Some of the UK’s biggest retailers are planning to write to the prime minister urging him to tackle the youth unemployment crisis, with signatories expected to include the bosses of Marks & Spencer, Sainsbury’s and Tesco.
Lobby group the British Retail Consortium said it had drafted a letter to Keir Starmer calling for action, and is circulating it among its 200 members, which include all the main UK retailers (with the exception of Games Workshop) as well as smaller shops. The letter is expected to be published on Wednesday.
Tech company received infrastructure relief as its five biggest UK divisions generate £32bn in revenues
Amazon’s main division in the UK was handed a £7.6m tax credit last year by HM Revenue and Customs, despite profits at the retail-to-streaming company surging by more than a quarter to £355m.
Amazon UK Services – which employs 66,000 staff, the vast majority of the company’s 75,000 employees in Britain – said it owed £9.1m in “current tax” last year.
GSK’s new boss, Luke Miels, has struck one of the British drugmaker’s biggest deals, announcing the $10.6bn (£7.9bn) acquisition of a US cancer specialist with two late-stage medications.
The FTSE 100 company is increasing its oncology portfolio by agreeing to buy Nuvalent, a Boston-based biotech company that develops cancer drugs, including three for lung cancer. GSK will pay $124 a share in cash.
Air passengers are increasingly putting lives at risk by filming emergencies and retrieving bags instead of evacuating planes, industry experts have said, with some suggesting fines could be needed.
Passenger aircraft are designed to be fully evacuated in 90 seconds in an emergency – but people reaching for hand luggage can significantly increase that time, blocking exits and aisles as well as damaging slides or causing injury.
Protectionist measures will deal blow to country’s budget as it defends itself against Russia, says Metinvest chief
New EU limits on steel imports could destroy Ukraine’s industry and deal a big blow to the country’s budget as it defends itself against Russia, according to the head of its biggest steelmaker.
Yuriy Ryzhenkov, the chief executive of Metinvest, said the new EU quota system due on 1 July could “kill the Ukrainian steel industry”.
The ABC managing director, Hugh Marks, has confirmed he secretly engaged a recruitment company to look for a replacement for news director Justin Stevens after the two disagreed over the direction of ABC News.
Marks said Stevens “did not know” he had begun an international search for a new head of news but it was a necessary move because they “couldn’t get agreement on the way forward”.
Brendan Carr, the chairman of the Federal Communications Commission, has greenlighted regulatory requests for the company’s Starlink satellite internet service and lavished praise on its chief executive.
Paris and Berlin conclude firms involved unable to agree on way forward in blow to Europe’s common defence push
France and Germany have concluded that the companies involved in building a joint fighter jet will not be able to reach an agreement and have abandoned the project, officials in Berlin have said in a blow to Europe’s common defence efforts.
The French president, Emmanuel Macron, and the German chancellor, Friedrich Merz, had “reached the shared assessment that the companies will not be able to come together”, an official told Agence France-Presse. “They acknowledge this reality.”
Direct-to-consumer pharmaceutical advertising is under increasing political pressure, with bipartisan legislation being introduced to ban or restrict the practice, and states considering bills to deny tax deductions for pharmaceutical advertising expenses.
Today show host shares post saying ‘Bring her home’ months after disappearance of Nancy Guthrie from Arizona
Savannah Guthrie has shared another emotional plea for her missing mother as the search for 84-year-old Nancy Guthrie surpassed the four-month mark.
On Sunday, the anchor of NBC’s Today show posted an Instagram story featuring a painting of Jesus Christ and the words: “Oh my, my soul it cries out, soul, it cries out.” In a separate caption, Guthrie wrote: “Bring her home” with a yellow heart emoji.
The Portuguese footwear industry plans to present itself in Brussels next week as a model to follow in the reindustrialisation of Europe – in a sector where 88% of the
Trade unions have called for the government to intervene to speed up Tata Steel’s connection to the electricity grid in south Wales, after the company said its new furnace would be delayed by up to a year.
