Human Times

European Edition

26th October 2026

THE HOT STORY

Volvo Cars announces 2,500 job cuts

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

WORKFORCE

Volkswagen workers threaten strike action

Workers at Volkswagen are threatening strike action in the new year unless management reverses the recent termination of almost all wage deals with German employees, in a move which put long-standing labour standards including working hours and holiday pay up for renegotiation. "We are giving the company until the end of October to withdraw this notice of termination," said IG Metall's chief negotiator Thorsten Groeger, who added: "Otherwise a massive process will be set in motion which, let me make this clear, will pave the way for industrial action at Volkswagen." Arne Meiswinkel, an executive at Europe's top automaker, said after talks on Friday: "The economic situation has deteriorated dramatically since the collective bargaining agreement for the future was concluded in 2024. This creates an urgent need for action."

Reuters

Wizz Air offers buyouts to UK pilots

Wizz Air has offered voluntary seasonal redundancy packages to all first officers based at London Luton Airport, the Hungarian carrier's main UK base, to help reduce costs as the airline cuts capacity through the slower winter season. “These decisions have not been taken lightly but are necessary to ensure the business remains financially sustainable, protects long-term competitiveness, and aligns our operation with the current demand and cost environment,” the company said in the memo.

Bloomberg

Germany's Verdi union calls for warning strikes in private banking sector

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

STRATEGY

Amex to cut 3,500 jobs

American Express plans to reduce its global workforce by 5%, equating to approximately 3,500 jobs, as part of a restructuring initiative. Despite a strong year driven by affluent customer spending, Amex faces scrutiny over rising expenses, which increased by 9% to $14.5bn in Q3. Revenue rose by 9% to $20.1bn, with net income up 28% to $3.7bn.

The Times

CORPORATE

Chinese antibiotics threaten Europe’s last major penicillin plant

Reuters reports on how Sandoz's manufacturing facility in the Austrian town of Kundl - Europe's last major end-to-end penicillin production site - faces an uncertain future as China produces the same antibiotics and ingredients at much lower cost for the European market. The Swiss company has asked the European Commission to launch an anti-dumping investigation that could result in tariff measures against Beijing. Europe "would be fully dependent" on China if the plant went out of business, site manager Stephanie Jedner told Reuters.

Reuters

RISK

Russia-linked hackers 'used decentralised network in Ukraine cyberattack'

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

ECONOMY

Eurozone consumer confidence falls for second consecutive month

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

INTERNATIONAL

Saudi Aramco HQ staff asked to work from home

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

KPMG Australia extends government work suspension

KPMG Australia has agreed to extend its suspension from bidding for new federal government contracts until February 28th 2027, following an independent review that identified serious failures in its handling of whistleblower allegations and longstanding governance weaknesses. Commissioned by Australia's Department of Finance, the review found that KPMG mishandled allegations of confidential client information being misused to secure audit contracts, prioritizing legal and organizational risks over investigating potential misconduct. It also highlighted persistent cultural problems, including excessive emphasis on financial returns, inconsistent ethical leadership, and inadequate protections for employees reporting misconduct. Although the review stopped short of recommending a permanent government contracting ban, it called for independent verification of meaningful reforms before KPMG could resume bidding.

Politico

Reuters

Child labour affects 3.5m children in Mexico

The 2025 National Survey of Child Labor (ENTI) in Mexico reveals that 3.5 million children and adolescents, or 12.6% of those aged five to 17, are engaged in child labour, with particularly high rates among Indigenous minors and those not attending school. Mauricio Rodríguez, head of sociodemographic statistics at INEGI, Mexico's national statistics agency, said: “A child's work counts as hazardous depends not only on the job itself but also on the conditions under which it is performed.” The survey highlights that 1.7m children are involved in excessive household chores, while 1.6 million perform age-inappropriate work, with over one million engaged in dangerous activities.

El Pais

OTHER

Poland to be second EU member of global healthcare AI network

Poland ⁠has committed to become the second EU member after Portugal to join the Global Regulatory Network (GRN), whose members have ⁠access to AI healthcare tools reviewed by regulators, as well as a real-time warning system for sharing ⁠reports of harmful incidents. Members also include Britain, India, Brazil, Singapore, the Philippines, Indonesia, Vietnam, Zambia and Peru.

Bloomberg

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