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Porsche has agreed to eliminate a further 5,000 jobs at its German sites by 2035, taking its cumulative restructuring toward 9,000 roles, in a stark admission that the collapse of its Chinese business and a costly retreat from electrification have upended what was once the industry's most profitable carmaker. The executive board and general works council signed off on the "Future Package" on 27 July, a deal negotiated with the IG Metall union and the Südwestmetall employers'

Russia is quietly assembling a shadow fleet of liquefied natural gas carriers, extending to gas the same sanctions-evasion playbook it built for crude oil, in a move designed to keep Moscow's energy revenues flowing once the European Union's import ban takes effect. The Financial Times reported on Monday, citing data from maritime analytics firm Windward, that Russia's specialised covert gas fleet has grown to 25 vessels over the past six months. The expansion includes at lea

HS2 has renegotiated the contracts governing more than 100 kilometres of its high-speed line, tearing up a risk model that left taxpayers exposed to spiralling costs, in the most concrete sign yet that chief executive Mark Wild's sweeping programme reset is gaining traction. The state-owned company confirmed this week that it has signed revised commercial agreements with EKFB and Align, the two main civil engineering joint ventures building the route between London and the We

Europe's two largest airline groups both beat second-quarter profit expectations but trimmed their growth ambitions for the year, as the fuel bill from the Iran conflict reshapes strategy across a sector now prizing yield over expansion. IAG, owner of British Airways and Iberia, reported on Friday a 16 per cent drop in second-quarter profit, dragged down by soaring fuel costs and softer demand linked to the war that erupted at the end of February. The result nonetheless came

Saudi Arabia has moved to assemble a multinational maritime defence coalition to protect Red Sea shipping, a rapid political-military escalation of the chokepoint crisis that has severed normal tanker traffic through the region and pulled European naval assets deeper into the conflict. Military representatives from 43 of 51 invited nations, alongside a European Union delegation, gathered in Riyadh on Thursday to discuss the initiative, with the kingdom naming itself founding

Stellantis swung back to a quarterly profit as a resurgent North American business drove revenues higher, but a squeeze on European margins caused by intensifying Chinese competition left earnings short of expectations and sent the shares sharply lower. The owner of Jeep, Peugeot, Fiat and Ram reported net profit of €293 million for the second quarter, a marked recovery from a €1.87 billion loss a year earlier, when one-off charges dominated the accounts. Net revenues climbed

Eurostar has confirmed the launch of a new direct service between London and Antwerp from 14 December, a rare concrete addition to its network at a moment when the cross-Channel operator is bracing for the end of its three-decade monopoly on the tunnel. The service will add the Belgian port city as a stop on the existing London to Amsterdam route, running up to four times a day from St Pancras International. The direct journey will take two hours and 41 minutes, cutting rough

Europe's two largest airline groups have laid rival binding bids on the table for a stake in TAP Air Portugal, setting up a decisive contest for what is widely seen as the final major flag-carrier consolidation prize left in Western Europe. Air France-KLM and Lufthansa Group both submitted binding offers to Portugal's state holding company Parpública by Tuesday's deadline, entering the third and final mandatory stage of a privatisation relaunched by Lisbon in 2025. The field

Renault returned to profit in the first half of 2026, powered by a surge in electric vehicle sales, in a set of numbers that offered a rare note of resilience from a European mass-market carmaker under sustained pressure from Chinese rivals. The French group reported first-half revenue of €30.25 billion on Wednesday, up 9.4 per cent year on year, and swung to a net profit of €700 million from a loss of more than €11 billion in the same period of 2025, when a one-off charge ti

The two maritime arteries carrying most of the Gulf's oil to Europe and Asia are now effectively closed simultaneously, a dual blockade that has severed normal commercial tanker traffic at both ends of the region and pushed the operational risk picture to its most severe of the conflict. Maritime intelligence firm Windward assessed on Thursday that both the Strait of Hormuz and the Bab el-Mandeb strait are effectively shut to normal commercial tanker movements, for different

Spain's liberalised high-speed rail market has hit its first serious reversal since the pandemic, with passenger numbers falling sharply in early 2026 and a public row erupting between state operator Renfe and the competition regulator over how the downturn is being presented. Long-distance high-speed services carried 8.05 million passengers between January and March, a 21 per cent drop on the same period a year earlier, according to competition authority CNMC. Seat capacity

Airbus reports half-year results after the European market close on Wednesday, in a release that will test whether the delivery recovery of recent months can carry the planemaker to an ambitious full-year target, and one now framed by a fresh capital-return pledge and open questions over who leads the company into its next chapter. The Toulouse group publishes its H1 figures alongside an analyst call at 19:30 CEST. Investors want confirmation that the second-quarter pace is d