{"id":26970,"date":"2025-10-09T12:15:28","date_gmt":"2025-10-09T12:15:28","guid":{"rendered":"https:\/\/naijaglobalnews.org\/?p=26970"},"modified":"2025-10-09T12:15:28","modified_gmt":"2025-10-09T12:15:28","slug":"entry-level-workers-face-ai-job-pocalypse-us-probes-teslas-self-driving-system-business-live-business","status":"publish","type":"post","link":"https:\/\/naijaglobalnews.org\/?p=26970","title":{"rendered":"Entry-level workers face AI \u2018job-pocalypse\u2019; US probes Tesla\u2019s self-driving system \u2013 business live | Business"},"content":{"rendered":"<p>\n<\/p>\n<h2 class=\"dcr-1wl2b6o\">Entry-level workers face  \u2018job-pocalypse\u2019 due to AI<\/h2>\n<p class=\"dcr-130mj7b\"><strong>Entry-level workers are facing a \u2018job-pocalypse\u2019 due to companies favouring artificial intelligence systems over new hires, a new study of global business leaders shows.<\/strong><\/p>\n<p class=\"dcr-130mj7b\">A new report by the <strong>British Standards Institution (BSI)<\/strong> has found that business leaders are prioritising automation through AI to fill skills gaps, in lieu of training for junior employees.<\/p>\n<p class=\"dcr-130mj7b\">The BSI polled more than 850 bosses in Australia, China, France, Germany, Japan, the UK, and the US, and found that 41% said AI is enabling headcount reductions. Nearly a third of all respondents reported that their organization now explores AI solutions before considering hiring a human.<\/p>\n<p class=\"dcr-130mj7b\">Two-fifths of leaders revealed that entry-level roles have already been reduced or cut due to efficiencies made by AI conducting research, admin and briefing tasks, and 43% expect this to happen in the next year.<\/p>\n<p class=\"dcr-130mj7b\"><strong>Susan Taylor Martin, <\/strong>CEO<strong> <\/strong>of <strong>BSI <\/strong>says:<\/p>\n<p>\u201cAI represents an enormous opportunity for businesses globally, but as they chase greater productivity and efficiency, we must not lose sight of the fact that it is ultimately people who power progress.<\/p>\n<p>Our research makes clear that the tension between making the most of AI and enabling a flourishing workforce is the defining challenge of our time. There is an urgent need for long-term thinking and workforce investment, alongside investment in AI tools, to ensure sustainable and productive employment.\u201d<\/p>\n<p class=\"dcr-130mj7b\">Worryingly for those trying to enter the jobs market, a quarter of business leaders said they believe most or all tasks done by an entry-level colleague could be performed by AI.<\/p>\n<p class=\"dcr-130mj7b\">A third suspect their own first job would not exist today, due to the rise of artificial intelligence tools.<\/p>\n<p class=\"dcr-130mj7b\">And\u2026 55% said they felt that the benefits of implementing AI in organizations would be worth the disruptions to workforces.<\/p>\n<p class=\"dcr-130mj7b\">These findings will add to concerns that graduates face a workforce crisis as they battle AI in the labour market. A poll released in August found that half of UK adults fear AI will change, or eliminate, their jobs.<\/p>\n<p class=\"dcr-130mj7b\">Telecoms firm BT is replacing about 10,000 jobs with AI systems, as part of a wider workforce reduction programme.<\/p>\n<p>Share<\/p>\n<p>Updated at\u00a004.21 EDT<\/p>\n<p><span id=\"svgminus\" class=\"dcr-yhdhkr\"><\/span><span id=\"svgplus\" class=\"dcr-yhdhkr\"><\/span><span class=\"dcr-90inr0\"><span id=\"key-events-carousel-mobile\"\/><span class=\"dcr-90inr0\"><\/p>\n<p>Key events<\/p>\n<p><\/span><span id=\"filter-toggle-mobile\"\/>Show key events only<\/p>\n<p><span>Please turn on JavaScript to use this feature<\/span><\/p>\n<p><\/span><\/p>\n<p class=\"dcr-130mj7b\">The European Commission has said it was \u201cconcerned\u201d by China\u2019s announcement of new controls on the export of rare-earth technologies and items (see earlier post).