UK BUSINESS
UK election set to deliver more diverse Parliament, high number of British Indian MPs
With around 14 per cent of MPs coming from an ethnic minority background this time, the analysis finds that the new Parliament will be closer than ever to reflecting the diversity of the British electorate.
In the UK election campaign's final hours, Sunak battles to the end as Labour's Starmer eyes victory
Rishi Sunak, the current UK prime minister, is facing a national election on Thursday, marking the end of his 20-month tenure and the four Conservative prime ministers before him. The Labour Party is expected to elect a government that has not been in power since 2005. Sunak has expressed confidence in the outcome of the election, stating that things have turned a corner. Labour leader Keir Starmer has been campaigning for change, urging voters to support his center-left party.
UK election: Rishi Sunak hunts for votes among the robots, at 4:50 a.m
Sunak, who has often looked exhausted as he crisscrossed the country during a six-week campaign, started the penultimate day before Thursday's vote in a vast Ocado warehouse in Luton, north of London, watching robots pick items for delivery.
Union calls off strike action at Tata Steel UK plant
Tata Steel UK has halted its planned industrial action against a steelworkers' union, Unite, over its Port Talbot plant in Wales. The union had planned to strike from July 8, leading to Tata challenging the balloting process and bringing forward a planned closure of blast furnaces. Tata Steel UK welcomed Unite's decision against a strike and shelved early closure plans. The company will now focus on future investments and aspirations for the business, not renegotiation of the heavy-end closure or enhanced employment support terms.
UK general election: FTA with India on manifesto agenda for both Tory, Labour
As the UK gears up for the general election, a potential free trade agreement with India remains a key focus for both the Conservatives and Labour, with negotiations stalled at the fourteenth round. The Tories aim for a comprehensive partnership, including technology and defense, while Labour criticises missed deadlines and emphasises readiness to finalise the deal. Challenges include tariff removal on Scotch whisky and concerns over visa rules for Indian workers.
Dr Reddy's to buy nicotine replacement brands from UK-based Haleon for $632 million
The portfolio to be acquired consists of Nicotinell, a global leader in the NRT category with an extensive footprint in over 30 countries spanning Europe, Asia including Japan, and Latin America, and local market-leading brand names of the product – Nicabate in Australia, Thrive in Canada, and Habitrol in New Zealand and Canada. The proposed acquisition will be inclusive of all formats such as lozenge, patch, gum as well as pipeline products, in all applicable global markets outside of the US.
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Doordash held talks with UK's Deliveroo on takeover
Doordash showed interest in acquiring Deliveroo, but talks ceased over valuation. Deliveroo's shares closed at 127.5 pence, valuing the company at 2.1 billion pounds. Amazon, DST Global, and CEO Will Shu are key shareholders. Analysts noted the potential for cross-border M&A in the food delivery sector. Doordash's CEO, Tony Xu, aimed for global diversification through acquisitions.
Hinduja family members get jail term for to up to 4.5 years for exploiting servants; family issues statement
Hinduja family members jal: A Swiss criminal court has sentenced four members of the wealthy Hinduja family to between four and 4 1/2 years in prison for exploiting their domestic workers. The court, however, dismissed more severe charges of human trafficking. The family members were accused of exploiting mostly illiterate Indian workers at their Geneva villa, including withholding passports, paying in Indian rupees instead of Swiss francs, and imposing long working hours under restrictive conditions.
As election looms, BoE set to sit tight on UK rate
The BoE was widely forecast to keep its cost of borrowing at 5.25 percent, a 16-year high, following a regular monetary policy meeting.
India looks to sign FTA after UK elections, 8th round of talks soon
The India-UK Free Trade Agreement (FTA) is set to be signed after the UK's elections on July 4. So far, 13 negotiation rounds have been completed, focusing on reducing tariffs and addressing regulatory concerns. Both sides aim to finalize the FTA to enhance bilateral trade, currently valued at GBP 38.1 billion annually.
Why is Nigel Farage being pelted very often with rubbish?
Nigel Farage, a right-wing politician from the UK is being frequently attacked with rubbish due to his unpopular views. The UK Home Office has taken a serious view of these recent incidents.
Maharashtra, Karnataka, Delhi top UK's investment flows from India: Report
Maharashtra, Karnataka, and Delhi led in bringing foreign direct investment (FDI) to the UK, per a CII and Indian High Commission joint report. The report highlighted the contributions of Indian companies in various sectors, showcasing their positive impact on the UK economy, job creation, and cultural diversity. Additionally, it notes the significant economic ties between India and the UK, with India being the UK's second-largest source market.
Tribunal rules $17 billion UK adtech lawsuit against Google can go ahead
The lawsuit, which seeks damages on behalf of publishers of websites and apps based in the United Kingdom, is the latest case to focus on the search giant's business practices.
Inaugural World Championship of Legends is a fusion of cricket heritage and business strategy, say team owners
The India Champions team, led by Salman Ahmed, Sumant Bahl, and Jaspal Bahra, prepares to showcase high-caliber cricket performances with legendary players at the World Championship of Legends, celebrating cricket's enduring legacy on a global scale.
