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Today’s Business Highlights
The Banking sector boost for London today as new figures put it on top in Europe. Dyson cuts staff in a massive shake up as investors force job cuts to boost profits. Globally, Samsung hit with a strike that will temporarily shut production.
Banking sector boost for London today
The number of staff employed by UK banks saw its biggest increase in a decade last year, new data shows, as headcount returned to pre-pandemic levels and lenders enjoyed record profits.
UK banks employed 612,519 people globally in 2023, according to figures compiled by trade publication The Banker.
Dyson cuts staff in a massive shake up
Consumer goods giant Dyson plans to cut up to a third of its UK workforce as part of a global shake-up as investors pressure board for shake up.
The company said the proposals would ensure it was “prepared for the future” amid what it called “increasingly fierce and competitive global markets”.
But the move comes after staunch, long-running criticism from its founder Sir James Dyson of the UK economy policies, and the business moved its headquarters to Singapore in 2019.
Samsung hit with a strike
A union representing workers at South Korean technology giant Samsung hit with a strike. The Union has called on its roughly 30,000 members to go on strike indefinitely, as part of its campaign for better pay and benefits.
The union said it had made the decision after management showed no intention of holding talks over its demands
The announcement came on the last day of a three-day general strike being held by the National Samsung Electronics Union (NSEU).
There’s whispers on the market that there is foul play in the market, with the unions being propped up by competitors.
Prime Minister Keir Starmer arrived in Washington
Prime Minister Keir Starmer arrived in Washington overnight to attend the 75th summit of the Nato defence alliance.
He is there to commit more money to defence spending to maintain stability in the markets. defence spending is crucial to world markets as it fuels one of the biggest industries in the world.
On the plane, Starmer was keen to reassure the Defence industry as he told reporters the new government had what he called a “cast iron commitment” to spend 2.5% of national income on defence – but he is still refusing to say when that promise will be delivered.
He is there to enhance the defence capabilities the UK will need in the future and what officials describe as “the roadmap” to reaching the funding target for defence of 2.5% of national income.
The Chancellor Rachel Reeves steadies the ship here as she talks to industry about Labours vision for the future.
