Keir Starmer has announced government plans to nationalise British Steel.
British flying taxi startup Vertical Aerospace announced the UK government's interest in a military version of its eVTOL aircraft, following a £10m grant. The company demonstrated its prototype at Farnborough Airshow, showcasing its transition from conventional to vertical flight, as it pursues certification for passenger flights by 2029.
UK job vacancies dropped to 712,000 in June, nearly half of 2022 levels, as employers delay hiring. Unemployment held at 4.9%. Economists warn of a fragile labor market, while the new PM Andy Burnham faces pressure to boost the economy amid rising costs and global conflict.
UK government contractor Mitie has agreed to a £3.1bn cash takeover by private-equity owned rival OCS Group, ending its nearly four decades on the London stock market. The deal, recommended by Mitie's board, offers a 46.8% premium to shareholders.
Thames Water's main lenders propose a "golden share" for the government and greater local authority control to prevent nationalisation, after a previous rescue deal was rejected. The new offer includes additional funds, but lenders warn of a multi-billion-pound bill if the company is fully nationalised by the new Andy Burnham-led government.
Nine Entertainment, Australia's largest media company, announced 30 newsroom job cuts at the Sydney Morning Herald and The Age, attributing the decision to "extreme disruption" caused by AI and its impact on digital subscription revenue.
Young investors like Michelle Huynh, Shyan Lim, and U Chan Lee are increasingly investing in volatile tech stocks, particularly those linked to AI, to combat shrinking purchasing power and achieve financial goals. Despite significant gains and drops, many view these as long-term bets, while authorities in South Korea curb speculative borrowing.
