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European Edition
7th August 2026
 
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THE HOT STORY

Deutsche Bank sues former managers

Deutsche Bank is suing four former managers who say the lender wrongly blamed them for alleged involvement in the Banca Monte dei Paschi di Siena SpA accounting scandal. The bank denies claims that it sought to scapegoat the ex-employees, saying the convictions and subsequent acquittals were the result of Italian courts’ interpretation of accounting rules and had nothing to do with “acts or omissions.” Deutsche Bank's lawyers said: “These allegations are baseless and denied.”
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WORKFORCE

Tesla mechanics in Sweden have renewed their strike

Mechanics at Tesla workshops in Sweden will resume their strike on August 13th. The IF Metall union announced the action after failing to secure a collective agreement with the electric car company's Swedish subsidiary. "Despite lengthy negotiations, we have unfortunately not managed to reach an agreement with TM Sweden AB. TM Sweden AB has given notice that they do not intend to sign a collective agreement for their operations," the union wrote to the Swedish Mediation Institute. This latest strike follows a temporary pause earlier in the year. The affected locations include Malmö, Umeå, Uppsala, Upplands Väsby, Segeltorp, and Huddinge.

CNV joins public transport, seaport strikes

Trade union CNV has joined FNV in organising strikes against the government's proposed €6.5bn cuts to social security. Members at transport companies in Amsterdam (GVB) and Rotterdam (RET) will be called to join a nationwide public transport strike on September 9. Tjeerd Orie, action leader at CNV, said: "We simply do not accept that the social safety net for the most vulnerable in the Netherlands is being destroyed." The unions demand the immediate cancellation of the cuts affecting state pensions, unemployment, and disability benefits.
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STRATEGY

AstraZeneca-Bristol Myers deal talks denied by source

A senior source has dismissed reports that AstraZeneca could be set to merge with Bristol Myers Squibb. Analysts have expressed confusion over the strategic sense of such a merger, citing overlapping drug portfolios and competition issues. Reuters has reported that there are "no discussions'' about a potential merger between the two companies, quoting a senior source who said: "There is no deal between AstraZeneca and BMS. There never was a deal to be done, and there are no discussions between the companies." The Financial Times first reported that the UK drugmaker was in talks to combine with its US rival in a deal that would create one of the world’s biggest pharmaceutical groups, valued at nearly $400bn.

Diageo unveils restructuring plan

Diageo chief executive Dave Lewis has launched a restructuring plan to revive the drinks maker amid declining profits and changing consumer habits. The firm, which will overhaul operations and focus on innovation, plans to cut a "significant" number of jobs after identifying duplication across the business. The restructuring is expected to cost $1.2bn but aims to deliver $1bn in annual savings within two years. Diageo will invest $1bn in Guinness, nearly doubling production capacity by 2031 to meet strong global demand.
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CORPORATE

Bikemaker Accell files for insolvency four years after €1.8bn KKR-led buyout

Dutch bicycle manufacturer Accell Group has filed for insolvency after being unable to meet its financial obligations, marking the collapse of a four-year turnaround following its €1.8bn acquisition by a KKR-led consortium in 2022. The owner of brands including Raleigh and Babboe had already undergone two debt restructurings, with KKR handing control to lenders earlier this year after losing its entire €1.1bn equity investment and providing a further €300m in support. Weak e-bike demand, supply chain disruption, excess inventory and heavy discounting undermined the business, leading to continued cash burn. Accell said all restructuring options had been explored, while noting that the Dutch suspension of payments process is not the same as liquidation.
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HIRING

Deel buys Tel Aviv AI cyber startup to combat fake hires

Payroll and HR platform Deel has acquired Clarity, a Tel Aviv-based startup which specialises in deepfake detection and identity verification. The acquisition aims to enhance security measures for employers managing global workforces amid the growing AI-driven security threat posed by fake job candidates. Deel did not disclose financial details, but sources estimate the deal to be worth between $45m and $50m. “Deepfakes, identity fraud, and impersonation attacks are becoming more sophisticated, changing how companies hire and grow globally,” said French-Israeli entrepreneur Alex Bouaziz, co-founder of Deel. “Bringing Clarity and its world-class AI talent into Deel gives us the capabilities to build trusted identity security directly into our platform . . . This lets customers confidently hire, onboard, and manage verified teams globally, with continuous safeguards that evolve as threats get smarter.”
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RISK

