Starmer outlines plan to shift NHS care from hospitals to new health centres
Pound and UK bonds recovering after Starmer backs Reeves; US economy adds 147,000 jobs in June – business live
The bond market is looking calmer this morning, as traders welcome Keir Starmer’s endorsement of Rachel Reeves.The prices on UK government debt are rising in early trading, which pulls down the yield (or interest rate) on the bonds.The yield on UK 30-year bonds has dipped by 0.8% in early trading, to 5.361%
UK government bond markets rally after Starmer backs Reeves
UK government bonds have rallied after Keir Starmer backed Rachel Reeves to remain as chancellor for “a very long time” despite lingering investor concerns over a multibillion-pound hole in Britain’s public finances.The yield – in effect the interest rate – on 10-year British government bonds, also known as gilts, fell on Thursday morning to trade close to 4.5%, reversing much of the rise on Wednesday sparked by feverish speculation over Reeves’s future.The pound rose against other leading currencies, while a closely watched business survey showed that Britain’s dominant service sector recorded its fastest rate of growth in 10 months.Some of the gains were later pegged back after the release of stronger-than-anticipated US job market figures, which fuelled a rise in US government borrowing costs as investors bet the Federal Reserve may delay cutting interest rates
Smaller firms to escape ‘burdensome’ Companies House filing rules
Changes to Companies House rules that would have axed an exemption allowing smaller businesses to file abbreviated accounts have been delayed amid concerns they could burden them with more red tape.Legislation brought in by the previous Conservative administration is due to compel companies with a turnover under £10.2m, balance sheets under £5.1m and fewer than 50 employees to disclose more detail in their annual accounts from April 2027.However, the business secretary, Jonathan Reynolds, is understood to have halted the move to reduce regulatory hurdles for small firms
P&O Ferries boss got pay rise of at least 55% after firing almost 800 workers
The boss of P&O Ferries was paid £683,000 in the financial year after the cross-Channel operator outraged the public and parliament by dismissing almost 800 mainly British workers.The windfall, revealed in much delayed 2023 accounts seen by the Guardian and ITV News that report more than £90m of annual losses, represents a pay rise of at least 55% for Peter Hebblethwaite, who was the company’s highest-paid director.The top pay package in 2022 of £440,000 was earned by a former P&O Ferries board member.Hebblethwaite told a parliamentary select committee last year that his salary was £325,000, and he had received a bonus in 2023 of £183,000. He was asked during the appearance if he was “a pirate” who appeared to be “robbing staff blind”
Australia’s privacy watchdog warns ‘vishing’ on the rise as Qantas strengthens security after cyber-attack
Qantas has said it will beef up its security and threat detection after a cyber-attack affecting up to 6 million customers, as Australia’s privacy watchdog has warned attacks using social engineering to gain access to data are on the rise.In an update to customers on Thursday, the airline said more security measures would be put in place after cybercriminals were able to gain access to a third-party system used by a Qantas airline contact centre to steal customers’ personal information.“We’re … putting additional security measures in place to further restrict access and strengthen system monitoring and detection,” the company said.Qantas began emailing affected customers on Wednesday evening but had not indicated as of Thursday afternoon whether any compensation would be provided to those who had their personal information compromised.Cybersecurity analysts indicated to Guardian Australia that, as of Thursday afternoon, the data had not yet been posted on forums or dark web locations that attackers commonly frequent
UK rail regulator rejects Virgin’s bid for west coast mainline route
Richard Branson’s hopes of returning Virgin trains to the west coast mainline have been dashed after the UK rail regulator rejected its application amid concerns over delays and cancelled journeys.The Office of Rail and Road (ORR) has rebuffed three applications for new additional train services on Britain’s busiest line.Virgin, along with First Group’s East Coast Trains, known as Lumo, and Wrexham, Shropshire & Midlands Railway (WSMR) all lost their bids.The regulator said new services could not be introduced because of insufficient space on the west coast mainline (WCML), which would “likely detriment … train performance”.Most intercity services on the line are operated by Avanti West Coast, which already shares some paths with West Midlands Trains and Transport for Wales, and freight
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