LABOUR COST
Fitch cuts outlook for Tata Steel, union optimistic on jobs in UK
Fitch cut Tata Steel's outlook to negative citing UK operations uncertainty. A delayed 500 million pound grant may cause 2,800 job losses. Tata Steel's net debt is Rs 77,550 crore amid UK losses of 364 million pounds and business-restructuring costs. Unite and Business Secretary Jonathan Reynolds show optimism about new Labour government’s supportive investments.
New UK Prime Minister Starmer says controversial Rwanda deportation plan is 'dead and buried'
Prime Minister Keir Starmer scrapped the Rwanda scheme to prioritize economic and NHS issues. His diverse Cabinet tackles migrant crises. Tim Bale noted Labour's challenges. Suella Braverman criticized Starmer. David Lammy's Europe trip preludes Starmer’s NATO meeting in Washington. Health Secretary Wes Streeting aims to resolve NHS multi-day strikes, addressing the 'broken' healthcare system.
New UK Prime Minister Starmer assembles Cabinet for the first meeting: 'Now we get to work'
Prime Minister Keir Starmer and his new government are tasked with tackling a range of issues in the U.K., including boosting the economy, reforming healthcare, and addressing immigration challenges. Starmer's ambitious agenda aims to bring about significant change, but faces scrutiny and obstacles ahead.
Charting the global economy: UK labour party wins in landslide
A surge of Chinese plastic supply is threatening to overflow in the face of weak domestic demand, morphing into a fresh trade challenge for the rest of the world.
New UK PM Starmer 'restless for change' after huge election win
Keir Starmer, UK's new prime minister, aims for growth and change. Historic appointments include Reeves, Lammy, Vallance. He ended the Rwanda scheme after Labour's landslide victory, ending 14 years of Conservative rule. Accepted King Charles III’s invite, Sunak resigned, and spoke with Biden, von der Leyen, and Zelensky. Faces cost-of-living crisis and Farage’s Reform breakthrough.
New PM Starmer pledges to rebuild Britain after years of chaos
Keir Starmer at Downing Street, after Labour’s landslide victory, pledged to restore trust and rebuild Britain. But he warned that it will take time.
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Keir Starmer begins UK 'rebuild' after landslide election win
Newly elected Labour Prime Minister Keir Starmer will begin his "rebuild Britain" initiative on his first full day in office, following a landslide election victory that ended 14 years of Conservative rule. Starmer, who secured a 174-seat majority, spent his initial hours appointing his ministerial team and will hold his first cabinet meeting on Saturday. Key appointees include Britain's first woman finance minister, Rachel Reeves, and new Foreign Secretary David Lammy. Starmer's government faces challenges such as a stagnating economy, public service issues, and a cost-of-living crisis.
What we learned from the UK's general election that will shape politics over the coming years
The new government faces huge challenges, including fixing the country's sluggish economic and social malaise resulting in part from the U.K's exit from the European Union, the COVID-19 pandemic, the war in Ukraine and several Conservative Party scandals.
What does Keir Starmer's win mean for the Khalistan issue?
The UK's Labour Party's recent election win in parliamentary election raises questions about its stance on movements like Khalistan. New PM Keir Starmer aims to improve UK-India relations, but concerns remain due to the party's past support for pro-Khalistan leaders.
Prioritising India-UK ties, FTA in focus under new PM Keir Starmer
The India-UK FTA talks began in January 2022 but were stalled in the 14th round as both countries stepped into their general election cycles this year. India saw the new government in the first week and on Friday, it was the UK's. "There is no question in my mind that India will continue to be important for the new Labour government," said Rahul Roy-Chaudhury, Senior Fellow at the International Institute for Strategic Studies (IISS).
A NATO summit and mending EU relations are among first tasks for new UK leader Keir Starmer
British Prime Minister Keir Starmer has been appointed to a new government after a six-week election campaign. Starmer, who has never served in or led a government, has a plethora of lawmakers to choose from, including Treasury chief Rachel Reeves and the new foreign secretary David Lammy. He wants Britain to take a larger role on the global stage after years of soured relations with Europe over Brexit and the inward-looking U.K. political soap opera that followed.
Can the Labour Party bring back Britain’s green groove?
In the context of Britain's political landscape and its climate ambitions, Keir Starmer, poised to become the next prime minister, has positioned the Labour Party as advocates for transforming the nation into a "clean energy superpower." This aspiration marks a significant departure from Britain's historical role as a major contributor to climate pollution, stemming from its origins in the Industrial Revolution fueled by coal.
UK general election: Cost of living could trump pride in Rishi Sunak for British Indian voters
The UK's general election will test Rishi Sunak's leadership amid a cost-of-living crisis and fatigue with the Conservative Party after 14 years in power. Polls suggest Labour could secure a "supermajority," reflecting a desire for change. Despite Sunak's achievements, voters are focused on broader issues like the cost of living and healthcare. Sunak's future hinges on the election outcome, with potential implications for the Tory party.
Ballot in Britain: Keir Starmer-led Labour Party set to sweep to power, ousting Rishi Sunak
Britons are casting their votes in a parliamentary election that could see Keir Starmer's Labour Party replacing Prime Minister Rishi Sunak's Conservatives. Opinion polls suggest a potential landslide victory for Starmer, reflecting a desire for change after years of Conservative leadership marked by infighting. Both parties have made their final appeals to voters, with contrasting visions for the country's future. The outcome of the election could have significant implications for British politics and policy direction. Stay updated for the latest developments as the voting process concludes and results are announced.
