Workers\u2019 rights bill is about power, says Badenoch![\"The](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/11\/\/25057439-d3c7-4c9e-ad8a-192f2617a8f7.jpg\")
<\/p>\n
The Conservative leader, Kemi Badenoch<\/p>\n
YUI MOK\/PA<\/p>\n
The government\u2019s Employment Rights Bill is \u201cnot about fairness but about power\u201d, putting unions in charge of workplaces while businesses pay the cost, the Conservative leader told the CBI annual conference.<\/p>\n
Kemi Badenoch said the bill was causing the most anxiety for businesses. She described it as an \u201cassault on flexible working\u201d and promised to repeal its measures, which included restrictions on \u201cfire and rehire\u201d practices and zero-hour contracts.<\/p>\n
The government estimated the legislation could add \u00a35 billion a year to business costs. The business secretary, Peter Kyle, said he would \u201clisten to both sides\u201d to ensure the law did not pit employers against employees.<\/p>\n
Novo Nordisk pill fails to slow Alzheimer\u2019s<\/p>\n
Novo Nordisk said an older oral version of its semaglutide drug failed to meet its main goal in late-stage trials testing whether it could slow cognitive decline in Alzheimer\u2019s patients. Its shares fell 9 per cent to 277 Danish kroner.<\/p>\n
The trial has been closely watched because Alzheimer\u2019s represents a potential market for GLP\u20111 medicines after semaglutide\u2019s success in obesity and diabetes, where treatment options are limited.<\/p>\n
The chief scientific officer, Martin Holst Lange, said: \u201cWhile semaglutide did not demonstrate efficacy in slowing the progression of Alzheimer\u2019s disease, the extensive body of evidence supporting semaglutide continues to provide benefits for individuals with type 2 diabetes, obesity and related co-morbidities.\u201d<\/p>\n
The setback does not affect its established uses in metabolic diseases.<\/p>\n
S4 Capital shares hit new low<\/p>\n
Shares in Sir Martin Sorrell\u2019s advertising group S4 Capital have fallen to a fresh low after warning revenue would be less than expected<\/a> due to \u201clower project-based revenue, cautious client spending, and slower-than-expected ramp-up of new business wins\u201d.<\/p>\n S4 said in a trading update that cost actions taken this year had helped mitigate the effects but the combination of slower new business growth and cautious client activity continued to weigh on profitability, prompting the downward revision to Ebitda and revenue guidance for the full year.<\/p>\n The shares fell 7 per cent, or 1\u00bcp, to 16\u00bdp this morning, down 96 per cent over the past five years.<\/p>\n UK \u2018turning a corner\u2019 in delivering growth, says Kyle Peter Kyle, the business secretary, addressed business leaders in London<\/p>\n DAN KITWOOD\/GETTY IMAGES<\/p>\n Britain remains in the grip of an economic \u201cgrowth emergency\u201d, the business secretary has told the CBI conference.<\/p>\n Addressing business leaders in London, Peter Kyle said it was the \u201csingular challenge of our time\u201d and he would bring a \u201crelentlessness\u201d in working with business to help grow the economy.<\/p>\n He insisted the Labour government was \u201cslowly but surely turning a corner\u201d in delivering this.<\/p>\n \u201cI am relentless. I\u2019ve never accepted no for an answer.\u201d<\/p>\n He added: \u201cWe will be a pro-business, pro-wealth creation government. This week\u2019s budget will take the fair and necessary choices. We will not repeat the mistakes of previous governments by losing control of public spending and uncontrolled borrowing.\u201d<\/p>\n Revolut has cemented its status as the crown jewel of Britain\u2019s financial technology industry with a share sale that has valued the company at $75 billion and delivered windfalls for staff.<\/p>\n The artificial intelligence chipmaker Nvidia has become a shareholder in the London-based fintech group through the deal, which was led by investors Coatue, Greenoaks, Dragoneer, and American asset management company Fidelity.