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UK allows new oil, gas drilling in existing North Sea fields
Britain's government signalled Wednesday it could issue permits for oil and gas extraction around existing North Sea fields, despite a promise to halt licences for new production in the area. The government said it aims to "manage existing oil and gas fields for their lifespan and not to issue new licences to explore new fields".
Insurance giant Allianz signals job cuts in AI shift
German insurance giant Allianz signalled Wednesday looming job cuts due to its adoption of artificial intelligence with a report saying up to 1,800 roles, mainly in call centres, could be axed. Many companies have been announcing job cuts due to adoption of AI as the boom in the technology gathers pace. sr/fz/rl
Swedish steel startup Stegra gets state aid
The Swedish Energy Agency said Wednesday it was giving some $40 million in support to low-carbon steelmaker Stegra, amid fears surrounding the ambitious startup's finances. "The project has great potential to accelerate the transition in the iron and steel industry," said a Swedish Energy Agency statement.
Shein under EU pressure over childlike sex dolls
The European Union stepped up its pressure on Shein on Wednesday after the online retail giant faced an uproar in France over the sale of childlike sex dolls. The French commerce minister said Wednesday that France will lodge a civil suit against AliExpress and Joom over the sale of childlike sex dolls on their platforms.
Hungary boosts oil shipments to Serbia as energy crisis looms
Hungary will deliver more oil products to Serbia, its foreign minister said Wednesday, ahead of a shutdown of the Balkan nation's oil refinery, under US sanctions due to its majority-Russian ownership.
EU lawmakers call to make it easier to suspend shopping platforms like Shein
EU lawmakers on Wednesday called to make it easier to suspend e-commerce platforms, following outrage in France over the sale of childlike sex dolls on Shein, and demanded better policing of such websites. Lawmakers also demanded EU states and the European Commission enforce the DSA, and called for better enforcement of rules including on product safety.
Richard Branson 'heartbroken' as his wife dies aged 80
British entrepreneur Richard Branson paid tribute Wednesday to his wife Joan Templeman shortly after announcing her death, saying "life will never be the same without her". Templeman avidly avoided the public spotlight, with Branson describing her as a "down-to-earth Scottish lady" and "very private person" who almost never gave interviews.
ECB warns on stretched AI valuations and sovereign debt risks
Heightened market exuberance around artificial intelligence and eye-popping levels of government debt could pose risks to eurozone financial stability, the European Central Bank warned Wednesday. High levels of government debt could further undermine financial stability, the ECB said, warning that this could result in swings in the value of the euro and the cost of eurozone government debt.
IMF urges Germany to enact 'pro-growth' reforms
The International Monetary Fund said Wednesday that Germany's public spending ramp-up must be accompanied by "pro-growth" reforms to ensure Europe's beleaguered top economy makes a sustained recovery. There is growing unease about Merz's economic plans however -- critics say public spending is moving too slowly, is being misdirected, and there is little focus on deep reform.
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