<\/p>\n<p class=\"dcr-130mj7b\">EU trade spokesman <strong>Olof<\/strong> <strong>Gill<\/strong> told reporters:<\/p>\n<p>\u201cThe commission expects China to act as a reliable partner and to ensure stable, predictable access to critical raw materials.\u201d<\/p>\n<p>Share<\/p>\n<h2 class=\"dcr-1wl2b6o\">Close Brothers warns motor finance scandal bill could rise<\/h2>\n<p class=\"dcr-130mj7b\"><strong>Newsflash: A second UK lender has warned shareholders that it may face a larger bill than expected from the motor finance scandal.<\/strong><\/p>\n<p class=\"dcr-130mj7b\"><strong>Close<\/strong> <strong>Brothers<\/strong> has told the City that its existing provision, of \u00a3165m, may not be sufficent following the compensation scheme announced earlier this week.<\/p>\n<p class=\"dcr-130mj7b\">Following Lloyds\u2019 announcement this morning, <strong>Close<\/strong> <strong>Brothers<\/strong> says:<\/p>\n<p>Following publication of the Financial Conduct Authority\u2019s consultation paper on 7 October 2025, Close Brothers (\u201cthe group\u201d) is continuing to assess the potential impact and implications of the proposed redress scheme in respect of motor finance commissions.<\/p>\n<p>While uncertainty in relation to the outcome of the consultation remains, the group\u2019s initial assessment is that if implemented in its current form, the proposed scheme is likely to result in a material increase in its existing provision of \u00a3165 million. This remains subject to ongoing review of the proposal and analysis of its potential impact on the group.<\/p>\n<p class=\"dcr-130mj7b\">Shares in <strong>Close<\/strong> <strong>Brothers<\/strong> have tumbled; they\u2019re now down 10%.<\/p>\n<p>Share<\/p>\n<h2 class=\"dcr-1wl2b6o\">China tightens rare earths export controls again<\/h2>\n<p><span class=\"dcr-sa35sa\">Lisa O\u2019Carroll<\/span><span class=\"dcr-1inf02i\"><\/span><span class=\"dcr-1qvd3m6\">Soil containing rare earth elements at a port in Lianyungang, Jiangsu province, China<\/span> Photograph: China Stringer Network\/Reuters<\/p>\n<p class=\"dcr-130mj7b\"><strong>China has again tightened export controls on rare earths and related technologies ahead of a possible meeting between Chinese leader Xi Jinping and Donald Trump.<\/strong><\/p>\n<p class=\"dcr-130mj7b\">Beijing said it would add several new rare earth elements to its list of goods with export restrictions including holmium, erbium, thulium, europium and ytterbium.<\/p>\n<p class=\"dcr-130mj7b\">Previous export controls earlier this year hit the European car industry hard with shortages of magnets for door and boot openings hitting assembly lines among the consequences.<\/p>\n<p class=\"dcr-130mj7b\">Political leaders in Europe say the fact that China can just impact industry through a \u201csnap of fingers\u201d is alarming.<\/p>\n<p class=\"dcr-130mj7b\"><strong>Kathleen<\/strong> <strong>van<\/strong> <strong>Brempt<\/strong>, vice president of the European social and democrats trade group in the European Parliament, says:<\/p>\n<p>\u201cThis is a new wake-up call for Europe. It concerns raw materials that are crucial for the sustainable and digital transition that the European economy is aiming for. We need them for our batteries, wind turbines, cars, chips, etc. The fact that one country is able to hold a knife to our throat with the snap of a finger is a fundamental problem.\u201d<\/p>\n<p class=\"dcr-130mj7b\">The move could also be seen as sabre-rattling in Europe as it comes two days after the EU proposed 50% tariffs on foreign steel.<\/p>\n<p class=\"dcr-130mj7b\">In a further squeeze, the Chinese ministry has also added dozens of pieces of rare processing equipment, something that would limit development of processing outside China.