Tata Steel last month told investors that National Grid had said it would face a six- to eight-month delay. That could stretch to 12 months amid unexpected engineering difficulties.
Tate & Lyle has agreed to a £2.7bn takeover by its US rival Ingredion, in a deal that could put hundreds of jobs at risk and represents yet another loss for London’s struggling stock market.
The FTSE 250 business, which makes artificial sweeteners such as Splenda, has agreed to a deal that values it at 615p a share, about 60% above its price before news of a possible takeover emerged.
Former safeguarding minister says if ban came into force properly it could ‘basically eliminate’ problem
The government has highlighted work done by the internet safety firm SafeToNet as showing that the technology is already in place that would allow tech companies to stop children using phones to take naked pictures of themselves, or other people. The Home Office says:
Measures to protect children already exist within smartphones and tablets, but are applied inconsistently, often switched off by default and only blurring content rather than blocking it. But the government is working closely with technology companies — some of whom, like Apple, have already taken steps to implement protective features — to make this goal a reality.
Companies must introduce these measures without threatening privacy or collecting any data. The device should simply block harmful content across all apps and services. Over-18s will still be able to view adult content by providing proof of age.
The government is right to act. Children have been failed for too long. This news will be welcomed by parents across the UK and hopefully, will inspire other countries to follow the UK’s lead.
We can put an end to so much online misery with this approach. SafeToNet’s HarmBlock technology is a proven example that it is possible to make the device safe by default and not as some optional add-on.
The changes will apply to UK devices, including both existing and newly sold smartphones and tablets. Legislation could cover operating system providers and others in the supply chain, such as retailers, and will not affect the use of devices owned and used by adults who verify their age …
Apple recently introduced age checks for iPhone users, making it the first company to activate safety features by default for those who are not verified as over 18. This is a significant step forward following the government’s commitments to work with industry, and one this announcement builds on.
Record numbers linked to warming waters is mixed news for fishers, with shellfish catches down but octopus catches booming
Record numbers of octopuses found off the south-west coast of England last year have now spread as far as Scotland and Wales and are transforming the fishing industry and the marine ecosystem, according to a study.
The surge in sightings of one of the world’s most intelligent invertebrates was first recorded in 2025 off the south coast of Devon and Cornwall.
Tom Kerridge says ‘whole of hospitality’ should get behind Burnham who has called for VAT cut from 20% to 10%
Chefs and restaurateurs have said they hope Andy Burnham becomes prime minister after he backed calls to cut VAT tax for hospitality businesses.
Burnham, who is standing as the Labour candidate in the Makerfield byelection and is expected to launch a challenge to Keir Starmer’s leadership if he wins, has called for the rate to be cut from 20% to 10% to be in line with European rates.
Kristen Welker questioned Trump’s allegations that races for California governor and 2020 president were ‘rigged’
Donald Trump walked out of an interview with NBC’s Meet the Press after he repeatedly made false claims that the 2020 presidential election was rigged and faced questions about compensation for those charged in the January 6 insurrection.
The US president’s abrupt exit came during a tense exchange between himself and NBC’s Kristen Welker during a Friday interview in Wisconsin that aired on Sunday.
Fired journalist accuses CBS News chief of interfering with report because it did not echo Trump’s view of the shooting
The fired 60 Minutes anchor Scott Pelley has accused editorial management at CBS of interfering with a broadcast segment on the killing of the Minneapolis protester Renee Good by an immigration officer in January.
The veteran broadcaster, who was recently dismissed from the show, said CBS News’s editor-in-chief, Bari Weiss, had sent an email to his supervisor requesting changes shortly before the airing of the segment in question.
Greek manufacturing is shrinking dramatically, creating an urgent need for a shift to a complex economy. AI generated image. Credit: Greek Reporter
As Greece continues to lose its manufacturing industry, becoming all the more dependent on the service sector, an urgent restart and shift to a complex economy is crucial for the country’s economic viability.