Labour predicted to rout Sunak's Conservatives as Britain goes to polls
Britain is poised to elect Labour Party leader Keir Starmer as the next prime minister, ending the Conservative Party's 14-year rule. Polls indicate a significant lead for Labour, reflecting voter desire for change rather than strong support for the party. Starmer promises a new chapter for Britain, while outgoing Prime Minister Rishi Sunak warns of economic risks under Labour. Labour's lead follows Conservative turmoil, including multiple prime ministers and economic instability. Polls open from 7 a.m. to 10 p.m., with results expected early Friday.
Increasing annual leave to five weeks would cost employers less than you might think
The idea of expanding annual leave to five weeks appears to be gaining traction, spurred by recent advocacy from groups like the Shop Distributive and Allied Employees Association. While certain industries already offer extended leave, such as for continuous shift workers, most employees typically receive four weeks. Australia's annual leave entitlement has remained unchanged since 1974, prompting calls for review amid international comparisons where some countries offer more statutory days.
UK's Labour Party commits to stamping out anti-India sentiments
Parties in the UK, including Labour, Conservatives, Liberal Democrats, and the Green Party, compete for votes within the Indian diaspora, emphasizing ties with India and key issues like the stalled free trade agreement and cultural exchanges.
How to fix skilling the competition
Legislation is needed to bring parity in working conditions among blue- and white-collar workers. Where this is not possible - for instance, in construction - wages must adjust to the harshness of outdoor work. Industry also has to commit more towards tenure of employment for manual labour in order to draw in a newer generation of workers.
Who is Keir Starmer, the Labour leader favoured to win Britain's July 4 election?
Labour Party leader Keir Starmer, a managerial and dutiful figure, aims to lead the UK towards stability and change after years of Conservative rule. A former prosecutor, Starmer stresses his everyman credentials and seeks to appeal to voters with a message of reassurance. Facing challenges from both left and right, Starmer's pragmatic approach has helped Labour surge in the polls ahead of the upcoming election.
Gold rises 1% to two-week peak as Fed rate cut bets lift demand
Gold prices rose more than 1% on Thursday to their highest level in two weeks, as recent U.S. economic data showing signs of a slowdown in the world's largest economy boosted bets for interest rate cuts from the Federal Reserve this year.
Som Distilleries & Breweries' child labour incident casts a cloud over India Inc's supply chains
Listed company SDBL in Bhopal rescued 58 children from child labour. Bachpan Bachao Andolan aided in rescue operation. While listed companies themselves rarely engage in child labour practices, they can become inadvertently connected to such practices through their supply chains. These issues predominantly involve smaller, unorganized entities in sectors like textiles, carpets, mining, firecrackers, and agriculture, where supply chains are intricate and challenging to oversee.
Dental appointments in Costa del Sol are cheaper than private clinics in the UK. Here is the reason
A women realised that travelling to Costa del Sol in Spain for a dental appointment is a lot cheaper than spending on a private clinic in the UK. This cost is cheaper including the appointment charges, flight tickets and an overnight stay. People are finding creative solutions to tackle the challenges of getting timely appointment at the NHS.
Labour Codes: Secy to meet officials to take stock of state rules
The BJP-led NDA government is preparing to implement the four labour codes and will hold a meeting on June 20 with state labour secretaries and commissioners to review state rules. The aim is to align state rules with the Centre's model rules to ensure uniformity. Labour reforms are part of the government's 100-day agenda to enhance ease of doing business and attract investments. The government consolidated 29 central labour laws into four codes, with most states having framed rules across these codes.
Birth better solutions to raise productivity
The global fertility rate is nearing the replacement rate, and the world may be only years away from depopulation, according to UN projections. Rich economies are already below replacement levels, while least developed nations have higher rates. The UN has been lowering its estimates, and variations in mortality rates and sex ratios complicate the replacement rate. Coping strategies like raising the retirement age and increasing immigration have limitations. Declining fertility in India, coupled with poor healthcare and adverse sex ratios, threatens its economic growth and productivity.
Services activity growth eases to 5-month low in May
India's services sector output growth moderated in May, reaching its lowest level in five months, according to the HSBC India Services Business Activity Index. The index slipped to 60.2 from 60.8 in April, indicating a softening in services activities due to factors like severe heat waves and price pressures. While domestic new orders eased slightly, they remained robust, supported by strong demand conditions and successful advertising. Export demand also provided support, with new orders rising at the fastest pace in nearly a decade.
Most states out with draft rules under new labour codes, about 3 cr job opportunities in 2022-23: Labour secretary
Labour secretary Sumita Dawra said the labor reforms have been put in place with an eye on ease of doing business, simplification, and reduction in compliance burden, decriminalization and seamless dispute resolution, promotion of labor market flexibility at the same time in harnessing female participation, leveraging technologies, and meeting the scale needs of the economy, whether at the national or international level.
Wall St Falls, Yields Rise on Hot Labour Cost Data
Tesla dipped 5.2% following a 15% surge in the previous session after a report that CEO Elon Musk had dismissed two senior executives and plans to lay off hundreds more employees.
Dow drops 302 points on hot labour costs data, caution before Fed verdict
US labour costs increased in the first quarter amid a rise in wages and benefits, confirming the surge in inflation early in the year that will likely delay a much-anticipated interest rate cut later in 2024. On the earnings front, GE HealthCare lost 9.6% after the medical equipment firm missed estimates for first-quarter revenue, while McDonald's fell 0.9% as it missed profit estimates for the first time in two years.
Living wage augurs well for contractual staff
India transitioning to living wages with ILO, affecting labor costs. Disparities in pay among different worker types. Global minimum wage increases noted. Italy resists implementing minimum wage. Challenges anticipated for MSMEs, SMEs, and gig workers.
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