<\/p>\n<p class=\"dcr-130mj7b\">Foreign entities must now obtain a licence from Beijing to export any products containing more than 0.1% of rare earths, or manufactured using China\u2019s extraction, refining, magnet-making or recycling technology,<\/p>\n<p>Share<\/p>\n<p>Updated at\u00a006.56 EDT<\/p>\n<h2 class=\"dcr-1wl2b6o\">US opens probe into nearly 2.9 million Tesla vehicles over FSD traffic violations<\/h2>\n<p><span class=\"dcr-1inf02i\"><\/span><span class=\"dcr-1qvd3m6\">A Tesla Model 3 vehicle drives using FSD (Full Self-Driving) in Encinitas, California, in October 2023.<\/span> Photograph: Mike Blake\/Reuters<\/p>\n<p class=\"dcr-130mj7b\"><strong>The U.S. National Highway Traffic Safety Administration is opening an investigation into 2.88 million Tesla vehicles equipped with its Full Self-Driving system over traffic-safety violations after a series of crashes.<\/strong><\/p>\n<p class=\"dcr-130mj7b\">The auto safety agency said FSD &#8211; an assistance system that requires drivers to pay attention and intervene if needed &#8211; has \u201cinduced vehicle behavior that violated traffic safety laws\u201c, <em>Reuters reports.<\/em><\/p>\n<p class=\"dcr-130mj7b\">The agency said it has reports of Tesla vehicles driving through red traffic lights and driving against the proper direction of travel during a lane change, while using the system.<\/p>\n<p class=\"dcr-130mj7b\"><strong>NHTSA<\/strong> said it has six reports in which a Tesla vehicle, operating with FSD engaged, \u201capproached an intersection with a red traffic signal, continued to travel into the intersection against the red light and was subsequently involved in a crash with other motor vehicles in the intersection.\u201c<\/p>\n<p class=\"dcr-130mj7b\"><strong>NHTSA<\/strong> said four crashes resulted in one or more injuries.<\/p>\n<p>Share<\/p>\n<h2 class=\"dcr-1wl2b6o\">DRC to start building gold reserve<\/h2>\n<p class=\"dcr-130mj7b\"><strong>The Democratic Republic of Congo is planning to join the dash into gold.<\/strong><\/p>\n<p class=\"dcr-130mj7b\">The <strong>DRC<\/strong> will start building gold reserves to bolster its currency and lift its economy, the central bank governor said today.<\/p>\n<p class=\"dcr-130mj7b\"><strong>Andre<\/strong> <strong>Wameso<\/strong>, who was appointed as head of the central bank in July, told Reuters:<\/p>\n<p>\u201cAmong the first decisions that I took&#8230; was to be able to constitute gold reserves for the central bank alongside the main hard currency, which is the dollar.\u201d<\/p>\n<p class=\"dcr-130mj7b\"><strong>Wameso\u2019s <\/strong>move comes as gold hit fresh record highs over $4,000\/ounce this week, as investors drive the \u2018debasement trade\u2019&#8221;:<\/p>\n<p>Share<\/p>\n<p class=\"dcr-130mj7b\"><strong>Wall Street futures are trading marginally in the red today amid growing warnings of bloated AI valuations.<\/strong><\/p>\n<p class=\"dcr-130mj7b\"><strong>Raffi Boyadjian<\/strong>, lead market analyst at <strong>Trading<\/strong> <strong>Point<\/strong>, says:<\/p>\n<p>A day after the Bank of England warned about an AI bubble, JP Morgan boss Jamie Dimon became the next to talk of a \u201csharp correction\u201d.<\/p>\n<p>Share<\/p>\n<h2 class=\"dcr-1wl2b6o\">Compensation schemes for Post Office Horizon IT scandal victims \u2018to be improved\u2019<\/h2>\n<p><span class=\"dcr-sa35sa\">Julia Kollewe<\/span><\/p>\n<p class=\"dcr-130mj7b\"><strong>Compensation schemes for victims of the Post Office Horizon IT scandal will be improved, with a new appeals process and funded legal advice for post office operators, the government has announced.