Connect with us

Published

on

Planned strikes which would have crippled London Underground services this week have been called off, according to a union.

RMT say the industrial action by its workers on the Tube network – scheduled to take place from Monday to Thursday in protest at a 5% pay offer – will no longer go ahead, after positive talks with Transport for London (TfL).

But TfL has warned travellers there will still be some disruption on Monday because the walkouts were called off so late.

The union’s general secretary, Mick Lynch, said: “Following further positive discussions today, the negotiations on a pay deal for our London Underground members can now take place on an improved basis and mandate with significant further funding for a settlement being made available.

“This significantly improved funding position means the scheduled strike action will be suspended with immediate effect and we look forward to getting into urgent negotiations with TfL in order to develop a suitable agreement and resolution to the dispute.”

Mick Lynch is leading the unions' fight against the government's Strikes (Minimum Service Levels) Act
Image:
RMT general secretary Mick Lynch welcomed the suspension of the strike action

London Mayor, Sadiq Khan, said on X: “This week’s Tube strikes have now been suspended. Londoners and visitors to our city will no longer face several days of disruption.

“This shows what can be achieved by engaging with trade unions and transport staff rather than working against them.”

A TfL spokesperson said: “Today, we were made aware that the Mayor was able to provide additional funds to enable discussions with the unions to continue.

“This intervention from the Mayor has been discussed with the unions, and the RMT union has now suspended the planned strike action.

“However, as the action has been suspended at this late stage, Londoners will still face disruption tomorrow and we advise all customers to check the TfL website or the TfL Go app for the latest travel information.

“We will now meet with representatives of all the unions to agree on the best way for this funding to be used to resolve the current dispute. We will also seek to meet as soon as possible with the unions representing TfL staff.”

Read more:
What it’s like to travel on some of the UK’s worst rail routes
Electric trains are the future for green freight
New law to ensure 40% of trains run during strikes

The current programme of strike action began in June 2022, with what the RMT said was the “biggest outbreak of industrial action in the UK since 1989”.

In November, RMT members voted to accept an offer from train companies for a backdated pay rise of 5% for 2022-2023 and job security guarantees.

UK Hospitality had warned the strike was expected to cost the sector up to £50m.

Continue Reading

Business

M&S tells agency workers to stay at home after cyberattack

Published

on

By

M&S tells agency workers to stay at home after cyberattack

Marks & Spencer (M&S) has ordered hundreds of agency workers at its main distribution centre to stay at home as it grapples with the unfolding impact of a cyberattack on Britain’s best-known retailer.

Sky News has learnt that roughly 200 people who had been due to undertake shift work at M&S’s vast Castle Donington clothing and homewares logistics centre in the East Midlands have been told not to come in amid the escalating crisis.

Agency staff make up about 20% of Castle Donington’s workforce, according to a source close to M&S.

Money latest: Vet hits back at critics of prices

The retailer’s own employees who work at the site have been told to come in as usual, the source added.

“There is work for them to do,” they said.

M&S disclosed last week that it was suspending online orders as a result of the cyberattack, but has provided few other details about the nature and extent of the incident.

In its latest update to investors, the company said on Friday that its product range was “available to browse online, and our stores remain open and ready to welcome and serve customers”.

“We continue to manage the incident proactively and the M&S team – supported by leading experts – is working extremely hard to restore online operations and continue to serve customers well,” it added.

Read more from Sky News:
Deliveroo shares surge 17% as takeover looms
UK growth could be ‘postponed’ for two years, report warns

It was unclear on Monday how long the disruption to M&S’s e-commerce operations would last, although retail executives said the cyberattack was “extensive” and that it could take the company some time to fully resolve its impact.

Shares in M&S slid a further 2.4% on Monday morning, following a sharp fall last week, as investors reacted to the absence of positive news about the incident.

M&S declined to comment further.

Continue Reading

Business

Deliveroo shares surge 17% as £2.7bn takeover looms

Published

on

By

Deliveroo shares surge 17% as £2.7bn takeover looms

Shares in meal delivery platform Deliveroo have surged by 17% as investors react to news of a £2.7bn takeover proposal.

The company revealed after the market had closed on Friday that it had been in talks since 5 April with US rival DoorDash.

Deliveroo suggested then it was likely the 180p per share offer would be recommended, though full terms were yet to be agreed.

Money latest: Vet hits back at critics of prices

At that price, the company’s founder and chief executive, Will Shu, would be in line for a windfall of more than £170m.