Low level of Rhine threatens European trade

Falling water levels in the Rhine have pushed freight rates higher as barges reduce cargo loads to navigate shallow waters. The river’s water levels have dropped to their lowest in almost 150 years amid a protracted period of hot, dry weather. The cost of shipping diesel from Rotterdam to Karlsruhe has climbed to the highest since Bloomberg began compiling the data in 2009. Falling water levels are also causing a shortage for cooling at Hungary’s Paks nuclear power station, which has been forced to fully shut down for the first time in its 44-year history.
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INTERNATIONAL

Immigration crackdown detains parents and spouses of active-duty US troops

An Associated Press investigation has found that the Trump administration has detained over 50 parents and spouses of active-duty US troops amid its immigration crackdown, reversing decades of bipartisan immigration protections for military families. “How can I even focus on my military career because I have to worry about how my wife is doing?” said Army Sgt. Hedar Leonel Turcios Juarez, whose wife was detained. The detentions have left service members without emotional support and caretakers for their children, forcing some to take leave or delay deployments. Experts warn that the policy shift could undermine military readiness, especially as the US is engaged in conflict abroad. The Department of Homeland Security has not tracked these cases, but the AP's findings indicate that the actual number of detentions is likely much higher than reported. The Pentagon has declined to comment on the situation.

Qantas weighs offshoring up to 1,000 corporate roles to India

Qantas is considering a restructuring that may involve relocating up to 1,000 corporate roles to India as part of Project iQ, an initiative aimed at cost reduction and enhancing artificial intelligence use. The airline is in preliminary discussions with Accenture about the plan, which may involve shifting parts of human resources, marketing, finance and other back-office functions offshore, but has not finalised any agreements. Chief Technology, AI and Transformation Officer Rachel Yangoyan leads the project, which has raised concerns among the Australian Services Union regarding potential job losses. Union Assistant National Secretary Scott Cowen urged Qantas to honour commitments to local employment, emphasising the importance of experienced staff for service quality.

Widespread layoffs hit Bangladesh garment sector

About 400 of the roughly 4,000 apparel factories in Bangladesh have shut over the past two years, eliminating tens of thousands of jobs, according to the Bangladesh Garment Manufacturers and Exporters Association (BGMEA). The sector employs more than 4.5 million people, most of them women. Analysts say Bangladesh faces a challenge in Europe, its largest market, as India and Vietnam gain ground through free-trade agreements, and the pressure could build as Bangladesh is set to lose duty-free preferential market access in Europe and other countries because its status as a least-developed country is scheduled to expire in 2029. "If Bangladesh fails to strike free-trade agreements after the end of the preferential trade regime, the country may risk losing competitiveness," observed Dhaka University professor Selim Raihan.

Southeast Asia to see increased fire risk

Southeast Asia can expect to see drier- and warmer-than-normal conditions from August through October as the El Niño climate phenomenon strengthens, according to an analysis of climate models by the ASEAN Specialised Meteorological Centre. The analysis says that parts of the region have a high chance of receiving below-normal rainfall, and temperatures are forecast to be above average during a prolonged period of heat and dryness that threatens to exacerbate current difficulties for rice farmers. The dry spell comes on top of high fuel and fertilizer prices precipitated by the war in Iran.
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OTHER

Mystery parcels turn returned online purchases into entertainment

Mystery-parcel stores are becoming increasingly popular across the Netherlands and other European countries, offering customers the chance to buy unopened packages returned or left undelivered by online shoppers. For a small fee, customers choose parcels based on their weight and shape, then open them to discover anything from household goods to expensive electronics. The concept combines the excitement of gambling, bargain-hunting and social-media unboxing while giving unwanted packages a second life. Although shoppers are guaranteed to receive an item, consumer experts say the main attraction is the anticipation and possibility of finding something valuable.
 
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