Business
Labour workers’ rights law could hit Gen Z jobs hardest, retailers warn
Young workers could be among the biggest casualties of the government’s new workers’ rights legislation, with retailers warning the reforms risk worsening Britain’s growing youth unemployment problem.
Industry leaders say the Employment Rights Act, which recently received royal assent, could lead employers to scale back flexible and entry-level roles as businesses adjust to higher employment costs and tighter regulation. The British Retail Consortium (BRC) argues that the changes could unintentionally restrict opportunities for younger workers who often rely on part-time or flexible jobs as their first step into employment.
The warning comes as youth unemployment continues to climb across the UK. Official forecasts suggest overall unemployment could reach 5.3 per cent this year, while joblessness among younger people has already reached its highest level in more than a decade.
Former Labour health secretary Alan Milburn, who is currently leading a government-commissioned review into youth employment and economic inactivity, has described the situation as an “existential crisis” for Britain, highlighting the scale of the challenge facing policymakers.
Retail leaders fear the new employment rules could discourage companies from offering the type of flexible roles that many younger people depend on.
The legislation introduces a number of significant workplace reforms, including giving workers on zero-hours and low-hours contracts the right to request guaranteed working hours. It also introduces day-one eligibility for statutory sick pay, shortens the qualification period for unfair dismissal protections, and makes it easier for workers to secure trade union recognition.
While the government argues the measures will improve job security for millions of workers, the BRC says they may create additional costs and administrative complexity for employers, particularly in sectors that rely heavily on flexible staffing models.
Retailers warn that if businesses respond by reducing hiring or limiting flexible contracts, entry-level positions may be the first roles to disappear.
“Local, flexible jobs are important first steps into work for young people across the country,” said Helen Dickinson, chief executive of the British Retail Consortium. “Whether it is a Saturday job around studies or shifts alongside caring responsibilities, these roles are relied upon and valued by many.”
She added that with youth unemployment already rising, policymakers must ensure reforms tackle poor employment practices without choking off opportunities for younger workers entering the labour market.
The retail sector plays a crucial role in providing early work opportunities for younger people.
According to industry data, around 780,000 retail jobs are held by workers aged between 16 and 25, representing roughly 28 per cent of the sector’s workforce.
These roles often include part-time shifts, weekend work or seasonal employment that can be combined with education, training or other commitments.
A survey commissioned by the BRC found that 70 per cent of people aged 18 to 29 consider flexibility in working hours to be important, rising to nearly three-quarters among those in part-time employment.
By comparison, only 52 per cent of adults overall rated flexible work as a key priority.
Retailers say this demonstrates how critical flexible employment is for younger workers balancing education, family responsibilities or early career exploration.
The industry warns that if employers become reluctant to offer flexible arrangements because of regulatory or financial pressures, Gen Z workers could lose a vital pathway into the workforce.
Concerns over the Employment Rights Act come amid broader tensions between retailers and the government over the rising cost of employment.
Businesses have already criticised increases to employer national insurance contributions and the national living wage, which were introduced as part of Labour’s first autumn budget.
Many employers argue that the combined effect of higher payroll taxes, wage increases and new workplace regulation is creating a more difficult hiring environment.
During an appearance before the Commons Treasury Select Committee, Chancellor Rachel Reeves acknowledged criticism surrounding the national insurance increase, saying there was a “valid argument” that it could have been avoided.
However, Reeves defended the decision, stating that the tax rise helped fund improvements to the NHS and reduce waiting lists.
Retail leaders remain concerned that further cost increases could slow recruitment, particularly in sectors with tight margins and large workforces.
The debate over workers’ rights legislation comes at a time when youth employment is already under scrutiny.
Recent official figures suggest nearly one million people aged 16 to 24 in the UK are currently not in education, employment or training (NEET).
Economists and labour market experts warn that prolonged periods outside work or education can have lasting effects on young people’s future earnings, skills development and career prospects.
Retail and hospitality sectors have historically provided entry-level roles that help young people gain experience, build confidence and develop transferable workplace skills.
If those opportunities shrink, experts fear it could make it harder for young people to enter the labour market and progress into long-term careers.
Despite industry concerns, ministers insist the legislation will ultimately strengthen the labour market rather than weaken it.
A government spokesperson said supporting young people into employment remains a priority, pointing to the ongoing review led by Alan Milburn.
The government argues the Employment Rights Act will improve job security for more than 18 million workers, including younger employees who are often overrepresented in insecure or low-paid work.
Officials also maintain that businesses will still be able to offer flexible working arrangements where both employer and employee agree.
“The Employment Rights Act will boost employment and improve job security for over 18 million workers, with young people among the biggest winners,” the spokesperson said.
“It will not mean businesses have to reduce their flexible roles and employers and employees will continue to be able to agree hours that suit them best.”