<\/strong><\/p>\n<p class=\"dcr-130mj7b\">Responding to the first part of the findings from a two-year public inquiry into the Horizon IT scandal, regarded as one of the worst miscarriages of justice in UK legal history, the business secretary, Peter Kyle, said there would be anew appeals process for people who have accepted fixed-sum offers under the Horizon Shortfall Scheme, one of several compensation schemes.<\/p>\n<p class=\"dcr-130mj7b\">Funded legal advice will also be offered. The Post Office will close this scheme on 31 January, to give post office operators who have not yet applied more time to put in applications.<\/p>\n<p class=\"dcr-130mj7b\">More here:<\/p>\n<p>Share<\/p>\n<h2 class=\"dcr-1wl2b6o\">Mann: high inflation has caused scarring, income uncertainty, and weak consumption growth<\/h2>\n<p class=\"dcr-130mj7b\"><strong>The surge of UK inflation in the last few years has \u201cscarred\u201d consumers, Bank of England policymaker Catherine Mann fears.<\/strong><\/p>\n<p class=\"dcr-130mj7b\"><strong>Mann<\/strong> is warning in a speech that \u201cthe rapid increase in the price level has scarred consumers\u201d, even as inflation has moderated, allowing incomes to rise faster than prices.<\/p>\n<p class=\"dcr-130mj7b\">She explains that research shows that households who are more uncertain about future inflation become more uncertain about their future incomes. This leads them to save money, rather than spend it, which pulls down consumption.<\/p>\n<p class=\"dcr-130mj7b\">Thus, she says, the Bank should keep interest rates high to bring inflation down and reassure consumers that price stability is intact, rather than lower borrowing costs to encourage consumption.<\/p>\n<p class=\"dcr-130mj7b\">As <strong>Mann<\/strong> puts it:<\/p>\n<p>In sum, high inflation itself is behind scarring, income uncertainty, and weak consumption growth. Therefore, monetary policy needs to continue to focus on reducing inflation to achieve the environment of price stability.<\/p>\n<p>Then, households can return to their normal consumption-savings behavior which is conducive to stronger consumer demand.<\/p>\n<p class=\"dcr-130mj7b\"><strong>Mann<\/strong> (among the majority of policymakers who voted to leave interest rates hold last month) also warns that \u201cwe are not there yet\u201d in bringing down inflation expectations.<\/p>\n<p class=\"dcr-130mj7b\">She explains:<\/p>\n<p>It is perhaps counterintuitive that in order to create an environment conducive to growth, monetary policy must remain restrictive for longer. But this is necessary to bring inflation sustainably back to our 2% target in the medium term.<\/p>\n<p>My former boss Alan Greenspan (I started my career at the Federal Reserve Board) said it succinctly: \u201cWe will be at price stability when households and businesses need not factor expectations of changes in the average level of prices into their decisions.\u201d The evidence from consumer behavior is that we are not there yet.<\/p>\n<p>Share<\/p>\n<p>Updated at\u00a004.55 EDT<\/p>\n<p class=\"dcr-130mj7b\">Business leaders may be \u2018pulling up the ladder\u2019 behind them, by focusing on AI tools rather than taking on new staff, warns <strong>Kate Field, <\/strong>global head human and social sustainability at the<strong> BSI.<\/strong><\/p>\n<p class=\"dcr-130mj7b\"><strong>Field explains:<\/strong><\/p>\n<p>\u201cAs roles are streamlined or eliminated before experience can be gained, we risk eroding the professional aspirations of people at the very start of their careers and before they\u2019ve had the chance to flourish.<\/p>\n<p>Our findings suggest a troubling trend: senior leaders may be \u2018pulling up the ladder\u2019, prioritizing short-term productivity over long-term workforce resilience. If left unchecked, this could have lasting consequences, from weakening our skills pipeline, deepening generational inequality and our research suggests, dividing large companies and SMEs.