SNAPSHOT Wall Street indexes move lower after FT report says Trump pushes for 15-20% tariff on EU goods
At 12:29 p.m., the Dow Jones Industrial Average (.DJI), opens new tab fell 242.74 points, or 0.54%, to 44,242.58, the S&P 500 (.SPX), opens new tab lost 7.28 points, or 0.11%, to 6,290.21 and the Nasdaq Composite (.IXIC), opens new tab lost 15.30 points, or 0.07%, to 20,870.41.
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The National
22 minutes ago
- The National
'Vulnerability' left in UK constitution after UKIMA review
The Internal Market Act (UKIMA) faced fierce criticism from devolved administrations when it was introduced in 2020 to regulate trade within the UK following EU withdrawal. They argued it enabled Westminster to override devolved decision-making in areas such as public health and food standards in pursuit of a unified UK market. After winning power in 2024, the Labour Government announced it would be reviewing the legislation. The findings of the UKIMA review were published last Tuesday. The review introduced procedural changes – including a mechanism to fast-track exclusions from the act where the economic impact is less than £10 million per year – and pledged to prioritise the use of common frameworks, post-Brexit agreements intended to manage formerly EU-governed policy areas collaboratively. READ MORE: Lesley Riddoch: I was steered by BBC bosses on how to report. I ignored it However, the review's changes are not legally binding and could easily be reversed, Professor Thomas Horsley, a constitutional law expert at the University of Liverpool, said. 'All they've done is said, 'these legal powers that exist, we commit politically to exercise them in accordance with what we agree in the common frameworks',' Horsley said. 'But that is a political commitment, and we all know that intergovernmental commitments can be – even the strongest ones – can be disregarded by a particular recalcitrant government in London. 'So the constitutional vulnerability, if you want to put it like that, remains.' He also said the £10m threshold below which UKIMA exclusions would be fast-tracked was a 'low bar', noting that it could be met by the turnover of a single company. Following the publication of Labour's review, both the SNP Government in Edinburgh and the Welsh Government in Cardiff welcomed changes to the exclusions process – but called for UKIMA to be fully repealed. Welsh Deputy First Minister Huw Irranca-Davies (Image: Welsh Government) Huw Irranca-Davies, the Deputy First Minister of Wales, said: 'We particularly welcome the commitment to implement any exclusions agreed via common frameworks, which should improve the functioning of the UK internal market. The common frameworks operate on a clear set of principles which fully respect devolution and include dispute resolution mechanisms. 'However, it is our long-standing and consistent view that the act should be repealed and replaced with a system, underpinned by legislation, designed around the common frameworks.' Scottish Constitution Secretary Angus Robertson hit out in stronger terms, saying UKIMA 'introduces radical new uncertainty as to the effect of laws passed by the Scottish Parliament and effectively provides a veto to UK ministers'. 'Nothing set out in the UK Government's response to the review changes this position, which is completely unacceptable,' he went on. READ MORE: Kate Forbes calls for Internal Market Act to be scrapped 'The conclusion of the review falls well short of our stated position of repeal and replace UKIMA, and indeed short of the legislative change required to mitigate the most damaging aspects of the operation of UKIMA.' Horsley said he could understand the argument being made by the devolved governments, that the 'common frameworks can do it all' and UKIMA is unnecessary. 'It is precarious because if things don't get agreed through the common frameworks – or a future UK Government decides, well, these political commitments we made, we're changing our mind – the legal powers are still there,' he said. 'This review doesn't change the legal framework, it just says, wait a minute, we're going to park it in the background and we're going to try and work using more intergovernmental political mechanisms, the common frameworks.' However, Horsley said that although the Labour Government's review has resulted only in political pledges, it was 'definitely a move in the right direction and a move that speaks to the ambition of the UK Government to reset relations'. He went on: 'There are other parts of UKIMA which are just not discussed. [The devolved governments] would like to reopen discussions around the direct payments that can be made from London in devolved areas. So there are things that are not so narrowly related to intratrade that are still rubbing up wounds. 'But in terms of just narrowly looking at UKIMA and the market access principles, there are some positive things there and some clear commitments from the UK Government towards more consensual policy making … which is very different to obviously the more abrasive approach which preceded under previous governments.' READ MORE: John Swinney sets out 3-point plan for fresh independence push In late 2024, Horsley was one of four constitutional legal experts to co-author a report on UKIMA which concluded that reform of the legislation was 'essential to restore intergovernmental trust'. Asked if Labour's review had provided that essential reform, he said: 'What this review shows is that there is more work to be done, but it's around those common frameworks. 'It's now shifting the attention to making the common frameworks work. These are not off-the-shelf things that are super functioning and solve all the problems. 'So the work between the governments now is going to have to be making those common frameworks work.' Douglas Alexander is UK Trade Policy Minister (Image: UK Parliament) After the review was published, UK Trade Policy Minister Douglas Alexander acknowledged there were 'real concerns' about how the laws have operated, and pledged "improvements'. Alexander stressed the importance of having a 'well-functioning UK internal market' as part of the Government's 'ambition to improve economic growth for the benefit of businesses and people in all parts of our country'. He added: 'Latest figures show that trade between the four nations of the UK is valued at £129 billion and that it is particularly important to the economies of Scotland, Wales, and Northern Ireland.'
