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The new Labour leader has pledged to revive the country’s industrial heartlands

Andy Burnham has pledged to “build a new economy” during his time as Prime Minister, vowing a suite of cost-of-living support measures for households will be unveiled as early as tomorrow.

Speaking on the steps of Downing Street, the new Labour leader said his government would put “life’s essentials back under stronger public control” and breathe new life into the nation’s industrial heartlands. He also restated his backing for the Starmer government’s defence commitments and vowed to bring “the welfare bill down”.

“We will make this moment a circuit breaker for Britain, bringing forward the biggest changes in the last 40 years, a new political model and a new economic model,” Burnham said, adding: “We will take power out of here and carry it into every postcode in the land, so that they can do more, and in doing more, build a new economy where we put life’s essentials back under stronger public control.”

The comments marked the former Manchester mayor’s maiden address as Prime Minister, having been sworn into the nation’s highest office by the King mere moments before delivering his speech.

Sir Keir Starmer formally submitted his resignation earlier on Monday, informing voters that “his work was done” and that it had been the “privilege of [his] life” to serve in Downing Street.

In a break from previous speeches, Burnham chose to forgo a lectern, reiterating his previously declared commitment to redistribute political authority away from Westminster towards local councils and devolved institutions.

The initiative will serve as the cornerstone of a “10-year plan” to introduce a fresh political and economic framework aimed at improving Britain, as reported by City AM.

“Later this year, I will bring forward a new plan for Britain, a 10-year plan,” he said, “laying out a path from where we are now to where I believe we all want Britain to be, wherever we’re coming from, whatever party we support.”

Burnham pledged to give voters “breathing space” with several costed measures to ease the cost of living expected to be unveiled as early as Tuesday.

“We will… build a new economy where we put life’s essentials back under stronger public control to make them affordable to you again, reindustrialising Britain using public procurement to back British industry,” he said.

The renewed outbreak of conflict in the Middle East has left Burnham confronting a challenging economic legacy. The UK’s borrowing costs remained stubbornly high throughout his first morning in Downing Street, after Washington announced two further nights of strikes over the weekend and shipping traffic through the Strait of Hormuz came to a standstill.

The 10-year gilt yield was hovering at just under five per cent by the close of the former Manchester mayor’s address, remaining elevated amid concerns that escalating tensions will further fuel inflationary pressures within the British economy.

The head of Britain’s largest industry body welcomed Burnham’s pledge to unveil a 10-year plan, stating that businesses “thrive on long-term certainty”.

“Our surveys show energy and taxation are squeezing businesses, hitting confidence and investment. Easing the cost of doing business will deliver the growth we all want to see,” Shevaun Haviland, British Chambers of Commerce director general, said.

“Getting growth in ‘every postcode’ of the UK is only possible if business is placed at the heart of the economic strategy,” she added. “Any structural changes to the economy must deliver growth – and that happens when firms invest and expand.”

CBI chief Rain Newton-Smith lent her voice to calls for businesses to play a central role in Burnham’s time in office.

She said: “Ambitious plans to improve the livelihoods of people across the country must be matched by action to get businesses thriving once again.

“Addressing the cost-of-living challenge needs to go hand in hand with tackling the cost of doing business, so we can deliver sustainable growth in jobs, wages and living standards.”

One of Africa’s most ambitious energy infrastructure projects has finally been signed off at the highest level, with West African leaders formally endorsing the long-awaited Nigeria-Morocco Atlantic Gas Pipeline.

“Don’t be surprised when the gas comes your way,” quipped Julius Maada Bio, Sierra Leone’s president and the current head of West Africa regional bloc Ecowas, following Sunday evening’s ceremony in Freetown.

The vast 6,000km (3,700 miles) pipeline will run along the Atlantic coast of 14 African nations, carrying Nigerian gas to Morocco before linking into Europe’s existing gas network via Spain.

Construction is expected to begin in 2028 with a total estimated cost of $25bn (£19bn).

It signals a change from current models where gas is typically extracted from African nations, refined and processed abroad then shipped back to African nations at three or four times the price, says energy expert and former Nigerian government advisor Charles Majomi.