The debate highlights the broader challenge facing policymakers: how to improve employment protections without discouraging job creation.
Supporters of the legislation argue stronger rights will create fairer and more stable workplaces, helping to address insecure employment practices that have grown in parts of the economy.
Critics, however, warn that well-intentioned reforms could have unintended consequences, particularly for younger workers seeking their first job.
With youth unemployment rising and economic growth remaining modest, the effectiveness of the reforms may ultimately depend on whether businesses continue to create accessible entry-level roles.
For many young people entering the workforce, those first opportunities could prove decisive in shaping their long-term career prospects.
Jamie Young
Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.
When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.
The functional beverage is offered in six flavors.
Earnings call transcript: Vivendi sees profit swing in Q4 2025
The Treasury Committee will look at whether “the goalposts [have] been moved in a way which is unfair”.
Operator
Good day, and thank you for standing by. Welcome to the Q2 Fiscal ’26 earnings discussion for Oil-Dri Corporation of America. [Operator Instructions]. I would now like to turn the conference over to your speaker for today, President and CEO, Dan Jaffee. Jaffee, please go ahead.
Daniel Jaffee
Chairman, CEO & President
Thank you, and welcome, everybody. And we are in virtual mode. So we’ve got people dialing in from all over, I’m going to introduce them. We very much appreciate you guys getting your questions in early. That gave us a chance to develop our responses and prioritize. So thank you for doing that.
With me today is Susan Kreh, our CFO and CIO; Aaron Christiansen, our VP of Operations; Chris Lamson, Group Vice President of business-to-business and strategic growth initiatives; Wade Robey, VP of Agriculture and President of Amlan International; Laura Scheland, Vice President and General Manager of our Consumer Products division; Bruce Patsey, our Vice President of Fluids Purification; Mervyn de Souza, VP of Research and Development; Tony Parker, our VP, General Counsel and Secretary; and Leslie Garber, our Director of Investor Relations, and I’m going to turn it over to Leslie for our safe harbor provision.
Leslie Garber
Director of Investor Relations
Good morning, everyone. I also just want to note that John Blake, VP, Corporate Controller, is also on the call today.
FOX Business’ Max Gorden joins ‘The Big Money Show’ to detail the controversial tax structure.
Washington state lawmakers on Wednesday passed a so-called “millionaires tax,” a move criticism said could lead to an exodus of high-income earners.
The State Senate passed the measure with a day left in the 2026 legislative session, following a hotly contested 24-hour marathon in the State House.
The bill would impose a 9.9% tax on income over $1 million for individuals or couples in a household.
The funds generated from the tax would address the state budget, which is currently dealing with a multi-billion dollar deficit, Fox Seattle reported.
KEN GRIFFIN’S FLORIDA TAKEOVER: CITADEL FOUNDER SHELLS OUT $180M FOR LATEST PIECE OF MIAMI EMPIRE
An aerial view of Washington State Capitol in Olympia. ( Joe Sohm/Visions of America/Universal Images Group via Getty Images / Getty Images)
Funds would also go toward programs to improve affordability for working families and small business owners. The legislation would go into effect on Jan. 1, 2028, with tax payments starting in 2029.
It is expected to impact 21,000 residents across the state. The bill now heads to the desk of Gov. Bob Ferguson, who has backed the measure.
On Tuesday, he said the bill “represents historic progress in rebalancing our unfair system. It sends significant dollars back to Washington families and small businesses.”
The Seattle skyline. Washington state lawmakers passed a so-called “millionaires tax” this week on high-income earners. (Juan Mabromata/AFP via Getty Images / Getty Images)
“It saves working parents money and ensures our kids are prepared to learn by funding free breakfast and lunch for all Washington K-12 students, which has been a priority of mine since I ran for governor,” he wrote on X. “The Millionaires’ Tax will apply to less than one half of one percent of Washingtonians, but make life more affordable for millions. I look forward to signing it.”
A Tax Foundation analysis found that the proposed tax would yield a top rate of more than 18% on wage income and restricted stock units (RSU) vesting in Seattle, making it the highest rate in the U.S.
Washington state has 695,695 small businesses and nearly 360,000 employees in technology-related jobs, according to the Small Business Administration and Washington State Department of Commerce, respectively.
“A tax this aggressive would do real damage to Washington’s economy, sending jobs and economic opportunity elsewhere,” wrote Jared Walczak, a senior fellow at the Tax Foundation. “In particular, for significant swaths of the state’s tech sector, already the target of anomalously high business taxes, a 9.9 percent income tax could prove the last straw, driving any subsequent expansion to other states, and quite possibly taking existing jobs with them.”
The bill has raised concerns from critics who said it could force Washington’s highest earners to leave for more tax-friendly states.
