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Volkswagen's supervisory board has approved a transformation plan that will see around 50,000 jobs being cut, in addition to a 50,000-job reduction already under way. The plan, which is the most extensive restructuring in the automaker's 89-year history, includes exploring alternatives for four plants in Emden, Zwickau, Neckarsulm and Hannover. The company said the changes are necessary amid rising global competition, shifting demand, and technological advancements. Volkswagen aims for an operating margin of 9% by 2030, up from 3.8% in H1 2026. "This is a strong signal for the future of the Volkswagen Group. We are taking responsibility for our entire workforce, for our partners and for industrial jobs worldwide," CEO Oliver Blume said. Asset manager Union Investment has warned that VW's credit rating could be cut to 'junk' status unless it cuts costs.

 

Deutsche Welle (EN)

France 24

Wall Street Journal

Reuters

The Dutch central bank has moved 86 tonnes of gold reserves out of the US and Canada to London. De Nederlandsche Bank (DNB), citing “increasing geopolitical unrest,” said gold reserves held in London could be traded more easily than those held in New York and Ottawa. “This makes it the quickest for DNB to deploy in a crisis situation . . . With this step, we have improved the deployability of the gold reserves. We assume that we will never need to deploy the gold, but it is nevertheless necessary to strengthen our resilience and preparedness,” explained DNB’s president, Olaf Sleijpen.

 

CNBC

Euronews

BBC News

The Guardian

The National Audit Office has warned the government to strengthen preparations for serious food shortages as extreme weather, cyber-attacks and disease increase risks to UK supplies. It urged Defra to develop emergency plans with businesses and households. The warning follows drought and wildfires that damaged European crops and a difficult year for British farmers. National Farming Union president Tom Bradshaw said food availability had been taken for granted. Defra said it was working with farmers and the food industry to strengthen food security.

 

The Daily Telegraph

The Sun

Ann Pope, a former senior director at the UK's Competition and Markets Authority, has filed a £2bn lawsuit against Apple on behalf of app developers. The claim alleges that Apple's app tracking transparency framework unfairly favoured its own apps over third-party developers. Pope said: "Privacy is an important protection for consumers, but it should be applied fairly and in a way that ensures businesses of all sizes can compete on a level playing field. It cannot become a reason for digital platforms to play by one set of rules while forcing app developers to play by another."

 

The Times

Germany has approved tax cuts worth about €10bn ($11.6bn) aimed at boosting disposable income ‌for low- and middle-income households. Finance Minister Lars Klingbeil said a middle-income family with ​two children would have more than €600 a year extra available from 2028. Meanwhile, the existing 45% top income tax rate will apply from taxable income of €250,000, and a new ​47% rate will be levied on annual income above €280,000. Klingbeil's party, the Social Democrats, call the measure ​a "super-rich tax." He told reporters in Greenville, South Carolina, following a ‌meeting ⁠of G20 finance ministers: "We have . . . decided to make the tax system fairer," adding: "Those with the very highest incomes must make a somewhat greater contribution."

 

U.S. News

Business secretary Jonathan Reynolds has privately reassured business leaders that the government will not be pursuing an exit tax for companies that move overseas after spinning out of British universities.

 

Financial Times

The use of AI at financial services companies to search for cyber weaknesses threatens to create “bottlenecks” because the models are identifying so many problems, the UK's Financial Conduct Authority says.

 

Financial Times

De Nederlandsche Bank (DNB) is set to eliminate 290 full-time jobs as part of a reorganisation plan. Most job cuts will occur after contracts expire, although forced layoffs are not “unavoidable.” The Dutch central bank said it aims to reduce its workforce to approximately 2,090 by 2030, primarily affecting IT, Finance, HR, and communication departments. The reorganisation is expected to save over €70m. DNB noted that its budget has increased significantly since 2020, reaching €576m due to various factors, including new legal jobs and IT investments.

 

NL Times

Poor workforce health cost the UK economy £87bn last year, according to a Simplyhealth analysis. The largest expenses included £51.6bn from sickness absence and £20bn in lost productivity. Employees reported losing an average of 2.1 working days due to difficult access to healthcare. Simplyhealth said: "The impact of workforce health on the economy is significant and requires urgent attention."

 

The Times

Lloyd's of London has reported a 16.7% decline in pre-tax profit, totalling £3.5bn for the first half of 2026. Despite a 6.9% increase in gross written premiums to £34.7bn, investment returns fell to £1.8bn due to geopolitical tensions and inflation. However, the core business showed improvement.  Its combined ratio, a key measure of insurance profitability, improved to 90.8%. Lloyd's said it remains committed to a four-point growth strategy set out by chief executive Patrick Tiernan, aimed at enhancing operational efficiency and capital optimisation.

 

Financial Times

The Times

The Daily Telegraph

The majority of Britons believe Brexit was a “wrong turn,” with 55% agreeing with Prime Minister Andy Burnham’s assessment, compared with 21% who disagreed. Around one in ten (11%) said neither and 13% were unsure. The view is strongly divided by voting intention: 78% of Labour’s 2024 voters considered Brexit a wrong turn, compared with 59% of Reform voters who viewed it as a right turn. Mr Burnham has argued that Brexit compounded decades of problems including deindustrialisation, privatisation and austerity, contributing to low growth and stalled regeneration outside London and the South East of England.

 

The Independent