THE HOT STORY

Porsche to cut 9,000 jobs by 2035

Porsche plans to eliminate over 9,000 jobs by 2035, affecting about 20% of its workforce. The decision follows an agreement with trade unions and adds to the 4,400 job cuts already made in the past 18 months. The restructuring reflects challenges in the automotive industry, particularly due to declining sales in China and difficulties in transitioning to electric vehicles. Michael Leiters, Porsche's CEO, said: "The future package is good for Porsche. It gives us the opportunity to strategically realign our company and invest in our competitiveness." Volkswagen, Porsche's parent company, is also pursuing significant redundancies.

France 24

The Times

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LEGAL

Renault to face criminal trial in France

Renault will face a criminal trial in France for aggravated fraud related to allegations that its diesel vehicles were equipped with devices designed to cheat emissions tests. Renault will be the second carmaker, following Volkswagen, to be prosecuted over the so-called dieselgate scandal that began in 2015. The trial is set for April 2027. "Renault Group will defend its innocence, as well as the professionalism and ethics of its 100,000 employees, before the criminal court," the company said in a statement. Renault pointed to a recent decision by London's High Court that largely exonerated it and four other carmakers from charges that the devices were designed to cheat clean air laws. "The operating limits of the emission control systems strictly reconcile emissions reduction with driver safety," the carmaker said. The French prosecutor's office claims Renault vehicles sold from 2009 to 2017 emitted more pollutants than allowed under normal driving conditions.

France 24

WORKFORCE

Germany's sick-note crackdown 'isn't treating the underlying illness'

Germany's proposed changes to sick-note regulations may overlook the root causes of rising absenteeism, researchers warn. In 2024, German workers averaged 22 days of sick leave - among the highest levels internationally. Factors such as chronic understaffing and low pay are contributing to mental health issues, leading to increased absences, says researchers who study sickness, mental health and labour markets. They increasingly point to deeper problems in professions where absenteeism is high, including nursing, care work and teaching. Under plans agreed by Chancellor Friedrich Merz's coalition, telephone sick notes would be scrapped and employers could require medical certificates from the first day of absence.

U.S. News

REGULATION

UK agency targets rogue bosses

The UK's Fair Work Agency is stepping up enforcement against employers that underpay wages, holiday pay and sick pay. Established this year, the regulator combines enforcement with support for businesses to improve compliance, while targeting rogue employers through fines, legal action and potential director bans. "We want workers to know what their rights are and how to get support. We want businesses to feel that compliance is simpler and easier to achieve and that they're treated fairly," Lisa Pinney, the agency's chief executive, said. "And we want to underpin that by being able to demonstrate really strong action against those who set out to exploit workers or to undercut legitimate business." The agency is also working with other regulators to tackle labour exploitation, modern slavery and "phoenix" companies that evade debts by repeatedly entering insolvency.

The Times

ECONOMY

ECB survey highlights pricing pressures for euro zone businesses

Euro zone businesses are struggling to pass higher costs on to consumers despite rising fuel prices, according to a European Central Bank survey. Companies reported that price-sensitive households and increased competition from lower-cost Chinese imports were limiting their ability to raise prices, squeezing profit margins. Food retailers said higher fuel costs were reducing spending on other goods and driving shoppers towards own-brand products. While artificial intelligence is supporting investment in some sectors, the ECB said many manufacturers are increasingly directing investment towards Asia and eastern Europe rather than the euro area.

Reuters

TECHNOLOGY

Pharmaceutical boss say AI won't hit jobs

AstraZeneca CEO Sir Pascal Soriot has said that AI will not lead to significant job losses but will enhance productivity. He described AI as making operations "faster and smarter" and expressed confidence that there would not be a "big reduction of headcount" in the pharmaceutical sector. "I personally think that the story about AI killing jobs is a bit of a fake story," he said. "It may apply to some industries, but in many industries, certainly like ours, it will make people faster and smarter - because I mean, the responses you get, the help you get, the interaction you can get with good AI tools really makes you more efficient . . . So it will lift our productivity." Soriot highlighted the need for AstraZeneca to operate at "Chinese speed" to keep pace with rapid innovation in the drugs industry.

The Times

INTERNATIONAL

US lawmakers propose AI 'kill switch'

US lawmakers have proposed an "AI Kill Switch Act" which would allow federal authorities to halt AI models. The proposal, sponsored by Reps. Ted Lieu (D-Calif.) and Nathaniel Moran (R-Texas), would give the Department of Homeland Security the authority to order top AI firms to shut down or slow AI models that the government deems too dangerous, and also require those companies to report incidents and create the technical capacity to shut down, limit or suspend their systems. Lieu said the bill is urgently needed to address new cybersecurity risks raised by the latest AI models. "This is urgent, common sense legislation to address the problem of an advanced AI model that has gone rogue and escaped its guardrails," he wrote in a post on X. OpenAI earlier this month said its AI system had hacked into another AI company on its own in what it called an “unprecedented cyber incident.”

Politico

Reuters

ICC top prosecutor removed over sexual misconduct allegations

Members of the International Criminal Court (ICC) have voted to dismiss Karim Khan as chief prosecutor amid allegations of sexual misconduct. Khan was suspended last month after the court's oversight body found he had committed a "serious breach of duty and serious misconduct" by engaging in an improper sexual relationship with a junior ICC staff member and attempting to stop her pursuing a complaint. Khan has repeatedly denied all the allegations against him. His lawyer said he would challenge "the lawfulness and fairness of the decision through all available legal mechanisms."

Australian regulator warns auditors as scrutiny intensifies following KPMG scandal

Australia’s corporate regulator, the Australian Securities and Investments Commission (ASIC), has stepped up oversight of the country’s largest audit firms by launching a review of how they handle internal complaints in the wake of allegations involving KPMG Australia. The review will examine firms including KPMG, PwC, Deloitte, and EY, while reminding nearly 3,000 auditors of their legal obligations and ASIC’s enforcement powers under the Corporations Act. The heightened scrutiny follows allegations that KPMG Australia misused confidential client information to win audit work and mishandled whistleblower complaints. The controversy has already prompted a parliamentary inquiry, a government review of potential reforms to the consulting sector, and a leadership shake-up at KPMG Australia, including the appointment of a new chief executive officer.

Bloomberg

Reuters

India's domestic workers go online

In India, domestic workers are increasingly joining platforms such as Snabbit, Pronto, and Urban Company, which seek to bring structure to a hitherto unregulated sector that employs some 30m people, while allowing both workers and customers more flexibility. Heena Bibi, a 34-year-old domestic worker, says that she earns around 45,000 rupees monthly on such a platform, significantly more than via traditional arrangements. However, some workers have expressed concerns about safety and prefer the traditional system. Labour advocates argue that app-based work may not improve conditions, as workers lack job security and benefits, according to Sanjay Gaba, president of the All India Gig and Platform Workers Union.

Bangkok Post

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