Connect with us
DAPA Banner
DAPA Coin
DAPA
COIN PAYMENT ASSET
PRIVACY · BLOCKDAG · HOMOMORPHIC ENCRYPTION · RUST
ElGamal Encrypted MINE DAPA
🚫 GENESIS SOLD OUT
DAPAPAY COMING

Business

Unison Backs Ed Miliband for Chancellor Under a Burnham Government

Published

on

Unison Backs Ed Miliband for Chancellor Under a Burnham Government

Britain’s largest trade union has thrown its weight behind Ed Miliband to become the next chancellor, a move that sharpens an increasingly bitter contest for control of the Treasury under a prospective Andy Burnham government.

Andrea Egan, general secretary of Unison, has backed the energy secretary as one of two frontrunners to replace Rachel Reeves in No 11. Her endorsement matters: Unison is the largest union in the country, with more than 1.3 million members concentrated in the public sector. Yet the support is far from unanimous across the movement, with two other big unions, GMB and Unite, lining up against him.

The jockeying between supporters of Miliband and his most likely rival, Wes Streeting, comes as Burnham prepares to deliver his first major policy speech since being elected as the MP for Makerfield. The former Greater Manchester mayor will set out his thinking on devolution and the economy in Manchester on Monday, but he is under mounting pressure to name his chancellor, a choice that investors, MPs, unions and business groups all regard as the single most consequential decision he will make in office. For business owners watching from the sidelines, the identity of the next occupant of No 11 will shape everything from the autumn Budget to the future ownership of Britain’s utilities. We have set out the runners and riders for the Treasury here.

Egan did not mince her words. “Andy Burnham has a historic opportunity to rebuild our country in the interests of workers and communities, but that chance will be squandered if his government is made up of politicians determined to continue the same failed approach,” she said.

“We need a chancellor who will rewire the economy and properly invest to improve the lives of the majority. Of those reported to be in the running, only Ed Miliband could enact the kinds of policies trade unions and our members urgently need.”

Advertisement

Burnham is assembling his inner circle of advisers and ministers, having entered the Commons only a week ago. Sir Keir Starmer’s announcement on Monday that he intends to resign as prime minister, swiftly followed by Streeting’s endorsement of Burnham, has made it overwhelmingly likely that the outgoing Manchester mayor will walk into No 10 as soon as next month.

Labour’s ruling national executive committee confirmed on Thursday that a new leader would be named on 17 July if only one candidate comes forward. Should a rival secure the backing of 81 Labour MPs and force a contest, the party will hold a full leadership election and declare the result on 29 August.

The new prime minister’s first appointment is already drawing fire. Burnham has chosen his former cabinet colleague and long-standing friend James Purnell as chief of staff, a decision that has irritated parts of the Labour left, who are wary of Purnell’s Blairite pedigree.

Attention has now turned squarely to who will run the Treasury, a brief that extends well beyond setting tax policy in this autumn’s Budget. The next chancellor will be charged with reigniting growth and overseeing the de-privatisation of some of Britain’s largest utilities, an agenda with direct consequences for investors and the wider business community.

Advertisement

The two leading contenders, Streeting and Miliband, hail from different wings of the party and would almost certainly pursue different priorities. Streeting, like Purnell, is a Blairite who, as health secretary, welcomed private sector involvement in the NHS. He is regarded as the more business-friendly option and the candidate most likely to reassure international investors, though some on the left worry he would be lukewarm on returning water and energy companies to public ownership.

Miliband, by contrast, is seen as more ideologically aligned with Burnham’s programme. But he has drawn anger from sections of both the unions and the business community over his approach to net zero. Some investors believe he would prove anti-business, pointing back to his time as Labour leader, when he drew a sharp line between companies he cast as “producers” and those he branded “predators”.

Unions with a strong presence in the North Sea oil industry have been exasperated by Miliband’s refusal to soften his pledge not to issue new exploration licences. They also fear he will decline to approve the Jackdaw and Rosebank megafields, even though waving them through would not technically breach that promise, since both already hold licences. The two projects, analysed in detail by the Institute for Government, have become a lightning rod in the wider argument over energy security and the pace of the transition.

One senior union official told the Financial Times on Thursday: “There are ongoing discussions to try to stop Ed Miliband. There is a GMB-Unite axis on this.”

