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Unilever's European works council has said that the company's $65bn merger with McCormick could precipitate union action over potential job losses. The labour pushback comes as Unilever CEO Fernando Fernández seeks to streamline operations and focus on high-growth categories. The deal, which combines brands including Hellmann's and Knorr with McCormick's spices, is expected to close next year pending approvals. "We fear that ​a possible transaction could be accompanied by further personnel measures," the ​Unilever European Works Council (UEWC), which represents nearly 20,000 employees in Europe and Britain, told Reuters. "Uncertainty among the workforce is high." The UEWC said it would weigh what action might be taken if Unilever does not "find ​good solutions for ​affected employees," adding "It could ⁠lead from negotiations to maybe strikes in different countries where that is possible. It depends on ​the legislation around Europe."

 

Reuters

JD.com has cautioned that its planned $2.5bn acquisition of German retailer Ceconomy could be delayed beyond the first half of 2026 after facing regulatory scrutiny in Austria, where the company is resubmitting its application. While Austrian authorities denied obstructing the deal, uncertainty over the approval process has weighed on Ceconomy’s shares, despite progress elsewhere with conditional approval in Italy and expected support from Germany.

 

Reuters

The Bank of England has warned of increasing risks to the financial system due to ongoing market volatility and the Middle East conflict. The Bank's Financial Policy Committee said the conflict was "likely to interact with vulnerabilities" in the UK economy, adding that while the financial system has been "resilient so far . . . the shock will weigh on growth, increase inflation and tighten financial conditions." The Bank said that with the "global environment . . . materially more unpredictable as a result of the conflict," this increases the likelihood of "large, frequent and potentially overlapping shocks, and episodes of intense market volatility." Meanwhile, Prime Minister Sir Keir Starmer has acknowledged the economic turmoil, saying that he "had to level” with the British public that the impact "would not be easy."

 

Financial Times

Daily Mail

The Daily Telegraph

As loan portfolios face pressure, regulators, credit rating agencies and financial pundits are beginning to ask whether the private markets boom will lead to a more general crisis.

 

Financial Times

The Italian Data Protection Authority has imposed a €31.8m fine on Intesa Sanpaolo, Italy's biggest bank, for significant lapses in personal data security. The fine follows an investigation into a data breach reported in July 2024, where an employee accessed the banking information of 3,573 customers without justification. Over 6,600 searches were conducted between February 21, 2022, and April 24, 2024, and these unauthorised accesses went undetected by the bank's internal control systems.

 

ANSA.it

Pharma companies are delaying launches of some new drugs in Europe as the sector tries to manage with US pressure ​and pricing policy shifts from President Donald Trump, according to executives, an industry trade group and data shared with Reuters. "We're seeing first signs of delayed introductions into Europe," said Stefan Oelrich, president of trade body the European Federation of Pharmaceutical Industries ​and Associations and a senior executive at Bayer. He said it was "a consequence of uncertainty around what that ultimately does to US pricing."

 

Reuters

UK Oil & Gas Investments (UKOG) has had its shares suspended due to a second consecutive failure to file its audited annual report and accounts on time. The firm said it anticipates that it will be in a position to publish the report "very shortly." The firm's shares were also suspended at the start of April 2025 and not restored until October, after it eventually published accounts detailing a £38m pre-tax loss. It also warned of a material uncertainty that cast significant doubt on its ability to continue as a going concern.

 

The Times

Chinese carmaker Geely will build more vehicles in Europe using existing plants owned by Volvo Cars as the group’s founder warned of “very serious” overcapacity in the global car industry.

 

Financial Times

Hungary recovered and handed over less than a fifth of the funds flagged by Brussels for potential fraud between 2015 and 2024, according to data from EU anti-corruption watchdog Olaf.

 

Financial Times

Ukraine has apologised to Finland after two stray drones crashed in Kouvola in the south east of the country. A representative from the Ukrainian foreign affairs ministry said: "The drones were not targeting Finland under any circumstances." The incident is believed to have resulted from electronic signal interference by Russia. Finnish authorities confirmed that at least one drone was Ukrainian and destroyed it due to an undetonated warhead. The National Bureau of Investigation has launched a preliminary investigation into the matter.

 

YLE Uutiset

Germany's Chancellor Friedrich Merz has said that he and Syrian President Ahmed al-Sharaa aim for 80% of the Syrian diaspora in Germany to return home within three years. The stated agreement follows Sharaa's first presidential visit to Germany, where he discussed a "circular" migration model to allow Syrians to contribute to their homeland's reconstruction. But rights campaigners have criticised Sharaa's Germany visit, pointing to his Islamist past and ongoing violence and instability in Syria.

 

France 24

Amnesty International has raised concerns that the upcoming World Cup in the US, Canada, and Mexico may become a "stage for repression." In its report, called "Humanity Must Win", the organisation urged FIFA and the host nations to take immediate action to safeguard the rights of fans and players. Amnesty highlighted the US's "human rights emergency" under the Trump administration, citing issues including mass deportations and aggressive ICE operations. Steve Cockburn, Amnesty's head of economic and social justice, said: "While FIFA generates record revenues from the 2026 World Cup, fans, communities, players, journalists and workers cannot be made to pay the price . . . It is these people - not governments, sponsors or FIFA - to whom football belongs, and their rights must be at the centre of the tournament."

 

France 24