The Independent
2 hours ago
- The Independent
These are the cities where college graduates are actually landing jobs
Landing a job after graduating college can be daunting — knowing where to look for one can help. Amid a volatile economy, a tough job market and a trend of AI eliminating some entry-level jobs, New York City and Chicago may not be the best places to job hunt. Smaller cities and their surrounding areas can serve as a great place to find a new gig, new research from payroll services company ADP suggests. The job market in Raleigh, North Carolina's metro area ranked at the top of the list in terms of annual wages, hiring rates, and affordability, the study found. To rank each place, the study analyzed the annual wages of 140,000 people in their 20s, the cost of living in 55 U.S. metro areas with at least 1 million residents, and how often people in their 20s with a bachelors degree were hired within the last 12 months compared to the number of people employed in those jobs. The metro areas of Raleigh, Milwaukee, Baltimore, Austin, and Birmingham, Alabama claimed the top five spots. Raleigh, Baltimore and Austin, for example, are saturated with technology, health and financial firms, Ben Hanowell, ADP Research's director of people analytics, told the Wall Street Journal. Each of these five regions boast hiring rates of 2.8 percent or greater; Raleigh has a hiring rate of 4.2 percent, the highest of all locations analyzed. The so-called Research Triangle has been providing an influx of new jobs at nearby universities. 'We've seen this stream of office projects over the last 18 months, and North Carolina State University and some of our private colleges are all supplying this great pipeline of workers,' Kyle Touchstone, director of Raleigh Economic Development, told the Journal. Jordin Young, who graduated in 2024 from Bowdoin College, told the outlet that he took a job in Raleigh despite just knowing one person who lived there. 'I knew I wanted to explore a new city,' Young told the Journal, noting he appreciates the city's social scene, affordability, and accessibility to parks. The promising finds come as the nation's unemployment rate lingers at 4.1 percent, but jobless rates for recent grads hovers at 7.3 percent. 'There's a lot more great people than there are great jobs,' Susan De La Vega, a senior vice president at global consulting firm Korn Ferry, told the outlet. The study also looked at locations that were affordable with robust hiring but offered lower wages. These included the metro areas of Tucson, Arizona, Tulsa, Oklahoma, and Cleveland, Ohio. Then there are the more expensive cities that offer high wages, but work is harder to find. Places around Boston, San Francisco and Newark, New Jersey offer high-paying jobs, but have low hiring rates.
Reuters
2 hours ago
- Reuters
Clark calls for more pay as WNBA labor talks intensify
INDIANAPOLIS, July 19 (Reuters) - Indiana Fever sensation Caitlin Clark called for better pay in the WNBA on Saturday as labor negotiations between the league and players intensify, while Commissioner Cathy Engelbert said she was optimistic about their latest talks. Thousands of fans wearing "Clark" jerseys packed the Gainbridge Fieldhouse for the sold-out All-Star Game on Saturday, while the wildly popular Rookie of the Year was forced to sit out after sustaining a groin injury earlier in the week. Clark was an omnipresent figure in Indianapolis in the lead-up, despite not being able to play, as her face graced ads for Nike, Wilson and Gatorade that were plastered across the city center. Asked how those brand deals stacked against her league salary, Clark responded: "That's a good question." "That's where we're really fortunate is that we have those other deals. I think that's one of the things that we're in the room fighting for," Clark told reporters. "We should be paid more. Hopefully that's the case moving forward as the league continues to grow. I think it's something that's probably the most important thing that we are in the room advocating about." The Women's National Basketball Players Association and the league met on Thursday in Indianapolis to negotiate a new collective bargaining agreement after the players voted to opt out of their current deal at the end of the season. The union said after the meeting that the two sides were far apart on several issues and players were seen warming up for Saturday's game wearing shirts that read "Pay Us What You Owe Us." Commissioner Cathy Engelbert struck a different tone with reporters, saying she felt the meeting with players had been productive. "(I'm) really optimistic that we'll get something done, that it'll be transformational, and that next year at All-Star, we'll be talking about how great everything is. But obviously, there's a lot of hard work to be done on both sides," she said. Engelbert, who also oversaw the league when the last deal was struck in January 2020, has been at the helm during a period of rapid growth for the WNBA, with TV ratings and attendance climbing rapidly. "We want the same things as the players," she told reporters. "We want to significantly increase their salary and benefits while balancing with our owners their ability to have a path of profitability."
