THE HOT STORY

Spain's shorter work week bill is scuttled in parliament

Opposition lawmakers in Spain's lower house have united with regional business-friendly Catalan party Junts against a bill that would have shortened the work week by 2-1/2 hours, preventing it from reaching the floor for debate. The legislation had been championed by Labour Minister Yolanda Diaz and the country's main trade unions. Diaz nevertheless said she would reintroduce the measure lowering the cap on weekly work hours to 37-1/2 from the current 40. She described Junts' veto as "incomprehensible." The bill's opponents had argued that smaller employers would be unable to shoulder the higher cost burden deriving from the policy, leading to job losses.

Reuters

TALENT STRATEGY

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STRATEGY

Merck axes £1bn London research centre

Merck has cancelled its £1bn research centre in London, resulting in the layoff of 125 staff. The company, known as MSD in Europe, cited the UK's lack of international competitiveness as a key factor. Merck plans to shift research activities to existing sites in the US. The decision follows a dispute over drug pricing with Health Secretary Wes Streeting, who recently ended negotiations with drugmakers. Richard Torbett, CEO of the Association of the British Pharmaceutical Industry, called the closure a "real blow" to the UK's life sciences ambitions. Merck warned that without changes, more companies may follow suit.

Financial Times

The Times

ITB Auto announces auto parts acquisition plan

ITB Auto plans to acquire an idle auto components factory in Grugliasco, northern Italy, to produce Chinese electric minicars, investing approximately €100m. The initiative aims to manufacture 20,000 minicars annually and re-employ 200-250 of the existing workforce, as Italy's automotive production faces significant challenges. Industry Minister Adolfo Urso highlighted the importance of this project for revitalising the local economy, while trade unions expressed cautious support, urging attention to workers not included in the factory's relaunch.

Reuters

HEALTH & WELLBEING

More firms aim to increase EHS budgets

Nearly four out of five companies and government agencies worldwide (78%) plan to step up budgeting for environment, health and safety (EHS) initiatives in the next three years, according to a new EY survey of 526 C-suite leaders and EHS executives. Promoting health and wellbeing is the top reason organisations have increased EHS spending during the past three years, according to EY. “This is almost certainly in response to the high workplace mortality and injury rates in many markets,” EY said in a report. Nearly three out of four (73%) companies that proactively invest in EHS programmes said they have reduced costs during unexpected disruptions, compared with 64% of respondents that take a reactive approach to EHS challenges, EY said. “Investing in EHS not only helps you comply with regulations but also enhances your ability to operate effectively and responsibly,” Jessica Wollmuth, EY global EHS co-leader, said in a statement, adding that companies should prioritise EHS spending despite current market volatility and budget constraints.

CFO Dive

UK sick days hit 15-year high

Sick leave among British workers has reached its highest level in over 15 years, with employees taking an average of nearly two weeks off per year, up from just over one week pre-pandemic. The increase is linked to an ageing workforce and a rise in long-term health conditions, particularly mental health issues causing extended absences. The Chartered Institute of Personnel and Development and Simplyhealth are urging employers to foster supportive cultures, offer flexible working, and provide health services to help staff stay in work. The survey found that many employers are taking action, with 66% offering occupational sick pay and 69% providing occupational health schemes.

The Times

TECHNOLOGY

VW to invest as much as €1bn in AI over five years

Volkswagen has announced plans to invest up to €1bn in artificial intelligence by 2030, aiming to integrate the technology across all areas of its business to achieve significant cost savings. The investment will support AI-driven vehicle development, enhance industrial applications, and expand high-performance IT infrastructure, with expected savings of up to €4bn by 2035. Hauke Stars, Volkswagen's chief IT executive, said: "For us, AI is the key to greater speed, quality and competitiveness."

Reuters

TAX

Sweden 'to cut taxes by $3.2bn in 2026'

Sweden will cut taxes by around 30 billion Swedish Crowns ($3.20bn) in 2026, Finance Minister Elisabeth Svantesson said on Monday. The cuts will be aimed at income, pensions and electricity, among others, she added.

U.S. News

INTERNATIONAL

Microsoft employees will have to start coming into the office three days a week

Microsoft is to require its employees to work from the office at least three days a week beginning next year. The company said the new mandate will go into effect in Puget Sound, which includes its headquarters outside of Seattle, starting in February. It will then expand to other US locations before moving to international offices. “As we build the AI products that will define this era, we need the kind of energy and momentum that comes from smart people working side by side, solving challenging problems together,” Amy Coleman, Microsoft’s human resources chief, wrote in a memo. CNBC notes that Microsoft has held several rounds of layoffs this year, but Coleman wrote that “this update is not about reducing headcount,” and instead is “about working together in a way that enables us to meet our customers’ needs.”

CNBC

Reuters

Australian lender cuts local jobs to hire in India and Vietnam

National Australia Bank (NAB) is cutting 410 jobs in its technology and enterprise operations in Australia and creating 127 roles in India and Vietnam. "The environment we operate in is constantly changing and we need to have the right structures alongside the right skills and capabilities in the right locations to help us deliver for our customers," NAB said. The bank's announcement came one day after rival ANZ said it would cut 3,500 jobs over the next year. Finance Sector Union president Wendy Streets said it was disappointing that two of Australia's biggest lenders had shed jobs in successive days. "First ANZ, now NAB. One after the other, banks are swinging the axe," Streets said.

Reuters

Korean companies admit cutting corners on US visas but say they have little choice

South Korean companies routinely use unsuitable visas for workers sent to the US to build multibillion-dollar advanced manufacturing sites, according to Seoul-based executives and industry groups.

Financial Times

OTHER

Watchdog says Biedronka's pricing and promotions misled customers

Poland's Office of Competition and Consumer Protection said Tuesday that Biedronka, the supermarket chain owned by Portuguese retailer Jeronimo Martins, had misled consumers with its pricing and promotional campaigns. The watchdog claims that the company used confusing multi-buy promotions, calculated discounts from a regular price rather than the lowest price in the last 30 days as required by law, and displayed legally required price information in an unreadable font. If found guilty, the company can face a fine of up to 10% of its annual turnover. The watchdog is also investigating other companies, including Aldi, Lidl, Dino, and Zabka.

Reuters

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