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Germany's IG Metall union has warned that its members will resist attempts by Volkswagen to undo a previously agreed restructuring package, although it stopped short of threatening strikes ahead of a critical board meeting scheduled for the end of this week that will see a vote on what currently are three rival restructuring proposals. The automaker's biggest overhaul ​to date could include plant closures, the carve-out of some units and 50,000 further ⁠layoffs. "I can only warn you: If the board tries to call this agreement into question again, then the factory floors will be up in arms at all our sites," Thorsten Groeger told workers in Hanover, one of the sites that faces closure. "We will oppose it with all our might," said the representative for Germany's largest union.

 

Reuters

Andrew Bailey, the Governor of the Bank of England, has written to G20 finance ministers and central bank governors to express his concerns about the risks posed by advanced artificial intelligence. He said that "frontier" AI models exhibit sophisticated autonomy and could destabilise the global financial system through cyber-disruption. Bailey noted that many jurisdictions lack protocols to manage these technologies, increasing risks for the financial sector. He called for international cooperation to address such challenges.

 

The Guardian

OpenAI's ChatGPT will be classified as a very large online search engine under the EU Digital Services Act (DSA), requiring it to comply with stricter regulations. The European Commission also announced that social media forum Reddit and gaming platform Roblox would be classified as very large online platforms. All three will therefore face extra obligations such as removing illegal content and protecting the privacy and security of children. Non-compliance could result in fines of up to 6% of global revenue.

 

Financial Times

Reuters

The Daily Telegraph

JD.com’s proposed acquisition of MediaMarkt parent Ceconomy, valuing the business at €4bn including debt, is facing an in-depth European Commission investigation over concerns the Chinese retailer may have benefited from preferential loans, taxes and subsidies. JD.com, which is offering €4.60 per share and had secured a 59.8% stake by November 2025, denies the allegations and says the deal is financed through private bank loans and its own funds. The company has offered concessions to Brussels, with a provisional decision expected by October 23rd, while Austrian authorities have separately raised data protection concerns. Ceconomy has said the proposed takeover will have no impact on MediaMarkt’s branch network.

 

Luxembourg Times

A UK-based cryptocurrency executive who is wanted in the US on wire fraud and market manipulation charges could be delivered to the US to stand trial after losing a legal challenge against extradition. Manpreet Kohli, a 45-year-old Indian national and the former chief executive of cryptocurrency company Saitama, was arrested in London in 2024 after US prosecutors accused him and more than a dozen others of carrying out a widespread fraud. Kohli ​remains free on £200,000 ($272,420) bail and can appeal against the ruling.

 

Reuters

Singapore-based iron ore trader Radiant World is threatening legal action against its larger rival Glencore, claiming $1.4bn in losses amid disputes over trading practices and liquidity issues, which Glencore denies.

 

Financial Times

Brexit is costing the UK £11.7bn a year in lost exports, according to Logistics UK. A report from the trade association says that 98.2% of businesses want access to the EU single market restored. Meanwhile, a European Movement UK survey reveals that 72.8% of firms feel Brexit negatively impacts their operations. Mike Galsworthy, chair of European Movement UK, said: “The absolute killer on our businesses, large and small, is paperwork. What hurts is the sheer time, cost and risk of it. Brexit is a huge source of that paperwork, creating vast barriers where previously there were none. Rejoining the single market and customs union, or better, the EU outright, would remove it entirely."

 

The Independent UK

Iceland has rejected restarting negotiations on joining the EU, with 52.8% voting against and 47.2% voting in favour. Demand for absolute self-governance overcame any other concern, experts said.

 

Financial Times

UK government ministers are considering a punitive exit tax for businesses that relocate abroad after benefiting from UK taxpayer funding. The proposed levy aims to prevent university spin-outs or start-ups supported by state grants from taking valuable intellectual property and jobs overseas. Lord Vallance, chair of Andy Burnham's AI Taskforce, is leading the initiative. The tax would be based on a company's valuation if it sells or floats abroad after receiving public money. One industry source said: "The optics of spin-out companies going abroad does not look good for the UK voter."

 

The Times

Pernod Ricard has confirmed that its board is evaluating a potential IPO of its Indian operations and has begun legal preparations to preserve the option of a listing. Chief executive Alexandre Ricard said discussions remain ongoing, with the group assessing the strategic rationale and potential value for shareholders. The potential listing comes after Pernod Ricard’s Indian business reported 7% revenue growth in the year ended June 30th, contrasting with weaker performance in some of the group’s other major markets. The company also expects the India-UK free trade agreement to support growth through increased Scotch exports, product innovation and potential price adjustments, while it sees further upside from a possible EU-India trade agreement.

 

Economic Times

London-listed advertising agency WPP will shed up to 1,000 more jobs in the second half of the year as new chief executive Cindy Rose accelerates restructuring efforts.

 

Financial Times

Anthropic has launched a research preview of "Model Hardware Standard", ​a framework for AI agents ‌to operate physical devices in scientific research and advanced manufacturing. The company said it aims to help companies reduce the amount of time it takes to set up and integrate their hardware; companies will be able to integrate AI into their equipment in “hours or minutes,” whereas such a process would typically take “weeks, if not months,” and require specialists to do a custom build, Anthropic said. The standard works ​on any ​device that ⁠has a programmable interface and allows devices and agents ​to communicate across networks, according to the company.

 

CNBC

Fortune

Reuters

Two employees at Frankfurt airport have died after contracting malaria from a mosquito likely carried on an incoming flight, said the city's health authority. The Robert Koch Institute (RKI) identified the Anopheles mosquito as the source. Malaria is rare in Germany, complicating diagnosis and treatment. The RKI says the country's last airport-linked malaria outbreak was in 2023. Four remaining infected employees are in hospital, and mosquito traps have been installed to capture specimens for genetic testing.

 

AlJazeera