<\/p>\n<p>SMEs have been placed in a critical position, shaping the future of work by shouldering the responsibility of training for Gen Z.\u201d<\/p>\n<p>Share<\/p>\n<p class=\"dcr-130mj7b\"><strong>The BSI\u2019s poll of global business leaders also found that large organizations are embracing AI more aggressively compared with SMEs.<\/strong><\/p>\n<p class=\"dcr-130mj7b\">It says:<\/p>\n<p>Half (51%) of the respondents working in SMEs say AI is crucial to the growth of their organization, compared with nearly seven in ten respondents in large organizations (69%). This is reflected in its impact being felt; 70% of large businesses reported AI saves money compared to just half of SMEs (51%).<\/p>\n<p>Share<\/p>\n<h2 class=\"dcr-1wl2b6o\">Entry-level workers face  \u2018job-pocalypse\u2019 due to AI<\/h2>\n<p class=\"dcr-130mj7b\"><strong>Entry-level workers are facing a \u2018job-pocalypse\u2019 due to companies favouring artificial intelligence systems over new hires, a new study of global business leaders shows.<\/strong><\/p>\n<p class=\"dcr-130mj7b\">A new report by the <strong>British Standards Institution (BSI)<\/strong> has found that business leaders are prioritising automation through AI to fill skills gaps, in lieu of training for junior employees.<\/p>\n<p class=\"dcr-130mj7b\">The BSI polled more than 850 bosses in Australia, China, France, Germany, Japan, the UK, and the US, and found that 41% said AI is enabling headcount reductions. Nearly a third of all respondents reported that their organization now explores AI solutions before considering hiring a human.<\/p>\n<p class=\"dcr-130mj7b\">Two-fifths of leaders revealed that entry-level roles have already been reduced or cut due to efficiencies made by AI conducting research, admin and briefing tasks, and 43% expect this to happen in the next year.<\/p>\n<p class=\"dcr-130mj7b\"><strong>Susan Taylor Martin, <\/strong>CEO<strong> <\/strong>of <strong>BSI <\/strong>says:<\/p>\n<p>\u201cAI represents an enormous opportunity for businesses globally, but as they chase greater productivity and efficiency, we must not lose sight of the fact that it is ultimately people who power progress.<\/p>\n<p>Our research makes clear that the tension between making the most of AI and enabling a flourishing workforce is the defining challenge of our time. There is an urgent need for long-term thinking and workforce investment, alongside investment in AI tools, to ensure sustainable and productive employment.\u201d<\/p>\n<p class=\"dcr-130mj7b\">Worryingly for those trying to enter the jobs market, a quarter of business leaders said they believe most or all tasks done by an entry-level colleague could be performed by AI.<\/p>\n<p class=\"dcr-130mj7b\">A third suspect their own first job would not exist today, due to the rise of artificial intelligence tools.<\/p>\n<p class=\"dcr-130mj7b\">And\u2026 55% said they felt that the benefits of implementing AI in organizations would be worth the disruptions to workforces.<\/p>\n<p class=\"dcr-130mj7b\">These findings will add to concerns that graduates face a workforce crisis as they battle AI in the labour market. A poll released in August found that half of UK adults fear AI will change, or eliminate, their jobs.<\/p>\n<p class=\"dcr-130mj7b\">Telecoms firm BT is replacing about 10,000 jobs with AI systems, as part of a wider workforce reduction programme.<\/p>\n<p>Share<\/p>\n<p>Updated at\u00a004.21 EDT<\/p>\n<h2 class=\"dcr-1wl2b6o\">HSBC drags FTSE 100 down<\/h2>\n<p class=\"dcr-130mj7b\"><strong>The London stock market is in the red this morning, pulled down by banking giant HSBC.<\/strong><\/p>\n<p class=\"dcr-130mj7b\">The <strong>FTSE<\/strong> <strong>100<\/strong> has dropped by 30 points, or 0.3%, to 9518, a day after hitting a record high.