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European Edition
1st October 2026
 
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THE HOT STORY

North Korean group steals millions in worldwide crypto hack

North Korean hacking group WaterPlum is exploiting job advertisements to gather sensitive information from applicants worldwide. Authorities from the US, Japan, Germany, and Australia reported that the group has infiltrated over 30,000 devices, stealing $US10.71m in cryptocurrency. WaterPlum posed as employers, targeting IT professionals and using AI face-swapping software during fake interviews. Dr Andrew Cullen from the University of Melbourne said it was difficult to understand the scale of the problem, especially as it related to workers infiltrating companies, because that information was rarely disclosed. "It's really hard for governments and cybersecurity organisations to try and collect this large-scale data to show how much of a problem it is across the economy," he said.
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WORKFORCE

VW union angered after labour deals cut short

Volkswagen has terminated most of its collective bargaining framework from December 1, in a move which could precipitate the renegotiation of costly labour benefits for the carmaker's German workers, raising the risks of strike action. Thorsten Groeger, a representative for IG Metall, Germany's top industrial union, said the terminations were "a despicable blow to the workforce . . . We will not accept this. Anyone who tries to reach into the employees' pockets must ​expect a fight." Arne Meiswinkel, the human resources chief of VW's core brand, said terminating the agreements "gives us room to negotiate ‌so that ⁠we can then agree on the necessary measures . . . We must continue to work on our cost structures."
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LEGAL

UK government expands legal time limit for tribunal claims

As of today, employees in the UK will have six months, rather than three, to bring employment tribunal claims including unfair dismissal, discrimination and unlawful wage deductions. Employment lawyers warn the extension could increase claim volumes, prolong workplace disputes and create greater document retention and witness management obligations for employers. Businesses will need clear records of decisions, risks and communications. The change is the first phase of wider Employment Rights Act reforms; further trade union and industrial action rights are due on October 30.
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STRATEGY

Arcadis to cut 1,000 jobs

Dutch consultancy and engineering firm Arcadis is cutting approximately 1,000 jobs as it announced a "reset" strategy to simplify its organisation and focus on high-demand markets, leveraging AI and digital innovation. CEO Heather Polinsky said: "We are building a more focused, higher-performing Arcadis that delivers sustainable value for shareholders, our people and our clients." The company plans to divest most of its architecture and China operations, with job cuts expected as part of "overhead right-sizing targeted in 2027."

BMW to axe more than 100 managers

BMW is cutting over 100 managerial positions amid declining sales and profitability. The German carmaker set to shed about 20% of its 65 senior vice-presidents.
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WORKPLACE

Dutch rail workers’ union wants action over growing violence

The VVMC rail workers' union has raised concerns about escalating violence on the Dutch rail network. In a letter to politicians, the union highlighted a yearly increase in both the number and severity of violent incidents. Rail operator NS said it has introduced several new measures in recent months to improve staff safety. "All our train conductors will receive a bodycam this year, and a pilot has been launched for a baton for our Veiligheid & Service employees. We are also making every effort to recruit new colleagues for Veiligheid & Service," the company said
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CORPORATE

Moscow takes control of German retailer Metro's Russian assets

Russian authorities have taken control of the assets of German retailer Metro, placing them under temporary administration. President Vladimir Putin's decree assigned management to a company called UK Torg RUS. The move follows similar actions against Nestle and Auchan. As of June 30, the cash reserves of Metro's Russian companies totalled €152m. Many Western firms have exited Russia, but some remain, citing concerns for their employees or citizens' well-being.
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REGULATION

Swiss regulator concludes Julius Baer bank probe

Switzerland's financial regulator, the Swiss Financial Market Supervisory Authority (FINMA), has found that wealth manager Julius Baer committed "serious" regulatory violations. The inquiry related to private debt loans to a European group, and client relationships tied to two Russians who were described as politically exposed. FINMA said it had established that the bank had "committed serious violations of supervisory provisions," highlighting breaches of "the requirements for appropriate risk management and the legal obligations relating to the prevention of money laundering." FINMA said it was "confiscating" around 10 million Swiss francs ($12m) in ill-gotten gains and had opened proceedings against three former employees.
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TECHNOLOGY

Trump calls for ‘tremendous self-regulation’ of AI

President Trump has called for “tremendous self-regulation” of artificial intelligence at a White House summit with tech leaders including Meta’s Mark Zuckerberg Nvidia’s Jensen Huang, XAI’s Elon Musk and Google’s Sundar Pichai, who agreed to a “morally binding” set of principles for the technology. “We automatically have regulation with the Department of Justice, the FBI, all of that. But the self-regulation is very important,” Trump said.  Six of the CEOs signed a one-page document titled the “White House Accord on Super Intelligence: Joint Commitment on Frontier Responsibilities.” Trump told reporters: “It’s almost like a constitution in a way,” adding: “The biggest people in the world signed that, and I signed it as president, and it really is a form of protection . . . I think it’s morally binding.”
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INTERNATIONAL

Workers fired for supporting rapist boss

Three employees at Western Power in Western Australia were dismissed for writing character references for their convicted rapist manager, Jeffrey David Spinner. Spinner received a five-year sentence after being found guilty of sexual penetration without consent. Lawyer Tom Percy KC observed that the workers likely have grounds to sue for wrongful termination. "I think they'll overturn it in court pretty shortly, because it's just not fair . . . it's a human right to be able to offer someone a character reference if they ask you to do so and you think it's appropriate," he said. Western Power confirmed the dismissals followed an internal investigation that deemed the employees' conduct inconsistent with company values.

Disney is laying off around 300 employees

Disney is laying off approximately 300 employees, primarily in human resources and technology roles, as part of ongoing job cuts since CEO Josh D'Amaro took over earlier this year. The layoffs follow previous reductions, including plans to eliminate up to 1,000 roles in April and further cuts in July affecting various corporate functions, particularly at Pixar and National Geographic. In its August earnings report, Disney indicated it was "evaluating ways to reduce costs" and had begun offering early-retirement buyout packages to long-serving executives. "We remain highly focused on reducing costs across the enterprise to create incremental capacity to invest for growth," Disney said.

Chinese workers demand a proper break

As China approaches a week-long holiday, workers are voicing their frustrations on social media about being required to work weekends before and after the break. The backlash highlights ongoing issues of low pay and inadequate labour protections. Suzy Li, a tourism worker, described the practice of requiring workers to maintain output as "inhumane" and she called for consumer boycotts against companies that enforce such demands. Meanwhile, a Supreme People's Court report indicates that in the first nine months of 2025 (the latest statistics available), courts in China accepted 648,000 labour disputes against employers, a 37.5% increase year-on-year. “This is a highly significant shift,” that reflects “deep-seated changes in the Chinese economy,” observed Mingwei Liu, director at the Centre for Global Work and Employment at Rutgers University in New Jersey. “For workers, the previously implicit effort-reward contract is breaking down. Today, promotions, wage growth, and employment are all much more uncertain, yet excessive overtime persists. The sacrifices demanded by companies have not decreased, but the rewards they are able to offer are shrinking.”
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OTHER

Spain proposes stronger protections for vulnerable tenants

Spain’s government has approved measures aimed at easing the country's housing crisis, including extending restrictions on evicting vulnerable tenants until 2030. Proposals also include regulating temporary and room rentals, restricting property purchases by investment funds until 2028, and extending some rental agreements. The measures require the approval of parliament, where the government lacks a majority and faces opposition from some parties.
 
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