign-born workers in the temporary employment sector rose to 52.4%, up from 27.2% in 2010. Peter Hein van Mulligen, chief economist at CBS, noted: "Employers struggle to fill vacancies, often for jobs that Dutch people don't want to do." Most temporary workers come from Europe, particularly Poland, Romania, Ukraine, and Bulgaria.

More UK firms get a taste for 'peanut butter' pay hikes

A new report from Payscale suggests that UK employers are increasingly considering "peanut butter raises" - an approach which involves uniform pay increases spread evenly across the firm rather than performance-based pay hikes. The report indicates that over 40% of organisations are adopting this method, rising to 56% among firms which expect to exceed their revenue goals. Critics argue that this method fails to recognise higher-performing employees while also rewarding lower performers. 
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HIRING

Greek employers rush to hire unemployed women

Greek employers submitted requests to hire 4,200 unemployed women within the first week of a new employment programme by the Public Employment Service (DYPA). Launched on 16 January, the initiative aims to create 10,000 jobs, and focuses on mothers of children aged up to 15. DYPA fully funds the programme with a budget of €101.8m. The subsidy covers up to 80% of employment costs, depending on the beneficiary's status. Eligible participants must be registered with DYPA and complete a personalised counselling process. Employers apply online through the gov.gr platform.
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TECHNOLOGY

Luxembourg experts urge calm on AI job fears

Experts in Luxembourg caution against panic regarding artificial intelligence's impact on the local job market. Marco Wagener, an advisor to the LCGB trade union, noted that predictions about job losses or creation are fraught with uncertainty. He said: "The ranges are very large, so predictions are always very dangerous to make." A December report from Statec indicated that AI could perform core tasks in 14% of jobs, while 55% of jobs exposed to AI may be augmented rather than replaced.
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RISK

French government blocks Eutelsat asset sale

France has blocked satellite operator Eutelsat from selling its ground antenna business to private equity firm EQT. French finance minister Roland Lescure told French television channel TF1 that the company’s antennas are strategic assets because they are used for both civilian and military purposes. “I decided to not allow Eutelsat, a big French satellite company, to sell its ground-based antenna that communicate with satellites,” Lescure explained. “These antenna are used for civil communication and military communication. Eutelsat is the only European competitor to Starlink, it’s obviously a strategic asset, so I said no.”
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INTERNATIONAL

Ramadan can act as a workday reset, HR experts say

HR leaders say Ramadan can act as a reset as workers become more deliberate about how they structure their workday. They say that the first few days can be challenging, but reduced work hours during Ramadan can make employees work more efficiently and deliberately. “The first four to five days of Ramadan are often the most difficult, as the body adjusts to new eating, hydration, and sleep patterns. Once this adjustment phase passes, many people report a more stable and sustained level of energy throughout the day,” says Ussama Khan, Assistant Professor of Organisational Behaviour at the London Business School. He advocates supportive workplace policies in order to make this “adjustment period” less demanding,

Singapore strategy aims to help workers navigate AI impact on jobs

Singapore is launching a national workforce strategy to enhance artificial intelligence literacy among its workers. The Economic Strategy Review (ESR) committees emphasised the need for continuous learning to adapt to technological changes. Deputy Prime Minister Gan Kim Yong said that growth no longer guarantees job creation due to the increased profile of automation. He highlighted the importance of skills upgrading and education to prepare workers for future challenges. The strategy includes integrating training with work and enhancing AI fluency across the workforce, ensuring Singaporeans remain competitive in a rapidly evolving economy.
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OTHER

Italian jewellers adapt designs to reduce gold content amid soaring prices

In Italy, jewellers are adapting their designs to reduce gold content amid soaring prices, which have reached nearly $5,600 an ounce due to geopolitical tensions. Artisans face pressure from clients to create more affordable pieces while maintaining aesthetic appeal. Technologies are being employed that retain the shape of jewellery but decrease the amount of metal used. Italy represents 11.2% of the global jewellery market, with over 6,800 companies and around 34,000 employees.
 
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