THE HOT STORY

Middle East conflict to intensify European corporate distress

The war in the Middle East and surging energy costs are set to exacerbate soaring levels of financial distress among European companies, according to Alvarez & Marsal. “The escalating conflict in the Middle East is likely acting as a multiplier for the distress we are already tracking across the European landscape,” said Chris Johnston, a managing director in the consultancy firm’s European restructuring team. Referencing the surge in oil and gas prices, Johnston said: “This directly erodes the purchasing power of the European consumer, further destabilising retail and other consumer focused sectors that are already struggling with market share erosion and high debt-servicing costs.”

Bloomberg

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STRATEGY

Nordea to cut 1500 jobs

Helsinki-based Nordea Bank has said it would book around €190m of restructuring costs in the first quarter, as it cuts jobs and modernises its technology in a push for greater efficiency. The restructuring costs relate mainly to changes in the workforce. Around 1,500 employees across the group are expected to be affected in 2026 and 2027. Nordea has around 29,000 employees. “By transforming local customer processes into Nordic-wide value chains and reducing, simplifying and modernizing technology systems and infrastructure, Nordea will make more effective use of its Nordic scale,” the bank said, adding: “With Nordic scale, the impact of AI and process optimisation, Nordea expects to have fewer employees in the future.”

Copenhagen Post

Wall Street Journal

Close Brothers to cut 600 jobs

Close Brothers plans to cut 600 jobs across the next 18 months, or nearly 25% of its workforce. The UK financial services company says it is looking to reduce costs by about £25m (€29m) in its current financial year, with cuts set to come through outsourcing and offshoring work, as well as decreasing its property footprint. On the job losses, chief executive Mike Morgan said: "While the impact on affected colleagues is regrettable, these actions are necessary to structurally lower our cost base, while increasing our agility and ability to serve our customers."

The Guardian

The Independent

The Times

WORKFORCE

Dutch civil servants plan nationwide strike on April 14

Dutch civil servants are preparing for a nationwide strike on April 14 in response to a wage freeze. Unions claim that 160,000 central government employees will lose purchasing power due to the lack of pay raises or inflation compensation. The unions, including FNV and CNV, argue that agencies like DUO and Rijkswaterstaat which are facing staffing shortages and heavy workloads, are particularly affected. Previous protests have had limited impact, prompting this larger action.

NL Times

TECHNOLOGY

Nvidia partners with European chipmakers for humanoid robot hardware

US chipmaker Nvidia has announced partnerships with European peers Infineon, NXP and STMicroelectronics to sell hardware for humanoid robots. Nvidia is makefforts to become the "brain", or central computing platform for robots with its Jetson Thor processors.

Reuters

ECONOMY

UK consumer confidence falls amid Iran war concerns

UK consumer confidence has fallen to its lowest level since January 2025, with S&P Global’s index slipping to 44.1 in March as the war involving Iran weighs on economic sentiment. Households are increasingly pessimistic about their finances and reluctant to make major purchases, while rising energy prices linked to the conflict risk pushing up inflation and delaying expected interest rate cuts.

Reuters

INTERNATIONAL

Australian hiring practices 'deeply concerning'

A survey by the Australian HR Institute (AHRI) has revealed that nearly one-third of Australian employers exclude job candidates with mental or long-term illnesses. The findings indicate that 70% of employers discriminate against certain groups, including those over 55 and individuals with disabilities. AHRI chief executive Sarah McCann-Bartlett said that such discrimination is illegal and also limits the talent pool. Gayle McNaught from SANE, a national mental health organisation, said the survey's findings were "deeply concerning" and were indicative of the "entrenched prejudice and discrimination" faced by so many people in Australia.

ABC Online

Trump's chief of staff has breast cancer but will keep working through treatment

White House chief of staff Susie Wiles has been diagnosed with early stage breast cancer but will continue her duties during treatment. President Donald Trump shared the news on social media, saying that Wiles' prognosis is “excellent” and calling her “one of the strongest people I know.” In a statement to the New York Times, Wiles said she was “encouraged by the strong prognosis” and thanked Trump for his support. “Nearly one in eight women in the United States will face this diagnosis,” Wiles said. “Every day, these women continue to raise their families, go to work and serve their communities with strength and determination. I now join their ranks.”

Chicago Tribune

NJ.com

U.S. News

UN chief warns of a rising tide of anti-Muslim bigotry

UN Secretary-General Antonio Guterres has highlighted a "rising tide of anti-Muslim bigotry and hate" during the International Day to Combat Islamophobia event in New York. He urged governments, tech companies, and individuals to combat discrimination and protect human rights. Guterres noted that nearly 2bn Muslims face exclusion and violence, both online and offline, saying: “When discriminatory narratives are echoed by those in positions of authority, prejudice becomes normalised . . . When stereotypes are left unchallenged, they harden into policy.” He added: “As Ramadan draws to a close, Muslims around the world reaffirm values that also form the foundation of the UN Charter: empathy for the vulnerable, generosity toward neighbours, and responsibility toward the wider community.”

Arab News

OTHER

EU retailers often fail to display energy labels online, Commission finds

A European Commission monitoring exercise has found that many online retailers across seven EU countries are not clearly displaying mandatory energy labels and product information sheets during the online shopping process. The January 2026 check reviewed 36 online stores and 377 products, including smartphones, tablets, tumble dryers, and heating and cooling equipment. Energy labels - the A-to-G ratings that help consumers compare energy efficiency - were often visible on individual product pages but frequently missing from catalogue listings and shopping basket pages where purchasing decisions are made. The monitoring also found that less energy-efficient products were more likely to lack proper label display. The Commission noted that manufacturers and importers must supply the correct label information, while retailers are responsible for displaying it properly. A follow-up monitoring exercise is planned in about a year.

The Brussels Times

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