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Volvo Cars to Cut 3,000 Jobs Amid Industry Headwinds and Shift in EV Strategy

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Volvo Cars has announced plans to cut approximately 3,000 jobs globally, with the majority of layoffs impacting office-based roles in Sweden, as part of a sweeping cost-cutting programme aimed at strengthening the company’s long-term resilience.

The Sweden-headquartered automaker said on Monday that about 1,200 of the job reductions will directly affect employees based in Sweden. In addition, around 1,000 consultant roles—also primarily in Sweden—are slated for elimination. The remaining job cuts will take place in other international markets.

“The actions announced today have been difficult decisions, but they are important steps as we build a stronger and even more resilient Volvo Cars,” said Håkan Samuelsson, Volvo Cars President and CEO. “The automotive industry is in the middle of a challenging period. To address this, we must improve our cash flow generation and structurally lower our costs.”

The company, which is owned by China’s Geely, employs around 42,600 people globally. The job cuts reflect mounting pressures on the global auto industry, including rising raw material costs, slowing demand in Europe, and ongoing trade tensions that have created economic uncertainty.

Volvo, with its main offices and research facilities in Gothenburg, operates manufacturing plants in Belgium, China, and the United States. While the company had once committed to selling only electric vehicles (EVs) by 2030, it has since scaled back its ambitions. Last year, Volvo cited reduced government incentives, inadequate charging infrastructure, and increased tariffs on Chinese-made EVs as reasons for tempering its electrification timeline.

Volvo’s announcement comes as other major carmakers also tighten their belts. Earlier this month, Japanese auto giant Nissan revealed plans to slash 11,000 jobs and close seven factories worldwide, bringing its total layoffs over the past year to 20,000—around 15% of its global workforce. Nissan’s struggles include aggressive discounting in the U.S. and falling sales in China, compounded by the recent collapse of a proposed merger with Mitsubishi and Honda.

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Meanwhile, Chinese EV brands such as BYD, Leapmotor, and Changan are intensifying competition by lowering prices on dozens of models, adding further pressure to established global automakers.

As the EV transition accelerates amid volatile market conditions, Volvo’s decision underscores the deep structural changes sweeping through the global automotive industry.

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Ryanair First-Half Profit Falls 15% as Higher Fuel Costs and Lower Fares Hit Earnings

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Ryanair reported a 15% decline in first-half net profit as rising jet fuel costs and lower ticket prices outweighed an increase in passenger numbers, highlighting the pressure facing European airlines ahead of another potentially expensive year.

The Irish airline recorded a net profit of €2.15 billion for the six months from April to September 2026, compared with the same period a year earlier. Diluted earnings per share fell 14% to €2.05.

Revenue increased by 3% to €10.08 billion, while passenger numbers rose 6% to 125.8 million. However, average fares declined by 4%, limiting the benefit of higher traffic. Operating costs climbed 10% to €7.69 billion.

Ryanair said the conflict in the Middle East had made consumers more cautious and encouraged them to book flights closer to departure dates. The airline also faced higher fuel expenses as unhedged jet fuel prices doubled.

The results reflect only part of the increase in fuel prices because Ryanair has secured contracts covering 80% of its fuel requirements for the financial year ending March 2027. These arrangements have helped protect the company from market volatility, but the remaining 20% of its requirements has been exposed to higher prices.

Fuel costs expected to rise sharply

Ryanair estimates that its fuel bill could increase by around €2 billion in the financial year ending March 2028, based on current forward prices.

“Unless there is a swift resolution of the Middle East conflict, we expect jet-fuel prices to remain elevated well into 2027,” chief executive Michael O’Leary said.

O’Leary also warned that the airline’s existing lower-cost fuel hedges would expire ahead of summer 2027, potentially leaving European carriers facing significantly higher expenses.

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He previously forecast that European airfares could increase by as much as 20% next year. However, Ryanair expects higher ticket prices and capacity reductions by competing airlines to be insufficient to offset the full increase in fuel costs.

The company is reviewing measures to control spending, including temporary pay freezes, lower crew-to-passenger ratios and wider use of artificial intelligence across operational and support functions.

Ryanair also announced an €800 million share buyback programme, due to begin in February 2027 and run for approximately 10 months, subject to market conditions.

Demand for October to December remains strong, with fares modestly above last year’s levels. However, the growing trend towards late bookings makes future revenue harder to assess.

The airline declined to provide a full-year profit forecast, citing uncertainty surrounding geopolitical conflicts, fuel prices, economic conditions and disruption to European air traffic control.

In September, Ryanair announced cuts to its winter schedule to reduce exposure to unhedged fuel costs. It also lowered its full-year passenger target from 216 million to 214 million.

Ryanair shares rose 2% in Dublin during early trading on Monday.

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Fitch Cuts France’s Debt Outlook to Negative Amid Budget Deadlock and Weak Growth

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Credit rating agency Fitch has revised France’s sovereign debt outlook from stable to negative while maintaining its rating at A+, citing weaker economic growth, rising borrowing costs and concerns over the country’s ability to reduce its public deficit.

