IBM TO SLASH 1 IN 5 EUROPEAN POSTS

Tech giant IBM plans to cut around 1 in 5 jobs across Europe, sources close to the matter told Bloomberg. About 10,000 jobs face the axe, they said. The UK and Germany will see the most job cuts, the sources said, and roles in its legacy managed-infrastructure IT services business are most at risk. SOURCE: businessinsider.com

EU STILL WORKING ON DATA

To better exploit the potential of ever-growing data in a trustworthy European framework, the Commission proposes new rules on data governance. The Regulation will facilitate data sharing across the EU and between sectors to create wealth for society, increase control and trust of both citizens and companies regarding their data, and offer an alternative European model to data handling practice of major tech platforms. SOURCE: European Commission

AVIVA TO SCALE BACK EU OPS

Aviva expects to pay a total 2020 dividend that is a third less than before the coronavirus outbreak and is exploring options for its remaining continental European and Asian businesses, the British insurer said on Thursday. Aviva’s new CEO Amanda Blanc has said the company wants to scale back operations in Europe and Asia to focus on core markets of Britain, Ireland and Canada. SOURCE: Reuters

VOLVO DROPS DISTRIBUTOR

Swedish car dealership chain Bilia has received notice of termination for its dealer agreements with Volvo Cars in Sweden and Norway. The termination, which has a notice period of two years, covers both Bilia’s car sales and services business for Volvo models. Bilia, a leading Nordic dealership with around 140 facilities mostly in Sweden and Norway, said its turnover for sales of new Volvo cars in Sweden and Norway was about 6.4 billion Swedish crowns ($743 million) in 2019, compared to 29.5 billion in total for the group. SOURCE: Reuters


FILE PHOTO: A man wearing a protective mask walks past an office building with the IBM logo amidst the easing of the coronavirus disease (COVID-19) restrictions in the Central Business District of Sydney, Australia, June 3, 2020. REUTERS/Loren Elliott