<\/p>\n<p class=\"dcr-130mj7b\"><strong>HSBC<\/strong> has dropped by 6%, after it announced plans to take full control of Hong Kong\u2019s <strong>Hang<\/strong> <strong>Seng<\/strong> Bank, in which it already owns a controlling shareholding.<\/p>\n<p>Share<\/p>\n<p>Updated at\u00a004.17 EDT<\/p>\n<h2 class=\"dcr-1wl2b6o\">ICAEW: UK business confidence in freefall<\/h2>\n<p class=\"dcr-130mj7b\"><strong>UK business confidence has dropped to a three-year low as companies fret about higher taxes, a new poll has shown.<\/strong><\/p>\n<p class=\"dcr-130mj7b\"><strong>ICAEW\u2019s<\/strong> business sentiment has dropped to -7.3 for the third quarter of 2025, down from -4.2 in April-June.<\/p>\n<p class=\"dcr-130mj7b\">That\u2019s the fifth consecutive quarterly fall in a row, and the lowest level since the last three months of 2022.<\/p>\n<p class=\"dcr-130mj7b\"><strong>ICAEW <\/strong>explains:<\/p>\n<p>This drop in confidence was likely driven by record high tax concerns squeezing profits growth, recruitment and investment activity.<\/p>\n<p>Muted domestic sales growth also weighed on sentiment, as firms continue to lower their expectations for the year ahead.\u201d<\/p>\n<p>Share<\/p>\n<p>Updated at\u00a003.33 EDT<\/p>\n<h2 class=\"dcr-1wl2b6o\">Lloyds shares drop as additional motor finance costs loom<\/h2>\n<p class=\"dcr-130mj7b\"><strong>Shares in Lloyds Bank have dropped by 3.5% at the start of trading in London, after it warned shareholders it could face a larger financial hit from the UK motor finance scandal.<\/strong><\/p>\n<p class=\"dcr-130mj7b\"><strong>Lloyds<\/strong> told the City this morning that it may need to take an \u201cadditional provision\u201d to cover the cost of the issue.<\/p>\n<p class=\"dcr-130mj7b\">This follows the unveiling of a compensation scheme for motorists who bought cars via discretionary commission deals from 2007 to 2024, which could lead to average payouts of \u00a3700.<\/p>\n<p class=\"dcr-130mj7b\"><strong>Lloyds<\/strong> says:<\/p>\n<p>As previously noted, the Group continues to consider the impact and implications of the recently published FCA consultation paper on motor finance. Uncertainties remain outstanding on the interpretation and implementation of the proposals but based on our initial analysis and the characteristics of the proposed scheme, an additional provision is likely to be required which may be material.<\/p>\n<p>This remains subject to ongoing analysis and review of the proposals. The Group will continue to update the market as and when appropriate.\u201d<\/p>\n<p class=\"dcr-130mj7b\"><strong>Lloyds <\/strong>shares have dropped to 84.5p.<\/p>\n<p>Share<\/p>\n<p>Updated at\u00a003.32 EDT<\/p>\n<h2 class=\"dcr-1wl2b6o\">JP Morgan&#8217;s Dimon warns about risks of  US stock market fall<\/h2>\n<p class=\"dcr-130mj7b\"><strong>The boss of JP Morgan has joined the choir of experts warning that a stock market tumble may be approaching.<\/strong><\/p>\n<p class=\"dcr-130mj7b\"><strong>Jamie<\/strong> <strong>Dimon<\/strong> has revealed he is concerned that the US stock market is overheated, and cautioned there could be a serious market correction, which he said could come in the next six months to two years.<\/p>\n<p class=\"dcr-130mj7b\">Speaking to the BBC, <strong>Dimon<\/strong> said a \u201clot of things out there\u201d are creating an atmosphere of uncertainty, such as geopolitical risks, government spending, and the remilitarisation of the world.<\/p>\n<p class=\"dcr-130mj7b\"><strong>Dimon<\/strong> says:<\/p>\n<p>All these things cause a lot of issues that we don\u2019t know how to answer.<\/p>\n<p>So I say the level of uncertainty should be higher in most people\u2019s minds than what I would call normal.