UK Finance Industry Responds to Parliament’s ‘Sexism in the City’ Inquiry with Promises of Cultural Reform

The UK’s leading financial trade bodies have responded to the Treasury Committee’s ongoing Sexism in the City inquiry, outlining plans to strengthen workplace culture, leadership accountability, and protections against harassment. The latest round of correspondence, published by Parliament in late October, includes statements from the Investment Association, the Diversity Project, and the Association of British Insurers — each pledging renewed efforts to address gender inequality and non-financial misconduct across the sector.

The Investment Association said its members were “committed to improving transparency and strengthening reporting systems,” adding that firms would begin publishing updated diversity and conduct data next year. It also announced that companies are reviewing how they handle incident reporting and settlements — an area the Treasury Committee previously identified as opaque and under-regulated.

The Diversity Project echoed that sentiment but warned that policy frameworks alone will not drive change. It argued that progress depends on visible leadership from senior managers and that inclusive behaviour must become part of performance expectations at every level. The group revealed that it is developing a new training and assessment framework for senior leaders, due to launch in 2026, alongside industry-wide definitions for measuring misconduct.

Meanwhile, the Association of British Insurers supported stronger expectations on workplace culture but cautioned against duplicating existing regulation. It argued that layering new rules on top of current governance requirements could slow real progress, urging instead for practical, measurable commitments that firms can implement effectively.

While each organisation welcomed the Committee’s scrutiny, their letters highlighted different interpretations of how quickly change should happen — and how much regulation is needed to achieve it. The Investment Association focused on transparency and data, the Diversity Project on leadership culture, and the ABI on avoiding over-regulation.

The Treasury Committee’s Sexism in the City report, first released in March 2024, called for measurable progress on gender equality, harassment prevention, and pay transparency. It criticised the financial sector’s reliance on voluntary codes of conduct and warned that a lack of accountability had allowed misconduct and gender bias to persist in parts of the industry.

The new correspondence suggests that progress is underway but uneven. Firms are committing to internal audits, training programmes, and culture metrics — but much of the work remains self-regulated. Lawmakers are expected to review the industry’s progress in 2026, with some MPs suggesting that if voluntary measures fail, binding standards could follow.

For now, the tone from Parliament remains cautiously optimistic. As one committee member observed during the release of the correspondence: “The industry knows what needs to change. The real question is how quickly it will happen.”

Source: CMS

Poland’s Labour Market Shows Signs of Stabilisation as Impact of Reforms Eases

Poland’s labour market appears to be stabilising after several months of mixed signals, with early indicators suggesting that the effects of recent legislative changes to employment services are beginning to wear off. While unemployment ticked slightly higher in September, the overall outlook remains steady, supported by a growing number of people finding jobs and a gradual recovery in hiring activity.

According to recent data, the registered unemployment rate rose marginally to 5.6% in September, up just 0.1 percentage points from August. Analysts say this mild increase does not indicate a major shift, but rather a pause following months of adjustment linked to mid-year changes in how employment offices operate. The reforms, introduced in June, altered how job offers and jobseekers are recorded, initially causing volatility in labour statistics.

One of the clearest signs of resilience comes from the growing number of people leaving unemployment to take up new jobs. In September, more than 60,000 jobseekers deregistered after finding work — the highest level this year and a 12% increase from the previous month. This outflow exceeded the number of new job offers registered by labour offices, suggesting that more positions are being filled through direct hiring and private recruitment channels.

At the same time, new job listings showed a modest recovery. Employment offices recorded a 5% month-on-month rise in advertised positions, though the total remains around half of what was available a year ago. Online recruitment platforms also saw slight improvements, yet analysts caution that the overall job market remains subdued, with employers still wary of expanding staff levels amid economic uncertainty.

Data from business sentiment surveys point to a mild cooling of optimism across the industrial sector. Most companies continue to take a cautious approach to hiring, with layoffs still slightly outnumbering planned new positions. However, the balance is narrowing, and economists say the situation is far from alarming.

Experts interpret these trends as a sign that the labour market is slowly absorbing the effects of recent policy shifts. The initial disruptions that followed the mid-year reforms are fading, and a more predictable pattern of employment activity is re-emerging. While structural challenges such as labour shortages and an ageing workforce persist, Poland’s job market continues to demonstrate strong underlying resilience.

If the current trajectory continues, economists expect unemployment to remain stable in the coming months, with only minor seasonal fluctuations heading into winter.

