Category: 3. Business

WH Smith’s chief executive has stepped down with immediate effect, after a review found accounting failures in its North American division, prompting the retailer to slash its profit outlook.

Nearly £600m was wiped off the company’s market value when the blunder emerged in August. Shares took a 42% one-day plunge from which they have not yet recovered, leaving the travel shop chain reeling shortly after the sale of its high street business, which has been rebranded as TGJones by its new owners.

Carl Cowling, who had been WH Smith’s group chief executive for six years, will be replaced on an interim basis by the company’s UK chief executive, Andrew Harrison, until a permanent replacement is found.

His departure came as an independent investigation by Deloitte said it had found “shortcomings” in the retailer’s North American division that exaggerated supplier income, leading the group to overstate profits at its US business by as much as £50m.

The review found weaknesses in the composition of the US finance team, as well as insufficient systems, controls and review procedures for supplier income in its commercial and finance teams. It also found the group had limited oversight of US finance processes.

Annette Court, the WH Smith chair, apologised and said the company recognised “the importance of strengthening controls, governance and reporting procedures across the group.”

She added: “Our priority now is to rebuild trust and credibility and to improve the performance and profitability of our North America division. We are confident that the actions we have taken and will continue to implement over the months ahead will ensure a strong foundation for the business going forward.”

Cowling said: “Whilst the issues identified in the Deloitte review arose in our North American division, I recognise the seriousness of this situation and as group CEO feel it is only right that I step down from my position.”

WH Smith, which is now focusing on its travel business and branches in airports and railway stations, had previously identified North America as a growth opportunity.

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It warned that it expected profits for its US arm for 2024-25 to be between £5m and £15m, down from the £55m originally forecast and below the £25m announced on 21 August when the accounting blunder was first revealed.

WH Smith’s group profits are forecast to be between £100 and £110m for the year to 31 August, about 55% lower than last year.

Cowling will remain employed by WH Smith until the end of February to ensure an orderly handover. The company said it would look to new leadership to “implement the remediation plan” and take the company through the next phase of its strategy to focus on its shops at global travel hubs.

‘I’m alive and I carry on’published at 09:42 GMT

09:42 GMT

Laurence Cawley
BBC News

As we mentioned in an earlier post, we spoke to Jose who had his Norfolk home repossessed.

After this happened, Jose was given emergency accommodation in a small ground-floor studio in north Suffolk.

“I left my house with one suitcase and a bag of essentials and told the council ‘I’m homeless’,” he said.

“It’s a roof over my head. I’m trying to keep things simple because what is the point of complicating things?

“I’m alive and I carry on.”

In the same month he handed over his keys to the bailiffs, the BBC saw a similar three-bedroom property in the same Thetford street as Mr Da Costa Diogo’s on the market for £160,000 – almost double the amount he owed.

19 November 2025

• Current account recorded €23 billion surplus in September 2025, up from €22 billion in previous month
• Current account surplus amounted to €306 billion (2.0% of euro area GDP) in the 12 months to September 2025, down from €414 billion (2.7%) one year earlier
• In financial account, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled €868 billion and non-residents’ net acquisitions of euro area portfolio investment securities totalled €729 billion in the 12 months to September 2025

The current account of the euro area recorded a surplus of €23 billion in September 2025, an increase of €1 billion from the previous month (Chart 1 and Table 1). Surpluses were recorded for goods (€30 billion) and services (€12 billion). These were partly offset by deficits for secondary income (€17 billion) and primary income (€3 billion).

Data for the current account of the euro area

In the 12 months to September 2025, the current account recorded a surplus of €306 billion (2.0% of euro area GDP), compared with a surplus of €414 billion (2.7% of euro area GDP) one year earlier. This decrease was mainly driven by a switch from a surplus (€51 billion) to a deficit (€21 billion) for primary income, but also by a larger deficit for secondary income (up from €164 billion to €189 billion) and a reduction in the surplus for services (down from €168 billion to €155 billion). These developments were partly offset by a slightly larger surplus for goods (up from €360 billion to €362 billion).

In direct investment, euro area residents made net investments of €161 billion in non-euro area assets in the 12 months to September 2025, following net disinvestments of €234 billion one year earlier (Chart 2 and Table 2). Non-residents invested €76 billion in net terms in euro area assets in the 12 months to September 2025, following net disinvestments of €470 billion one year earlier.