That practice must end, because it is a “complete devaluation of the resource that is so fortunately endowed in places like Nigeria and other countries,” he told BBC Focus on Africa.

By contrast, if leveraged correctly, the new pipeline has the potential not just to stimulate regional industrial growth but also boost Africa’s power on the international stage.

“In terms of Africa’s regional security and its ability to negotiate and have a seat at the global table, if you will, it does need this measure of usefulness to countries [in] Europe and Asia potentially,” argued Majomi.

“Beyond energy security, it will open up Africa as a corridor to international markets,” Prof Ganiyat Adejoke Adesina-Uthman, of the National Open University of Nigeria, said.

It is a symbol of what Africa can achieve when countries collaborate and work together, she added.

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His resignation came days before Andy Burnham’s pivotal by-election in Makerfield, adding to the sense that Sir Keir’s premiership was falling apart.

Healey earned plaudits from across the political spectrum for resigning on a matter of principle.

He had clashed with Reeves, the woman he is now replacing, pointedly saying in is resignation letter that the Treasury had been “unwilling” to “commit the resources that the nation needs to defend the country at this time of rising threats”.

His return to government in the most vital job of all in cabinet after the prime minister is an even bigger surprise than his resignation, given that his name had not been mentioned as a frontrunner in the increasingly feverish speculation about who Burnham would choose.

Sources told the BBC that Burnham and Healey “have the same outlook” on many of the prime minister’s priorities, including reindustrialisation, the cost-of-living, and driving growth across the country.

The softly-spoken Yorkshireman has a remarkable record as someone who has been on the Labour frontbench almost continuously since 2001.

Born in Wakefield in 1960 and educated at Lady Lumley’s Comprehensive School, Pickering, and Peter’s School in York, he studied social and political science at Christ’s College, Cambridge.

Before entering politics, he worked as a journalist, briefly editing Parliament’s in-house magazine The House, before becoming a disability rights campaigner and trade union official.

He is married and has one son.

He first came into Parliament in Tony Blair’s landslide general election in 1997 as MP for Wentworth, a former mining area north of Sheffield, which following boundary changes is now Rawmarsh and Conisbrough.

He retained the seat with a majority of 6,908 in the 2024 general election, with a Reform UK candidate in second place.

In the early 2000s, he held a string of ministerial posts, including housing, local government, and at the Treasury in the Blair and Gordon Brown governments.

He also assisted Brown as his parliamentary private secretary.

But his main interest was housing policy. He served as shadow housing secretary when Jeremy Corbyn was Labour leader, despite supporting a failed attempt to oust Corbyn in 2016.

Paramount Skydance’s planned takeover of Warner Bros. Discovery hit a snag on Monday when a judge granted a temporary restraining order on the merger. 

Paramount CEO David Ellison is seeking to acquire WBD in a $111 billion deal that was expected to close during the third quarter of this year, but California Attorney General Rob Bonta is leading a group of 12 state attorneys general who filed a lawsuit challenging the merger. The lawsuit claims the megadeal would “lead to higher prices, lower quality, and less content for film and television, harming movie theaters, basic cable distributors, and ultimately, audiences on every sofa and movie theater seat in the U.S.” 

After a Friday hearing, California District Judge Araceli Martínez-Olguín approved the temporary restraining order, putting a 14-day pause on the merger and blocking closure of the transaction.  

PARAMOUNT ADVISERS PUSH FOR CALIFORNIA EXIT AS STATE SUES TO BLOCK WARNER BROS DISCOVERY MERGER: REPORT

“Having read the papers filed by the parties and carefully considered their arguments therein and those made at the hearing, as well as the relevant legal authority, and good cause appearing, the Court GRANTS the motion for TRO,” the judge wrote. 

The lawsuit, filed in the U.S. District for the Northern District of California, claims that the merger violates Section 7 of the Clayton Act, which holds that mergers that may substantially lessen competition or tend to create a monopoly are illegal. Both sides argued their case on Friday but Martínez-Olguín initially declined to make a ruling from the bench, instead taking the weekend to think it over. 

