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Powys County Times
7 days ago
- Business
- Powys County Times
UK unemployment jumps to highest since 2021 as wage growth slows
Britain's jobless rate has struck its highest level for four years as workers also faced another slowdown in wage growth, official figures have shown. The Office for National Statistics (ONS) said the rate of UK unemployment increased to 4.7% in the three months to May, from 4.6% in three months to April. It said this marked the highest level since June 2021. We've published the latest labour market figures. Commenting on today's figures, ONS Director of Economic Statistics Liz McKeown said: (quote 1 of 2) Read the Labour market overview ➡ — Office for National Statistics (ONS) (@ONS) July 17, 2025 Meanwhile, average earnings growth, excluding bonuses, slowed to 5% in the period to May to its lowest level for almost three years. The figures point towards further pressure in the UK labour market, days after the governor of the Bank of England warned that the Bank is prepared to make larger interest rate cuts if it sees that the job market slowing. It also comes amid a backdrop of recent weakness in the economy, with UK GDP (gross domestic product) shrinking in both April and May. ONS director of economic statistics Liz McKeown said: 'The labour market continues to weaken, with the number of employees on payroll falling again, though revised tax data shows the decline in recent months is less pronounced than previously estimated. 'Pay growth fell again in both cash and real terms, but both measures remain relatively strong by historic standards. 'The number of job vacancies is still falling and has now been dropping continuously for three years.' In March to May 2025, average weekly earnings were up 5.0% on the year both excluding including bonuses. At 5.5%, public sector pay growth continues to outstrip the private sector, at 4.9%. Read the article ➡ — Office for National Statistics (ONS) (@ONS) July 17, 2025 The rise in unemployment is worse than economists had expected, having predicted that the jobless rate would remain at 4.6% for the month. Nevertheless, average wage growth was slightly higher than the 4.9% predicted by economists. But the rate of wage growth was still the weakest figure since the three months to June 2022 and represents a drop from a revised level of 5.3% in the three months to April. Wage growth continues to outstrip inflation, reflecting a rise of 1.8% after taking Consumer Prices Index inflation into account. Pressure in the labour market for the three months to May comes as firms swallowed significant increases in national insurance contributions and the national minimum wage in April. Firms have also been impacted by intensifying economic uncertainty after US President Donald Trump launched a new tariff regime in April, leading to heightened global trade tensions. The figures also showed job vacancies in the UK fell by 56,000 to 727,000 in the three months to June, compared with the previous quarter.
Otago Daily Times
14-07-2025
- Business
- Otago Daily Times
Home and away as Aust beckons
Although the outpouring of people from New Zealand to Australia is nothing new, this does not make it any less concerning. Statistics New Zealand last week revealed net migration to Australia of nearly 30,000 in the December 2024 year, the highest rate since the 2012 peak of 44,000. Stats NZ also reported significant numbers of children migrating, illustrating that entire families are making the move. The big "pushmi-pullyu" reasons are usually economic. Higher salaries and job opportunities are available in Australia, particularly in the larger cities. This has long been the case. The promise of a better life is what has drawn immigrants to New Zealand since the 19th century. It continues to do so from many parts of the world. While this country might have struggled to build its comparative standard of living in recent decades, it is still considered part of the developed world. It provides access to education and some social mobility, along with a welfare safety net. It has beauty, space and an equitable climate. But, although New Zealand provides the security and emotion of "home", Australia beckons many to shift away. Parallels can be drawn with internal migration. Tertiary graduates from Dunedin are more likely to find jobs in Auckland — or, until recently, Wellington — than in their hometown. Provincial and rural New Zealand experiences the same phenomenon, often a few years earlier, as education draws young people away. At the same time, others are attracted back to jobs when farming and secondary cities are thriving. Cheaper housing can also be a lure, as established New Zealanders move out of growing and expensive Auckland. Between 2004 and 2013, net migration to Australia averaged 30,000 a year. Between 2014 and 2019, it dropped to just 3000 annually, highlighting the economic imperative. Australian states and organisations have promoted incentives to attract professionals such as police, Corrections officers or nurses. Most New Zealanders now have friends, siblings, children or grandchildren living across the Ditch. New Zealand has invested billions in education, only for Australia to reap the benefits. More people in their 30s and 40s are also migrating, taking