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European Central Bank (ECB) President Christine Lagarde has announced that she will step down on February 7, 2027, approximately nine months before her eight-year term expires, triggering a leadership succession process amid economic uncertainty and financial market volatility across the eurozone. The announcement came hours before the ECB held its deposit rate at 2.5%, as instability in France’s bond market continued to affect regional borrowing costs. Although no official reason was provided for Lagarde’s early departure, speculation has centred on allowing European leaders to appoint her successor before France’s April 2027 presidential election. Potential candidates include former Bank of Spain Governor Pablo Hernández de Cos, former Dutch central bank chief Klaas Knot, and Bundesbank President Joachim Nagel.

 

Euronews

Financial Times

New York Times

Dockworkers in 22 countries are to strike today in a protest against war and the use of ports for ‌arms exports. The strike action, which was originally called by dockworkers' unions in Italy, France, Greece, Spain's Basque Country, Turkey, and Morocco, is now supported by more than 25 unions in 113 ports. The Water Transport Workers Federation of India (WTWFI) is also supporting the strike, and about a dozen ports in India could be disrupted. Organisers say the strike could disrupt more than 40% of Mediterranean cargo and affect over $2bn worth of freight. "We will send our own message of peace from Piraeus, and we will show our solidarity with the peoples suffering from war,” said dockworkers at Greece's largest port.

 

Shipping Telegraph

Reuters

The Institute for Fiscal Studies (IFS) warns Britain faces its worst decade for household income growth since records began in the 1950s, with typical disposable incomes rising just 2% over the 2020s. It criticised John Healey’s Budget as "unhelpful fiddling" unlikely to improve the economic outlook. Helen Miller, the IFS director, said: "This decade looks set to be the worst decade for growth in household incomes on record. No amount of temporary cost of living packages will fix that. We need a stronger economy." Meanwhile, the Resolution Foundation warned that cost of living measures announced in the Budget did "not live up to the scale of the challenges that Britain faces." Its analysis warns that the median income would fall by 3% from 2027 to the end of the decade.

 

Financial Times

The Daily Telegraph

The Times

The world’s largest crypto exchange has suspended more than $2.5bn in assets amid a suspected hack. Binance said it expects all user funds will be fully covered but the scare sent crypto prices tumbling. Two other crypto platforms, Tether and Circle, have also frozen around $1.7bn in assets believed to be stolen from Binance.

 

Bloomberg

Financial Times

Coutts has retracted key statements in a debanking dispute with shipping executive Philip Adkins, admitting inaccuracies in its claims. The bank, owned by NatWest, previously stated that Adkins provided personal information over the phone in 2021, which it now acknowledges is incorrect. Adkins' lawyers assert that Coutts misrepresented his wealth at £62m and falsely claimed he owned a Hong Kong apartment and had dealings with Goldman Sachs. Coutts maintains it did not share data with third parties and insists Adkins requested to close his accounts. A spokesman stated: "We cannot comment on ongoing legal proceedings."

 

The Daily Telegraph

Stronger requirements on UK employers to prevent sexual harassment come into effect today. Future of work minister Kate Dearden said employers must take "all reasonable steps" to prevent harassment, including warning notices and measures allowing staff to summon assistance. Dearden said the government understood that smaller employers faced different challenges from bigger ones with dedicated human resources departments, and the Equality and Human Rights Commission has published guidance relating to the rules. The reforms also strengthen trade union access to workplaces, although businesses employing fewer than 21 people are exempt. Business groups have raised concerns about compliance costs and unclear guidance.

 

The Times

Monte dei Paschi di Siena shareholders have overwhelmingly rejected chief executive Luigi Lovaglio's proposed takeovers of Banca Generali and Banco BPM. With 91% of votes against the plans, the rejection clears the path for a €35bn hostile bid from Intesa Sanpaolo.

 

Financial Times

Reuters

UK finance minister John Healey has urged Bank of England governor Andrew Bailey to expedite changes to banking regulations following a tax increase in the recent Budget. Healey's letter to Bailey stressed the need for a competitive regulatory framework that supports UK economic growth. He called for the Financial Policy Committee (FPC) to revise bank capital rules and relax borrowing caps to enhance lending. Healey said: "I look forward to the committee delivering these reforms as quickly as possible."

 

City AM

Australia’s corporate regulator, the Australian Securities and Investments Commission (ASIC), has instructed six major audit firms - KPMG, PwC, Deloitte, EY, BDO, and Grant Thornton - to develop action plans addressing shortcomings in audit quality, financial reporting, and independence practices. The directive follows findings that auditors failed to challenge management assumptions, obtain sufficient supporting evidence, and properly document compliance with ethical requirements. ASIC will monitor the effectiveness of the plans amid ongoing scrutiny of the industry, including an investigation into allegations that KPMG misused confidential client information to secure additional audit work. In September, the regulator disclosed that it was examining 551 complaints of potential misconduct involving the Big Four accounting firms.

