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European Central Bank (ECB) ​Vice President Boris Vujcic has said countries in the euro zone are integrating faster with the United States than with each other. Referencing ECB research, Vujcic said estimated barriers to cross-border equity investment between the euro zone and the US have fallen by a quarter ​since 2014, more than twice as much as barriers ​within the euro area, and suggested that Europe's fragmented capital markets make the continent less resilient. "In a fragmented Europe, investment becomes the margin of ⁠adjustment ​whenever a shock hits," he said. "That ​is a resilience problem before it is a growth problem."

 

Reuters

Cryptocurrency exchange Binance has said hackers who stole $6.3bn used "fake job interviews" to steal funds. An engineer was contacted through a legitimate job-hunting platform and invited to bogus job interviews with fake company representatives. "Advanced and deceptive" methods were used to build trust, and the job applicant was instructed to download an "assignment" that deployed malicious code. The engineer's compromised computer and a compromised internal AI tool were then leveraged to gain control over two other engineers' laptops and execute the next steps of the attack. The FBI has traced the theft to TraderTraitor, a North Korean hacking group with links to the government. 

 

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BBC News

The Guardian

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Dr Richard Horne, head of the UK's National Cyber Security Centre, has confirmed that a small number of UK food supply chain organisations were affected by a suspected cyberattack that caused fridge and freezer temperatures to rise across Europe. He told the BBC that vulnerable technology had been exploited, with several organisations alerted to security weaknesses. Horne warned that outdated systems leave businesses exposed to increasingly sophisticated AI-powered attacks, and urged organisations to update their cyber security.

 

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The Independent UK

The Times

The UK's Financial Conduct Authority (FCA) says it is prepared to take action over a potential leak of market-sensitive information about bank tax changes ahead of the Budget. Concerns about the matter were raised by Treasury Committee chair Dame Meg Hillier, who warned that the disclosure may have boosted bank share prices. She said a report over the bank tax surcharge "appears to have been more than idle speculation and it had implications for relevant securities." FCA chief executive Nikhil Rathi said the Treasury and Cabinet Office would be "best placed to ascertain and determine whether and how any unlawful disclosure of inside information may have occurred," adding that the City watchdog "will engage with them accordingly."

 

City AM

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India has defended its $1.2bn tax demand against German automaker Volkswagen in a Mumbai court, claiming the company failed to provide mandated information in time. Volkswagen, which has a roughly 2% market share in the world's third biggest car market, says the demand came years too late. India has since 2024 alleged the firm ​undervalued auto imports for years and paid below the full tariff rates. Volkswagen denies the allegations and has previously described the case as a matter of "life and death" for its business in India, and is "impossibly enormous." The carmaker is currently in talks with India's JSW to sell a stake in its India operations. 

 

Zawya EN

UK tax authority HMRC is investigating Boston Consulting Group’s partnership structure, and is seeking to determine whether partners should be treated as employees for tax purposes. The move is part of a wider wave of enforcement by HMRC against partnerships after BlueCrest Capital lost an appeal against HMRC’s attempt to tax dozens of its partners as employees. Treating senior staff as self-employed partners rather than employees offers various tax benefits, including removing the requirement to pay employer national insurance contributions. 

 

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Italy's 2027 budget will increase taxes ​on financial firms, insurers, energy companies and the gaming sector. The package sets out tax cuts and spending hikes worth €26bn ($28.91bn) in a bid to to lessen the fiscal burden ​for middle earners and the self-employed. Banks will have to contribute more than €5bn to help finance the measures. "There was no opportunity to reach a prior agreement with the financial sector, which I would nevertheless like to thank," Prime Minister Giorgia Meloni said.

 

U.S. News

Less than half of Britons desire full-time work, according to a Resolution Foundation analysis of the British Social Attitudes Survey. The proportion wanting full-time jobs dropped from 57% in 2015 to 47% in 2025, primarily among men, whose interest fell by 15 percentage points. Job satisfaction among men also declined significantly, from 79% to 70%. "The result is rising frustration among workers, who report lower job satisfaction, declining willingness to go above and beyond, and a reduced appetite for full-time work." Hannah Slaughter, the report's author, said. "If much of this disengagement has emerged since the pandemic, it could be part of the reason why productivity growth was weak in the years that followed," she added.

 

The Daily Telegraph

The Guardian

Virgin Media O2 aims to reduce its employee wage bill by 30% over the next two years by cutting thousands of jobs in the UK. Up to a quarter of the telecoms group's 16,000 workforce could go as management says it will increase the use of AI in areas including customer service. Noel McClean, the deputy general of the Prospect union, said: “Industry conditions are tough but this level of cuts will drastically alter the way VMO2 works. As a union we have vast experience of this kind of restructure and stand ready to work with the employer.” The Communication Workers Union (CWU) said it hoped the large-scale job cuts could be managed on a voluntary basis to minimise the impact on staff.

 

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BBC News

The Guardian

Unilever plans to make €1bn in savings by 2029, focusing on productivity and simplification as it cuts "stranded costs" arising from the spin-off of its food business.

 

Financial Times

Hugo Boss has downgraded its full-year sales and profit forecasts, citing weaker consumer demand, market uncertainty and rising artificial intelligence and technology expenses. The German fashion retailer, controlled by Frasers Group, now expects earnings before interest of €250m-€300m, compared with its previous forecast of up to €350m, while currency-adjusted sales are expected to decline by a high single-digit percentage, versus a previously anticipated mid-to-high single-digit fall. The downgrade comes as chief executive Daniel Grieder pursues a turnaround strategy involving store closures, a streamlined product range, reduced wholesale distribution and a greater focus on full-price sales. The retailer continues to face challenges from US tariffs, subdued demand in China and weakness in womenswear. Shares fell 1.7% in early trading.

 

Bloomberg

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Reuters

North Korea has announced the opening of more than a dozen barbecue restaurants across the country since September, as leader Kim Jong Un seeks to showcase rising prosperity beyond the capital, Pyongyang. The new venues, some spanning several floors and accommodating hundreds of diners, form part of a broader expansion of leisure facilities, including waterparks, coffee shops and luxury shopping centres. The openings come as North Korea's economy grew 3.5% in 2025, marking a third consecutive year of growth above 3%. However, analysts have questioned whether the restaurants reflect genuine improvements in living standards or government propaganda, particularly as more than 40% of the population is estimated to be undernourished. Critics argue that the high-end establishments remain largely inaccessible to ordinary citizens, with the expansion potentially benefiting a relatively small, wealthier segment of the population.

 

Reuters