Rail strike paralyses networks as unions clash with government over pay
Plus: Vodafone and AstraZeneca push the FTSE higher with strong earnings, and Australia opens a commanding lead at the Glasgow Commonwealth Games.
TL;DR
- RMT rail workers struck for 24 hours on July 27, disrupting National Rail, the London Overground, and three Tube lines over pay and conditions.
- Prime Minister Andy Burnham said the government must get "really serious" about welfare spending, signalling conditional benefit payments.
- Vodafone raised full-year guidance on strong Q1 results, while AstraZeneca's cancer drugs drove first-half profit growth.
- Australia extended its lead at the Glasgow Commonwealth Games with 59 medals as the five-day competition reaches the halfway point.
Politics and policy
Rail strike brings transport chaos as unions reject Network Rail pay deal
The RMT walked out on July 27 in the biggest disruption since talks broke down, leaving millions of commuters scrambling for alternatives.
Around 40,000 RMT members staged a 24-hour walkout on July 27, halting trains across England, Wales, Scotland and three London Underground lines. RMT chief Mick Lynch rejected Network Rail's offer, saying it would cut pay in real terms and force "drastic" working-life changes (via BBC News).
Burnham pledges welfare overhaul. PM Andy Burnham told the BBC he intends to make welfare conditional on active jobseeking, tightening the £150bn annual bill. Some benefits, including mental health support, could be tied to mandatory work experience—a stance that triggered pushback from Labour MPs (via Yahoo News UK).
Business and economy
Vodafone and AstraZeneca lead FTSE surge on better-than-expected earnings
Two FTSE 100 stalwarts lifted the index after delivering strong results, with Britain's biggest telecom raising its forecasts and the pharma giant's cancer drugs leading growth.
Vodafone jumped 5% after reporting strong Q1 results on July 27, with revenue at €10.3 billion and service revenue up 9.8%. The telecoms giant raised full-year guidance on the strength, now expecting adjusted core earnings of €13–€13.3 billion and free cash flow of €2.6–€2.9 billion (via Invezz).
AstraZeneca's cancer push pays off. Pharmaceutical heavyweight AstraZeneca's core earnings per share jumped to $2.63 in the first half, beating analyst expectations of $2.48, with oncology revenue up 15% to $14.1 billion. The Cambridge company's cancer portfolio—led by Enhertu, Imfinzi and CALQUENCE—more than offset losses from generic competition in older franchises, and AstraZeneca reconfirmed its $80 billion revenue target for 2030 (via Bloomberg).
FTSE closes 0.32% higher. The FTSE 100 inched up as markets welcomed the pair of strong results and a fresh lull in Middle East tensions sent oil prices down 5.8% to $86.39 per barrel, easing inflation fears and lifting energy demand bets (via Invezz).
Sports
Australia commands Commonwealth Games medal race as Glasgow reaches halfway mark
The home nation hosts while Australia's swimmers and track athletes build an uncatchable lead in the five-day sprint through July 28.
Australia has built a commanding lead at the Glasgow Commonwealth Games with 59 medals and 26 golds as of July 27. The host's swimmers and track stars lead the opening phase, while England trails at 32 and Scotland has 11 as day five brings more medal events: 100m finals, heptathlon, diving (via Olympics.com).