Source: BIEC

Czech Republic Records Sharp Rise in New Entrepreneurs as Business Closures Decline

The Czech entrepreneurial sector has recorded one of its strongest performances in recent years, according to new data released by CRIF – Czech Credit Bureau. Between January and September 2025, 63,240 individuals started their own businesses, while 38,620 ceased operations, resulting in a net gain of 24,620 entrepreneurs — nearly five times more than during the same period last year.

Analysts attribute the growth primarily to a significant reduction in business closures, which fell by around 36 percent year-on-year. “September alone brought the highest increase so far this year, with more than 5,100 new entrepreneurs entering the market,” said Věra Kameníčková, an analyst at CRIF. “For every 10 entrepreneurs who closed, 29 new ones started. The market is showing momentum similar to pre-2022 levels, before the mandatory data box system came into effect.”

CRIF’s analysis, based on data from the portal informaceofirmach.cz, shows that nearly one-fifth of new entrepreneurs were registered in Prague (11,674), followed by the Central Bohemian Region (8,612) and South Moravia (7,016). Only Olomouc (+4%) and Karlovy Vary (+2%) recorded an annual rise in new business formations, while most other regions saw slight declines. Across all regions, however, the number of closures fell.

Prague recorded the fastest net growth, with 19 new entrepreneurs for every 10 closures, while the Central Bohemian and South Moravian regions each had 18 per 10. The slowest expansion occurred in Karlovy Vary and Hradec Králové, where 13 new businesses were created for every 10 that closed.

The construction industry remained the most active sector for new business formation, accounting for 9,032 new entrepreneurs, followed by manufacturing (7,341) and professional, scientific and technical services (7,231). The strongest growth was in water management (+19%) and transport and storage (+7%), while health and social care (-20%) and hospitality (-12%) recorded declines.

CRIF’s report also notes a shift in entrepreneur demographics. More than half of all new business owners were aged 18–30, while the number of older entrepreneurs, particularly those aged 51 and above, continued to decline. Meanwhile, around a quarter of all closures involved businesses that had operated for less than five years, suggesting greater market fluidity — or, in some cases, attempts to circumvent consumer credit rules that do not apply to registered entrepreneurs.

Over the past 12 months, from October 2024 to September 2025, a total of 80,854 new entrepreneurs entered the market — just 2 percent fewer than during the previous record year. Independent analyses from other professional sources, including Radio Prague International and PragueDaily, confirm the same trend of strong entrepreneurial growth supported by declining exit rates.

The data underline a cautiously optimistic outlook for Czech entrepreneurship heading into 2026. While the number of new business formations has stabilised, the sharp drop in closures suggests that more small enterprises are surviving — an encouraging sign for long-term business resilience in the Czech economy.

Source: CRIF – Czech Credit Bureau (Press Release, 26 October 2025); Informaceofirmach.cz; Radio Prague International; PragueDaily.

OECD Calls for Overhaul of Science and Innovation Policy Amid Technological and Geopolitical Shifts

The OECD Science, Technology and Innovation (STI) Outlook 2025 warns that governments must fundamentally reform their science and innovation systems to remain effective in a world of accelerating technological change, geopolitical competition, and rising economic insecurity.

The report, Driving Change in a Shifting Landscape, argues that current policy frameworks are struggling to keep pace with rapid advances in artificial intelligence, biotechnology, and quantum computing, as well as new global power dynamics affecting research cooperation and knowledge exchange.

According to the OECD, public R&D funding in the OECD area fell by 1.9% in 2024, exposing the limits of existing approaches. Policymakers are urged to leverage “policy complementarities” by aligning investments in competitiveness, sustainability, and resilience, rather than pursuing fragmented agendas.

“Science and innovation policy is at a turning point,” the Outlook states. “The ability of governments to mobilise science, technology and innovation for transformative change—while navigating geopolitical pressures and technological shifts—will be decisive in shaping the future.”

The 2025 report outlines seven areas for reform. These include strengthening links between science and non-science policy fields, expanding participation in innovation beyond leading firms and regions, and mobilising public funds to attract private finance through blended mechanisms. The OECD also calls for “mission-oriented” approaches to channel innovation toward long-term societal goals such as energy transition and health resilience.

A key theme is the reconfiguration of global scientific cooperation. With mounting geopolitical tensions and strategic competition in emerging technologies, governments are introducing research security measures to protect sensitive data and intellectual property. The OECD cautions, however, that these must be “proportionate, precise, and shaped in partnership with scientists and businesses” to avoid undermining collaboration or research quality.

