LABOUR COSTS
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.
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.
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.
Britain’s economy isn’t seeing growth anywhere near India’s 7% GDP rise — this has caused fewer differences between the Conservatives and Labour: Jaideep Prabhu
The UK election landscape is marked by economic uncertainties post-Brexit, minimal policy distinctions between parties, and environmental concerns driving voter engagement. Influential figures like Farage, Johnson, and Sunak shape political narratives, while climate change discussions underscore the urgency for sustainable solutions amidst global warming threats.
Gold gains on softer dollar ahead of US Fed minutes
Gold prices strengthened on Wednesday as the dollar eased after dovish comments from Federal Reserve Chair Jerome Powell, with investors now turning to minutes from the U.S. central bank's latest policy meeting to gauge future interest rate cuts.
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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