Human Times

European Edition

14th July 2026

THE HOT STORY

Volkswagen weighs deeper workforce cuts

Volkswagen could eliminate about 50,000 additional jobs worldwide as it seeks to close a 20% cost disadvantage against comparable companies. Chief executive Oliver Blume told staff that the estimate represents a “theoretical deduction” rather than a confirmed target, with the group still assessing what reductions are necessary and feasible across its brands, businesses and regions. The potential cuts would come on top of 50,000 positions already agreed across Volkswagen, including at Porsche and Audi. Blume said further savings are required to improve competitiveness, signalling that the German carmaker’s restructuring could become considerably larger as management reviews operations throughout the global group.

France 24

Handelsblatt

Reuters

WORKFORCE

Trade deal with Switzerland eases visa rules

The UK and Switzerland have announced a trade deal allowing visa-free work for professionals for 90 days per year. The agreement also enables British travellers to use automated passport gates and avoid roaming charges in Switzerland. Business and Trade Secretary Peter Kyle described it as "the most significant services trade deal the UK has ever negotiated" adding that it could unlock an additional £5.2bn a year in additional UK services exports to Switzerland. Allie Renison from SEC Newgate noted the deal's unprecedented liberalisation in professional services and intellectual property protection.

Financial Times

GOV.UK

The Guardian

Bulgaria's labour market turns to foreign workers

Bulgaria is increasingly relying on foreign workers due to a skills gap among local job seekers, Labour Minister Nataliya Efremova said. Over the past three years, the country has recruited more than 108,000 foreign workers to address a labour shortage. Efremova noted that nearly half of the unemployed lack qualifications, prompting employers to look abroad. In 2026, the number of non-EU foreign workers is expected to peak. Many migrants are attracted by higher wages in Bulgaria, which are significantly better than in their home countries.

Balkan Insight.com

Reforming Malta's cost-of-living adjustment

Kevin Camilleri, secretary general of the General Workers' Union (GWU), called for reform of Malta's cost-of-living adjustment (COLA) system. He proposed that workers receive adjustments twice a year instead of annually, as the current mechanism no longer reflects modern living costs. Camilleri noted that the existing basket for calculating COLA is outdated and fails to address rising expenses. He emphasised the need for stronger social dialogue to balance wage increases with business competitiveness, stating: "We always ask for more, because that is what trade unionists do." He highlighted the importance of training to adapt to technological changes in the workforce.

Independent

Dutch transit strikes edge closer

Public transport strikes could disrupt the Netherlands this autumn as unions and operators approach a final round of stalled collective bargaining. The agreement covers about 13,000 employees across regional and city transport networks. Unions are seeking a 6% wage increase, automatic inflation compensation and workload reductions, while employers want greater staffing flexibility and changes to retirement and irregular-hours arrangements. FNV negotiator Marijn van der Graag said: “It really seems to be escalating,” accusing operators of proposing longer shifts, unpaid breaks and late roster confirmation. Industrial action meetings could begin in late August or early September.

NL Times

Visa woes hinder UK tech growth

The UK's visa system poses significant challenges for tech companies seeking to hire overseas talent. HR directors express frustration over the lack of transparency and lengthy application processes. The Royal Society reports that visa costs for skilled workers are ten times the global average, deterring potential candidates. Recent policy changes have led to a 39% drop in skilled worker visa applications, impacting start-ups and scale-ups the hardest. Alex Kendall, founder of Wayve, and other immigrant entrepreneurs highlight the unwelcoming atmosphere created by these barriers. The government aims to invest £5bn in research talent but faces criticism over the effectiveness of its immigration policies.

The Times

CORPORATE

LSE's governance changes spark investor fears

The London Stock Exchange (LSE) faces backlash over proposed changes to governance standards for AIM-listed firms. A letter from the Quoted Companies Alliance (QCA) and six fund managers warned that relaxing these standards could erode investor trust and deter institutional investment. They stated: "If the changes proceed as currently set out, they will materially reduce investor engagement with AIM companies." The LSE aims to simplify regulations amid declining listings, but critics argue that weakening governance expectations could worsen the already challenging market conditions.

City A.M.

