Business
RIL, banks lift Sensex even as FPIs sell – The Times of India
MUMBAI: Strong buying in a host of bank stocks and Reliance Industries lifted the Sensex by 650 points on Monday to close at 83,277 points. However, nearly a Rs 1,000-crore net selling by foreign funds raised doubts about the sustainability of the rally. IT stocks had been under pressure over the past few sessions amid doubts surrounding their business models in the age of AI, but their losses were contained on Monday. The session also saw a host of stock of companies that have their businesses closely linked to the stock exchange slide on the back of RBI’s recent rule changes that made it stricter for banks to lend for stock-related usage. This led to sharp fall in stock prices of BSE, MCX, Angel One and Groww in early trades but closed mixed.
Business
Investment in subsea cable network to create thousands of green jobs
A power firm has announced a multimillion-pound investment in the subsea cable network serving Scotland’s islands, in a move expected to create “thousands of high-quality green jobs”.
SSEN Distribution is set to upgrade its network of 113 subsea electricity cables, which provide power to 60 islands, saying it will improve resilience and increasing capacity to meet growing demand.
The work is set to support more than 450 specialised jobs each year for up to eight years – which the company said equates to or more than 3,500 fixed-term roles in and around installation sites and at company bases.
SSEN said the investment – worth up to £950 million – will enable islanders to connect new technologies like electric vehicle (EV) chargers, solar panels and heat pumps to the network.
It is also expected to benefit local energy generators looking to produce and export green power, and to support the decarbonisation of island-based industries such as distilleries.
The announcement was welcomed by Energy Secretary Gillian Martin, who said it would help the country achieve its net zero target.
“This welcome investment by SSEN Distribution will help upgrade the subsea network serving Scotland’s islands, improving its resilience and supporting Scotland’s net zero ambitions,” she said.
“It will also support thousands of high-quality green jobs and drive new growth across the local, regional and national economies as part of our net zero transformation.”
Kevin Galbraith, SSEN Distribution’s subsea project director (large capital delivery), said: “Subsea connections are becoming ever more important as Scotland’s island communities seek to invest in EV charging, heat pumps, and the decarbonisation of their industries.
“In addition to providing the networks fit for supporting this growth in the use of clean power, these framework agreements will also underpin the ambitions of islanders to generate, store, and export more renewable energy.”
The work of upgrading the network will be delivered by five “contract partner” companies, with a “strong focus” on using locally-based supply chains.
The firms are Burntisland-based Briggs Marine; DOF Subsea UK and N-Sea, both of which have bases in Aberdeen; and Enshore Subsea and Jan De Nul.
Specific projects will be allocated according to each contract partner’s specialisms and resources.
SSEN said working with multiple companies will enable multiple subsea cables to be upgraded at the same time during the relatively narrow summer window, when weather conditions are more favourable.
Mr Galbraith went on: “The agreements themselves will ensure delivery of this investment will be rolled out in a seamless, co-ordinated way, and this will provide both customers and supply chains with the certainty they’re looking for.
“This multi-year investment will also provide greater job security and new opportunities for employment in this growing sector.”
Business
Six of Sarah Ferguson’s companies are being dissolved
Ferguson is listed as an active director for three other businesses registered with Companies House: Ginger and Moss, set up as a lifestyle brand to sell tea, jewellery and housewares, a “motion picture production activities” business called Coat, and Librasol, classified under “artistic creation” on the official register for private companies.
Business
Lecturers at two Scottish universities back walk-outs in rows over cuts
Lecturers at two Scottish universities have voted in favour of industrial action in disputes over possible compulsory redundancies, a union has announced.
In separate ballots members of the University and College Union (UCU) at both Heriot-Watt University and the University of Aberdeen backed strike action, as well as action short of a strike.
The latter can include working to contract, not covering for absent colleagues, or not undertaking voluntary activities.
The dispute at Aberdeen centres on planned budget cuts and a refusal by management to rule out compulsory redundancies – despite the fact, the union said, 40 staff have already left under voluntary severance or retirement.
Meanwhile the row at Heriot-Watt follows a proposed “right-sizing exercise” which the union said could see at least 41 jobs lost at the university’s Scottish campuses, and a further 10 in Malaysia.
Kate Sang, Heriot-Watt UCU president, said: “Today’s vote shows the strength of feeling against these cuts and the jobs that senior managers want to lose.
“Sadly, the university has refused to commit to preserving the valuable research time of staff.
“Cuts to research provision will harm not only the university’s reputation, but the development of cutting-edge knowledge to address society’s big challenges.
“The use of compulsory redundancies is unacceptable, and while members will now decide what action they want to take, senior managers should be under no illusion that the use of compulsory redundancies is something we will be strongly opposing.
The threat of industrial action at Aberdeen comes less than two years after the last dispute in spring 2024, when strikes were pulled “at the last minute” after university management backed down on planned compulsory redundancies.
Dan Cutts, Aberdeen UCU branch co-chairman, said: “Once again members of the union at Aberdeen have shown that they’re willing to stand up to job cuts and will take action to stop people being forced out.
“This clear vote shows the strength of feeling among staff and that we see management’s plans for what they are; a threat to the student experience, to the workforce and to the breadth of research carried out at the university.
“There’s still time for our new principal to show that he wants to work with staff and the unions, and rule out the use of compulsory redundancies to resolve this dispute. The union is ready to negotiate, but we need management to engage and work with UCU to save jobs.”
Jo Grady, UCU general secretary, urged the principals at both universities to engage in talks with the union, and to rule out compulsory redundancies.
“Members at Heriot-Watt have shown their willingness to take action and defend jobs,” she said.
“To avoid this dispute escalating and the possibility of strikes at this busy time of year the principal needs to listen to them, sit down to talks and rule out the use of compulsory redundancies.”
She also said it was “unbelievable” that management at Aberdeen was again “trying to force staff from their jobs”.
“To be back in this position just two years after they were last forced to back down shows that they haven’t learnt the lesson,” she said.
“The new principal, Professor Edwards, should sit down with the unions and rule out the use of compulsory redundancies before it’s too late and this dispute escalates further.”
At Aberdeen, 83% of UCU members backed strike action on a turnout of 60%, with 90% also saying they would take part in action short of a strike.
Meanwhile at Heriot-Watt 74% of members backed strike action on a turnout of 70%, with 87% also saying they would participate in action short of a strike.
Union members at both universities are now set to decide on their next steps.
A University of Aberdeen spokesperson said: “The continued challenges and financial pressures testing the UK higher education sector mean change is necessary.
“Our Adapting for Continued Success transformation programme will help tackle our deficit and also deliver a more resilient, relevant and sustainable university.
“We understand concerns raised but the prospect of industrial action is disappointing, particularly when our students would be those most affected.”
Heriot-Watt University has been approached for comment.
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