“If a Starbucks or a Boeing or other people start to diminish their presence in Washington State, guess what happens?” said Republican lawmaker Andrew Barkisduring the State House’s debate this week, according to the New York Times. “Those high-paying jobs? They are going to leave. It is happening.”
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Former Starbucks CEO Howard Schultz said in a LinkedIn post this week that he and his wife are moving from Seattle to Florida after more than four decades in the city. He didn’t mention the tax in his post but said he hopes Washington “will remain a place for business and entrepreneurship to thrive.”
Fox Business’ Daniella Genovese contributed to this report.
San Francisco — Golden State Warriors superstar Stephen Curry continues to rehab a persistent right knee injury, with the team announcing March 11, 2026, that he will miss at least another 10 days and be re-evaluated around March 21.
Curry, sidelined since Jan. 30 due to patellofemoral pain syndrome and bone bruising—commonly known as “runner’s knee”—has now missed 15 consecutive games. The latest update from the Warriors indicates steady progress, including intensified individual on-court workouts in recent days, but no immediate return to game action.
The 37-year-old point guard, averaging a team-high 27.2 points per game this season, last suited up against the Detroit Pistons in late January. His absence has coincided with a challenging stretch for the Warriors, who have dropped three straight games and 10 of their last 15 without him, slipping in the Western Conference standings amid a push for play-in positioning.
Warriors officials described Curry’s recovery as positive but unpredictable. Team sources told ESPN’s Anthony Slater that the four-time champion remains “extremely motivated” to return for the stretch run, aiming to guide Golden State into the postseason via the play-in tournament. Curry has advanced to on-court work, a key milestone, with workouts expected to ramp up further.
The injury stems from swelling and pain around the kneecap, an issue that flared during an individual workout in Minneapolis before worsening. Curry has characterized the timeline as “weird” and “unpredictable,” noting daily improvements since the All-Star break but acknowledging setbacks along the way.
The March 11 re-evaluation marked the third 10-day checkpoint since early March, extending his projected absence to at least 20 games. While some analysts and fans have called for shutting him down for the season to preserve health ahead of his 38th birthday on March 14, Curry and team insiders emphasize his desire to play through the campaign.
Head coach Steve Kerr has voiced frustration over the lingering issue, describing Curry as “frustrated” but committed to a cautious ramp-up. Kerr confirmed Curry’s mindset aligns with pushing for a comeback, though the team prioritizes long-term readiness over rushing back prematurely.
The Warriors’ record without Curry stands at a stark contrast to their success with him on the floor. Golden State posts a winning mark when he plays but struggles defensively and offensively in his absence, relying on Draymond Green, Jonathan Kuminga, and others to fill the void. Recent losses to bottom-tier teams like the Utah Jazz and Chicago Bulls have amplified concerns about the team’s playoff viability.
Curry’s value extends beyond scoring; his gravity pulls defenses, creating opportunities for teammates, and his leadership anchors the locker room. The injury has tested Golden State’s depth, with bench contributions and defensive schemes adjusted to compensate.
As the regular season winds down, the Warriors face a critical window. Curry’s potential return could spark a surge, but prolonged absence risks derailing postseason hopes. Analysts project a late-March or early-April comeback if progress holds, aligning with intensified court sessions and the next check-in.
The patellofemoral condition often requires rest, strengthening, and gradual loading to avoid chronic issues, particularly for a high-mileage veteran like Curry. Medical experts note that bone bruising can linger, explaining the extended timeline despite visible advancements.
Fan reactions mix optimism with concern, with social media buzzing over highlights of Curry’s workouts and calls for patience. The Warriors maintain optimism, framing the updates as steps forward rather than setbacks.
Golden State’s next games test resilience without their star. Upcoming matchups could provide momentum or further highlight vulnerabilities, setting the stage for Curry’s eventual reintegration.
For now, the focus remains on recovery. Curry’s re-evaluation in roughly 10 days—around March 21—will offer the clearest timeline yet. Until then, the Warriors navigate without their greatest shooter, hoping his return ignites a late-season push.
The injury underscores the physical toll of a long career at elite levels, even for a player renowned for durability. Curry’s track record of resilience fuels hope that he can reclaim form and lead Golden State deep into spring contention.
Business
BofA Securities enters Kaynes Technologies via Rs 42 crore block deal; stock down 48% in six months
BofA Securities bought these shares through its affiliate BofA Securities Europe SA. Sellers Kadensa and Bluepearl offloaded 46,934 and 69,148 shares, respectively.
Kaynes Technologies shares today ended with cuts of 0.70% or Rs 26.25 to settle at Rs 3,698.25 on the BSE.
Kaynes Technology India is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturer in India. It offers capabilities across the entire spectrum of ESDM services. The company provides conceptual design, process engineering, integrated manufacturing and life cycle support for major players in the automotive, industrial, aerospace & defence and railways.