In portfolio investment, euro area residents’ net purchases of non-euro area equity increased to €213 billion in the 12 months to September 2025, up from €157 billion one year earlier. Over the same period, net purchases of non-euro area debt securities by euro-area residents increased to €655 billion, up from €464 billion one year earlier. Non-residents’ net purchases of euro area equity increased to €410 billion in the 12 months to September 2025, up from €364 billion one year earlier. Over the same period, non-residents made net purchases of euro area debt securities amounting to €320 billion, declining from €400 billion one year earlier.

Data for the financial account of the euro area

In other investment, euro area residents recorded net acquisitions of non-euro area assets amounting to €377 billion in the 12 months to September 2025 (down from €434 billion one year earlier), while their net incurrence of liabilities was €298 billion (up from €24 billion one year earlier).

The monetary presentation of the balance of payments (Chart 3) shows that the net external assets (enhanced) of euro area MFIs increased by €244 billion in the 12 months to September 2025. This increase was driven by the current and capital accounts surplus and euro area non-MFIs’ net inflows in other investment and portfolio investment equity. These developments were partly offset by euro area non-MFIs’ net outflows in other flows, portfolio investment debt and direct investment.

In September 2025 the Eurosystem’s stock of reserve assets increased to €1,622.2 billion up from €1,507.8 billion in the previous month (Table 3). This increase was largely driven by positive price changes (€112.7 billion), due to an increase in the price of gold, and, to a lesser extent, by net acquisitions of assets (€4.6 billion). These were partly offset by negative exchange rate changes (€2.9 billion).

Data for the reserve assets of the euro area

Data revisions

This press release incorporates revisions to the data for July 2025 and August 2025. These revisions modified the figures previously published in August 2025 for the current account balance mainly due to revisions in goods imports.

Next releases:

• Monthly balance of payments: 19 December 2025 (reference data of November 2025)
• Quarterly balance of payments: 13 January 2026 (reference data up to the third quarter of 2025)

For media queries, please contact Benoît Deeg, tel.: +49 172 1683704.

Notes

• Current account data are always seasonally and working day-adjusted, unless otherwise indicated, whereas capital and financial account data are neither seasonally nor working day-adjusted.
• Hyperlinks in this press release lead to data that may change with subsequent releases as a result of revisions.

Adhesion is a complex and fundamental challenge in materials science, playing a crucial role in modern manufacturing and having a decisive impact in high-tech sectors such as Aerospace, Defence and Security. In these areas, the reliability of adhesive joints is fundamental to critical functions – from lightweight composite structures to thermal protection systems and advanced coatings – and must guarantee high performance even under extreme conditions of load, temperature, vibration, radiation and aggressive environments. Adhesion is therefore not just a question of materials, but a systemic challenge that requires the integration of chemistry, process engineering and structural design to ensure integrity and safety.

For this reason, the new challenge promoted by Solvers Wanted, Leonardo‘s technology scouting platform, is addressed to innovators, researchers and start-ups capable of proposing solutions that can improve the performance, reliability and sustainability of adhesive joints in aerospace and defence applications. The aim is to explore new ideas and technologies in three main areas of interest:

• Surface treatments to improve adhesion
• Non-destructive inspection (NDI) techniques and quality assessment
• High-stiffness, reversible and sustainable adhesives

The winner of the challenge will have access to high-value prizes and opportunities. The Technology Challenge offers a financial contribution of €30,000, access to Leonardo Innovation Labs and a 12-month collaboration with Leonardo to develop a Proof of Concept (PoC). The winner of the Infrastructure Challenge will receive a €10,000 grant and the opportunity to collaborate with Leonardo by making their specialised infrastructure available. Leonardo will also provide the winners with new dedicated additional services, as well as the opportunity to enhance the brand’s profile by participating in industry events alongside Leonardo and collaborating with the Team for Innovation to promote innovative products and services.

Dassault Systèmes announced the general availability of SOLIDWORKS 2026, its portfolio of AI-powered 3D design, collaboration and data management applications, enabling millions of SOLIDWORKS users to transform how they innovate for the generative economy.