Ticker	Security	Last	Change	Change %
PSKY	PARAMOUNT SKYDANCE CORP.	8.75	-0.39	-4.27%
WBD	DISCOVERY INC.	25.93	-0.94	-3.48%

“Because the Plaintiff States raise serious questions on the merits of their Clayton Act claim and because the balance of equities and public interest tip sharply in favor of the Plaintiff States, the Court ultimately finds the public interest favors their requested TRO to stay the merger in the interim,” the judge wrote. 

“Defendants are temporarily enjoined and restrained from closing or consummating the Transaction or taking any steps, directly or indirectly, to integrate or consolidate their operations pursuant to the Transaction,” Martínez-Olguín continued. “This Order extends to Defendants’ agents, officers, servants, employees, attorneys, and other persons who are in active concert or participation with Defendants.”

Plaintiffs’ motion for preliminary injunction is due by July 23, the Defendants’ opposition brief is due by July 27, and the Plaintiffs’ reply is due by July 30. A hearing on Plaintiffs’ preliminary injunction motion at 3:00 p.m. on Monday, August 3. 

WARNER BROS DISCOVERY SHAREHOLDERS APPROVE PARAMOUNT SKYDANCE DEAL

“My office and attorneys general nationwide have secured an emergency order blocking the unlawful merger of Warner Bros. and Paramount. This is a critical first win in our case to ensure this megamerger never sees the light of day,” Attorney General Bonta said in a statement. 

“History tells the tale of what happens when a few people have great power over markets that are central to Americans’ lives: fewer opportunities for more people, worse products and services for all people,” Bonta continued. “With our lawsuit, we’re fighting for a free and fair market and a thriving film and television industry that serves creatives and audiences alike. We have a full tank of gas, the law on our side, and look forward to continuing to make our case.”

Paramount said it is grateful for the court’s swift order on the motion. 

“Like the timing agreement to which we were willing to stipulate, this TRO preserves the status quo while the Court considers the antitrust issues presented,” a Paramount spokesperson told Fox News Digital. 

“We are confident the evidence will demonstrate that the State AGs’ antitrust arguments are without merit as their alleged markets and claims of anticompetitive effects are without any basis in modern market realities,” the spokesperson continued. “This merger is lawful, pro-competitive, and will benefit consumers, creators, workers, and the entertainment industry. We will continue to vigorously defend the transaction and will look forward to the hearings on the substance of the State AGs’ action.” 

The Justice Department (DOJ) announced last week it has closed its antitrust investigation into Paramount Skydance’s proposed acquisition of WBD, concluding the transaction is not likely to harm competition or American consumers.

CALIFORNIA AG BLASTS PARAMOUNT-WBD MERGER AS ‘ILLEGAL,’ SAYS THREAT TO LEAVE STATE IS ‘BLACKMAIL’ EFFORT

The Antitrust Division said its eight-month review examined more than two million documents and found the deal could strengthen competition across the media and entertainment industry, including in streaming video, traditional television and theatrical film distribution. However, state attorneys general retain independent authority under antitrust laws. 

Ellison, the son of billionaire Oracle co-founder Larry Ellison, took control of Paramount last year when Skydance Media and Paramount Global completed an $8 billion merger. Adding WBD to his portfolio would make the younger Ellison one of Hollywood’s most powerful people.

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Mars Wrigley signaled it will lay off hundreds of workers as it relocates its headquarters from Newark, New Jersey, to an expanded facility in Chicago.

The company on Friday submitted a WARN filing with the state of New Jersey that indicated it will eliminate 307 jobs at its Newark headquarters by mid-October, which will end the company’s presence in the city.

The candymaker, which is a division of Mars Incorporated, has a brand portfolio including M&M’s, Snickers, Milky Way, Twix and Skittles.

The move comes after the company spent $100 million to expand its footprint in Chicago, where its global headquarters is now located.

CALIFORNIA LAWMAKERS WARN NEWSOM BUDGET TAX CREDIT CAP THREATENS HOLLYWOOD JOBS

The New Jersey Business & Industry Association (NJBIA) said the news of another departure of a high-profile company comes as another warning sign that the state needs to improve its business climate.