Advertisement

Unison’s endorsement will strengthen Miliband’s standing within the labour movement, and he is not without other backers. Smaller unions, including the TSSA, are expected to issue similar messages of support in the coming days, while the National Education Union came out for him earlier on Thursday.

Even so, Miliband and Streeting are not the only names in the frame. Other possible candidates include Shabana Mahmood, the home secretary, Yvette Cooper, the foreign secretary, Pat McFadden, the work and pensions secretary, John Healey, the former defence secretary, and Jonathan Reynolds, the chief whip.

Allies of Reeves insist she would like to stay put, arguing she is best placed to keep markets calm while giving Burnham’s platform her full support. Her own appetite for the job has not gone unnoticed in the City, and her position has fed into a broader debate about fiscal devolution as Burnham eyes No 10.

Asked by the BBC on Wednesday about her chances of remaining in cabinet, Reeves said: “I’m not going to pre-empt the decisions that the new prime minister will make. I’m backing Andy and I think he’d be a great prime minister, but those are his decisions, not mine to make.”

Advertisement

She later told the British Chambers of Commerce annual conference: “I hope that whoever is chancellor in the future, whenever that future may be, sticks to what I’m doing. Because it is beginning to bear fruit, and we are seeing that investment return to the economy, that growth return to the economy, and crucially, that stability, so that businesses can plan and invest in the future.”

Allies of Burnham, however, are adamant that he will not keep her in place. For Britain’s businesses, the only certainty is that the answer is coming, and soon.


Paul Jones

Harvard alumni and former New York Times journalist. Editor of Business Matters for over 15 years, the UKs largest business magazine. I am also head of Capital Business Media’s automotive division working for clients such as Red Bull Racing, Honda, Aston Martin and Infiniti.

Advertisement

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

Primo Brands: The Infrastructure Bet Is Starting To Pay Off

Published

on

Primo Brands: The Infrastructure Bet Is Starting To Pay Off

Primo Brands: The Infrastructure Bet Is Starting To Pay Off

Continue Reading

Business

Pistons Land Sharpshooter Isaiah Joe From Thunder to Boost Cunningham’s Backcourt Shooting

Published

on

Isaiah Joe

The Oklahoma City Thunder are trading guard Isaiah Joe to the Detroit Pistons for two second-round picks, sources told ESPN’s Shams Charania on Friday, continuing the defending champions’ offseason effort to trim payroll after winning last year’s NBA title.

The Thunder will receive second-round selections in 2030, via the Minnesota Timberwolves, and 2031, sources said, in exchange for one of the league’s most reliable three-point specialists.

A financially driven move for the champions

For Oklahoma City, the trade is straightforwardly about money rather than basketball fit. It’s a financially motivated move for the Thunder that addresses the Pistons’ need to add perimeter shooting alongside superstar point guard Cade Cunningham.

Advertisement

The deal marks the second time in a week that Oklahoma City has shed a valued role player from its 2024-25 championship roster purely to manage its salary structure. Oklahoma City traded wing Aaron Wiggins to the Atlanta Hawks for two second-round picks, sources told Charania on Sunday, in a similar move that preceded Friday’s trade.

Together, the two deals have meaningfully reshaped Oklahoma City’s financial outlook heading into next season. Those deals trimmed Oklahoma City’s projected salary for next season from $261 million to $234 million, and factoring in luxury tax, the trades will save the Thunder a total of $216 million, according to projections by ESPN front office insider Bobby Marks.

That savings estimate assumes Oklahoma City makes specific decisions on several other roster options in the coming days. Marks is forecasting that Oklahoma City will exercise the team options for center Isaiah Hartenstein, worth $28.5 million, and guard Luguentz Dort, worth $18.2 million, but not for reserve forward Kenrich Williams, whose option is valued at $7.2 million.

Joe’s path from waiver claim to championship sharpshooter

Advertisement

Joe’s four seasons in Oklahoma City represented a remarkable rise for a player who entered the league with little fanfare. He was the Thunder’s pickup from a waiver claim off the Philadelphia 76ers, where he had struggled to find playing time, starting just two games across his first two NBA seasons after being selected in the second round of the 2020 draft.

Once he arrived in Oklahoma City, Joe quickly carved out a role as one of the league’s most efficient shooters. He shot 41.5% from three-point range over the past four seasons, and according to ESPN Research, Joe has the highest three-point percentage among 56 players with at least 1,500 attempts over that stretch.