SOLIDWORKS 2026 features  hundreds of enhancements across design, simulation, electrical and product data management solutions that respond to user requests for improved efficiency and productivity.  The portfolio builds on 30 years of research and development know-how, integrating technologies throughout the year and connecting to Dassault Systèmes’ 3DEXPERIENCE platform.  SOLIDWORKS 2026 users can address complexity, time to market, workforce shortages, knowledge search and generation, and other challenges in the creation of products that align sustainability and experience.  

19 November 2025

• Patrick Amis appointed Director General Horizontal Line Supervision
• Korbinian Ibel appointed Director General Systemic and International Banks
• Thijs van Woerden appointed Director General Universal and Diversified Institutions

The Executive Board of the European Central Bank (ECB) has appointed Patrick Amis, Korbinian Ibel and Thijs van Woerden as Directors General for Horizontal Line Supervision, Systemic and International Banks, and Universal and Diversified Institutions, respectively. They will take up their duties on 1 March 2026.

Patrick Amis, Korbinian Ibel and Thijs van Woerden currently serve as Directors General for Specialised Institutions and Less Significant Institutions, Universal and Diversified Institutions, and Horizontal Line Supervision, respectively.

Korbinian Ibel will replace Ramón Quintana, who has been Director General since the start of European banking supervision in 2014 and will retire from the ECB in February 2026 to join Banco de España.

At the ECB, bank-specific supervision falls under three directorate generals, structured according to the business models of supervised banks: systemic and international banks, universal and diversified institutions, and specialised institutions and less significant institutions.

This bank-by-bank supervision is supported by thematic teams of risk and subject matter experts in the Directorate General Horizontal Line Supervision. These teams conduct benchmarking and industry-wide assessments such as thematic reviews, develop supervisory policy stances, and maintain supervisory methodologies.

Today’s appointments reflect the ECB’s commitment to encouraging internal mobility up to the highest management levels. Mobility between thematic supervision and bank-specific supervision promotes greater collaboration and enhances the ECB’s ability to address identified issues effectively.

The ECB has started the recruitment process for a new Director General Specialised Institutions and Less Significant Institutions.

For media queries, please contact François Peyratout, tel.: +49 172 8632 119.

Notes

• Patrick Amis has served as Director General Specialised Institutions and Less Significant Institutions since 2020 and has been Director General responsible for overseeing the supervision of less significant institutions since 2018. He joined the ECB at the start of European banking supervision in 2014 as Deputy Director General responsible for the direct supervision of the largest and most complex significant banks. He has held senior roles at the French banking and insurance supervisory authority (ACPR) and the Committee of European Banking Supervisors (CEBS).
• Korbinian Ibel has served as Director General Universal and Diversified Institutions since 2020. He joined the ECB at the start of European banking supervision in 2014 as Director General responsible for the horizontal function. Before joining the ECB he worked in various management roles at Commerzbank, as a strategy consultant at Boston Consulting Group and as an IT consultant with Accenture.
• Thijs van Woerden has served as Director General Horizontal Line Supervision since early 2024. He was previously responsible for all De Nederlandsche Bank (DNB) staff belonging to Joint Supervisory Teams for the supervision of Dutch significant banks. Prior to that, he held managerial roles in DNB’s Insurance Supervision and Supervision Policy Divisions and worked at Accenture for several years.
• The list of managers can be found on the ECB’s website.

Dubai, United Arab Emirates, 19 November 2025 – Silk Way West Airlines based in Baku, Azerbaijan has signed a firm contract for an additional two A350F freighter aircraft. The agreement, which takes the total order to four A350Fs, forms the backbone of Silk Way West Airlines’ fleet modernisation and expansion strategy.

“We are delighted to extend our partnership with Airbus on the A350F programme. This order, bringing our total commitment to four aircraft, marks a major milestone in our company’s growth and reflects our confidence in the future of sustainable air freight. The A350F will strengthen our leading position in the global air freight market as we continue to modernise our fleet and reduce our carbon footprint,” said Wolfgang Meier, President of Silk Way West Airlines.

“This repeat order from Silk Way West Airlines, the largest cargo airline in the Caspian Sea region, is a great vote of confidence at a time when the A350F is physically taking shape in our assembly lines. The A350F will ensure the airline maintains its leading position in the global air freight market and further enables its key role in developing Azerbaijan as a major global cargo hub at the heart of the Silk Road,” said Benoît de Saint-Exupéry, Airbus EVP Sales of the Commercial Aircraft business.

