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Economic Times
30 minutes ago
- Economic Times
London suffers most job losses after tax hikes
iStock Representative image. London is bearing the brunt of the UK's jobs slowdown as a combination of tax rises, elevated wage costs and weak consumer spending force the city's business to cut payrolls faster than in the rest of the country. The capital has shed almost 45,000 payrolls since October when the Labour government announced a £26 billion ($35 billion) hike in employers' national insurance-a payroll tax-and a new higher minimum wage, according to tax data. It means one in four of all job losses across the country have come in the UK's most productive region. Combined with the surrounding South East region, the rate rises to nearly four in 10 lost jobs. Retail and hospitality are among the worst-affected sectors, according to figures published by the Office for National Statistics earlier in the week, and a large share of these roles are based in London-business group UKHospitality says about a third of jobs in its sector are in the pubs and restaurants going is increasingly difficult, according to Kate Nicholls, UKHospitality's CEO. She said London was the least competitive city in Europe in terms of taxes and other costs and has lost around 30,000 hospitality jobs over the last year."The rent is higher, the business rates are higher, the wage costs are higher, and we are not seeing enough money coming through the front door to be able to cover those costs and for businesses to remain viable," Nicholls data from Indeed - a jobs website - confirmed that vacancies in London have dropped faster than the national average since October. Retail and hospitality job ads in the capital fell almost 40% over that period, compared with declines of 26% and 9%, respectively, recorded across the country. Public v private GDP data on Thursday showed the UK growing at a faster rate than other G7 countries, but most of the boost came from government spending, while consumers are still reluctant to splash out. (Join our ETNRI WhatsApp channel for all the latest updates) Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Tariffs, tantrums, and tech: How Trump's trade drama is keeping Indian IT on tenterhooks Good, bad, ugly: How will higher ethanol in petrol play out for you? As big fat Indian wedding slims to budget, Manyavar loses lustre As 50% US tariff looms, 6 key steps that can safeguard Indian economy Stock Radar: JSPL forms Ascending Triangle pattern on weekly charts, could hit fresh 52-week high soon Nifty and business are different species: 5 small-cap stocks from different sectors with upside potential of up to 30% F&O Radar | Deploy Bear Put Spread in Nifty to play index's negative stance amid volatility Wealth creation: Look beyond the obvious in some things; 10 fertilizer sector companies worth watching
Economic Times
4 hours ago
- Economic Times
Enterprises see AI's main value in better decision-making rather than as an automation tool: Survey
TIL Creatives All large enterprises covered in a survey see the main value of artificial intelligence in improving the decision-making process rather than its use as a pure automation tool, a business-to-business publication firm CIO & Leader said on Friday. Generative AI deployments have grown five times since 2023, transforming creative processes from marketing content to software code, and by the end of 2025, 30% of IT services will be fully automated by AI, the State of Enterprise Technology Survey 2025 said. The survey is based on insight received between May and July 2025 from over 350 chief IT officers or chief technology officers of enterprises having an annual turnover of over Rs 5,000 crore. "100% of enterprises cite better decision-making through insights as their top AI priority, reflecting AI's role as a cognitive enabler rather than just an automation tool," the report to the survey, 98.4% of enterprises prioritise cost reduction and process efficiency and operational agility or business resilience for AI adoption, showing the technology is valued for both immediate returns and long-term adaptability, while 96% see AI's value in customer experience enhancement, as it offers personalisation, service automation, and interaction insights."93% of enterprises will increase AI and analytics investment in 2025, with more than half projecting significant budget hikes," the survey said. The use of AI in IT operations has made it the most mature use for the technology, as 41% of enterprises are using it for functions such as automation, anomaly detection, and ticket triage. AI adoption in finance (31%) and customer service (28%) is being driven by forecasting tools, chatbots, personalisation, and self-service 90% of enterprises see data security and privacy as top barriers to AI adoption, followed closely by data quality 85% of enterprises prefer building AI capabilities internally, with 51 per cent rating it as their "most likely" approach. "The investment intent is crystal clear: Indian enterprises want AI embedded into the fabric of decision-making. The challenge is ensuring that these investments mature into governed, measurable programmes rather than isolated experiments," CIO&Leader, executive editor and research lead Jatinder Singh said. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Tariffs, tantrums, and tech: How Trump's trade drama is keeping Indian IT on tenterhooks Good, bad, ugly: How will higher ethanol in petrol play out for you? As big fat Indian wedding slims to budget, Manyavar loses lustre As 50% US tariff looms, 6 key steps that can safeguard Indian economy Stock Radar: JSPL forms Ascending Triangle pattern on weekly charts, could hit fresh 52-week high soon Nifty and business are different species: 5 small-cap stocks from different sectors with upside potential of up to 30% F&O Radar | Deploy Bear Put Spread in Nifty to play index's negative stance amid volatility Wealth creation: Look beyond the obvious in some things; 10 fertilizer sector companies worth watching
Economic Times
5 hours ago
- Economic Times
UnitedHealth jumps 9% after vote of confidence from Warren Buffett
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Shares of UnitedHealth Group surged more than 9% on Friday after a fresh investment from billionaire Warren Buffett's Berkshire Hathaway boosted investor confidence in the troubled health company is dealing with multiple challenges that have emerged in the last two years, including rising costs, a federal investigation into its government-backed health plans, a cyberattack at its technology unit that affected the personal information of over 192 million Americans, and the murder of its insurance unit chief in hailed as a reliable earnings performer, UnitedHealth missed Wall Street's profit expectations for the last two quarters, and its shares have dropped nearly 46% in 2025, making it the worst-performing stock on the blue-chip Dow Jones Industrial Average this shares were last up 9.3% at $296.64 in early has swooped in with big investments in companies, in which he sees a long-term strategic value, during their periods of invested heavily in Occidental Petroleum in 2019 as it tried to finance a merger with Anadarko Petroleum and has kept adding to his stake despite the company's weak stock performance. He famously took a stake in investment bank Goldman Sachs at the height of the global financial crisis in 2008."Buffett's purchase is a psychological reassurance to many investors that saw UnitedHealth as 'untouchable,' given the massive turbulence in the stock over the past few months," said Kevin Gade, chief operating officer at UnitedHealth investor Bahl & owned 5.04 million UnitedHealth shares worth about $1.57 billion as of June 30, it said in a U.S. Securities and Exchange Commission filing on Thursday. Buffett owned about 1.18 million shares in UnitedHealth between 2006 and 2009, before selling his entire stake in other prominent hedge funds, including David Tepper's Appaloosa Management, Lone Pine Capital and Two Sigma Investments, also bought UnitedHealth's shares, regulatory filings showed on the "vote of confidence" from Buffett's investment validates the long-term value of UnitedHealth shares, the "management needs to regain trust and credibility with investors, and get back to its beat and raise reputation of the past," said James Harlow, senior vice president at Novare Capital May, CEO Andrew Witty abruptly stepped down amid rising operational and financial pressures, and Stephen Hemsley, who had run the company from 2006 to 2017, took month, the company projected full-year adjusted earnings per share of at least $16, well short of analysts' already lowered estimate of $ shares are currently trading at about 15.8 times forward earnings estimates, below their five-year average of 19."While UnitedHealth still faces elevated uncertainty, it is good to see that this renowned investment firm also believes the market is discounting assumptions that are too pessimistic for the long term, which is similar to our view," said Morningstar analyst Julie of rivals Centene, Humana and Molina Healthcare gained between 2% and 4%.Berkshire on Thursday also disclosed new stakes in steel maker Nucor, security products provider Allegion and outdoor advertiser Lamar Advertising.