with them valuable working experience, community involvement and leadership. Momentum builds, sometimes unfairly. Those who shift are likely to want to justify their decisions, even if they have regrets. The cost of rents and homes in Sydney easily outstrips just about everywhere in New Zealand. Hefty stamp duty is paid to buy apartments or houses, and alcohol and cars are more expensive. Childcare costs are sky high, and government superannuation is means-tested. Of course, with its mineral wealth, vast compulsory superannuation funds and greater scale, Australia is considerably wealthier. While the agreement easing the path to Australian citizenship made life fairer for many New Zealanders, it also increased Australia's appeal. The Cook Islands illustrate the issues in an extreme way. New Zealand citizenship provides easy access to both this country and Australia, where wages are higher and job opportunities more abundant. Despite strong tourism in Rarotonga and Aitutaki, the population has steadily declined to about 15,000, and numbers on the outer islands have plummeted. Migration from countries such as Tonga, Samoa and Fiji is more difficult but highly attractive for financial and employment reasons. Like Australia, New Zealand has benefited from skilled migration, notably in the medical workforce from Britain and the Philippines. Dairy farms would struggle without Filipino labour, and migration from China and India has significantly reshaped the country's ethnic make-up. By the end of 2023, annual net migration had reached 128,000, placing pressure on infrastructure and housing. For the year ending in May, the net gain had dropped to 14,000. The link between net migration and economic conditions is once again clear. Some, no doubt, will use New Zealand as a stepping stone — deliberately, or simply as it happens to work out — to Australia. If New Zealand wants to retain its best and brightest, it must pursue policies that foster economic growth, create opportunity and offer competitive wages. Without these, Australia's pull will remain irresistible for many.
CTV News
11-07-2025
- Business
- CTV News
CTV National News: What is fueling job creation in Canada amid economic uncertainty?
Watch Job creation in Canada was up in June, the first substantial bump the country has seen since the start of 2025. Kamil Karamali looks into the numbers.
Time Business News
04-07-2025
- Business
- Time Business News
5 Essential Reasons Why Your Bussines Need Insurance
Nearly 40% of small businesses never recover after a major disaster. It's a harsh reality. And yet so many business owners still roll the dice every day, thinking, 'It won't happen to me.' According to Statistics, there are about 30.7 million small businesses alone in the United States. And if you are a business owner, you already know that there is a lot of work that goes into running a business. In this guide, we'll explore the 5 essential reasons why your bussines need insurance that most experts aren't talking about. Whether you're a startup founder or running a well-established company, these insights could save your business someday. So without further ado, let's dive in. Before we talk about the 5 essential reasons why your business need insurance, let's first look at what exactly business insurance is. Business insurance helps safeguard companies from financial losses due to unexpected events such as lawsuits, natural disasters, or accidents. This insurance covers several areas, including legal liabilities, property damage, and employee risk. Businesses determine the insurance they need by assessing potential risks, which vary based on their industry and location. Understanding the various types of business insurance and the coverage they provide is essential. First and foremost, in many cases, having specific types of insurance isn't just an excellent option, it's the law. Depending on geographical location and industry, you may be need to carry particular insurance policies to operate legally. In most territories, if you have employees, you're required to have workplace injury insurance. This compensation coverage protects your workers if they get injured or become ill while at work. It usually covers: Medical bills Lost wages Rehabilitation cost Death benefits This not only protects your employees, but it also protects your small business from expensive lawsuits when someone gets hurt on the job. If your businesses have vehicles or needs to use them for work purposes, commercial vehicle insurance is often mandatory. This insurance policy covers damage, accidents, and liability for business vehicle use. However, if your employees use their own vehicles for work purposes, you need 'hired and non-owned vehicle coverage' to be fully protected. In some industries – especially if you're a doctor, lawyer, consultant, anyone selling advice – Professional Liability Insurance (aka Error and Omission Insurance) it's a mandatory insurance. Whether it's the law or your professional board demanding it, skipping this coverage can cost you big. We're talking fines, penalties, or even getting shut down. Yeah—non-compliance isn't just a slap on the wrist. It's a non-negotiable step in running a legit, responsible business. In today's world, where lawsuits are all too common, even one legal claim can