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European Edition
23rd October 2026
 
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THE HOT STORY

Barclays to cut 5,000 jobs

UK bank Barclays plans to cut around 5,000 jobs, equivalent to about 5% of its global workforce, as part of a modernisation and cost-cutting programme that includes expanding its use of AI. Around 1,000 roles have already been eliminated, with a further 4,000 cuts expected by the end of the year. Most reductions will occur in its UK retail bank and support functions, with some roles affected in India. Barclays said AI was an increasingly important part of its technology strategy, but noted that the cuts were not all directly related to increased use of the technology. Chief executive CS Venkatakrishnan said AI is "the icing on the cake not the cake."
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RISK

Paris luxury retailers brace for further unrest

Luxury retailers across Paris have suffered significant damage and disruption following widespread rioting, with stores operated by Burberry, Dior, Guerlain, and Hermès among those targeted by looters. Several boutiques remain closed, while major luxury brands including Louis Vuitton have strengthened security ahead of further planned protests. Carrefour has warned that damage to approximately 50 stores, alongside weaker consumer confidence and higher security costs, could reduce profitability by up to €200m, while lingerie retailer Etam has reported €1m in lost sales and a further €500,000 in stolen goods and property damage. The unrest has also prompted cancellations at luxury hotels, raising concerns over tourism spending and demand for high-end goods ahead of the Christmas shopping season. 
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WORKFORCE

Spanish and Portuguese unions weigh joint strike

Spanish and Portuguese trade unions are discussing a joint Iberian general strike after several Spanish unions called nationwide action for 11 November. The leader of CCOO, Spain's largest union, has confirmed that coordinated action with Portuguese counterparts is under consideration.

Dutch workers more likely to stay on after state retirement age

The number of Dutch workers over 67 has surged by over 50% in eight years, according to the statistics agency CBS. In Q2 2023, 152,000 individuals, or 1.7% of the workforce, were still employed past retirement age. This is up from 1.2% in Q1 2018. Men are more likely to continue working, with 2.3% of men over 67 employed compared to 1.1% of women. Sector differences are notable: for example, 4.3% in real estate versus 0.6% in civil service. A study by the demographic institute NIDI in 2023 found enjoyment of work, rather than financial need, drives many to stay employed.
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TRAINING & DEVELOPMENT

White-collar businesses in UK say graduates lack essential skills

Employers in the UK's white-collar sectors warn that graduates lack essential communication and teamwork skills. A report, commissioned by the government, highlights that while graduates may possess technical expertise, they often lack the "human skills" necessary for roles in law, accountancy, and consultancy. The skills gap is said to be hindering recruitment and productivity, particularly as AI transforms entry-level jobs. The report said the problem "highlights the importance of schools, colleges and universities working together with employers to develop employability skills and provide exposure to workplace experience." PwC is among the companies introducing training programmes to address these deficiencies.
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STRATEGY

Amazon pledges €16bn investment in Germany

Amazon has announced plans to invest more than €16bn ($17.94bn) in Germany next year, including €4.8bn to expand its cloud and data centre infrastructure amid growing demand for artificial intelligence (AI) services. The investment will also support the expansion of its Amazon Leo satellite internet network, logistics operations and Prime Video content production. The company has outlined plans to open a second robotics and AI research laboratory in Berlin, alongside upgrades to several fulfilment centres through 2028. The commitment builds on more than €100bn invested in Germany since 2010 and forms part of Amazon's broader European expansion strategy, which includes a separate €33.7bn investment in Spanish cloud and data centre infrastructure through 2035.

Just Eat to cut hundreds of jobs in Switzerland

Just Eat plans to lay off several hundred couriers in Switzerland. The exact number will be revealed in November. Lukas Streich, head of Just Eat's Swiss division, explained that the company is transitioning from permanent employees to independent contractors and fleet partners. The change aims to provide more flexible scheduling, particularly for night shifts. Streich said: "People might want to order a hamburger at 2 am." Current scheduling practices and Swiss labour laws restrict delivery hours.
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LEGAL

Amazon told to comply with Luxembourg labour law

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.
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MANAGEMENT

Mercedes management plots long-term crisis recovery

Mercedes-Benz chief executive Ola Källenius is developing a long-term rescue plan as the carmaker confronts a dangerous downward spiral in profits and vehicle sales. The crisis is hitting both earnings and sales volumes, increasing pressure on the group's leadership to reverse deterioration across two core measures of performance. Management is preparing countermeasures intended to stabilise Mercedes and establish a route out of the decline.
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INTERNATIONAL

Global fashion brands face scrutiny over worker safety in Pakistan

Pakistan’s garment industry is facing growing concerns over dangerous working conditions as climate change intensifies extreme heat in factories supplying international brands, including Zara and Mango. Workers in Karachi have reported fainting, dehydration, respiratory problems, and lost wages due to inadequate ventilation, limited breaks, and insufficient cooling measures. An Associated Press investigation found that factories frequently lacked temperature monitoring and effective heat protection protocols, despite corporate commitments to worker safety. Inditex, Zara’s parent company, has pledged stronger supplier audits and training, while Mango has updated its supplier code to address extreme temperatures. However, labour rights advocates have criticised weak enforcement, and heat safety protocols under the International Accord for Health and Safety remain under review. Experts have urged manufacturers to introduce improved ventilation, reliable drinking water, and regular rest breaks to protect workers as temperatures continue to rise.

eBay announces 9% workforce reduction as It restructures operations

eBay has announced plans to cut approximately 9% of its workforce, affecting around 1,000 employees, in its second round of redundancies this year following a 6.5% reduction in February. The company said the restructuring will allow it to prioritise strategic investments and improve operational efficiency, while continuing to recruit in selected areas aligned with its growth plans. The announcement comes despite improving financial performance, with revenue and gross merchandise volume increasing in recent quarters, prompting eBay to raise its full-year outlook in August. The company has also expanded its presence in second-hand fashion through its acquisition of Depop from Etsy, while rejecting an unsolicited takeover proposal worth approximately $56bn from GameStop chief executive Ryan Cohen.

Starbucks China introduces purchase requirement for café seating

Starbucks has announced that customers in China must make a purchase to use café seating, as the coffee chain seeks to improve its in-store experience and revive sales in an increasingly competitive market. The company also plans further investment in fiscal 2027, including additional staff during peak hours, digital upgrades, and renovations at approximately 1,000 stores. Starbucks, which operates around 8,000 locations in China, has faced declining comparable-store sales over the past two fiscal years amid competition from lower-priced rivals such as Luckin Coffee. The changes follow its agreement to sell a majority stake in its Chinese business to Boyu Capital at a $4bn enterprise valuation. Starbucks in the US last year reversed a policy allowing anyone, including those who hadn’t purchased food or drinks, to use its cafés, patios and restrooms.
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OTHER

Eli Lilly's weight-loss pill wins backing of EU drug regulator

Eli Lilly’s weight-loss pill Foundayo has won the backing of the European Medicines Agency’s Committee for Medicinal Products for Human Use for obesity and type 2 diabetes. The recommendation for approval of the once-daily pill now goes to the European Commission for a final decision. Ken Custer, president of Lilly Cardiometabolic Health, said the company would work with governments, payers and healthcare systems to help ensure people who could benefit from Foundayo have an opportunity to access it. Reuters notes that Bernstein analyst Courtney Breen expects Lilly to launch the drug in the EU for obesity ‌around ⁠the end of the year; for diabetes, "the launch timing depends on member-state reimbursement."
 
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