His final season with the Thunder was also his best individually. Joe set career highs in scoring and three-point percentage during the 2025-26 campaign, averaging 11.1 points per game while shooting 42.3% from beyond the arc across 71 regular-season appearances. He averaged 9.7 points per game overall during his Oklahoma City tenure, primarily coming off the bench.

A reduced role in the playoffs signaled change was coming

Advertisement

Despite his regular-season production, Joe’s role diminished significantly once the postseason arrived, a shift that foreshadowed his departure. His role was reduced during the playoffs, when trade-deadline addition Jared McCain surpassed him in the Thunder’s backcourt rotation. In the playoffs, Joe averaged just 4.8 points in 11.0 minutes across 13 games, playing sparingly as Oklahoma City advanced through the Western Conference, including limited minutes against the San Antonio Spurs in the conference finals.

That decline in postseason usage, combined with the Thunder’s pressing need to manage their cap situation, made Joe an obvious trade candidate as the offseason began.

What the Pistons are getting

For Detroit, the acquisition addresses a glaring weakness from a season that otherwise exceeded expectations. The Pistons made 11.0 threes per game last season, which ranked 28th in the NBA and last in the Eastern Conference, despite the team’s broader success on the floor.

Advertisement

That success was considerable: the Pistons are coming off the franchise’s first 60-win season since 2005-06, before falling to the Cleveland Cavaliers in the Eastern Conference semifinals. Detroit had reportedly entered the offseason eyeing free agents like Austin Reaves and Coby White as it searched for outside shooting to pair with Cunningham, before those targets re-signed with their incumbent teams and the Pistons pivoted to a trade for Joe instead.

In Detroit, Joe joins a backcourt that already features some shooting depth, including Duncan Robinson, who shot 41% from three-point range last season, and Daniss Jenkins, who shot 37.4%. Joe is expected to continue filling a similar role for the Pistons that he held in Oklahoma City, providing instant shooting off the bench alongside Cunningham in the starting lineup.

The financial terms of the deal

Joe is due $11.3 million next season and has a team option for $11.3 million in 2027-28, the second-to-last and final seasons, respectively, of the four-year, $48 million contract he originally signed with Oklahoma City in 2022. How Detroit ultimately structures the money to absorb that salary will depend on the team’s other offseason moves, though the Pistons are positioned to operate as an over-the-cap team with several mechanisms available to take Joe’s contract on, including a trade exception generated by an earlier deal sending big man Isaiah Stewart to Memphis.

Advertisement

A franchise still reshaping itself around its core

For Oklahoma City, Friday’s trade is part of a broader offseason recalibration following the franchise’s championship run, one that has already included multiple roster decisions tied to managing the second tax apron. The Thunder also added draft assets through the 2026 draft itself, selecting prospects including Aday Mara, Bennett Stirtz and Otega Oweh, even as the front office continued working to balance its books around its core group of stars.

With the Joe and Wiggins trades now official, Oklahoma City has accumulated four second-round picks this offseason through deals involving the two players, giving general manager Sam Presti additional long-term assets even as the team parts ways with two contributors from its title-winning roster. The Thunder’s next major decisions, including the option calls on Hartenstein, Dort and Williams, are expected in the coming days as Oklahoma City continues reshaping its roster and payroll heading into the 2026-27 season.

Advertisement
Continue Reading

Business

Why is TKO Group stock surging today?

Published

on


Why is TKO Group stock surging today?

Continue Reading

Business

Slideshow: Sweet and savory breakfast innovations

Published

on

Slideshow: Sweet and savory breakfast innovations

Companies unveil fresh breakfast options.

Continue Reading

Business

The Market Rotation Is On. ServiceNow, Workday, and AppLovin Rise as Software Tops Chips.

Published

on

The Market Rotation Is On. ServiceNow, Workday, and AppLovin Rise as Software Tops Chips.

The Market Rotation Is On. ServiceNow, Workday, and AppLovin Rise as Software Tops Chips.

Continue Reading

Business

Adobe Shares Climb More Than 3 Percent as Software Giant Advances AI Integration

Published

on

Executives at Silicon Valley chip maker Intel say 'fluid' US trade policies and regulatory moves have increased the chances of economic slowdown

Adobe Inc. shares rose more than 3 percent on Friday, closing at $200.83 after gaining $7.42, as investors responded positively to the company’s progress in artificial intelligence features across its creative software suite.