Another focus is technology convergence, particularly the integration of AI with fields such as synthetic biology, neurotechnology, quantum computing, and satellite-based earth observation. The OECD notes that this convergence is generating breakthroughs—from AI-driven protein design to advanced biosensors—but also creating new regulatory and ethical challenges.

The report proposes the creation of “convergence spaces”—institutions and programmes designed to foster interdisciplinary collaboration, ethical governance, and responsible technology deployment.

Governments are also encouraged to adopt ecosystem-based industrial policies that support innovation clusters and enhance strategic intelligence to remain agile amid uncertainty.

The OECD concludes that future prosperity and resilience will depend on how effectively nations align their innovation policies with social priorities, coordinate across sectors, and anticipate risks from disruptive technologies.

“Transformative change will require mobilising science and innovation at an unprecedented scale and speed,” the report notes. “Governments that act decisively now will be better positioned to steer these shifts toward inclusive and sustainable outcomes.”

(Source: OECD Science, Technology and Innovation Outlook 2025, Paris)

NEINVER and Nuveen Real Estate Maintain Top Global Sustainability Rating for Sixth Year

Neptune, the joint venture between NEINVER and Nuveen Real Estate, part of the TIAA group, has once again achieved the highest recognition in the Global Real Estate Sustainability Benchmark (GRESB), marking the sixth consecutive year it has earned a five-star rating.

The 2025 assessment gave Neptune a score of 93 out of 100, two points higher than last year. The result places the venture 10 points above the average in its European peer group and 14 points above the global GRESB average. Among the ten largest commercial real estate portfolios in Europe, Neptune ranks third.

The evaluation covered 15 properties managed by NEINVER under the joint venture, including 13 outlet centres and two retail and leisure parks located in Spain, France, Italy, the Netherlands, and Poland. The report highlighted strong performance in management practices and continued improvements in energy efficiency, waste recovery, and emission reduction.

“These results reflect the consistency of our sustainability strategy and our ability to continue making progress in key areas such as energy efficiency and environmental certification,” said David Hernández Núñez, Sustainability Manager at NEINVER. “They also reinforce our commitment to creating long-term value for investors, operators, and local communities.”

In 2024, the company recorded a five percent reduction in operational emissions and a three percent drop in energy consumption, despite higher commercial activity and adverse weather conditions. Since 2019, energy use has fallen by nearly 28 percent, while total emissions have declined by 31 percent. These gains have been achieved through upgrades to building management systems, replacing gas boilers with electric heat pumps, and sourcing 100 percent renewable electricity in almost all common areas.

NEINVER also reported a 92 percent waste recovery rate, maintaining its Zero Waste certification across all centres. The company continues to renew BREEAM and AIS certifications in line with its ESG “Building Tomorrow” strategy, which promotes continuous improvement and measurable performance.

The GRESB framework serves as a global standard for evaluating ESG performance in real estate. It measures companies and funds based on management, performance, and development indicators, offering investors a comparable benchmark across regions and asset types.

Neptune’s latest result confirms its place among the most sustainably managed commercial real estate portfolios in Europe and demonstrates the long-term value of consistent environmental management in the retail property sector.

Kamco Invest takes stake in Saudi tech firm Unifonic ahead of planned IPO

Kamco Invest has acquired a minority stake in Saudi-based Unifonic, a fast-growing customer engagement platform operating across the MENA region. The transaction, made on behalf of Kamco’s clients, strengthens the Kuwaiti investment firm’s exposure to regional technology ventures with near-term IPO prospects.

Founded in 2006, Unifonic provides cloud-based communication services to over 1,700 businesses, processing more than 10 billion transactions annually. The company, which serves banks, retailers, and public institutions, has raised roughly USD 140 million from investors including Sanabil Investments, SoftBank, and STV.

Dalal Jamal Al Shaya, Director of Private Equity at Kamco Invest, said the move “aligns with our focus on growth-stage technology opportunities in markets preparing for listings.”

Unifonic’s CEO, Ahmad Hamdan, said the new partnership would support the company’s preparation for an initial public offering expected within two years.

Analysts see Saudi Arabia’s maturing tech ecosystem and the Tadawul’s active pipeline as strong tailwinds for firms such as Unifonic seeking regional scale.

Jet Industrial Lease Acquires Industrial Development Project in Rzeszów, Poland

Jet Industrial Lease, a real estate fund managed by the Jet Investment group, has completed the acquisition of a project for the construction of a new industrial complex in Rzeszów, southeastern Poland. The planned facility will provide 42,344 m² of leasable space on a 127,398 m² site, with construction scheduled to begin in October 2025.

