UK Health Secretary Proposes Weight-Loss Jabs for Unemployed

 📍 Top line: Health Secretary Wes Streeting has suggested offering weight-loss injections to unemployed people as part of a strategy to reduce obesity and help them return to work.

In an opinion piece for The Telegraph, Streeting noted that obesity is costing the NHS £11 billion annually, even more than smoking, and is contributing to economic challenges by increasing sick days and worklessness.

Streeting proposed that the latest weight-loss medications, like Ozempic or Mounjaro, could be used in trials to assess their impact on reducing unemployment.

Despite the focus on medical interventions, Streeting emphasised that individuals still need to take personal responsibility for healthy living, as the NHS cannot always bear the burden of unhealthy lifestyles.

Banks reassess 120 hour weeks for junior staff

📍 Top line: Investment banks are reassessing their demanding work culture, especially for junior staff, amid rising concerns over excessive working hours, according to the FT. Traditionally, young bankers often work over 100 hours a week, but major institutions like Bank of America and JPMorgan Chase are introducing limits to address the issue.

Bank of America now tracks junior bankers’ hours daily, with HR intervening if they exceed 80 hours per week. JPMorgan has set a similar cap, though it doesn't apply during live deals. These measures follow the death of a junior banker earlier this year, prompting fresh concerns over working conditions in the industry.

However, some senior bankers argue that long hours are inevitable in a high-pressure field where client demands drive workloads. While junior bankers now enjoy protections such as "protected weekends," many in the industry question whether these caps will change the ingrained culture of relentless hours.

Elsewhere in business:

❌ Bath and Body Works has pulled its “Snowed In” candle from shelves following concerns that its design inadvertently resembled a Ku Klux Klan outfit. The candle’s label, featuring diamond-shaped snowflakes with cutouts, was interpreted by some as resembling the eye holes on the white hoods worn by members of the white supremacist group.

💳 Revolut, the British fintech giant, is facing heightened scrutiny over its fraud prevention measures, with recent figures revealing that it recorded nearly 10,000 fraud reports last year, surpassing all major UK banks. One troubling case involved a business owner who lost £165,000 after criminals managed to bypass Revolut's ID verification process. The company refused to reimburse the stolen funds, raising questions about the effectiveness of its security protocols.

UK secures £63 billion at Investment Summit

📍 Top line: The UK government’s investment summit in London on Monday saw a remarkable £63 billion committed to bolster wealth creation and business growth. This funding is set to generate nearly 38,000 jobs.

Major Investments Announced:

• DP World: £1 billion plan to expand the London Gateway container port.

• Data Centers: £6.3 billion from companies like CyrusOne, ServiceNow, CloudHQ, and CoreWeave.

• ABP and Stena Line: Over £200 million for a new freight terminal.

• Imperial College London: £150 million for a new research and development campus.

• Clean Energy: £24 billion in a variety of confirmed investments.

• Eli Lilly: £279 million investment in the UK life sciences sector as part of a collaborative partnership with the government.

Elsewhere in the economy:

💷 Chancellor Rachel Reeves has signalled that business taxes, specifically employers' national insurance contributions, could rise in the upcoming Budget. This potential increase aims to address a £22 billion gap in public finances, which Reeves says needs filling to ensure the country’s economic stability.

✈️ The government has announced a £1.1 billion investment into London Stansted Airport, aimed at expanding the airport’s infrastructure and creating new jobs. The project is expected to generate up to 5,000 new on-site jobs. A key feature of the plan is a £600 million extension of the existing terminal, which will increase its size by a third. This expansion will bring in new shops, bars, restaurants, and seating areas, enhancing passenger experience. 

Arcadis, a world-leader in delivering sustainable design, engineering, and consultancy solutions has opened applications for its 12-month Project Management Placement scheme. Successful applicants will be responsible for monitoring the progress of project work, liaising with clients, implementing resolution to issues and identifying risks in strategy delivery. The position is open to current BSc and MSc Construction or Engineering students. Apply now here.

Nvidia on the brink of dethroning Apple as the world’s most valuable company

📍Top line: Nvidia’s shares soared to an all-time high on Monday, putting the AI chipmaker within striking distance of overtaking Apple as the world’s most valuable company. Nvidia's stock surged 2.4%, pushing its market value to $3.39 trillion. Apple remains slightly ahead at $3.52 trillion, while Microsoft stands at $3.12 trillion.

Nvidia's rise has been fuelled by strong demand for its current and next-gen AI processors, as major tech players like Microsoft, Amazon, and Google-parent Alphabet battle to lead the AI revolution. The company's dominance in AI chip technology has made it a top choice for investors.

Nvidia, Apple, and Microsoft now account for nearly a fifth of the S&P 500's weight, significantly influencing the index’s daily fluctuations

Elsewhere in tech:

🤖 Adobe has launched its AI video tool, Firefly Video Model, to compete with OpenAI’s Sora and Meta's offerings. The tool, which generates videos from text prompts, aims to revolutionise film and TV production. Adobe’s edge lies in its use of licensed data, ensuring legal commercial use. PepsiCo’s Gatorade and Mattel have already adopted Adobe’s image tools for custom products and packaging.

🇨🇳 Xiaohongshu, often referred to as China’s Instagram, has experienced a significant financial boost, reporting $1 billion in revenue during the first quarter of 2024. The company, which primarily targets Gen Z women with aggressive advertising, posted a net profit of $200 million—up from $40 million in the same period last year. This growth is particularly notable given the challenging environment in China’s tech sector, which has seen an uptick in bankruptcies.

🍻 Prague has imposed a ban on organised night-time pub crawls in an effort to curb the disruptive behaviour associated with stag parties and rowdy tourism. The new regulation prohibits organised drinking tours between 10pm and 6am, part of a broader initiative to attract more cultured and affluent visitors rather than those who visit primarily for excessive drinking and rowdy entertainment.

⚽ Pep Guardiola has been approached about becoming England's next manager as his Manchester City contract nears its end. The Football Association made informal contact with Guardiola at the start of the season. While no decision has been made, he’s seen as the standout candidate to replace Gareth Southgate. The Spaniard is expected to decide his future in the coming weeks.

❌ Downing Street has made it clear that reparations for Britain's involvement in the transatlantic slave trade are "not on the agenda" ahead of the upcoming Commonwealth summit. This stance comes despite support for reparations from candidates vying for the role of Commonwealth Secretary-General, who have advocated for financial amends related to slavery and colonialism.