2,500 job cuts! Layoffs in Tata Steel's UK operations inevitable, says CEO Narendran
Tata Steel's transition to low-emission electric arc furnace process at its UK operations will lead to the loss of around 2,500 jobs. The move, part of a decarbonization plan, aims to reduce production costs and cut CO2 emissions. Worker unions are protesting against the job cuts, which are seen as inevitable.
UK's Starmer pledges crackdown on businesses using foreign workers
Keir Starmer plans to ban employers who break employment law from hiring workers from abroad to reduce net migration. The Labour leader aims to shift focus from party infighting to the Conservative government's record.
UK workers' union says will proceed with industrial action at Tata Steel plants
Unite the Union said on Thursday that its workers will begin "working to rule" as well as taking part in a continuous overtime ban from June 18 to "severely disrupt and delay" the company's operations and order book unless the company rows back on the closure. It is calling for the Indian steel major to halt its plans until the July 4 General Election, when it expects the UK's Conservative Party led government will make way for the Opposition Labour Party.
Tata Steel's UK business likely to make operating profit in H2, says CEO T V Narendran
"We don't expect demand in UK to shrink beyond what it is. We will be at least $150 per tonne cheaper in the cost of production. This changes our cost position, and we will not start losing money in the UK every time steel prices drop," Narendran said in an interview with ET.
Tata Steel announces $2.1 billion plan to meet twin objectives
Additionally, Tata Steel announced that it will convert debt instruments valued at $565 million (Rs 4,661 crore) held in its Singapore subsidiary into equity shares. Both the capital infusion and the debt-to-equity conversion are planned to be completed within this fiscal year.
Indian entrepreneur shares plight of Schengen Visa delays, says even Rs 4 lakh and months of waiting aren't enough
An Indian investor based in London, Aashima Arora, missed an international flight despite spending over Rs 4 lakh and waiting months for a Schengen visa to visit Denmark. Arora, a venture capitalist at LocalGlobe, expressed frustration over the lengthy visa process, highlighting the impact on her business plans. The wait time for Schengen visas remains particularly high for Indian travelers.
The next UK Prime Minister faces a long wish list from CEOs
As the UK gears up for a crucial general election on July 4, Conservative PM Rishi Sunak and Labour leader Starmer vie for business support. Executives from various sectors weigh in on key issues, such as London's equity market reforms, workers' rights, apprenticeships, tax equality, housing shortages, fintech regulation, and retail property taxes, shaping the debate.
UK inflation rate slows to 2.3% in April, lowest reading since July 2021
UK consumer prices rose 2.3 per cent annually in April, down from March's 3.2 per cent, hitting their lowest since July 2021. Prime Minister Rishi Sunak called it a significant economic moment. Despite this, inflation slightly exceeded Bank of England and Reuters forecasts. The BOE aims to stabilize prices at 2 per cent
Whit Monday: Is it a religious holiday in US and UK? Here’s what’s open and closed
Whit Monday falls the day after Pentecost Sunday, a significant event in the Christian calendar. Pentecost Sunday occurs 50 days after Easter and is determined by the lunar calendar.
UK universities at risk as international student numbers plunge, report says
A government-commissioned report warns that further restrictions on international student numbers in Britain could lead to university closures and job losses. The Migration Advisory Committee found a significant drop in postgraduate student registrations, raising concerns about the impact on education quality and the economy.
Wales First Minister holds meeting with Tata Steel on likely job losses at Port Talbot plant
Wales First Minister Vaughan Gething held a meeting with Tata Steel to discuss expected job losses at the company's Port Talbot plant in South Wales. The company plans to close two furnaces and replace them with electric furnaces as part of its green steel manufacturing plans, potentially affecting around 2,500 jobs in the next 18 months. However, trade unions have opposed the move, and 1,500 workers have reportedly voted in favor of an industrial action.
Peer community groups can help with financial success of women entrepreneurs in tier-II cities and beyond: Tide India’s Gurjodhpal Singh
Tide India has come up with a women aspiration index which shows the challenges and opportunities for women entrepreneurs in non-metro cities.
British man charged with acting on behalf of Russia in plot to torch Ukrainian-linked business
Dylan Earl, 20, is connected to Russia's Wagner mercenary group, which the U.K. government has declared a banned terrorist organization, prosecutors said. Earl is accused of fraudulent activity, research and reconnaissance of targets, and attempting to recruit others to assist a foreign intelligence service carrying out activities in the U.K.
Tata Steel to proceed with its £1.25 bn investment to build Furnace in Port Talbot; closure of two Blast Furnaces by end of June, Sept
Tata Steel plans to continue its £1.25 billion investment in a state-of-the-art Electric Arc Furnace for steel production in Port Talbot, in collaboration with the UK government. The company will also shut down its existing two Blast Furnaces by the end of June and September.
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