Kaynes Technologies share price performance
Kaynes Technologies has been a market laggard, sliding 14% over a one-year period, underperforming the benchmarks Nifty and the BSE Sensex, whose returns in the same period are approximately 5% and 3%, respectively.
The stock has been at the receiving end of investors’ ire, declining 48% in the last six months. In 2026, so far, it has slipped nearly 6%.
The stock is currently trading below its 50-day and 200-day simple moving averages (SMAs) of Rs 3,751 and Rs 5,473, respectively, according to Trendlyne data.
The company reported a 15% year-on-year consolidated net profit growth at Rs 77 crore in the December-ended quarter which is a 15.3% YoY growth. In the year ago period, its profit after tax (PAT) stood at Rs 67 crore. Meanwhile, the total revenue in the quarter under review stood at Rs 849 crore, up 24% versus Rs 686 crore in Q3FY25.
Also read: SBI block deal: BNP Paribas buys 5.28 lakh shares in a Rs 64 crore transaction
(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)
A man suffered life-threatening injuries in a shooting Saturday evening in Norfolk near Old Dominion University, heightening unease among students already on edge from prior incidents in the area.
Norfolk Police responded around 6 p.m. Feb. 14, 2026, to the 800 block of West 41st Street after reports of gunfire. Officers found a male victim with a serious gunshot wound. He was rushed to Sentara Norfolk General Hospital, where he remained in critical condition as of the latest updates. No arrests have been announced, and the investigation continues with no suspect description released publicly.
The location, just blocks from ODU’s campus and student housing, sparked immediate concern among nearby residents and students. Witnesses described hearing multiple shots before chaos ensued. One ODU student, Madeleine Salazer, told WAVY News the violence felt “unfortunately very common” in parts of Norfolk, though she noted her neighborhood had been relatively quiet until recently.
“I’ve been out here since 2023. It’s been an eventful time,” Salazer said. “Things like this are unfortunately very common in the Norfolk area. Not on this neighborhood, I will say, but if you go two blocks down the street on 42nd, there was a shooting there my freshman year.”
Students interviewed by local media expressed frustration and fear, calling for better community-police relations and university measures to address off-campus risks. The incident follows a pattern of gun violence in Norfolk, including a February 2025 double homicide on ODU property that claimed the lives of two non-students and led to charges against a suspect.
In that earlier case, on Feb. 26, 2025, two Norfolk men—18-year-old Delanio Vick Jr. and 20-year-old Timothy Williams Jr.—were fatally shot in parking lot L-3 near Broderick Dining Commons around 9:50 p.m. Norfolk Police and ODU officers responded quickly, but both victims succumbed to their injuries at the hospital. Neither was affiliated with the university.
Dequan J. Tyler, 27, of Norfolk and uncle to Vick, was later charged with possession of a firearm by a felon in connection with the shooting. Tyler, held without bond in Chesapeake, told WTKR News 3 from jail that he fired shots to protect family but was unsure if he struck anyone. The case drew scrutiny over campus safety protocols and the university’s response.
Old Dominion University President Brian Hemphill issued a statement after the 2025 incident expressing sympathy while noting the victims were not affiliated with ODU, a phrasing that drew criticism from students and alumni for appearing to distance the school from the tragedy. Hemphill praised campus police efforts, but some in the community questioned prevention measures amid recurring violence near campus.
The 2026 shooting prompted renewed calls for vigilance. ODU officials have not issued a new campus-wide alert specific to the Feb. 14 event, but university police maintain regular patrols and encourage the use of the Rave Guardian safety app for emergencies. Students reported feeling “on edge,” with some avoiding late-night walks and relying on rideshares or group travel.
Norfolk’s broader gun violence trends contribute to the tension. The city has seen multiple shootings in recent months, including incidents wounding multiple people near campus-adjacent areas. Police urge anyone with information on the latest shooting to contact Crime Line at 1-888-LOCK-U-UP or submit tips anonymously online.
University leaders emphasize that ODU remains committed to student safety through partnerships with Norfolk Police, enhanced lighting, emergency blue phones, and awareness campaigns. However, off-campus incidents highlight challenges in controlling risks in surrounding neighborhoods where many students live.
The Feb. 14 victim’s condition underscores the severity of such events. Hospital officials have not released further details, citing privacy laws. Investigators continue canvassing for witnesses and reviewing surveillance footage from nearby businesses and residences.
As Norfolk grapples with persistent community violence, the shooting near ODU serves as a stark reminder of safety concerns for students far from home. University officials and local authorities stress the importance of reporting suspicious activity and utilizing available resources to foster a secure environment.
For now, the investigation remains active, with hopes that leads will bring resolution and prevent further escalation in an area already shaken by tragedy.
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