The A350F features the largest main deck cargo door in the industry, with fuselage length and capacity optimised around the industry’s standard pallets and containers. Over 70% of the airframe is made of advanced materials, resulting in a 46 tonne lighter take-off weight than the competing derivative. The A350F is also the only freighter aircraft that will fully meet ICAO’s enhanced CO₂ emissions standards, coming into effect in 2027. Currently, the assembly of test aircraft in Toulouse is underway.  

The A350F can carry a payload of up to 111 tonnes and will fly up to 4,700 nautical miles / 8,700 kilometres. Powered by the latest Rolls-Royce Trent XWB-97 engines, the aircraft will bring a reduction in fuel consumption and carbon emissions of up to 40% when compared to previous generation aircraft with a similar payload-range capability. The A350F will be able to operate with up to 50% Sustainable Aviation Fuel (SAF) at entry-to-service, with the aim for 100% capability by 2030, as with all Airbus aircraft. 

At the end of October 2025, the all-new A350F had registered 74 orders from 12 customers.

@SilkWayWest @Airbus #A350F 

Dubai, United Arab Emirates, 19 November 2025 – Silk Way West Airlines based in Baku, Azerbaijan has signed a firm contract for an additional two A350F freighter aircraft. The agreement, which takes the total order to four A350Fs, forms the backbone of Silk Way West Airlines’ fleet modernisation and expansion strategy.

“We are delighted to extend our partnership with Airbus on the A350F programme. This order, bringing our total commitment to four aircraft, marks a major milestone in our company’s growth and reflects our confidence in the future of sustainable air freight. The A350F will strengthen our leading position in the global air freight market as we continue to modernise our fleet and reduce our carbon footprint,” said Wolfgang Meier, President of Silk Way West Airlines.

“This repeat order from Silk Way West Airlines, the largest cargo airline in the Caspian Sea region, is a great vote of confidence at a time when the A350F is physically taking shape in our assembly lines. The A350F will ensure the airline maintains its leading position in the global air freight market and further enables its key role in developing Azerbaijan as a major global cargo hub at the heart of the Silk Road,” said Benoît de Saint-Exupéry, Airbus EVP Sales of the Commercial Aircraft business.

The A350F features the largest main deck cargo door in the industry, with fuselage length and capacity optimised around the industry’s standard pallets and containers. Over 70% of the airframe is made of advanced materials, resulting in a 46 tonne lighter take-off weight than the competing derivative. The A350F is also the only freighter aircraft that will fully meet ICAO’s enhanced CO₂ emissions standards, coming into effect in 2027. Currently, the assembly of test aircraft in Toulouse is underway.  

The A350F can carry a payload of up to 111 tonnes and will fly up to 4,700 nautical miles / 8,700 kilometres. Powered by the latest Rolls-Royce Trent XWB-97 engines, the aircraft will bring a reduction in fuel consumption and carbon emissions of up to 40% when compared to previous generation aircraft with a similar payload-range capability. The A350F will be able to operate with up to 50% Sustainable Aviation Fuel (SAF) at entry-to-service, with the aim for 100% capability by 2030, as with all Airbus aircraft. 

At the end of October 2025, the all-new A350F had registered 74 orders from 12 customers.

@SilkWayWest @Airbus #A350F 

New Sovereign Cloud Lets EU-Based Organizations Run Workday’s AI-Powered HR and Finance Solutions With Data Kept Entirely in Region and Under Customer Control

BARCELONA, Spain, Nov. 19, 2025 /PRNewswire/ — Workday Rising EMEA – Workday, Inc. (NASDAQ: WDAY), the enterprise AI platform for managing people, money, and agents, today launched the Workday EU Sovereign Cloud, a new offering that gives organizations across the European Union (EU) the ability to use Workday’s AI-powered HR and finance solutions while keeping their data secure, local, and under their control.

As new European regulations emerge, such as the EU Data Act, and geopolitical uncertainty continues, businesses and public sector organizations are putting data sovereignty at the heart of their digital transformation strategies. In fact, more than 80% of business leaders cite data sovereignty as a strategic business priority.¹ At the same time, leaders are faced with the challenge of adopting AI to drive business efficiencies, yet many struggle with how to adopt AI without risking compliance or ceding operational control.

