THE HOT STORY

Brussels launches ‘EU Inc’ plan to cut red tape across the single market

The European Commission has proposed allowing firms to set up in as little as 48 hours and operate according to a ‌single set of rules across the 27-nation bloc, in an attempt to to cut bureaucracy across the single market and narrow the gap with the startup scene in the United States. "We need to incentivise companies to stay in Europe and encourage those who once looked elsewhere to return,” ‌European Commissioner ⁠Michael McGrath said. "Europe has the talent, ideas, and ambition - but too often, bureaucracy drives our best entrepreneurs elsewhere." Unions are however sceptical of the plan, warning that it may lead to employees losing influence within their companies. In the past, concerns regarding workers’ rights have led to the failure of similar proposals, EurActiv notes.

Tech.eu

EurActiv

Reuters

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STRATEGY

HSBC weighs deep job cuts amid AI overhaul

HSBC is considering deep job cuts that could ultimately affect around 20,000 ‌roles, or about 10% of its total workforce, Bloomberg reports, citing people familiar with the matter. Non-client facing roles in global service centres are among those expected to be the most impacted as ⁠the bank bets on AI, although the assessment is at an early stage and no final decisions have been made. A spokesperson for HSBC declined to comment. A Bloomberg Intelligence report published last year said global banks could eliminate as many as 200,000 positions in the next three to five years due to AI. Chief information and technology officers surveyed for the report indicated that on average they expect a net 3% reduction in workforce.

Bloomberg

Ikea owner cuts jobs in streamlining move

Ikea owner Ingka has announced plans to cut 800 jobs as part of a strategy to streamline operations. The move aims to accelerate decision-making and shift more responsibility to frontline staff. The job cuts will primarily impact employees in Sweden and at the company's headquarters in the Netherlands. Ingka employs around 166,000 people globally.

The Times

WORKFORCE

UK job market softens

The UK job market is showing little sign of improvement, with payroll numbers falling by 49,000 in February and vacancies dipping to 721,000, according to the Office for National Statistics. Overall employment trends remain broadly flat, while the unemployment rate held at 5.2%. Businesses have blamed higher taxes and increased regulation for weaker hiring, and the Bank of England has warned that unemployment could peak at 5.3% this year. Meanwhile, analysts at RBC BlueBay have warned the market is in a "precarious" position, with joblessness possibly reaching 5.5% by the summer. Wage growth has also slowed, pulling back to 3.8% in the three months to January. Economists polled by Bloomberg had expected wage growth to ease to 4%. Yael Selfin, chief economist at KPMG UK, said: "Downside risks for the labour market have become more pronounced with the combination of a sluggish domestic economy and higher energy prices increasing costs."

CORPORATE

Swatch flags ongoing uncertainty despite expected 2026 rebound

Swatch has warned that political and economic challenges will persist into 2026, citing tariffs, trade disruption and geopolitical tensions as ongoing risks to the luxury sector. The group’s operating margin more than halved in 2025 due to weak Chinese demand, a strong Swiss franc and US tariffs, with further pressure from Middle East instability affecting sales. Nevertheless, it is forecasting strong sales and volume growth this year to support a recovery in profitability, while reaffirming its commitment to Swiss-based production despite investor concerns over high costs.

Bloomberg

INTERNATIONAL

PwC staff must embrace AI, US chief warns

Paul Griggs, the chief executive of PwC's US business, has warned senior staff that they may not have a future at the firm if they fail to embrace AI, saying that employees who think they have the "opportunity to opt out" of the technology are "not going to be here that long." Griggs, who noted that PwC is hiring more data specialists, said the firm will be changing some tax and consulting services into AI-powered automated tools, adding that these new tax and consulting tools could be accessed "without a PwC person in the loop."

Financial Times

The Guardian

Samsung workers' strike plan could disrupt chip supply, union says

A strike at South Korea's Samsung Electronics, the world's largest maker of ‌memory chips, could worsen bottlenecks in the global supply of semiconductors, the biggest workers' union at the company has said. "I expect there would be production disruption," Choi Seung-ho, who leads the Samsung Electronics Labour Union (SELU), said last week, as members began voting on a plan to strike in May. If a deal cannot be agreed, the union plans a strike for 18 days from May 21, Choi said. An official for Samsung said production ⁠stoppages caused by "even a single strike" could damage trust with customers and take years to recover.

Reuters

UAE may relax tax residency rules to lure back expats amid Iran conflict

The United Arab Emirates is expected to show flexibility on tax residency rules for expatriates who left the country due to the Iran conflict, aiming to encourage their return and protect its appeal as a low-tax hub. Authorities are likely to allow more time abroad without jeopardizing tax status, particularly for Dubai, which relies heavily on wealthy foreign residents. Currently, expats must spend a minimum number of days in the UAE to qualify for tax residency, but officials are considering case-by-case exemptions, taking into account travel disruptions and force majeure conditions. The move comes as ongoing conflict, flight cancellations, and security concerns have made it harder for residents to return, raising the risk they could lose their tax advantages.

IFA Magazine

Financial Times

Indonesian workers are the happiest in the Asia-Pacific region

According to a survey by Jobstreet by SEEK, 82% of Indonesian workers reported feeling happy at work, the highest in the Asia-Pacific region. Such happiness is attributed to cultural factors, strong social ties, and a sense of purpose. Tulus Winarsunu, a professor of industrial and organisational psychology at Malang's Muhammadiyah University, said Indonesia's communal society is a key factor behind the results. “Indonesians are more collective and interdependent, and they need other people to create a sense of happiness. Indonesians have a strong social identity where happiness comes not just from yourself and your independence, but because of colleagues.” However, the survey also highlighted concerns about burnout, with 43% of respondents saying they experience it. Experts noted that while communal culture fosters happiness, job insecurity and heavy workloads contribute to stress.

South China Morning Post

OTHER

Liberal Netherlands is back at heart of EU, says new PM Rob Jetten

New Dutch premier Rob Jetten says his country would return to playing an “active” role driving the EU’s policy agenda, as well as acting as a “bridge builder” between big powers.

Financial Times

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