<\/p>\n The price-tag clinched by Revolut represents a big increase on the $45 billion valuation placed on the privately-owned business in August last year. It is the fifth time that the fintech company has allowed its employees to sell shares, allowing staff to cash in on Revolut\u2019s spiralling valuation, which has risen despite its struggles to start a banking business in Britain, its home market.<\/p>\n Revolut secured a provisional banking licence from City regulators in July last year after a three-year wait. It has yet to be granted a full licence, however, meaning it cannot start its own lending operations in Britain.<\/p>\n Fiscal watchdog said to downgrade growth forecasts<\/p>\n The Office for Budget Responsibility (OBR) will downgrade its economic growth forecasts for 2026 and for the remaining years of the current parliament alongside the budget, according Sam Coates, the deputy political editor at Sky News.<\/p>\n He tweeted from the daily podcast he co-hosted with Politico\u2019s Anne McElvoy, Politics At Sam And Anne\u2019s podcast that the \u201cOBR will say growth is lower in 2026 and every year of Pt on Wednesday\u201d.<\/p>\n Please enable cookies and other technologies to view this content. You can update your cookies preferences any time using privacy manager.<\/a><\/p>\n Enable cookiesAllow cookies onceInvestor revolt over HICL-Trig merger intensifies HICL focuses on infrastructure in hospitals, schools and the transportation industry<\/p>\n The revolt against plans for a merger between HICL and The Renewables Infrastructure Group (Trig) to create a giant \u00a35.3 billion investment trust has gathered pace, with shareholders speaking for about 9.3 per cent of one of the merging companies now condemning the proposal.<\/p>\n Eleven institutional investors in HICL Infrastructure have signed a letter calling on the company to abandon the plan, saying they intend to vote against it if it goes ahead in its current form.<\/p>\n The new rebels comprise wealth managers looking after the savings of tens of thousands of retail clients, including TrinityBridge, which owns a 3.8 per cent stake in HICL and is the largest shareholder so far to come out against the deal.<\/p>\n HICL shares edged up 0.18 per cent to 112p, and Trig shares slid 0.7 per cent to 75p.<\/p>\n \u2022 Read in full: <\/b>Investors rebel against giant infrastructure merger<\/b><\/a><\/p>\n What small traders want in the budget The team at Blake Henry\u2019s family butchers in Pudsey<\/p>\n TIMES PHOTOGRAPHER JAMES GLOSSOP<\/p>\n After months of non-stop leaks and speculation about what measures the budget will contain, the one thing companies wanted was certainty \u2014 and that small businesses would not be regarded as \u201ceasy pickings\u201d for tax rises, as they felt they had been in last October\u2019s budget.<\/p>\n \u201cI don\u2019t think they thought through the unintended consequences of those changes,\u201d said Zulfi Hussain, who runs the Deeva Indian restaurants in the village of Farsley and the Leeds suburbs of Headingley and Chapel Allerton.<\/p>\n Not put off by the tough trading environment or the tax hits in the past budget was Adrian Thorp, who opened his butcher\u2019s shop in Pudsey in March this year, along with his son Nathan.<\/p>\n As a first-time business owner, \u201cit\u2019s all still new and exciting\u201d and the 54 year old does not feel weighed down by the burden of tax and regulation. \u201cYou can\u2019t have a free NHS and not pay taxes, it\u2019s as simple as that,\u201d he said.<\/p>\n \u2022 Read in full: <\/b>Business owners in Rachel Reeves\u2019s patch have their say<\/b><\/a><\/p>\n M+C Saatchi shares tumble<\/p>\n M&C Saatchi shares fell as much as 18 per cent this morning to their lowest level since 2021 after the Aim-listed advertising group warned full-year profits would be lower than expected<\/a> due to the United States government shutdown.<\/p>\n The shutdown, the longest in American history, hit trading in the second half, particularly affecting the company\u2019s Issues business, which handles communications on political and social matters such as climate, health, human rights and social justice. The unit accounted for about a quarter of like-for-like sales last year.