CORPORATE GOVERNANCE

PwC Germany names new CEO and unveils new leadership team

PwC Germany has appointed Marc Billeb as its new chief executive, succeeding Petra Justenhoven, who stepped down after deciding not to seek another term due to the firm's partner retirement rules. Billeb, a PwC veteran since 1998 and former head of the firm's Risk and Regulatory practice, has also announced a new leadership team to oversee the firm's €3.3bn business and more than 15,000 employees across Germany. Billeb said his priorities will include strengthening PwC's integrated audit and advisory model, accelerating the practical application of technology to deliver greater client value, and investing in talent development to equip employees with the skills needed to combine technological expertise with business insight.

Consultancy

CONDUCT

Goldman Sachs bans staff from some prediction-market bets

Goldman Sachs has added rules on prediction-market betting to its employee codes of conduct. The bank's personal trading policy bans employees from trading on prediction markets except for sports and entertainment bets. Trading on event contracts related to specific companies, election outcomes, or financial market performance is prohibited. Repeated violations of the policy may lead to dismissal or account closure, and employees may be required to forfeit profit or donate it to charity in cases of improper trades.

Bloomberg

Financial Times

Reuters

TRAINING & DEVELOPMENT

Finance professionals: the new frontier

The Warsaw Business Journal looks at how the role of finance professionals is evolving as AI automates routine tasks. They are now expected to analyse business performance, create forecasts, assess risks, and suggest corrective actions. Finance teams must stay updated on market, geopolitical, and regulatory changes. Key skills include adaptability, effective communication, and continuous learning. The ACCA's Global Talent Trends 2026 survey emphasises the rising significance of ESG, employer reputation, and mental health. It also raises concerns about AI in decision-making roles and highlights the importance of workplace diversity and intergenerational cooperation.

Warsaw Business Journal

DIVERSITY, EQUITY, & INCLUSION

Diversity drives success in workplaces

Several companies operating in Slovakia have been recognised for their efforts in creating inclusive workplaces for diverse groups, including former prisoners and the LGBT+ community. The Inclusive Employer Award, part of the Via Bona event by the Pontis Foundation, highlights these initiatives. Gekkon, a Bratislava-based firm, supports marginalised individuals through personal mentoring and emotional support, achieving zero relapse among employees with addiction issues. Heineken Slovensko and Lenovo Slovakia also implement programmes to enhance workplace respect and support networks, respectively. Richard Dianiška from Gekkon stated: "Our project proves that change is possible – and it starts with every one of us."

The Slovak Spectator

INTERNATIONAL

AI adoption: U.S. leads, Japan lags

The U.S. leads in AI adoption, with 88% of companies using it in some capacity, compared to just 26% in Japan, according to McKinsey and Yano Research Institute. However, the U.S. struggles with depth of integration, as only 39% report measurable EBIT impact. In contrast, Japan excels in integrating AI into physical operations, with companies like Toyota successfully building AI models. Both nations face unique challenges: the U.S. deploys quickly but lacks depth, while Japan's cautious approach slows its adoption. "AI adoption is not merely a technology decision, but a test of organizational will to change," the report noted.

Harvard Business Review

Graduation season brings job fears

Graduation season in China is marked by a record 12.7m graduates entering a saturated job market, leading to heightened anxiety about employment prospects. Jasmine, a 22-year-old accounting graduate, has sent out 150 CVs without success, highlighting the intense competition for limited positions. The youth unemployment rate stands at 15.6%, with many graduates lacking the skills demanded by employers. The situation is exacerbated by a slowing economy and the rise of AI, which automates entry-level jobs. Experts warn that the trend of graduate unemployment is worsening, with over 15m jobseekers potentially in the market this year.

The Guardian

AND FINALLY...

Sinner serves up tax trouble

Jannik Sinner and Linda Noskova, recent Wimbledon champions, face significant tax liabilities after earning £3.6m each. According to Craig Hughes, a partner at Menzies LLP, their tax treatment in the UK mirrors that of UK residents due to their non-resident status. Initial withholding tax may reach £720,000, but their final UK income tax liability could exceed £1.6m. This leaves them with around £2m before accounting for other expenses. Hughes noted that while taxing prize money is straightforward, attributing endorsement income across international tournaments is complex.

City AM

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