Accelerating AI Adoption in a Complex Environment

Workday EU Sovereign Cloud provides a trusted EU-based environment that enables customers to deploy Workday’s leading AI for HR and finance with full data residency, local operations, and enterprise-grade scalability and security—all while meeting regulatory, privacy, and governance requirements. Customer data stays securely within the EU, with all operations, including AI processing, data center access, support, and maintenance, managed by EU-based personnel. Built-in encryption keeps information safe when it’s stored or shared, while independent audits and transparent oversight give leaders confidence.

Because AI is embedded in the core of the Workday platform, Workday EU Sovereign Cloud empowers organizations to deploy AI faster. This helps them realize measurable outcomes, such as reducing manual effort, improving decision-making, and unlocking new efficiencies, while helping to ensure their data never leaves the region.

“AI innovation is no longer a choice—it’s essential to staying competitive,” said Gerrit Kazmaier, president, product and technology, Workday. “Workday understands how quickly evolving data sovereignty requirements can make it difficult for organizations to keep pace. Workday EU Sovereign Cloud gives our customers the freedom to innovate and grow confidently—helping them harness the power of AI while knowing their data remains protected and compliant in an ever-changing world.”

Operating Continuously and Protecting What Matters Most

Workday EU Sovereign Cloud is built for resilience and trust. Its EU-based infrastructure spans multiple, geographically separated data centers to keep critical systems—like payroll, HR, finance, and planning—running. Hardware protections prevent unauthorized access, and end-to-end encryption safeguards information in transit, at rest, and in use. Oversight from an EU advisory board further strengthens transparency, compliance, and adherence to Europe’s highest sovereignty and security standards.

“As regulatory and business complexity continues to grow, we are committed to supporting our customers with the right tools and delivering business value,” said Angelique de Vries-Schipperijn, president, Workday EMEA. “With Workday EU Sovereign Cloud, our customers can operate confidently and grow responsibly—knowing their most critical data remains protected within EU borders, and that Workday is by their side helping them navigate change with trust and transparency.”

The Workday EU Sovereign Cloud is built on top of AWS’s secure cloud infrastructure, and benefits from the scale, reliability, and proven security of AWS. This added layer of security helps to ensure that all data and operations are managed by personnel under EU jurisdiction. Working with AWS, Workday is helping European organizations meet the highest standards of data protection and regulatory compliance without compromising on innovation or agility.

“At AWS, protecting what matters most—our customers’ data—is at the heart of everything we do,” said Stéphane Israël, managing director, AWS European Sovereign Cloud. “Workday is empowering organizations across Europe to innovate boldly while maintaining control and trust over their data, enabling them to focus on what they do best—driving business growth and delivering exceptional value to their customers.”

Workday EU Sovereign Cloud will be available to European customers in 2026, with other regionally tailored data sovereignty offerings to follow.

For More Information

• Learn more about Workday’s commitment to European customers in navigating the evolving regulatory landscape here.
• To learn more about how data readiness is essential for AI agents, click here.
• Learn more about how Workday is moving global data privacy forward here.

About Workday 
Workday is the enterprise AI platform for managing people, money, and agents. Workday unifies HR and Finance on one intelligent platform with AI at the core to empower people at every level with the clarity, confidence, and insights they need to adapt quickly, make better decisions, and deliver outcomes that matter. Workday is used by more than 11,000 organizations around the world and across industries – from medium-sized businesses to more than 65% of the Fortune 500. For more information about Workday, visit workday.com.

© 2025 Workday, Inc. All rights reserved. Workday and the Workday logo are registered trademarks of Workday, Inc. All other brand and product names are trademarks or registered trademarks of their respective holders.

Forward-Looking Statements
This press release contains forward-looking statements including, among other things, statements regarding Workday’s plans, beliefs, and expectations. These forward-looking statements are based only on currently available information and our current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control. If the risks materialize, assumptions prove incorrect, or we experience unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any forward-looking statements. Risks include, but are not limited to, risks described in our filings with the Securities and Exchange Commission (“SEC”), including our most recent report on Form 10-Q or Form 10-K and other reports that we have filed and will file with the SEC from time to time, which could cause actual results to vary from expectations. Workday assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release, except as required by law.

Any unreleased services, features, or functions referenced in this document, our website, or other press releases or public statements that are not currently available are subject to change at Workday’s discretion and may not be delivered as planned or at all. Customers who purchase Workday services should make their purchase decisions based upon services, features, and functions that are currently available.

 

SOURCE Workday Inc.