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Analysis shared with the Observer indicates that the Big Four accounting firms audit offshore companies linked to an estimated $37bn of investment in economies that the World Bank says have a "low rule of law." The report says 90% of the money is held in networks deemed to be at "high risk" of sanctions, or involved in illicit financial activity, such as corruption, organised crime, or fraud. The research, led by the University of Sussex’s Centre for the Study of Corruption in partnership with the Tax Justice Network, examined around 12,000 offshore holding companies linked to 18 major economies. Researchers say Deloitte, EY, KPMG and PwC play a significant role in offshore structures linked to Russian oligarchs and other wealthy individuals, although the findings do not prove wrongdoing.

 

The Observer

Saudi Aramco evacuated its headquarters in Dhahran on Thursday following an alarm, and has asked employees to work remotely. Sources said the reason for the alarm wasn’t immediately known and it wasn’t clear how long staff would be asked to work away from headquarters. The kingdom is on alert after recent attacks from Yemen’s Houthis, including lethal strikes on the oil giant's operations. Bloomberg notes that the US State Department has ordered non-emergency personnel and their families to leave Saudi Arabia because of the growing threat from Houthi attacks.

 

Bloomberg

The UK government is to commit £100m to establish a national AI Biosecurity Lab in an effort to enhance defences against biological threats. The initiative is designed to bolster the UK's response to evolving cyber and AI-enabled risks. AI Minister Kanishka Narayan said the lab will unite leading scientific expertise to safeguard citizens. Additionally, finance minister John Healey is set to pledge £120m to the AI Security Institute and £60m for a National Cyber Shield to strengthen cyber-defences.

 

BBC News

The Independent

Russia-linked hackers used a decentralised volunteer-run network to obscure their communications during an attack on a Ukrainian grain logistics company, according to Slovakia-based cybersecurity ​firm ESET. This marks the first known instance of a state-affiliated group employing such a network. The attack, which resulted in significant data destruction on September 17 last year, began with a phishing email that allowed the attackers to remotely control the company's systems. ESET attributed the incident to Sandworm, a hacking group associated with Russian military intelligence, saying: "the technique could make hacking operations harder to identify and disrupt." Agriculture, which is crucial to Ukraine's economy, has been a primary target throughout the ongoing conflict.

 

U.S. News

The UK's Financial Conduct Authority (FCA) has warned private equity, private credit and property fund managers to strengthen controls against conflicts of interest after a review found weaknesses in governance, including inadequate monitoring of gifts, cross-fund transactions and confidential information. The warning comes amid rapid growth in private markets. Bank of England data shows that assets under management in private equity and private credit have grown from $3trn to $11trn over the past decade. Recent company collapses linked to private credit have raised concerns about asset quality, fraud and underwriting standards, and the Bank is assessing how private equity and credit firms would withstand a financial crisis.

 

The Times

UK lender NatWest is facing questions over its banking relationships with two investment businesses that have been accused by the Financial Conduct Authority (FCA) of operating Ponzi schemes. Court filings allege that accounts held by an accountant received £73.3m for Hunter Jones and its property investment business HJ Collection between 2019 and 2025, including £62.4m from individual investors. The FCA also alleges that £12.9m in repayments to investors may have been funded, wholly or partly, by money from subsequent investors rather than legitimate property investments. The bank is also under scrutiny over its links to collapsed £250m investment firm 79th Group. Martin Richardson, senior partner at Richardson Hartley Law, said that if the FCA's claims are accurate, NatWest appears to have missed "massive red flags."

 

The Times

Luxembourg's labour minister, Marc Spautz, has confirmed that Amazon is under investigation for failing to maintain a mandatory overtime register. Spautz said: "Something that is definitely missing . . . is a register to log overtime." The investigation follows eight complaints from employees regarding potential labour law violations. Spautz emphasised that Luxembourg labour law applies to all companies, regardless of size. He said he expects the workplace health and safety authority, ITM, to submit a report before Christmas.

 

Luxembourg Times

Eurozone consumer confidence has declined for the second consecutive month in October, with the European Commission’s flash indicator falling 1.1 points to -17.9, below economists’ expectations of -17. Rising energy prices linked to the ongoing Middle East conflict have intensified inflationary pressures, pushing household sentiment further below its long-term average.

 

Reuters

Wall Street Journal

Germany's Verdi trade union is calling for warning strikes in the country's private banking sector as it negotiates ​with employers for a ​pay increase ahead of a ​second round of wage ​talks. The union wants a ‌6% ⁠wage increase for a deal covering 12 months. "Those who contribute to the banking industry's success ​every day ​are ⁠rightly expecting their fair share," said ​Verdi chief negotiator Jan Duscheck. 

 

Reuters

Foreign buyers spent £74.1bn acquiring UK companies in the nine months to June, compared with just £800m spent by domestic buyers, according to advisory firm Trachet. Overseas investors completed 759 acquisitions against 605 by UK buyers, marking four consecutive quarters in which foreign purchasers have led on deal numbers. Trachet chief executive Claire Trachet said British dealmakers were being “severely outgunned,” although she noted that foreign acquisitions can provide UK businesses with funding, scale and international reach. Meanwhile, UK companies have increasingly opted to list overseas, with seven businesses worth a combined £270bn launching initial public offerings abroad since 2023, according to Peel Hunt.

 

The Times

Volvo Cars is to eliminate 2,500 jobs globally, primarily in Sweden, as part of a cost-cutting strategy amid fierce competition and declining sales. The company reported an adjusted operating loss of 3.7bn Swedish crowns ($373m) for the third quarter, a significant drop from a profit of 5.8bn crowns the previous year. "The third quarter of 2026 was very disappointing and reflects a year that ⁠has become far more challenging than originally anticipated. Our ongoing turnaround plan therefore ⁠needs a decisive reinforcement," CEO Hakan Samuelsson said. "We are convinced that we have the right long-term strategy addressing these challenges," he added. The jobs cuts would be made "through natural attrition and by targeted exit packages to employees," Volvo said.

 

Daily Sabah

France 24

YLE Uutiset

Italian insurer Generali is to cut 800 jobs at its German unit - or about 9% ​of its current workforce of 9,100 employees - by ​the end of ​2030 as part of ⁠a restructuring programme. ​The workforce reduction would be mainly implemented through retirements ‌and ⁠attrition, Generali said.

 

Reuters

AstraZeneca is partnering with Oracle to improve patient recruitment in clinical trials. A non-binding agreement will see the two companies “explore selected use cases that could improve clinical-trial efficiency and success by leveraging modern applications and AI.”  AstraZeneca's Chief Digital, Data and AI Officer Anne-Claire Gerbaldi said: “Oracle and AstraZeneca . . . believe we can support smarter clinical trials, strengthen safety monitoring, and help ensure patients are diagnosed sooner and receive the right care.” Reuters notes that patient ⁠recruitment remains one of the biggest challenges in clinical research. Delayed enrolment often extends trial timelines and increases development costs.

 

Fierce Biotech

Reuters