\u201d<\/p>\n<p class=\"dcr-130mj7b\">His comments come as the Bank of England warned of a growing risk of a \u201csudden correction\u201d in global markets, citing concerns about soaring valuations of leading AI tech companies.<\/p>\n<p>Share<\/p>\n<p>Updated at\u00a003.32 EDT<\/p>\n<h2 class=\"dcr-1wl2b6o\">Table: How water bills will rise<\/h2>\n<p class=\"dcr-130mj7b\">Here\u2019s a table showing the increase to water bills signed off by the CMA, in its \u201cprovisional redeterminations on water price controls\u201d.<\/p>\n<p><span class=\"dcr-1inf02i\"><\/span><span class=\"dcr-1qvd3m6\">A table showing the CMA\u2019s provisional redeterminations on water price controls<\/span> Photograph: CMAShare<\/p>\n<p>Updated at\u00a002.31 EDT<\/p>\n<h2 class=\"dcr-1wl2b6o\">Britain\u2019s risk of winter blackouts drops to five year low<\/h2>\n<p><span class=\"dcr-16bg4qr\">Jillian Ambrose<\/span><\/p>\n<p class=\"dcr-130mj7b\"><strong>From water to energy \u2026 and Britain\u2019s risk of winter blackouts has fallen to its lowest level in five years, according to the energy system operator \u2026 but it won\u2019t necessarily be affordable.<\/strong><\/p>\n<p class=\"dcr-130mj7b\">Forecasts by the <strong>National<\/strong> <strong>Energy<\/strong> <strong>System<\/strong> <strong>Operator<\/strong> (<strong>Neso<\/strong>) show that electricity supply margins \u2013 the amount of generation available above the expected levels of demand \u2013 could reach 10% this winter. This would be the healthiest margins since the winter of 2019-2020.<\/p>\n<p class=\"dcr-130mj7b\">However, the healthier supplies are down to an increase in energy imports, meaning they could be more expensive if international markets demand higher prices.<\/p>\n<p class=\"dcr-130mj7b\">The <strong>Neso<\/strong> report expects margins to be healthier in part due to the start up of the Greenlink interconnector which runs from Pembrokeshire in Wales to County Wexford in Ireland and which will import power when prices are higher in the UK than in Ireland.<\/p>\n<p class=\"dcr-130mj7b\">The UK\u2019s energy system also has a greater availability of gas plants this winter, after some returned from outage last winter, but this comes as the UK\u2019s gas supply margins shrink to their lowest in four years as the North Sea\u2019s production continues to dwindle.<\/p>\n<p class=\"dcr-130mj7b\"><strong>Neso<\/strong> warned that the UK will need to rely more heavily on imports of gas via liquified natural gas (LNG) tankers, which typically come from the US and Qatar. National Gas, which runs the UK\u2019s gas transmission network, expects the UK\u2019s overall gas demand to be slightly lower this winter but added that it can expect 6% less gas from the UK North Sea this winter compared with last year. Instead, it will increase LNG imports by 7%, it said.<\/p>\n<p class=\"dcr-130mj7b\">This raises the chance of higher gas costs if the market price continues to rise. In Europe, gas storage levels are slightly lower than in previous winters meaning more LNG imports could be needed in neighbouring markets, too.<\/p>\n<p>Share<\/p>\n<p>Updated at\u00a003.31 EDT<\/p>\n<h2 class=\"dcr-1wl2b6o\">Introduction: UK watchdog rejects 80% of water firms&#8217; price hike requests, but&#8230;.<\/h2>\n<p class=\"dcr-130mj7b\"><strong>Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.<\/strong><\/p>\n<p class=\"dcr-130mj7b\">Millions of households in England are to be hit with even higher water bill increases than previously planned, under plans being unveiled by the competition regulator this morning.<\/p>\n<p class=\"dcr-130mj7b\">But the pain isn\u2019t going to be as bad as the water companies had hoped.