The project, which already holds a valid building permit, aims to achieve BREEAM New Construction certification at the “Excellent” level. It will be developed in cooperation with Panattoni, a leading European industrial and logistics real estate developer, which will oversee the project’s construction and management.

According to Pavel Drabina, Managing Director of Jet Industrial Lease, Rzeszów offers strong potential for long-term investment. “With its strategic location, infrastructure, and growing regional importance, Rzeszów is positioned to strengthen its role as a logistics hub in eastern Poland,” he said.

The new complex will be located in the northern part of Rzeszów, near the A4 motorway and S19 expressway (Via Carpathia), providing direct links to major industrial centres across Poland and Central Europe. The design includes energy- and water-saving technologies, enhanced natural lighting, improved acoustic performance, and provisions for a future photovoltaic installation.

The first phase of the project is 72% pre-leased, with tenants from the logistics and light manufacturing sectors. Completion and handover of the initial units are expected in the first half of 2026. The development is also anticipated to support regional employment and strengthen the Podkarpackie region’s industrial base.

This investment continues Jet Industrial Lease’s strategy of acquiring and managing modern industrial and logistics assets across Central Europe. The fund already holds six properties in Poland and, since its establishment in 2020, has completed 11 acquisitions. The management team is currently assessing additional projects to expand its portfolio with new logistics and production capacities across the region.

Survey: Two-Thirds of Young Czechs Could Only Manage Three Months Without Income

A new survey has revealed that most young Czechs would struggle to maintain their current lifestyle for more than a few months if they lost their income. According to research conducted by Ipsos for the investment company XTB, nearly two-thirds of respondents aged 18 to 30 said their financial reserves would last no longer than three months, with 30 percent managing only a single month and another 33 percent up to three months.

The study, based on responses from 1,000 participants, highlights significant differences in financial preparedness by education level. Among those with only basic education, 42 percent said their savings would cover just one month’s expenses. In contrast, only 14 percent of university students or graduates were in that position. Roughly one in five young Czechs reported savings that would sustain them for at least five months, while among undergraduates that share rises to over a third.

The findings also show a clear gender gap in financial resilience. More than a third of women (38%) said they could manage just a month without income, compared to 23 percent of men. “A financial cushion covering three to six months of expenses is the foundation of stability,” said Vladimír Holovka, Director of XTB for the Czech Republic, Slovakia and Hungary.

When it comes to money management tools, 93 percent of young people regularly use mobile banking apps. Investment platforms are gaining ground, used by 32 percent overall, but participation is uneven: 46 percent of men invest compared with only 18 percent of women. Regional differences are also notable—Prague leads with investment activity above 40 percent, followed by Moravia (34 percent) and Bohemia (29 percent). Among university-educated respondents, nearly 42 percent invest, while only 18 percent of those with basic education do so.

Holovka noted that the gender gap in investing remains pronounced. “Men actively look for investment opportunities, while women tend to be more cautious. Removing barriers that discourage women from investing is not just a task for financial institutions but for society as a whole,” he said.

Saving habits remain modest. Almost 45 percent of respondents save less than CZK 1,300 a month, with women and those with lower education levels most represented in this group. Another 36 percent put aside between CZK 1,300 and 5,000 monthly, while 13.5 percent save up to CZK 12,500. Only 5 percent of young Czechs save more than that amount.

Despite limited savings, many respondents demonstrate a long-term outlook. More than half (56 percent) save for future goals such as housing, retirement or financial independence. Short-term goals like travel or consumer purchases were the priority for just 18 percent.

Social media plays an increasing role in shaping financial awareness: nearly one-third of respondents said they seek financial advice on TikTok, YouTube or Instagram. However, friends and family remain the most trusted advisers, followed by banks and financial consultants.

The survey paints a mixed picture of financial literacy among young adults in the Czech Republic—showing widespread awareness of the need to save and invest, yet persistent inequalities in access, behaviour and financial confidence.

Source: XTB / Ipsos Survey (October 2025)

U.S. Housing Market Faces Uneven 2025 Outlook as Regional Shifts Challenge Recovery

The U.S. residential property market is heading into 2026 with cautious optimism, as forecasts point to a year of modest growth and persistent regional divergence. While overall home prices are expected to rise slightly, the pattern across the country is proving more complex than in past cycles, with some high-growth regions from the pandemic era now showing signs of fatigue.