<\/p>\n M&C Saatchi now expected operating profit of \u00a326 million to \u00a328 million, down from a previous guidance of \u00a335.2 million and in line with last year\u2019s results. Analysts had forecast profits of \u00a333.4 million.<\/p>\n Government borrowing costs fall, FTSE rises<\/p>\n Government borrowing costs have fallen across the curve while the FTSE 100 and the more UK-focused FTSE 250 have risen.<\/p>\n Investors are buying bonds before the budget on Wednesday, putting up prices and pushing down yields. The yield on the ten-year gilt, a proxy for government borrowing cost, slid 2 basis points to 4.53 per cent, and the yield on the 30-year bond was 5.35 per cent, down 2 basis points.<\/p>\n The pound was flat against the dollar at $1.3101 and dipped 0.02 per cent against the euro to \u20ac1.359.<\/p>\n London\u2019s leading share indexes have risen with miners, property and financial shares higher. Although Anglo American shares<\/a> were flat after BHP walked away from reviving its bid for the company. The FTSE 100 was up 0.5 per cent, or 47 points, at 9,586.06. The mid-cap index was up 0.48 per cent, or 101 points, at 21,465.15.<\/p>\n Defence stocks were down on reports that Ukraine peace talks were advancing. Retail and energy shares were lower.<\/p>\n Budget anticipation has confused businesses, says CBI chair Rupert Soames, the CBI chair<\/p>\n SIMON DAWSON\/BLOOMBERG\/GETTY IMAGES<\/p>\n Rupert Soames, chair of the Confederation of British Industry, criticised the \u201cshambolic\u201d and \u201cunnecessary\u201d run-up to this year\u2019s budget, saying the constant \u201cpitch rolling\u201d of ideas being inflated, withdrawn, and reintroduced has confused businesses.<\/p>\n Speaking to Times Radio before the body\u2019s annual conference, the grandson of Sir Winston Churchill said: \u201cWe\u2019ve only got another two days of pitch-rolling hell to go and then we\u2019ll know what\u2019s in it.\u201d<\/p>\n Soames warned that the Employment Rights Bill<\/a> \u201cwill be seriously damaging to the willingness of employers to take on new staff, particularly young people\u201d, and stressed the need for a stable environment to allow businesses to plan. He described government policy as incoherent, highlighting the contradiction between efforts to increase workforce participation and rising employment costs.<\/p>\n Despite his concerns, Soames acknowledged positive steps on trade, infrastructure and deregulation but said slow delivery and conflicting policies risked hampering economic growth and undermining confidence in the government\u2019s approach.<\/p>\n CBI says workers\u2019 rights bill will hit growth Rain Newton-Smith, the chief executive of the Confederation of British Industry<\/p>\n STEFAN ROUSSEAU\/PA<\/p>\n The Confederation of British Industry will press the government to change tack on its \u201cdamaging\u201d workers\u2019 rights bill or risk putting a brake on growth.<\/p>\n The lobby group\u2019s boss, Rain Newton-Smith, will say the government has not yet listened to the concerns of companies over the Employment Rights Bill, which will give workers stronger rights over unfair dismissal and bring guaranteed working hours.<\/p>\n The group wants the legislation to be amended to allow employers and trade unions to find a compromise over key reforms. Companies also want clarity on changes to workers\u2019 rights, gig economy rules and protections for employees and contractors in the bill.<\/p>\n What could be in Reeves\u2019s budget? Rachel Reeves has abandoned plans for major income tax rises on November 26, despite having paved the way for Labour to break one of its main manifesto pledges at the budget.<\/p>\n The chancellor has been handed news that was better than expected from the Office for Budget Responsibility about the state of the public finances and is now expected not to raise either the basic or higher rate of income tax, which would have generated tens of billions of pounds for the Treasury.<\/p>\n The reversal, which has spooked bond markets, comes after Reeves<\/a> warned this month that everyone would have to do their \u201cbit for the security of our country and the brightness of its future\u201d.