Gilt Market Tumult Signals Worse to Come
The stumble last week by Prime Minister Keir Starmer failing initially to give his full-throated backing to Chancellor of the Exchequer Rachel Reeves caused a sharp selloff in UK government gilts, which mostly unwound in the days that followed, but it still left 30-year yields 10 basis points higher.
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24 minutes ago
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Huge A38 Derby upgrades get go-ahead after years of uncertainty, says Government
A major scheme to improve the A38 in Derby has been given the go-ahead, the Government has said. The Department for Transport (DfT) has announced the huge project will transform the city's road network and quicken journey times. Not all details have been announced yet but the National Highways project will upgrade three key islands on the A38, which is one of Derby's busiest roads. These are at the Kingsway, Markeaton and Little Eaton roundabouts, where flyovers and underpasses are expected to be created. Widening the road from four lanes to six lanes was also proposed as part of the works. The announcement comes just weeks after the Government's Spending Review. After the review, the DfT said it would release an update on the scheme 'in due course'. READ MORE: Chance to buy other people's rubbish from Raynesway tip READ MORE: Dozens hold protest to save 'magical' ancient woodland in Derby Join us on WhatsApp to get the latest news straight to your phone But full details about the A38 scheme have not yet been provided, such as its cost, time frame and any starting dates. Initially it was reported that the works would cost at least £250 million but that was when it was first proposed several years ago. A DfT spokesperson said the cost could not be released yet 'as a fair procurement process needs to take place first'. The Government said the A38 Derby Junction scheme 'will shave up to nine minutes off journeys, saving commuters, business and freight thousands of hours every week, boosting economic growth across the region". It adds it will support "Derby's plans for local housing and employment developments, including over 15,400 houses". Transport Secretary Heidi Alexander said: 'Transport is the backbone of our economy, which is why we are giving them the record funding boost they need, putting taxpayer's money where it matters most and making everyday journeys easier. 'With over £92 billion investment, including the biggest ever boost for city regions in the North and Midlands, we're delivering the schemes that fast-track economic growth and jobs, connect communities, and will help us build 1.5 million new homes, as we deliver our Plan for Change. 'We're forging ahead with the vital new transport infrastructure Britain needs, and improving what we've already got, to deliver a new era of renewal and opportunity.' But the project has been controversial and clouded in uncertainty for some time. It has been taken to the courts over the last few years over environmental and economic challenges. Campaign group Stop the A38 Expansion says the project should not go ahead due its 'negative environmental impacts'. It has claimed the proposed works will increase carbon emissions, increase traffic and destroy thousands of trees at Markeaton Park. The campaigners have repeatedly protested the plans and successfully stopped the scheme through its first legal challenge in 2021. The Government then re-approved the scheme in 2023 before it returned to the courts. But it was reported earlier this year the legal challenge had concluded and the project was subject to a review of the Department for Transport's spending portfolio. The campaign group has been approached for comment following the announcement made by the Government. The group's last statement on June 28 said it was awaiting news of the A38 decision. It said: "Building new roads and expanding existing roads just results in more traffic, more pollution, damages the environment and worsens the climate crisis. Extra road capacity projects also do not tend to deliver as much return on investment and economic growth as public transport and active travel schemes do. Read more - Woman fined more than £1,500 for loud music at home "Additionally, other public services face cuts, and analysts now warn that tax rises may be needed in the autumn to fund infrastructure commitments. Public services are clearly more important than outdated, climate and nature-wrecking schemes like the A38. " Jonathan Davies MP for Mid Derbyshire said he would be working 'to ensure mitigating steps are taken to manage the environmental impact of the scheme". He said: "Many residents and businesses will welcome the expansion of the A38 due to its potential to reduce journey times, improve connectivity, and drive economic growth. "Others will be rightly concerned about the loss of trees and the impact on Markeaton Park. I will be working with the project delivery teams as their work progresses to ensure mitigating steps are taken to manage the environmental impact - and to ensure this project supports better public transport, cycling and active travel." We send out the biggest stories in an email every day. Sign up for the main Derbyshire Live newsletter here.