Deliveroo further announced, before trading on Monday, that it had suspended its £100m share buyback programme.

The opening share price reaction took the value to 171p per share – still shy of the 180p on the table – and well under the 390p per share flotation price seen in 2021.

More from Money

Deliveroo’s shares have weakened nearly 50% since their market debut.

The deal is not expected to face regulatory hurdles as it provides DoorDash access to 10 new markets where it currently has no presence.

But a takeover would likely represent a blow to the City of London given the anticipated loss of a tech-focused player.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: “If the deal is done at that price, the company will fail to shake off the ‘Floperoo’ tag it was saddled with after its disastrous IPO debut in 2021.

“Even though Deliveroo has finally broken through into profitable territory, the prolonged bout of indigestion around its share price has continued.

“The surge in demand for home deliveries during the pandemic waned just as competition heated up. Deliveroo’s foray into grocery deliveries has helped it turn a profit but it’s still facing fierce rivals.”

She added: “The DoorDash Deliveroo deal will be unappetising for the government which has been trying to boost the number of tech companies listed in London.

“If Deliveroo is purchased it would join a stream of companies leaving the London Stock Exchange, with too few IPOs [initial public offerings] in the pipeline to make up the numbers.”

Continue Reading

Business

US trade deal ‘possible’ but not ‘certain’, says senior minister

Published

on

By

US trade deal 'possible' but not 'certain', says senior minister

A trade deal with the US is “possible” but not “certain”, a senior minister has said as he struck a cautious tone about negotiations with the White House.

Pat McFadden, the Chancellor of the Duchy of Lancaster, told Sunday Morning with Trevor Phillips there was “a serious level of engagement going on at high levels” to secure a UK-US trade deal.

However, Mr McFadden, a key ally of Sir Keir Starmer, struck a more cautious tone than Chancellor Rachel Reeves on the prospect of a US trade deal, saying: “I think an agreement is possible – I don’t think it’s certain, and I don’t want to say it’s certain, but I think it’s possible.”

He went on to say the government wanted an “agreement in the UK’s interests” and not a “hasty deal”, amid fears from critics that Number 10 could acquiesce a deal that lowers food standards, for example, or changes certain taxes in a bid to persuade Donald Trump to lower some of the tariffs that have been placed on British goods.

Politics latest: UK has ‘recognised all along’ that Russia is aggressor – minister

And asked about the timing of the deal – following recent reports an agreement was imminent – Mr McFadden said: “We’ll keep working with the United States and keep trying to get to an agreement in the coming weeks.”

As well as talks with the US, the UK has also ramped up its efforts with the EU, with suggestions it could include a new EU youth mobility scheme that would allow under-30s from the bloc to live, work and study in the UK and vice versa.

Mr McFadden said he believed the government could “improve upon” the Brexit deal struck by Boris Johnson, saying it had caused “an awful lot of bureaucracy and costs here in the UK”.

He said “first and foremost” on the government’s agenda was securing a food and agriculture and a veterinary agreement, saying it was “such an important area for the UK and an area where we’ve had so much extra cost and bureaucracy because of Brexit”.

He added: “But again, as with the United States, there’s no point in calling the game before it’s done. We’ve still got work to do, and we’re doing that work with our partners in the EU.”

The Cabinet Office minister also rejected suggestions the UK would have to choose between pursuing a trade deal with the US and one with the EU – the latter of which has banned chlorinated chicken in its markets – as has the UK – but which the US has historically wanted.

Read more:
Chancellor Rachel Reeves outlines red lines for US trade deal
Green Party co-leader denies split over trans rights

On the issue of chlorinated chicken, Mr McFadden said the government had “made clear we will not water down animal welfare standards with either party”.

“But I don’t agree that it’s some fundamental choice beyond where we have to pick one trading partner rather than another. I think that’s to misunderstand the nature of the UK economy, and I don’t think would be in our interests to put all our eggs in one basket.”

Also speaking to Trevor Phillips was Tory leader Kemi Badenoch, who said the government should be close to closing the deal with the US “because we got very close last time President Trump was in office”.

She also insisted food standards should not be watered down in order to get a deal, saying she did not reach an agreement with Canada when she was in government for that reason.

“What Labour needs to do now is show that they can get a deal that isn’t making concessions, so we can have what we had last month before the trade tariffs, and we need serious people doing this,” she said.

Continue Reading

Trending