<\/p>\n \u2022 Read in full: <\/b>What could the chancellor announce?<\/b><\/a><\/p>\n Warnings from S4 Capital and M&C Saatchi<\/p>\n It is an unhappy start to the week for advertisers:<\/p>\n S4 Capital<\/b> Sir Martin Sorrell\u2019s advertising group warned that its full-year profit would fall below market expectations, hit by cautious spending by clients and a slow ramp-up of new business wins. The group said it now expected annual operational earnings before interest, taxes, depreciation and amortisation of about \u00a375 million. Analysts had forecast \u00a381.6 million.<\/p>\n M&C Saatchi<\/b> The troubled Aim-listed advertising group has warned that full-year profits will be lower than expected after the United States government shutdown hit trading. The group said it now expected operating profit in the range of \u00a326 million to \u00a328 million, having previously guided to profits of \u00a335.2 million, in line with last year\u2019s results. City analysts had forecast profits of \u00a333.4 million.<\/p>\n IMI sells Truflo Marine for \u00a3225m<\/p>\n IMI has agreed to sell Truflo Marine, which supplies valves and actuators for naval submarine programmes worldwide, to Fairbanks Morse Defense for \u00a3225 million.<\/p>\n The engineer, a specialist in fluid and motion control, said the sale was part of its push to streamline its portfolio around the faster growth sectors of energy, automation and healthcare.<\/p>\n The deal, advised by Lazard and Addleshaw Goddard, is subject to regulatory approvals and is expected to complete by mid-2026.<\/p>\n AstraZeneca invests $2bn in US manufacturing GRAEME SLOAN\/BLOOMBERG\/GETTY IMAGES<\/p>\n AstraZeneca will invest $2 billion to expand manufacturing in Maryland, including enlarging its Frederick site and building a Gaithersburg facility to develop and produce innovative molecules for clinical trials.<\/p>\n The company decided in September to pause a planned \u00a3200 million investment in its Cambridge research site, which had been expected to create 1,000 jobs and was seen as another setback for Britain\u2019s life sciences strategy.<\/p>\n The decision heightened concerns about AstraZeneca\u2019s long-term commitment to Britain amid industry frustration over high costs tied to an NHS sales scheme<\/a> and reports that the chief executive, Sir Pascal Soriot, had privately discussed the possibility of moving the company\u2019s listing to the United States.<\/p>\n Focus on Anglo American after BHP walks away Anglo American\u2019s Sishen iron ore mine in the Northern Cape, South Africa<\/p>\n NADINE HUTTON\/BLOOMBERG\/GETTY IMAGES<\/p>\n The mining company Anglo American shares are set to move after its Australian rival BHP abandoned a last-minute approach just two weeks before Anglo shareholders vote on a $60 billion tie-up with the Canadian Teck Resources.<\/p>\n![\"Peter](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/11\/\/f717b246-3b74-4d9c-baa0-94d111947989.jpg\")
<\/p>\n![](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/11\/\/7bbd0aec-5dd1-4a5f-9f5f-801f0306355f.jpg\")
<\/p>\n![\"Man](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/11\/\/8fa5f4f8-6de2-4b2e-a7a7-64c8ec01b703.jpg\")
<\/p>\n![\"The](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/11\/\/4659347f-a19e-43c2-8303-56aecfb7c671.jpg\")
<\/p>\n![\"Rupert](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/11\/\/16d5f1ef-baee-4aa3-9e64-9c3a69fd31e0.jpg\")
<\/p>\n![\"Rain](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/11\/\/3bf2559b-6de3-4b74-8bab-7c2e7f3c5456.jpg\")
<\/p>\n![](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/11\/\/45bfa5ed-33e3-45c3-b79f-d480a4d425e7.png\")
<\/p>\n![](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/11\/\/ab8c6eea-7edc-4174-806c-43f53eeb713b.jpg\")
<\/p>\n![\"Anglo](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/11\/\/methode\/times\/prod\/web\/bin\/6240d5bf-bbd6-4bf8-8253-608a12615b6a.jpg\")
<\/p>\n
![\"Rachel](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/11\/\/ad0bab10-1b1b-4855-9739-e662e6b72cdb.jpg\")
<\/p>\n![\"The](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/11\/\/2e803ba5-2b5b-4245-a5a2-fbd9e0b9c461.jpg\")
<\/p>\n