“On a summer Friday when people should be getting excited about the weekend ahead, we are instead hit with the news of another unfortunate exodus of a job creator in New Jersey,” said NJBIA CEO Michele Siekerka.

“We need to wrap our arms around this and do something now that sends a message to our largest employers that things are going to change so we can stop this disturbing trend,” Siekerka added.

FOX Business reached out to Mars Wrigley for comment.

BELOVED CANDY COMPANY SHUTTERS AFTER 141 YEARS AS COSTS SOAR

Mars Wrigley has indicated it will continue to operate its manufacturing facility in Hackettstown, New Jersey, despite shifting corporate operations to Chicago.

Mars Inc. acquired Chicago-based gum-maker Wrigley in 2008 and has grown its presence in the area recently following the acquisition last year of Kellanova, a Chicago-headquartered maker of snack foods like Pringles and Cheez-It that was spun off from Kellogg.

NJBIA noted that New Jersey has lost over 9,700 jobs disclosed through WARN notices this year alone, and it comes against the backdrop of other high-profile corporate departures.

AI REMAINS TOP REASON FOR US JOB CUTS FOR THIRD STRAIGHT MONTH AS EMPLOYERS AXED 97,000 WORKERS IN MAY

In June, Samsung announced it would relocate its corporate headquarters from Englewood Cliffs, New Jersey, to Texas this year.

Additionally, ExxonMobil shareholders voted to switch the energy giant’s state of incorporation from the Garden State, where it has been domiciled for 144 years when it began as Standard Oil of New Jersey, to Texas.

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Coca-Cola has appointed JPMorgan and Citi as bankers for a planned 2027 initial public offering of one of its majority-owned bottling partners in India, a critical growth market, two sources with direct knowledge of the matter told Reuters.

The beverage giant said in ‌June it ⁠was preparing ⁠a 2027 listing of its Indian bottling unit, Hindustan Coca-Cola Holdings, and exploring the sale of part of its stake, joining a broader push by global companies such as Pernod Ricard and Carlsberg to tap India’s equity markets.

Bankers pitched to Coca-Cola for the mandate earlier this month in London, the two sources said, following which ⁠JPMorgan and ‌Citi were appointed. One of the sources said Kotak and Morgan Stanley were also appointed as bankers on ⁠the IPO.

The banks and Coca-Cola did not immediately respond to Reuters’ requests for comment. The sources declined to be named as the matter is confidential.

The IPO adds to a string of multinational companies turning to Indian equity markets to monetise their investments, rather than raise fresh capital. South Korea’s Hyundai Motor and LG Electronics have both pursued stake sales via ‌Indian IPOs, attracted by relatively richer market valuations than in their domestic market.

Coca-Cola holds a 60% stake in Hindustan Coca-Cola Holdings, one of ⁠many Coca-Cola bottlers in India. Established in 1997, Hindustan Coca-Cola Holdings operates 14 bottling plants across 10 states in India, and recorded revenue of 127.35 billion Indian rupees ($1.32 billion) and a $36 million net profit in 2023, according to latest available data from company information platform Toefler.
The IPO valuation and what percentage stake will be sold is not yet clear.

Shares of SK Hynix’s American depositary receipts rose 1.38%, or $2.13, to $156.16 Monday morning, as the South Korean memory chipmaker’s newly listed U.S. shares showed signs of stabilizing following a volatile stretch that included a record-breaking Nasdaq debut and a sharp subsequent selloff.

SK Hynix, the world’s second-largest memory chipmaker, completed its Nasdaq listing on July 10, raising approximately $26.5 billion through the sale of 177.9 million ADRs priced at $149 each. The offering ranks as the largest U.S. share sale ever completed by a foreign company, surpassing the $25 billion Alibaba raised during its 2014 entry into American markets.

A blockbuster debut followed by a sharp reversal

SK Hynix’s ADRs delivered an immediate 13% gain on their first day of trading, closing that initial session at $168.01, below the $170 opening price but well above the $149 level at which the securities had been priced the previous day. Investor demand for the offering had been extraordinarily strong heading into the listing, with orders reportedly covering seven times the number of available shares before final pricing was set, according to Bloomberg.