The gain reflected confidence in Adobe’s ability to maintain leadership in creative tools while successfully incorporating AI capabilities that enhance productivity without replacing human creativity. The company’s Firefly AI models and generative features have been well-received by professional users.

Adobe’s core products, including Photoshop, Illustrator and Premiere Pro, continue dominating creative industries. Its focus on subscription models and cloud integration has supported recurring revenue growth and customer retention.

The company has reported consistent revenue increases with particular strength in digital media and experience cloud segments. Its ability to innovate while maintaining high margins has sustained investor interest.

Advertisement

AI Integration and Product Innovation

Adobe has integrated artificial intelligence capabilities across its product lineup through Firefly, a family of generative AI models trained on licensed content. This approach addresses copyright concerns while providing powerful creative tools.

Generative fill features in Photoshop and similar tools in other applications have enhanced workflow efficiency for designers and content creators. The company emphasizes responsible AI development with transparency and control for users.

Creative Cloud suite updates regularly incorporate new AI-powered features based on user feedback and industry needs. These enhancements maintain the software’s competitive edge while improving user experience.

Advertisement

The company’s focus on enterprise solutions and digital experience platforms has expanded its addressable market beyond traditional creative professionals. Adobe Experience Cloud serves marketing and customer experience needs for large organizations.

Financial Performance and Strategy

Adobe has demonstrated consistent revenue growth and margin expansion through its subscription-based business model. Its ability to deliver value through continuous innovation supports customer retention and pricing power.

The company’s investments in research and development remain substantial, supporting AI advancement and core product improvement. Its financial discipline has enabled both growth investment and shareholder returns.

Advertisement

Acquisitions have strengthened capabilities in specific areas while integration efforts have enhanced overall portfolio value. Strategic moves have expanded Adobe’s presence in adjacent markets.

International revenue contributes significantly to overall results, with emerging markets offering growth opportunities. Localized offerings and regional partnerships support global expansion.

Market Position and Competition

Adobe maintains dominant positions in professional creative software markets. Its comprehensive suite and industry standards create significant switching costs for users.

Advertisement

Competition from alternative tools and open-source solutions exists but Adobe’s ecosystem advantages and professional features maintain leadership. The company’s focus on quality and innovation supports its premium positioning.

The shift toward cloud-based workflows and collaboration tools has favored Adobe’s subscription model. Its ability to adapt to changing user needs has sustained relevance in evolving creative industries.

Regulatory considerations around AI training data and intellectual property have influenced industry practices. Adobe’s approach using licensed content has positioned it favorably in these discussions.

Investment Considerations

Advertisement

Adobe’s share price performance reflects investor appreciation for its consistent execution and growth potential. The company’s valuation incorporates expectations for AI-driven innovation and market expansion.

The stock appeals to growth-oriented investors seeking exposure to creative software and digital experience trends. Its strong cash flow and profitability support positive long-term outlooks.

Risks include competitive pressures, economic impacts on creative spending and regulatory challenges around AI. Adobe’s market leadership and financial strength provide some resilience.

Analysts generally maintain positive views, citing the company’s innovation track record and recurring revenue model. Continued delivery on growth targets could support further positive sentiment.

Advertisement

Industry Trends

The creative software industry continues evolving with artificial intelligence integration, cloud collaboration and subscription models. Adobe’s leadership in these areas supports its competitive position.

Digital content creation has expanded across industries and platforms, driving demand for professional tools. The proliferation of social media and digital marketing has increased the need for high-quality creative assets.

Remote work and distributed teams have accelerated adoption of cloud-based collaboration tools. Adobe’s solutions address these changing workflow requirements effectively.

Advertisement

Sustainability considerations influence product development and corporate practices. The company’s efforts in responsible AI and environmental initiatives align with stakeholder expectations.

Future Outlook

Adobe’s strategic direction focuses on enhancing its creative tools with AI while expanding its digital experience offerings. Its ability to execute on these priorities will influence long-term performance.

The company continues investing in research and development to maintain technological leadership. Its focus on user-centric innovation supports sustained customer satisfaction and market relevance.

Advertisement

Investors will monitor upcoming financial results and product announcements for signs of continued execution. Management guidance will provide insight into growth priorities and market conditions.