 

Reuters

Huobi Global's crypto exchange HTX has ceased operations in the UK following a settlement with the Financial Conduct Authority (FCA). The FCA had previously sued HTX for unlawfully promoting crypto services to UK consumers. Under the agreement, HTX will not target UK customers and has implemented measures to comply with UK regulations. Existing UK customers must withdraw their assets within 48 hours before account closure.

 

Financial Times

The Times

The UK government plans to address persistent non-compliance among large businesses while abandoning proposed reporting requirements for close companies. These companies, typically controlled by five or fewer individuals, would have had to disclose transactions to clarify their tax obligations. However, accountancy groups and tax advisers expressed concerns that these requirements would impose undue burdens on small businesses.

 

Bloomberg Tax

Weil Gotshal & Manges, a prominent New York law firm, is winding down operations after a rapid collapse, despite earning $2bn last year. The firm is attempting to place around 250 lawyers and trainees at rival practices to mitigate potential redundancies. Senior partners cited management conflicts and a failed merger with Willkie Farr & Gallagher as contributing factors. A spokeswoman confirmed that the management committee recommended an orderly wind-down, with a partnership vote expected soon.

 

Financial Times

The Times

Novartis has reported a $1.9bn writedown following the failure of del-desiran in a late-stage trial for myotonic dystrophy type 1. The Swiss drugmaker acquired the treatment as part of its $12bn purchase of Avidity BioSciences earlier this year. Novartis chief executive Vas Narasimhan said: "While the del-desiran readout . . . was not what we had hoped, we saw evidence of clinical activity in the data and are working through the development path for this medicine." Novartis said the drug could be subject to further writedowns, however. Despite the setback, Novartis raised its profit outlook for the year, citing growth from new medicines. The company is actively seeking new candidates to offset declining revenue from its heart medication Entresto.

 

Firstword Pharma

Biospace

Financial Times

BHV Marais, one of Paris’ oldest and most prestigious department stores, has entered administration as part of a planned restructuring aimed at addressing its financial difficulties. Chair and chief executive Karl-Stephane Cottendin described the move as a carefully considered strategic decision necessary to implement the retailer’s restructuring plan. The development highlights broader challenges facing France’s retail sector, which is contending with economic uncertainty and disruption from nationwide anti-government protests.

 

Reuters

Around 240 UK offshore workers remain above new safety weight limits taking effect on Sunday, potentially putting their jobs at risk. The 19st 7lb threshold, including clothing and footwear, ensures workers can be safely winched during helicopter rescue operations. Industry body Offshore Energies UK says numbers have fallen significantly from an estimated 2,200 last year following weight loss initiatives. Workers exceeding the limit could face redeployment or dismissal.

 

The Times

A nationwide general strike and series of protests are taking place across Italy today. They have been called by grassroots trade unions, including USB (Unione Sindacale di Base) and USI-CIT, who want wage increases in line with inflation.

 

Euronews

UEFA has rescheduled a Europa League match in Rennes due to the potential for a general strike in France on November 5. The match between Rennes and Olympiakos will now take place on Wednesday at 4:30 p.m. local time. UEFA said it was informed by French authorities that security could not be guaranteed on the original date. French trade unions are calling for the general strike amid widespread protests that began with students raising concerns about school conditions.

 

U.S. News

EU politicians are calling for Russia’s frozen assets to be transferred from the Brussels-based central securities depository Euroclear to EU control, shifting liability for the funds Europe-wide. They claim the move could increase pressure on Russia to negotiate a settlement whilst conceding the funds would be given to Ukraine, either to cover the costs of the ongoing war or to pay for reparations once it is over.

 

The Times

Sanrio, the Japanese company behind Hello Kitty, has ended its collaboration with television spy drama Vivant and apologised following criticism in China over the programme’s portrayal of wartime history. The controversy comes amid a prolonged diplomatic dispute between Beijing and Tokyo over Japanese prime minister Sanae Takaichi’s recent comments on Taiwan, which has strained bilateral trade relations. Despite tentative signs of rapprochement, including a joint business symposium and speculation over a potential meeting between Ms Takaichi and Chinese president Xi Jinping at next month’s Apec summit, analysts remain sceptical of an imminent breakthrough.  

 

Bloomberg

Financial Times

Global Times

South China Morning Post