put your entire small business at risk. For small and mid-sized companies, the financial hit from a lawsuit can be devastating, sometimes enough to shut things down for good. That's why having business insurance matters. It serves as a financial safety barrier, covering legal expenses and potential settlements, so you're on the safe side. Consider it as the backbone of your small business. It helps protect businesses from some of the most common risks, such as: A customer getting hurt on your property Accidental damage to someone else's property Claims related to things such as copyright issues or defamation in your advertising For instance, if someone slips and falls in your shop, or if an employee breaks something valuable at a client's location. General liability insurance can help cover the medical expenses, legal costs, and any settlements, so you don't have to pay. This type of insurance is necessary for service-based businesses. It covers you from claims such as: Mistakes or oversights in your work Professional negligence Failure to deliver services as promised Let's assume you are a financial advisor, and a client says your guidance has given them troubles or losses. If they open a lawsuit against you, professional liability insurance can help cover legal fees and potential settlements. It keeps your business protected from a severe financial crisis. If your business is about buying and selling any product, this insurance is essential. It protects you from a lawsuit if an item you're delivering causes harm or injury. Even if the issue wasn't totally your fault, you can still face some legal troubles. With the right insurance plan, you not only protect what you have today, you also secure your entire future. Lawsuits can be incredibly costly, even if you win. Insurance gives you the support you need so that a single legal battle doesn't undo everything you've worked so hard to build. The business assets are the backbone of any company. From the physical property to tools and inventory, these resources are valuable investments that need protection. Here's how coverage helps: This policy offers coverage for damage to your business property caused by several accidents, including fire, theft, vandalism, and certain natural disasters. It can help cover the cost to repair or replace your business assets, such as building, equipment, inventory, furniture, and significant documents. This protection, typically part of a Business Owner's Policy (BOP), supports your small business during a temporary closure caused by a covered occurrence. It helps cover necessary expenses such as rent, utilities, salaries, lost profits, and even temporary moving costs. In today's unpredictable digital era, your data and online assets are just as valuable as your physical assets. Cyber insurance helps cover your business from losses caused by data breaches, hacking, and other cyber threats. Coverage can include legal fees, customer notification costs, credit monitoring services for affected individuals, and public relations expenses to help manage reputational damage. Having the right business insurance doesn't just protect your finances; it also boosts your company's credibility and builds trust with clients, partners, and employees. When customers know your business is insured, they feel more confident working with you. It shows that you're prepared for the unexpected and have a safety net in place if things go wrong. In fact, many large-scale projects, especially with bigger companies, require proof of insurance before they even consider working with you. Having the right coverage can open doors to new opportunities and help your small business compete at a higher level. Offering insurance benefits like health and life insurance also gives you an edge when hiring. Top talent is more likely to join a team that values their well-being and offers real support. In many industries, being properly insured is seen as a sign of professionalism and responsibility. It tells the world you're serious, prepared, and trustworthy. The real value of business insurance is Peace of mind. As a business owner, you're already juggling countless responsibilities.. With the right business insurance, you don't have to stress over lawsuits, disasters, or unexpected losses. You are protected, and that provides you the freedom to focus on growing your business. It lets you take calculated risks, chase new opportunities, and plan long-term without fear of losing everything you have. Unfortunately, if something goes wrong, you have a safety net to help you recover fast. Insurance also provides your employees with peace of mind. Knowing they are protected in a better, more productive work environment. The appropriate insurance plan helps you lead with confidence and build the empire you're working so hard for. Q. Does a small business need insurance? Yes—absolutely. Even small businesses face risks like property damage, lawsuits, or employee injuries. Insurance protects you from unexpected costs that could otherwise shut down your business. Q. Why is business insurance important? Business insurance gives you financial protection, builds credibility, and gives you peace of mind. It helps you bounce back quickly from losses and keeps your operations running smoothly. Q. What risks are there if a business is not properly insured? Without insurance, you could face major out-of-pocket expenses for legal claims, accidents, or damage. One serious incident could lead to massive debt or even force you to close your doors. In this article, we've outlined 5 essential reasons why your bussines need insurance. Operating without it can leave you vulnerable to serious risks that could result in bankruptcy or even force you to shut down. Insurance protects you from legal claims, damage to your assets, and cyber threats. Beyond that, it also boosts your credibility and gives you peace of mind, knowing you're covered if things go wrong. Visit: Digital Magazine TIME BUSINESS NEWS