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36 minutes ago
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Unilever debuts AI-driven design unit to wean brands off TV-first model
This story was originally published on Marketing Dive. To receive daily news and insights, subscribe to our free daily Marketing Dive newsletter. Unilever wants to accelerate the speed of production for its home care business through a new in-house graphic design center that leans into generative artificial intelligence (AI), per news shared with Marketing Dive. The CPG giant developed the unit, called Sketch Pro, in partnership with IPG Studios, with the goal of delivering content three times faster for its brands. Sketch Pro leverages multiple AI platforms, including Adobe Firefly and Google Veo 3, and boasts the ability to turn a concept into material ready for consumer testing within two hours. Sketch Pro, which is already available in several markets, is positioned as helping Unilever navigate the transition from a marketing production model focused on linear TV to one centered on social-first storytelling. Unilever broadly is increasing its spending on social media and influencers to keep its brands tapped into culture. Sketch Pro offers another indication that legacy CPGs are undergoing a shift in their marketing strategy as social media becomes a more important channel and AI enables the level of speed needed to keep pace with fast-scrolling content feeds. Sketch Pro was designed to support home care brands like Persil/Omo, Comfort, Cif and Domestos that have long relied on TV for mass reach but are contending with younger generations of consumers who don't frequently tune in to broadcast or cable. TV production also tends to require a long lead time while brands today are expected to have lightning-quick reactions to moments and micro-trends bubbling up in culture, such as a gaffe from a public official that can be flipped into a marketing win. While Sketch Pro is billed as an internal 'centre of excellence,' Unilever developed the concept with IPG Studios, Interpublic Group's creative production agency. Sketch Pro emphasizes that it is not wed to a single AI platform, but instead promotes a flexible approach, with the goal of pushing creative boundaries. Among the group's tools is Google's Veo 3 AI video generator, which has recently garnered media attention for its ability to produce shockingly realistic content. 'Our partnership with IPG supercharges our ability to ideate, iterate and deliver high-quality design assets with speed and cultural relevance, reflecting how consumers now engage with the home care category,' said Mario Dughi, global marketing director at Unilever, in a press statement. Sketch Pro is currently live in London, São Paulo, Mumbai and Jakarta, while Unilever plans to expand the offering to 21 markets by next year. Around Ramadan, the Jakarta Sketch Pro Team was recently able to capitalize on holiday-related social trends to increase the visibility of brands including Rinso and Sunlight on TikTok by 22.5%, the announcement said. Unilever has made generative AI a focus as it tries to improve efficiency while cutting down on costs. Chief Growth and Marketing Officer Esi Eggleston Bracey in March detailed how the company is using AI solutions to create 'digital twins' of products for brands like Dove that can be easily adapted across channels and formats. At the same time, Unilever is adjusting where it invests media dollars, with plans to allocate half of its marketing spend to social while significantly broadening its work with influencers. Recommended Reading How Unilever's AI marketing bets are increasing production efficiency Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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37 minutes ago
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Post Office scandal victims place hope in inquiry report
Scottish victims of the Post Office Horizon scandal say they hope the first part of the public inquiry's final report will bring justice a step closer. Volume one, which will focus on the human impact and compensation, will be published at midday on Tuesday. More than 70 people in Scotland have had their convictions overturned after they were wrongly accused of crimes like theft because of the faulty Post Office IT system. But the scandal runs deeper than those prosecuted, with many more people losing livelihoods and relationships as a result of false accusations. Thousands of people across the UK have been affected by what has been described as the most widespread miscarriage of justice of recent times. A statutory public inquiry into the UK-wide scandal was established in 2021 and has heard from hundreds of witnesses from across the country. Victims, lawyers and journalists will be among those gathering in central London when the chair of the inquiry - Sir Wyn Williams - delivers the first part of his report. Keith Macaldowie gave evidence to the inquiry when it came to Glasgow in 2022. He ran a post office in Greenock and was forced to resign in 2011 after an alleged shortfall of £10,000 was uncovered. He was not convicted but lost his livelihood and told the inquiry he came close to suicide. He finally reached a financial settlement with the company in March this year. Speaking ahead of the publication of the findings, he said: "What I hope from the first part of the inquiry report is for the redress scheme to speed up and get everyone paid what they are due. "I also hope that it helps with the police investigation that is ongoing." Ravinder Naga falsely confessed to stealing money from his mother's post office in Greenock in 2009 to protect her from going to prison. Appeal judges overturned his conviction last year. He told BBC Scotland News he wants accountability. "The people who died, they don't know their names have been cleared. They died before all this came out," he said. While the focus of Tuesday's report will be on the victims and compensation, Mr Naga said he ultimately wants those responsible for the scandal to go to prison. "I want justice," he added. Solicitor Advocate Stuart Munro is head of specialist litigation at Livingstone Brown and has been representing one of the first Scottish victims to have her conviction quashed. He said the Post Office Horizon scandal was one of the most far-reaching miscarriages of justice in British history. "Countless lives were ruined. Its victims will now be looking to Sir Wyn Williams to lay bare the truth of what happened and to recommend measures to ensure nothing like this can ever happen again. "That process begins on Tuesday with the publication of the first part of this final report." 'Post Office compensation wait is taking its toll' Sub-postmasters wrongly told to pay back money Post Office Horizon scandal: Why hundreds were wrongly prosecuted What are the different Post Office compensation schemes?
