Jobs

• The US economy showed strength with private sector payrolls rising 123,000 in the latest month after 190,000 previously, beating expectations by double, while unemployment holds at 4.3% near full employment. • Atlanta Fed GDPNow forecasts 3.7% annual growth for Q2, with weekly unemployment claims at rock bottom and no recession in sight despite left-wing critiques. • Blue-collar nonsupervisory workers saw 3.7% hourly earnings growth and 1% hours increase, yielding 4.7% wage-income proxy rise outperforming white-collar gains.

New owner Modella Capital, which rebranded shops to TG Jones, blames weak consumer spending Dozens of former WH Smith stores are likely to close, putting thousands of jobs at risk under a radical restructuring plan by their new owner, which had rebranded the shops to TG Jones,The investment company Modella Capital, which bought WH Smith’s chain of 480 high street stores for £76m last year, blamed “weak consumer spending” as it set out the plan to landlords on Wednesday. Continue reading...

• BioNTech revealed plans to close manufacturing sites in Germany and Singapore, impacting up to 1,860 jobs, as it shifts from COVID-19 vaccine production to oncology therapies. • The company, which co-developed the mRNA vaccine Comirnaty with Pfizer, will also repurchase up to $1 billion in shares amid a leadership transition. • This restructuring reflects the post-pandemic decline in demand for COVID vaccines, positioning BioNTech to focus on cancer treatments with greater long-term potential.

• Indian companies have invested $16.4 billion in the United States, supporting 70,800 jobs, demonstrating India's growing role as a source of foreign direct investment. • The investment figures were highlighted at the SelectUSA Investment Summit, where additional Indian deals are expected to be announced, reflecting continued expansion of India Inc. into US markets. • These investments span technology, manufacturing, and services sectors, strengthening bilateral economic ties and positioning Indian firms as significant employers in North America.

Whitbread to call time on restaurants in UK and Ireland blaming higher costs and taxes for latest strategic resetPremier Inn owner Whitbread is to cut about 3,800 jobs in the UK and Ireland and shut its remaining Beefeater and Brewers Fayre restaurants as it resets its five-year business strategy, amid tax rises and pressure from a US activist investor.The cuts will affect about 12% of Whitbread’s 30,000-strong workforce in the UK and Ireland working in its Beefeater and Brewers Fayre restaurants, which are usually located next to, or inside, Premier Inn hotels. The company said consultations with affected employees would begin immediately. Continue reading...

Despite surprise fall in unemployment, weak wage growth and inflation pressures put the squeeze on workersUK unemployment shows surprise fall to 4.9%Business live – latest updatesDespite a surprise fall in the unemployment rate, the latest jobs data show the labour market in a fragile state, even before the Iran war threatened to derail the UK’s nascent economic recovery.At 4.9% in the three months to February, the unemployment rate was down from 5.2% in the previous three months, according to the Office for National Statistics. Continue reading...

Lisa Nandy says BBC staff have been strongly affected and have expressed frustration that high-paid presenters and executives are unlikely to be affectedThe BBC’s sudden announcement of 2,000 job cuts has had a “very strong effect” on staff, the UK’s culture secretary, Lisa Nandy, has said, as employees express frustration that highly paid presenters and senior staff will not be the prime targets of the cuts.Nandy, who has been having conversations with BBC staff during discussions about the broadcaster’s charter renewal, is understood to be keen that staff are involved in making the cost-cutting plan, which will affect as many as 10% of the broadcaster’s 21,000 employees over the next three years. Continue reading...

Announcement comes before Matt Brittin replaces Tim Davie as director general next monthBusiness live – latest updatesThe BBC is to cut as many as 2,000 jobs in the biggest down-sizing of the public service broadcaster in 15 years.Staff are set to be informed of the cuts, which will affect about 10% of the BBC’s 21,500 staff, at an all-staff meeting on Wednesday. Continue reading...