The creative software and digital experience sectors’ fundamental demand drivers remain strong. Adobe’s market leadership, innovation capabilities and recurring revenue model position it for sustained success.

As the company advances its AI integration and platform enhancements, its contribution to creative industries and digital transformation will expand. Adobe’s progress will be watched closely by users, competitors and investors worldwide.

Advertisement
Continue Reading

Business

Micron: A Record Quarter, A Commodity At Heart, And The Fiber-Optic Echo

Published

on

Micron: Buy The Latest Blowout

Micron: A Record Quarter, A Commodity At Heart, And The Fiber-Optic Echo

Continue Reading

Business

Plans for major Metrolink expansion through Salford to Wigan and Bolton

Published

on

Business Live

Funding to study expansion potential agreed by Bee Network committee

A business case is being developed for the proposed Metrolink extension(Image: TfGM)

Plans are being made for a major expansion of the Metrolink tram network in part of Greater Manchester.

Advertisement

The region’s transport bosses are looking at taking trams to Salford Crescent, with a potential link to Salford Quays and onward connections to Wigan and Bolton.

More than £1.5m will be spent on the proposals, looking at costs and designs for the expansion.

The funding was confirmed at a meeting of the Bee Network committee on Thursday (June 25).

The money is being drawn from a government scheme called the City Region Sustainable Transport Settlement.

Advertisement

A report explained the cash would be used for ‘consideration of a potential Metrolink extension from the regional centre to Salford Crescent, a potential link to Salford Quays, and potential onward links beyond Salford to locations in the boroughs of Wigan and Bolton (including consideration of tram-train technology).’

The report added: ‘The work will include modelling and appraisal activity, initial design work and the development of initial cost and carbon estimates.’

Salford Crescent is an area undergoing major regeneration, with more people set to move to the area in future years.

Salford’s deputy mayor, Councillor Mike McCusker, said it ‘makes clear strategic sense’ to look at expanding the tram network in this area of the city.

Advertisement

The Crescent has a train station and the area is home to Salford University’s main campus.

There’s a £2.5bn masterplan underway in the neighbourhood, aimed at building 3,000 homes as well as new spaces for businesses and research.

New transport links to Salford Quays could bring major benefits too, with the area set for huge growth in future years.

There are plans to ‘double’ the size of MediaCity in future years, making new homes for thousands more residents.

Advertisement

Frustrated commuters in the Quays have long called for better transport options, saying trams are already packed at busy times.

Councillor Mike McCusker said: “The proposal to develop a business case for expanding Metrolink into Salford Crescent and towards Salford Quays is a very welcome and positive step, and one that reflects the scale of ambition and change we’re seeing across Salford.

“As our city grows, it’s essential that our public transport network grows with it. Salford Crescent is already a key gateway into the city, connecting communities to jobs, education and opportunity, and it sits at the heart of significant regeneration.

“Given that level of growth, it makes clear strategic sense to explore how the transport network can better serve these areas.

Advertisement

“Better public transport links help connect residents to jobs, reduce congestion, support cleaner air, and make our neighbourhoods more attractive places to live and invest.

“We look forward to working with GMCA and TfGM as this business case develops.”

A Transport for Greater Manchester spokesperson said: “Work is at an early stage to explore options for improving public transport connections in the north-west of Greater Manchester.

“Subject to funding being agreed by the Bee Network Committee, TfGM will develop a Strategic Outline Case which will look at potential rapid transit improvements in this corridor.

Advertisement

“This includes exploring possible Metrolink extensions to Salford Crescent, improved connections to Salford Quays and MediaCity, and longer-term options for onward links towards locations in the boroughs of Wigan and Bolton.

“No decisions have been made on routes, technology or delivery at this stage.

“The work will consider a range of options and assess their value for money, alongside how they could support growth, improve connectivity and integrate with the wider Bee Network.”

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

Advertisement
Continue Reading

Business

Compass Pathways stock hits 52-week high at 14.77 USD

Published

on


Compass Pathways stock hits 52-week high at 14.77 USD

Continue Reading

Business

Drone startup Elroy Air to list on Nasdaq via $1 billion SPAC deal

Published

on

Drone startup Elroy Air to list on Nasdaq via $1 billion SPAC deal


Drone startup Elroy Air to list on Nasdaq via $1 billion SPAC deal

Continue Reading

Trending

Copyright © 2025