Time of India
01-07-2025
- Business
- Time of India
FM Sitharaman highlights India's reforms, investment opportunities in FFD4 Summit in Spain
Union Minister for Finance and Corporate Affairs Nirmala Sitharaman , currently on an official visit to Spain, Portugal, and Brazil, delivered a strong pitch for mobilising private capital for sustainable development at the International Business Forum Leadership Summit titled "From FFD4 Outcome to Implementation: Unlocking the Potential of Private Capital for Sustainable Development" in Seville, Spain. Addressing global leaders and investors, Sitharaman highlighted that while private investment has shown encouraging growth in recent years, thanks to a rise in innovative financial instruments and traditional sources, much more needs to be done. In a social media post, the minister said, "Private capital mobilisation remains significantly below what is required, with low and middle-income countries receiving a disproportionately small share. This underscores the urgent need for targeted efforts to overcome investment barriers and better align financial flows with development priorities." Highlighting India's own journey, Sitharaman stressed the importance of addressing perceived investment risks in emerging markets . India, she noted, has taken significant steps to overcome these challenges. Sitharaman stated, "India has addressed this challenge by establishing independent regulators, implementing transparent bidding processes, standardising contracts, and improving the ease of doing business . These reforms have significantly enhanced investor confidence and reduced transaction costs." Live Events The Finance Minister also highlighted the role of strong domestic financial systems. India has focused on strengthening its banking sector and deepening capital markets to support large-scale financing in infrastructure and industry. She said India's regulatory frameworks now better balance investor protection with innovation and flexibility, creating an enabling environment for long-term investment. FM added, "Our regulatory frameworks have evolved with market needs - balancing investor protection with innovation and flexibility - creating a more conducive environment for long-term investment." One of the standout examples presented by Sitharaman was India's transformation in the renewable energy sector. From just 2.8 GW of solar energy installed in 2014, India has expanded its capacity to over 110 GW. This success, she said, "was enabled by clear national targets, streamlined procurement, and government-backed risk mitigation. This model attracted institutional investors, including pension and sovereign wealth funds." On the sidelines of the FFD4 Summit, Sitharaman also held bilateral meetings with various global leaders. She met Shane Reti, New Zealand's Minister of Science, Innovation and Technology, Universities, Statistics, and Pacific Peoples. Both ministers discussed cooperation in defence, education, technology, and agriculture. The two leaders reaffirmed the shared democratic values and strong people-to-people ties between India and New Zealand. Sitharaman also spoke about India's growing International Financial Services Centre at GIFT City and highlighted investment opportunities in banking, bullion exchange, capital markets, the FinTech ecosystem, insurance, and reinsurance. She also noted the importance of educational ties, with many Indian students pursuing higher education in New Zealand. The Finance Minister also held talks with Reem Alabali-Radovan, Germany's Federal Minister for Economic Cooperation and Development. Sitharaman congratulated her on her new role and discussed cooperation under the India-Germany Green and Sustainable Development Partnership. The discussions included collaboration in areas such as green energy, urban mobility, sustainable urban development, and ecological livelihoods. Minister Alabali-Radovan expressed interest in deepening bilateral ties and enhancing cooperation with India. Sitharaman is leading an Indian delegation from the Department of Economic Affairs during this official trip from June 30 to July 5. Her itinerary includes a visit to Lisbon, Portugal, where she will hold a bilateral meeting with the Portuguese Finance Minister and interact with the Indian diaspora and investors. In Rio de Janeiro, Brazil, she will address the 10th Annual Meeting of the New Development Bank (NDB) as India's Governor and also participate in the BRICS Finance Ministers and Central Bank Governors Meeting. She is also expected to hold bilateral discussions with her counterparts from Brazil, China, Indonesia, and Russia. (ANI)
