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Tax police in Italy have searched Amazon's headquarters in Milan in a new tax evasion probe, two sources have told Reuters. The Guardia di Finanza tax police also searched the homes of seven Amazon managers and the offices of auditing firm KPMG. The tech giant said in a statement that the Milan prosecutors' actions were "aggressive and wholly disproportionate" at a time when it was engaged in a "transparent dialogue with Italian tax authorities to gain clarity on complex technical matters." The ongoing investigation is examining whether the company had an undisclosed, permanent base in Italy from 2019 to 2024 and should therefore have paid more local taxes.

 

Reuters

European Council president António Costa tells the Financial Times that Europe needs a “big bang” moment in which EU capitals set aside their national interests and finally tackle regulatory inertia.

 

Financial Times

Bank executives are pushing to dissuade the UK Treasury from appointing former senior US financial regulator Michael Hsu as the next chief supervisor of the Bank of England’s Prudential Regulation Authority.

 

Financial Times

Google is being investigated by the European Commission over concerns it is illegally rigging the cost of advertising on its search engine. The tech giant is suspected of "artificially increasing the clearing price" of ad auctions "to the detriment of advertisers," which could violate competition rules. “Google Search ads help small businesses compete with the biggest brands, driving economic growth and keeping the web free for everyone,” Google said in an emailed statement. “Ad prices are determined by a real-time auction designed to show people the most relevant ads, taking into account factors like advertiser competition and ad quality.”

 

Bloomberg

Instagram head Adam Mosseri has defended the platform’s product decisions at a Los Angeles trial alleging “social media addiction” and youth mental-health harms. A plaintiff who began using Instagram at age nine says Meta and YouTube profited by hooking children despite known risks, contributing to depression and body dysmorphia. Court emails showed internal debate about allowing face-altering filters. Mosseri said he sought balance, supporting allowing some filters without boosting them in recommendations.  Meta CEO Mark Zuckerberg is also expected to testify in the coming weeks.

 

Reuters

China has officially charged AstraZeneca's former regional head, Leon Wang, with illegal trading, unlawful collection of personal information and medical insurance fraud, alongside another former employee. Wang, who has been in detention since 2024, was the drugmaker’s most senior executive in China for a decade until his arrest.

 

Caixin Global

Financial Times

Reuters

French police have arrested nine individuals, including two Louvre museum employees, for their suspected involvement in a ticket fraud scheme targeting mainly Chinese tourists. The operation followed a report from the museum, which observed a rise in ticketing fraud. The fraud scheme reportedly began in summer 2024. This incident comes amid heightened scrutiny of the Louvre, following a high-profile robbery in October where thieves stole jewellery worth €85m.

 

France 24

Labour unions in Luxembourg are urging Prime Minister Luc Frieden to lead fresh discussions regarding the future of 1,150 jobs at ArcelorMittal. The unions, LCGB and OGBL, have withdrawn from negotiations due to what they say is a lack of clarity on job relocations. They are seeking details about Frieden's recent meeting with ArcelorMittal's executive chairman, Lakshmi Mittal, at the World Economic Forum. Robert Fornieri, deputy general secretary of LCGB, said: "The ball is now in the government's court to resolve this ambiguity."

 

Luxembourg Times

Dutch lender ABN Amro is undergoing a significant restructuring under CEO Marguerite Bérard in a bid to to enhance profitability. The bank has already eliminated around 1,500 full-time positions, which is 30% of the planned 5,200 job cuts by 2028. Bérard noted that AI will take over some employee tasks, prompting a shift to in-house IT operations. Despite a 3% rise in operating expenses and a 6% drop in annual net earnings to just under €2.3bn, the bank plans to repurchase shares and pay dividends. Bérard described the economic climate as "volatile" but says she remains optimistic about the Dutch economy.

 

NL Times

BASF has said it plans to relocate several service functions to a new global hub in India, citing cost efficiency and a goal to make its Global Business Services more competitive. The move will affect jobs at its Berlin site, though BASF said planning is at an early stage and the shift would occur gradually by the end of 2028. The chemicals union IGBCE criticised the decision, with chair Michael Vassiliadis calling it “a blow to employment policy.” BASF’s services unit has about 8,500 staff, including 2,800 in Berlin, as the company continues broader cost-cutting amid weak demand.

 

Yahoo! Finance

China’s commerce ministry has said Chinese electric vehicle makers can negotiate independently with the European Union on tariff arrangements, after Volkswagen won a reprieve for a China-made Cupra Tavascan. The European Commission approved an exemption from 2024 import duties in exchange for a minimum price and a sales quota, the first such waiver since the measures began. Commerce ministry spokesperson He Yadong said: “It is hoped that more Chinese companies will reach agreements with the European side on price commitments.” He added that both sides support using price undertakings.

 

Reuters

Norwegian security agencies have raised alarms about increased intelligence operations from China and Russia in 2026, particularly targeting maritime infrastructure. The Norwegian Police Security Service (PST) said that this represents Norway's most serious security situation since World War II. The report highlights Russia as a significant threat, exacerbated by Norway's support for Ukraine and economic sanctions against Moscow. Additionally, PST noted the Chinese cyber espionage campaign, Salt Typhoon, which aims to breach critical infrastructure in Norway. "We are facing unprecedented challenges," PST said.

 

The Maritime Executive Magazine

Dealmakers and lenders are facing a ‘Darwinian moment’ as digital services risk being made obsolete by groundbreaking technologies such as start-up Anthropic's new AI model, the Financial Times reports.

 

Financial Times