That early enthusiasm gave way to significant turbulence just days later. On July 14, SK Hynix’s Korean-listed shares plunged 15.4% in Seoul, marking the stock’s worst single-day performance in nearly two decades and dragging South Korea’s broader market down roughly 9%, a decline severe enough to trigger a trading halt. The company’s U.S. ADRs fell approximately 8% from their first-day closing price during that same period of turmoil, reflecting how closely the newly listed American shares tracked volatility in the underlying Korean stock.

The AI memory boom driving investor interest

SK Hynix’s Nasdaq listing and the intense investor demand surrounding it reflect the company’s central role in supplying high-bandwidth memory, or HBM, chips that have become essential components in artificial intelligence data center infrastructure. The global scramble for AI computing capacity has created a significant memory chip shortage, as high-performance AI systems consume large quantities of general-purpose DRAM to produce HBM chips.

SK Hynix holds an estimated 60% share of the global HBM market, according to Counterpoint Research director MS Hwang, who described the company’s position within the sector in blunt terms during a CNBC interview conducted ahead of the listing. “What is clear is that SK is definitely the top notch player in HBM,” Hwang said. “And it is better in cost of manufacturing. So its operating margin is the best. So it has the best product, lowest cost. What do you need else?”

That dominant market position helped fuel an extraordinary run in SK Hynix’s Korean shares even before the Nasdaq listing, with the stock climbing more than 250% to 280% over the course of 2026, propelling the company’s overall market capitalization above $1 trillion as investors sought exposure to firms positioned as key beneficiaries of the ongoing AI infrastructure buildout.

Why SK Hynix pursued a US listing

According to the company’s own regulatory filings, SK Hynix pursued the Nasdaq listing specifically to expand its investor base beyond South Korea, with the company stating it anticipated the move would ultimately allow its true corporate value to be properly evaluated by a broader pool of global market participants. SK Hynix said proceeds from the offering would be used to expand its manufacturing facilities within South Korea and to purchase additional equipment, including extreme ultraviolet lithography scanners critical to advanced semiconductor production.

The listing itself was marked by a formal Opening Bell ceremony held July 10 at the Nasdaq MarketSite in New York’s Times Square, attended by senior leadership from both SK Hynix and its parent conglomerate, SK Group. SK Group Chairman Chey Tae-won and SK Hynix CEO Kwak Noh-jung were among the executives present for the milestone event, which the company described as elevating its global status at the center of both the artificial intelligence industry and international capital markets.

Trading structure and continued listing on Korean exchanges

Under the terms of the offering, each SK Hynix ADR represents one-tenth of an ordinary Korean common share, meaning the 177.9 million ADRs sold correspond to roughly 17.79 million newly issued underlying shares. Those newly issued common shares were additionally listed on the KOSPI market of the Korea Exchange on July 29, Korea time, ensuring SK Hynix maintains its listing in its home market alongside the new Nasdaq presence.

Trading in the ADRs began under the temporary ticker symbol SKHYV during the initial conditional trading session on July 10, before transitioning to the permanent ticker symbol SKHY when regular trading resumed the following Monday.

A volatile few weeks for the broader memory sector

SK Hynix’s turbulent trading pattern since its Nasdaq debut has occurred alongside broader volatility across the memory chip sector more generally, with competitors including Micron Technology experiencing similarly sharp swings tied to ongoing debates about the durability of AI-driven memory demand and questions about whether current valuations across the sector have run ahead of near-term fundamentals.

With SK Hynix’s ADRs showing modest gains Monday following weeks of significant volatility, investors are likely to continue closely monitoring the stock as a key barometer for broader sentiment around the AI memory trade. Given the central role HBM chips play in supporting continued artificial intelligence infrastructure investment, SK Hynix’s newly accessible U.S. shares are expected to remain a closely watched proxy for the broader health and sustainability of the AI-driven memory chip boom in the weeks and months ahead.