THE HOT STORY

French public sector workers strike over pay freeze

Teachers, healthcare workers, local government staff, tax officials and firefighters in France are on strike today to put pressure on the government ahead of the 2027 budget debates later this week, which could see a freeze on public sector salaries for a fourth successive year. “There are a lot of expectations, there is a profound anger among civil servants,” CFDT union head Marylise Léon said on France 2 TV yesterday. “There’s a fundamental problem of compensation and recognition for this work,” she observed.

Bloomberg

France 24

RFI

TECHNOLOGY

UK needs plan in case of widespread AI job losses, minister says

British AI minister Kanishka Narayan has called for a contingency plan to address potential job market disruptions caused by artificial intelligence. He said there was no evidence so far of an overall reduction in jobs as a result of the technology, but he told a fringe meeting at the Labour Party conference: "If it's going to hit us in a big way, you are going to want to be as ahead of the curve as possible." Carsten Jung of the IPPR think tank observed: "In a worst case scenario you could have about 8m jobs being negatively affected by this." Jung reckons about 11% of UK jobs are "highly exposed" to being replaced by AI chatbots, "led by secretarial and administrative occupations." With the rise of more sophisticated agentic AI, he said that the proportion "could rise to about 60% of tasks across the UK economy." Narayan told the Labour meeting that the impact of AI might have been under-estimated because of the "silent adoption" of the technology by workers, which did not show up in industry surveys.

BBC News

RISK

Russian attacks force closure of Ukraine’s largest steelmaker

Luxembourg-headquartered steel giant ArcelorMittal has said that strikes which killed employees at its plant in Kryvyi Rih in central Ukraine had forced it to cease operations in the war-torn country. The multinational ⁠said it had told the government in Kyiv that “safe and sustainable” operations were not possible after four strikes in five weeks caused extensive damage and killed five workers at the plant. "We are discussing the future of the plant with the Government of Ukraine and will focus on preserving the infrastructure, so when peace finally returns, options for restarting production remain available,” said ArcelorMittal Kryvyi Rih CEO Mauro Longobardo.

Financial Times

Reuters

The Guardian

LEGAL

Dutch authorities arrest suspected ShinyHunters member

A 23-year-old, Pepijn van der S., has been arrested by Dutch authorities for his alleged involvement with ShinyHunters, the hacking group that claimed responsibility for the February 2026 attack on telecom provider Odido. The group stole data from over 6m customers after a man impersonated an IT employee to gain access to the firm's systems. Following Odido's refusal to pay a ransom, the stolen data was published on the dark web. Van der S. has a history of cybercrime, having previously been convicted for hacking and extortion, and was working as an offensive security lead at Neo Security at the time of his arrest. "I was trying to contribute positively to cybersecurity," he said.

NL Times

CYBERSECURITY

‘Dozens’ of organisations hacked by OpenAI agents

OpenAI has said that its AI systems may have interfered with the external websites of “dozens of third parties,” including those belonging to government bodies, public agencies, and universities, during routine testing evaluations. According to the company, its AI models bypassed digital security barriers, disrupted website accessibility, or negatively affected services while conducting testing routines. “Some of the websites involved are operated by governments, universities, public agencies, and other institutions. That is partly because models performing research tasks are often directed toward authoritative sources of public information,” OpenAI wrote in a blog post.

Financial Times

Deutsche Welle

BBC News

INVESTMENT

Big companies warn lack of ‘AI openness’ could hit investment in Europe

Multinationals are increasingly evaluating countries’ AI talent, infrastructure and regulatory environment before making expansion plans, placing continental Europe - typically keen on data protection rules - at a disadvantage to the US.

Financial Times

REGULATION

UK businesses still troubled by EU pay transparency laws

City AM says British businesses face continuing challenges due to the EU pay transparency directive, which mandates salary disclosures and gender pay gap reporting. Although the UK is not bound by these rules, many UK firms operate in the EU. Compliance has been inconsistent, with only a few countries meeting the 7 June 2026 deadline. Amy Bird, a partner at law firm Clifford Chance, observes that the implementation is "patchwork." Meanwhile, the UK government is exploring its own pay transparency measures, which may reflect some EU provisions. Bird commented: "We expect that market practice in the UK will be influenced by the EU PTD regime."

City AM

CORPORATE

Leica thrives with $10,000 cameras

Leica has achieved record sales in four of the past five years, generating around $650m in revenue as demand for its premium, retro-designed cameras has grown among younger consumers. The company manufactures largely in Germany and Portugal, producing just 45 of its bestselling M-series cameras each day, with the digital M11 costing more than $10,000 and the analogue M6 around $7,000. Since majority owner Andreas Kaufmann invested in the near-bankrupt business in 2004, Leica has embraced digital photography, expanded to 120 branded stores and brought distribution in-house, with its own channels now generating 50% of sales. New chief executive Andreas Voll plans to expand video products and introduce a lower-priced camera to attract younger buyers, while Leica is diversifying suppliers and markets to reduce its exposure to geopolitical risks.

Wall Street Journal

INTERNATIONAL

Chinese retail chain faces backlash over four-year contract plan

Pangdonglai, a popular Chinese supermarket chain known for generous employee benefits, has faced criticism after founder Yu Donglai proposed limiting future new hires to four-year contracts with no renewal. The contracts would form part of what Yu described as a “training initiative,” but critics argue the policy could allow the company to replace employees just as they become more experienced. The controversy marks an unusual backlash against Yu, who has built a reputation as one of China’s most employee-friendly business leaders. Pangdonglai’s roughly 8,000 workers reportedly earn above-average salaries for Henan province and receive 30 days of paid leave plus 10 days of “unhappy leave” for periods of emotional distress. Jobs at the retailer are highly sought after, particularly amid China’s economic slowdown.

South China Morning Post

OTHER

Prada targets ultrarich customers with exclusive products and experiences

Prada is stepping up efforts to attract its wealthiest customers as weaker demand from aspirational shoppers weighs on the wider luxury market, offering private shopping spaces, exclusive experiences and products including handbags costing more than $20,000 and custom-made archive skirts priced at up to $100,000. Chief executive Andrea Guerra said Prada generates around €7 in spending from top customers for every euro spent entertaining them, although this trails returns of up to ten-to-one reported by rival luxury groups. Prada is expanding its private-client concept to 25 major luxury markets while retaining lower-priced entry points, as it seeks to compete more closely with brands including Louis Vuitton, Dior and Chanel for high-spending customers.

Wall Street Journal

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