<\/p>\n<p class=\"dcr-130mj7b\">The <strong>Competitions<\/strong> <strong>and<\/strong> <strong>Markets<\/strong> <strong>Authority<\/strong> has decided to approve around a fifth of spending increases proposed by water companies, on top of existing plans signed off by water regulator Ofwat, which will be funded by increases in bills.<\/p>\n<p class=\"dcr-130mj7b\">And while it has \u201clargely rejected\u201d companies\u2019 funding requests for new activities and projects, it is provisionally allowing 21% of the total \u00a32.7bn requested by <strong>Anglian<\/strong> <strong>Water<\/strong>, <strong>Northumbrian<\/strong> <strong>Water<\/strong>, <strong>South<\/strong> <strong>East<\/strong> <strong>Water<\/strong>, <strong>Southern<\/strong> <strong>Water,<\/strong> and <strong>Wessex<\/strong> <strong>Water<\/strong>.<\/p>\n<p class=\"dcr-130mj7b\">This means they can seek an extra \u00a3556m in revenue, which is expected to mean an average increase of 3% in bills for customers of the disputing companies.<\/p>\n<p class=\"dcr-130mj7b\">That is on top of the 24% increase in bills for customers of these companies under Ofwat\u2019s original determination, which companies had complained was too stingy.<\/p>\n<p class=\"dcr-130mj7b\">The <strong>CMA<\/strong> says this extra money will fund more resilient supply, reduce pollution and also reflect increased financing costs.<\/p>\n<p class=\"dcr-130mj7b\"><strong>Kirstin Baker,<\/strong> who chaired the group which examined the issue, says:<\/p>\n<p>We\u2019ve found that water companies\u2019 requests for significant bill increases, on top of those allowed by Ofwat, are largely unjustified. We understand the real pressure on household budgets and have worked to keep increases to a minimum, while still ensuring there is funding to deliver essential improvements at reasonable cost.<\/p>\n<h2 id=\"the-agenda\" class=\"dcr-12ibh7f\">The agenda<\/h2>\n<ul class=\"dcr-130mj7b\">\n<li class=\"dcr-130mj7b\">\n<p class=\"dcr-130mj7b\">7am BST: German trade balance<\/p>\n<\/li>\n<li class=\"dcr-130mj7b\">\n<p class=\"dcr-130mj7b\">9.30am BST: Economic activity and social change in the UK, real-time indicators from the ONS<\/p>\n<\/li>\n<li class=\"dcr-130mj7b\">\n<p class=\"dcr-130mj7b\">9.30am BST: Bank of England policymaker Catherine Mann gives keynote speech at Resolution Foundation event<\/p>\n<\/li>\n<li class=\"dcr-130mj7b\">\n<p class=\"dcr-130mj7b\">11am BST: Financial Conduct Authority annual public meeting<\/p>\n<\/li>\n<li class=\"dcr-130mj7b\">\n<p class=\"dcr-130mj7b\">1.30pm BST: Federal Reserve chair Jerome Powell speaks<\/p>\n<\/li>\n<\/ul>\n<p>Share<\/p>\n<p>Updated at\u00a003.28 EDT<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Entry-level workers face \u2018job-pocalypse\u2019 due to AI Entry-level workers are facing a \u2018job-pocalypse\u2019 due to companies favouring artificial intelligence systems over new hires, a new study of global business leaders shows. A new report by the British Standards Institution (BSI) has found that business leaders are prioritising automation through AI to fill skills gaps, in<\/p>\n","protected":false},"author":1,"featured_media":26971,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[303,16155,584,16156,132,4015,1494,392,1374,1438],"class_list":{"0":"post-26970","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-entrylevel","10":"tag-face","11":"tag-jobpocalypse","12":"tag-live","13":"tag-probes","14":"tag-selfdriving","15":"tag-system","16":"tag-teslas","17":"tag-workers"},"_links":{"self":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/26970","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26970"}],"version-history":[{"count":0,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/26970\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/media\/26971"}],"wp:attachment":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}