THE HOT STORY

Companies around the globe ramp up job cuts

A Reuters tally illustrates how companies worldwide, including Amazon, Target and Nestle, have ramped up job cuts, as they rein in spending amid dimming consumer sentiment and as AI-focused tech companies start to replace roles with automation. Cuts like those at Amazon "tell me the economy is slowing down, not getting stronger. You don't have mass layoffs when the economy is strong," said Adam Sarhan, chief executive of 50 Park Investments in New York.

Reuters

STRATEGY

Over 8,000 to attend World Summit for Social Development in Doha

The Second World Summit for Social Development will take place in Doha from November 4 to 6, gathering over 8,000 participants from various sectors. The summit aims to renew global commitments to social justice and sustainable development. Sheikha Alya bin Saif Al Thani, Qatar's Permanent Representative to the UN, said: "The Doha Summit offers a unique opportunity to renew shared commitment to social progress and inclusion." Key topics will include poverty eradication, decent work, and social inclusion, culminating in the adoption of the Doha Political Declaration on Social Development.

Gulf Times

The Peninsula

Deloitte looks to restructure EMEA business

Deloitte is set to establish a new business unit for the Europe, Middle East and Africa region to enhance scale and technology investment. Management at Deloitte firms in the region have signed a letter of intent for this initiative, pending approval from national firm partners.

Bloomberg Tax

ECONOMY

Iran’s president floats plan to build new capital city

Iran’s President Masoud Pezeshkian has tasked his government to carry out feasibility studies on moving the capital out of Tehran, saying environmental challenges have made the megacity of 10m unlivable.

Financial Times

INVESTMENT

Goldman Sachs seeks $10bn KIA mandate

Goldman Sachs is seeking a $10bn mandate from the Kuwait Investment Authority to enhance its asset-management division and compete more effectively in the Middle East's private markets. According to sources, discussions are ongoing for this funding, which is expected to be distributed across various funds over the coming years. The investment will predominantly support Goldman’s private equity, credit, and infrastructure initiatives.

Bloomberg

RISK

Concerns about weak lending standards in credit markets

Executives at the ninth Edition of the Future Investment Initiative (FII) in Riyadh, Saudi Arabia, say there are signs of lending standards weakening in the market for private lending to large companies - although fears of a risky bubble emerging in the private credit market are overblown. "The risk is when you have too much leverage and not enough liquidity you tend to have problems and I don't see us having that right now even in private credit," Anne Walsh, chief investment officer at Guggenheim Partners told attendees at the annual flagship finance conference.

Reuters

CORPORATE

Global M&A activity on the rise

Global mergers and acquisitions activity rose by 10% in the first nine months of 2025, reaching a total of $1.938trn, according to a report by the Boston Consulting Group. Despite challenges from geopolitical tensions and U.S. tariff policies, dealmakers have continued to pursue strategic opportunities, although the figures remain over 40% below the highs seen in 2021. Notably, North America accounted for more than 60% of the activity, while Europe experienced a 5% decline, particularly in the UK, which saw M&A value drop by 35%.

Reuters

TRAINING & DEVELOPMENT

Kirkland & Ellis trains lawyers on communication style after investor tensions

Kirkland & Ellis has given its lawyers training on communication style as it tries to combat a reputation for uncooperative behaviour in negotiations between its private equity clients and their investors.

Financial Times

INTERNATIONAL

Macy's turns to robots to speed up deliveries

Macy's has opened its largest and most automated warehouse in the US, aiming to speed up fulfilment and increase sales. The $640m, 2.5m-square-foot building in China Grove, N.C., uses robots to pick clothes, shoes, cosmetics, and home goods for online orders and restock stores. The company has been working under CEO Tony Spring to turn around a years-long sales slump by overhauling stores, closing unproductive locations, and streamlining its supply chain. The company has closed one distribution centre and two third-party logistics facilities over the past two years and added automation to other warehouses to fulfil online orders faster and ensure products are in stock at stores. Macy's reported its first quarterly sales growth in three years in the latest quarter ended August 2.

The Wall Street Journal

Youth wage debate heats up in Australia

Employer groups in Australia warn of rising youth unemployment if the Fair Work Commission approves equal wages for 18 to 20-year-olds in retail and fast food. The Shop Distributive and Allied Employees Union argues for equal pay, likening it to the fight for gender equality. Currently, youth wages are significantly lower than adult rates, with 18-year-olds earning 70% of the adult rate. Critics fear that raising these rates could harm job opportunities for young Australians, especially in regional areas.

West Australian

Hyundai Motor illegally used subcontracted test drivers as employees

The Supreme Court in Korea has ruled that Hyundai Motor illegally employed subcontracted test drivers at its Namyang Research Center. The court upheld a previous ruling recognising 16 workers from Dongin Auto as de facto Hyundai employees. Hyundai argued the work was legitimate subcontracting, but the court found the workers operated under Hyundai's direction.

Korea Joongang Daily

China will ‘save’ European auto jobs but devour rivals, warns ex-Stellantis chief

Former Stellantis CEO Carlos Tavares has told the Financial Times that Chinese carmakers are making inroads in Europe as local companies struggle with stringent emissions rules and shifting policy on electrification.

Financial Times

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