Germany · Country watch
Evonik Job Cuts, EU-Philippines Trade Deal
Evonik plans to cut 3,200 jobs in Germany; EU and Philippines agree on a free trade deal.
In this briefing Evonik Industries · Philip Lane · European Central Bank · Eurozone · Ursula von der Leyen · European Union · Philippines
Companies
Evonik to cut 3,200 jobs in Germany
Part of: BASF's pursuit of Evonik amid job cuts →
Evonik Industries AG, a leading German specialty chemicals company, announced plans to cut 3,200 jobs, primarily in Germany, as part of a restructuring strategy. The company aims to focus on growth in Asia and America, reallocating tasks across six German sites, Handelsblatt and DIE WELT report. This move is part of ongoing efforts to adapt to structural challenges in the industry.
Impact Employers in the manufacturing sector face workforce reductions, affecting 3,200 positions.
Sources: Handelsblatt ↗, DIE WELT ↗
Markets
Energy price spikes may prolong Eurozone inflation
European Central Bank Chief Economist Philip Lane warns that recent spikes in oil and gas prices could prolong inflation in the Eurozone, Handelsblatt reports. The ECB is considering another interest rate hike in October to manage inflationary pressures. Energy prices remain a significant concern for financial markets.
Impact Lenders and borrowers in the Eurozone face potential interest rate hikes amid prolonged inflation.
Watch The ECB may raise interest rates in October. · 1 October 2026
Sources: Handelsblatt ↗
Trade
EU and Philippines agree on free trade deal
The European Union and the Philippines have reached a preliminary agreement on a free trade deal aimed at enhancing trade and investment, Handelsblatt and ARD Tagesschau report. The agreement will open new export markets and stabilize supply chains, particularly benefiting machinery, pharmaceuticals, and pork exports. Finalization is expected in the coming months.
Impact Exporters of machinery, pharmaceuticals, and pork in the EU gain access to new markets in the Philippines.
Sources: Handelsblatt ↗, ARD Tagesschau ↗
Nothing significant reported today in Regulation · Disruption · Internal tension · Safety & health · Politics.
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Sources in this briefing
Sources: each headline links to the original article on the publisher's site.