Schaeffler AG, a prominent German automotive supplier, has announced plans to cut approximately 4,700 jobs across Europe and close two facilities due to a decline in sales within the auto industry. The company revealed that around 2,800 job reductions will occur at ten locations in Germany as part of a strategy aimed at achieving annual savings of about €290 million ($316 million) by the end of 2029.
In the United Kingdom, a significant economic shift has been noted as one-third of the official 'shopping basket' has entered deflation. This trend signals a potential opportunity for the Bank of England to consider lowering interest rates. According to an analysis of nearly 220 goods and services, the proportion of items priced lower than a year prior is at its highest level since spring 2021, following the economic disruptions caused by the pandemic and geopolitical tensions.