THE HOT STORY

Unemployment set to soar past 2m

Unemployment in the UK is projected to exceed 2.1m for the first time since 2014, rising from 1.87m today. Economists at the EY Item Club predict the jobless rate will increase from 5.2% to 5.8% next year due to the economic impact of the Iran war. Matt Swannell, chief economic adviser at the EY Item Club, said: "The recent spike in energy prices and disruption to supply chains will be the biggest jolt to the jobs market since the pandemic." The forecast indicates a potential recession as living standards decline and consumer confidence plummets.

The Guardian

The Daily Telegraph

WORKFORCE

Health visitors call for limits on 'impossible' caseloads

Health leaders have called for limits on the "unmanageable" caseloads of health visitors in England, with some now responsible for more than 1,000 families amid a sharp decline in workforce numbers. The Institute of Health Visiting warned that staffing shortages are reducing the quality and consistency of support for young families, with missed opportunities to identify health and safeguarding concerns. Unlike other UK nations, England has no formal cap on caseloads, and experts say rebuilding the workforce is essential to improve early years outcomes. The government has said it is committed to strengthening services and will outline plans for the profession later this year.

BBC News

LEGAL

Co-op executive wins £100k payout

Samantha Walker, a former Co-op executive, has been awarded over £101,000 after an employment tribunal found she faced unfair dismissal, equal pay issues, and sex discrimination. Walker claimed she received a lower performance assessment than male colleagues, despite evidence showing her work was equal to or better than theirs. The tribunal revealed that an independent assessment confirmed her role was equal to or higher than her male counterparts. Judge Helen Cookson noted delays in the case. A Co-op spokeswoman said Walker's dismissal was not related to her complaints about equal pay or her gender.

The Times

DIVERSITY, EQUITY & INCLUSION

Lloyd’s of London to end flagship diversity event

Lloyd's of London plans to end its Dive In diversity event, focusing instead on a new programme designed to enhance workplace culture, skills, and talent development.

Financial Times

TECHNOLOGY

AI model GPT-Rosalind launched for life sciences research

OpenAI has launched an AI model with increased biology knowledge and scientific research capabilities. The GPT-Rosalind, named after 20th-century British scientist Rosalind Franklin, is designed to support research across biochemistry, drug discovery and translational medicine.

OpenAI

Reuters

INTERNATIONAL

Stellantis invests €100m to keep open site near Paris

Stellantis has said it plans to invest €100m to transform its plant near Paris, which will keep making cars through at least the end of 2028, and then shift to activities including auto part production, recycling, and 3D printing. The company, which currently produces the Opel Mokka and DS compact sport utility vehicles at the Poissy facility, has vowed to retain 1,000 blue-collar jobs there by 2030, with no layoffs. Bloomberg notes that Stellantis has worked closely with labor unions on the project, which “guarantees an industrial future for the Poissy site at a time of rapid change for the automotive industry,” according to Xavier Chéreau, the group’s chief human resources and sustainability officer.

Bloomberg

Samsung call on court to block illegal strike activities by unions

Samsung Electronics wants a court to block the company's South Korean labour unions from engaging in illegal activities during strike action. Unionised workers at the world's largest manufacturer of memory chips last month voted to authorise strike plans and threatened to walk out for 18 days from May 21, should a wage deal with management not be agreed upon. The unions accused Samsung of infringing on workers' right to strike, which is protected under the law. A strike at the company could worsen bottlenecks in the global supply of semiconductors.

Straits Times

Novo Nordisk partners with OpenAI to expedite drug development

Novo Nordisk is partnering with OpenAI to deploy artificial intelligence across its business. The partnership will aid the identification of promising drug candidates and improve efficiency in ⁠manufacturing, supply chains, distribution and corporate operations. The Danish firm, the maker of Wegovy and Ozempic, said OpenAI will also help train its global workforce, increase AI literacy and boost productivity across departments. "The aim here is not replacing our scientists. It's about supercharging them," Novo Nordisk CEO Mike Doustdar said.

Reuters

European gas and power markets expand trading hours

European gas and power markets are expanding trading hours to 21 hours from 10 hours amid sharp price swings. The lengthier trading day is expected to reshape how energy traders work and live, and some have voiced concerns about the erosion of work-life balance. Yet many say the change is a logical next step for a market that has been transformed by Russia’s invasion of Ukraine. The new extended day is “an advantage for global players,” observed Marco Saalfrank, head of continental Europe merchant trading at Swiss-based Axpo Holding. “If something happens in the market that affects prices, they can react immediately.”

Bloomberg

OTHER

Tokyo aquarium recycles fishing nets into employees' uniforms

Sunshine Aquarium in Tokyo has introduced new uniforms for staff that are made entirely from recycled fishing nets. The initiative aims to raise awareness about marine debris: fishing gear constitutes over 40% of man-made waste on Japan's coastlines. The aquarium collaborated with “Team Re:ism” to utilise chemical recycling technology for the production of the uniforms. Shuta Sashida of the Okayama city-based Caitac Group, a textile trading company that participated in the new uniform's production, said: “Compared to items like plastic bottles, the recycling rate for used fishing nets is low, so we want to help spread awareness about this initiative.”

Straits Times

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