The decision increases pressure on the French government to secure approval for its 2027 budget by the end of the year, as political divisions and an approaching presidential election complicate efforts to restore public finances.

Fitch’s announcement on Friday followed figures from the national statistics institute Insee showing that France’s gross domestic product contracted by 0.1% in the third quarter of 2026. The economy had stagnated in the second quarter after shrinking by 0.2% in the first three months of the year.

The agency pointed to persistent political fragmentation and a difficult social climate, including mass protests, as factors weakening confidence in the government’s ability to deliver lasting fiscal improvements.

Economy and Finance Minister Roland Lescure said he took note of Fitch’s decision, describing the adoption of a responsible budget before the end of the year as an absolute necessity.

The government aims to reduce the budget deficit to 5% of gross domestic product, while maintaining a path towards fiscal consolidation. Lescure said a clear budget was needed to give businesses and investors greater certainty in an uncertain international environment.

Earlier on Friday, he described the French economy as being at a standstill and warned that the country could face serious difficulties if the proposed recovery budget was not adopted. He repeated that the deficit needed to be brought down to 5% or less.

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However, securing parliamentary approval remains uncertain because President Emmanuel Macron’s government lacks a majority in the National Assembly. The approaching 2027 presidential election is also adding to political tensions.

Fitch expects the budget to be adopted despite the parliamentary deadlock, pointing to constitutional procedures available to the government. The agency said political debates ahead of the election had done little to strengthen its confidence in France’s ability to achieve a lasting reduction in the deficit and stabilise public debt.

One option available to the government is Article 49.3 of the French Constitution, which allows legislation to pass without a parliamentary vote unless lawmakers approve a motion of no confidence.

The government could also consider adopting the budget through ordinances, although this procedure has never been used to pass a national budget since the Fifth Republic was established in 1958.

Jérôme Mathis, an economics professor at Paris-Dauphine University, told Euronews that using ordinances could reduce uncertainty in the short term. However, he warned that such a move would not necessarily restore France’s long-term fiscal credibility.

The negative outlook signals increased concern over France’s financial position, although its A+ rating remains unchanged. The government’s ability to pass the 2027 budget and demonstrate credible deficit-reduction measures will be central to restoring confidence.

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Uzbekistan Launches Apple Pay and Google Pay Following Financial Sector Reforms

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Uzbekistan has introduced Apple Pay and Google Pay, opening access to two major international digital payment platforms as the country moves to modernise its financial services sector.

The rollout follows regulatory changes to personal data laws and discussions between Uzbek officials and technology companies. The Central Bank of Uzbekistan has also confirmed that work is underway to extend the services to cards issued through domestic payment networks Uzcard and HUMO, although no launch date has been announced.

Saida Mirziyoyeva, head of the Presidential Administration, announced the availability of the services for locally issued cards on October 27. She had met Google Vice President Karan Bhatia in New York a month earlier to discuss technological cooperation and the conditions needed for international payment providers to operate in the country.

Banks included in the rollout

Before the launch, customers in Uzbekistan could use domestic mobile and contactless payment services, including HUMO Pay and UZCARD PAY, as well as QR code systems.

The introduction of Apple Pay and Google Pay gives eligible cardholders access to international platforms for mobile payments.

Apple Pay initially supports Visa and Mastercard cards issued by eight local banks and financial institutions: Uzum Bank, Orient Finans Bank, the National Bank of Uzbekistan, Kapitalbank, Hamkorbank, Ipak Yuli Bank, TBC Bank and Octobank. Uzum Bank and Hamkorbank currently support Visa cards only.

Google Pay is available for eligible cards from nine banks: AVO Bank, Octobank, Uzum Bank, TBC Bank, Aloqabank, Kapitalbank, Ipak Yuli Bank, the National Bank of Uzbekistan and Orient Finans Bank.

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Customers have been advised to contact their banks to confirm which cards can be added to the services.

The Central Bank told Euronews that both platforms protect customers’ card information during transactions. Cashback offers and other benefits will depend on the conditions set by individual banks.

Changes to data protection rules

The launch follows amendments to Uzbekistan’s personal data legislation in March 2026, which eased restrictions on the processing and storage of certain types of personal information outside the country.

During her September meeting with Google’s Bhatia, Mirziyoyeva linked the regulatory changes to the arrival of international payment systems, saying they were creating wider opportunities for their use in Uzbekistan.

The discussions also covered cooperation in artificial intelligence, cybersecurity training and support for the country’s technology industry.

The development forms part of Uzbekistan’s broader efforts to strengthen its financial technology sector. In September, the Central Bank approved a National Fintech Strategy covering the 2026-2030 period.

The strategy aims to attract investment, expand cross-border payments, introduce Open Banking and improve connections between financial systems.

The planned inclusion of Uzcard and HUMO would extend access to the international payment platforms beyond customers using Visa and Mastercard, bringing more locally issued cards into the expanding digital payments market.

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