Recent analyses from international and U.S. property experts suggest that the market’s resilience rests on stable, though elevated, borrowing costs and a gradual return of inventory. Mortgage rates have hovered near 6 percent for most of 2025, easing from last year’s peaks but still high enough to limit affordability for many buyers. This has slowed price acceleration, leaving national averages largely flat compared to 2024, with expected gains of around 1 to 2 percent in the year ahead.

Where growth occurs, it is increasingly selective. Official housing data show that price appreciation remains concentrated in smaller and mid-sized cities where supply is tight and job growth strong, while several Sun Belt metros — long the engine of the housing boom — have cooled. Markets in Texas, Florida, and Arizona that surged during the pandemic now face slower demand and rising listings, particularly in new-build suburban areas. Analysts note that some local markets, such as Austin and Jacksonville, have already seen minor price corrections as buyers gain leverage.

In contrast, parts of the Midwest and Northeast have emerged as relative bright spots. Cities like Buffalo, Cincinnati, and Pittsburgh continue to attract buyers seeking affordability and steady employment opportunities. These regions, which avoided the sharp price spikes of 2021–2022, now show steadier fundamentals and stronger year-on-year appreciation than many coastal or southern markets.

At the national level, property values remain supported by low housing supply, demographic demand, and a cautious lending environment that has kept defaults limited. Industry observers note that the market’s current balance — neither overheated nor in decline — represents a normalization rather than a downturn. Transaction volumes are expected to pick up gradually if borrowing costs fall further in 2026, though few predict a return to the rapid growth rates seen earlier in the decade.

For investors and homeowners alike, the message is clear: the next phase of the U.S. housing cycle will be defined by selectivity over speculation. Regional fundamentals — from wage growth and population inflows to infrastructure and climate resilience — will determine which cities outperform. As the market transitions from the volatility of recent years, 2025 is shaping up to be a period of quiet recalibration rather than dramatic change.

Sources: Engel & Völkers Market Insight (Oct 2025); Federal Housing Finance Agency (FHFA); National Association of Realtors; Zillow; Redfin; Reuters; U.S. Census Bureau.

Slovak Housing Market Remains Stable Over the Summer, With Modest Regional Price Increases

The Slovak housing market showed remarkable stability during the summer months, with average prices fluctuating only within a narrow range. Despite this calm, most regional data still point to a mild upward trend, according to analysts and the latest statistics from property monitoring platforms and the National Bank of Slovakia (NBS).

Among the cities that stood out, Trenčín recorded one of the strongest gains. The average price of a two-room apartment there rose by about 7.5 percent during the summer quarter, reaching roughly €142,000. Analysts attribute the increase to the city’s strong connectivity with Bratislava and Žilina, improving local infrastructure, and continued affordability compared to other regional centres.

“Trenčín remains one of the more accessible regional markets with genuine growth potential,” said property analyst Michal Pružinský, noting that the city is becoming increasingly attractive both to residents and investors seeking long-term appreciation.

In Košice, prices of two-room apartments have been rising steadily for nearly a year, led by Košice IV, where values grew by nearly 7 percent in the third quarter. Other districts showed milder gains, while Košice I was a rare exception, posting a 1 percent decline—one of the few cases of price contraction recorded anywhere in the country.

The strongest growth among three-room apartments was reported in Žilina, where prices rose by about 7 percent. Local agents say the shift reflects the sale of lower-priced units earlier in the year and the dominance of new, higher-standard developments on the market. Banská Bystrica also posted a solid increase of around 6.5 percent, driven by new construction activity, while Nitra saw similar growth.

The Bratislava Old Town remained Slovakia’s most expensive location despite a marginal price dip of about 1 percent. A typical three-room flat there now sells for roughly €410,000, underscoring the district’s continuing status as a premium residential zone.

Data from the NBS Housing Price Index for Q3 2025 confirm that national housing prices rose by 0.7 percent quarter-on-quarter, with annual growth still subdued compared to pre-2023 peaks. Most regional markets are showing balanced supply-demand dynamics, supported by stable mortgage conditions and the gradual completion of new residential projects.

Overall, Slovakia’s housing market appears to be entering a period of sustained equilibrium. While prices continue to rise modestly in several regional centres, the pace remains steady, reflecting a maturing property landscape driven more by local fundamentals than speculative demand.

Source: TASR, NOW.sk, National Bank of Slovakia (NBS), NARKS, Reality.sk, and Nehnutelnosti.sk.

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