A complex economy is interconnected with other industries that are not necessarily geographically concentrated or thematically related but which share common infrastructure, resources, and solid interdependencies in production and supply chains. The Internet of Things (IoT), automation, and data-sharing are vital for the development and success of a complex economy.
A recent Bank of Greece report states that tourism in 2025 accounted for 13 percent of the country’s GDP. The government presents this as a sign of success, but, behind the numbers, there is a sad ascertainment: Greece is no longer producing goods, and almost everything other than agricultural products is imported. Substantial revenue from tourism is definitely not a bad thing. However, the average Greek does not benefit from tourism revenue. As the cost of living rises, bragging about “soaring tourism revenues” is not filling the citizen’s supermarket cart.
According to Statista and the World Bank, between 2013 and 2023, 68.6 percent of Greece’s GDP came from the service sector, while 15.2 percent of revenue stemmed from industry and 3.3 percent from agriculture. Kostas Axarloglou, the dean and a professor at Alba Graduate Business School, says the Greek industry needs a restart and transition to a complex economy. In other words, Greece needs to enter “Industry 4.0,” or the Fourth Industrial Revolution, in which interconnectedness, automation, and real-time data are key.
Low labor productivity and wages
According to Axarloglou, only four percent of the Greek population is now employed in sectors related to Greece’s complex economy, which amounts to approximately only 11 percent of the value added to the country’s GDP in general. Additionally, in the Eastern Mediterranean nation, there is fragmentation into a large number of small businesses, exhibiting both low labor productivity and wages.
As per The Atlas of Economic Complexity, the industry sector in the Greek economy presents a relatively low degree of complexity in relation to GDP, an element indicative of low potential for economic growth in the future. Nonetheless, from 2018 onwards, The Atlas of Economic Complexity records positive growth in exports with the main contributors, among others, being the pharmaceutical and IT sectors.
A gradual structural transformation of the economy is also being observed, with the transfer of productive resources and activity towards manufacturing sectors with higher added value and productivity, such as electronics and machinery manufacturing. Finally, significant opportunities to strengthen and complement the country’s existing productive fabric have been recorded.
Axarloglou argues that there are both an overall low degree of complexity as well as structural problems in Greek manufacturing. The existence of companies with high levels of specialized know-how, however, provides a sufficient launching point in supporting the restarting of industry and the general production base of the country, which could lead to sustainable development in the Greek economy.
Importance of a complex economy in Greece
Axarloglou referenced the US industry and its contribution to the economy. While the manufacturing industry in the US constitutes 11 percent of GDP, it contributes 35 percent in productivity increase and 60 percent in exports. Furthermore, the complex economy in the United States is the engine of innovation, with related industry sectors producing 55 percent of patents and contributing 70 percent of total expenditure on research and development.
A recent study (Yong, 2020) analyzes the contribution of complexity in a set of economies with varying characteristics. The importance of dynamic industries in economic growth as well as the development of social capabilities and a significant contribution to the achievement of the UN Sustainable Development Goals (SDGs) in each country’s economy were scrutinized.
Overall, the study found there is a direct impact of economic complexity on the development of specific UN Sustainable Development Goals (SDGs), including on poverty reduction, education, job creation, technological economic upgrading, and overall economic development. Moreover, policy interventions for manufacturing expansion are especially vital as they contribute to the development of skills in the country, triggering technological innovation and creating new markets and institutions.
Consequently, the development of a complex economy in Greece could greatly contribute to GDP and the implementation of UN SDGs. It must be mentioned that, in previous decades, manufacturing significantly lagged behind in general, but this lag has eased in recent years.
The two pillars for a complex economy
The development of a sustainable complex economy should be based on two pillars, Axarloglou argues: firstly, extroversion and internationalization and, secondly, innovation and specialization. The Greek industry would profit from participation in International Production Networks (IPNs). This is more feasible now, as these networks evolve from the impact of circular economy, digital transformation, sustainability, and new technologies such as robotics. The mechanisms and structures that would aid in the development of a complex economy are related to the National Recovery and Resilience Plan “Greece 2.0.”
According to Axarloglou, Greece should also orient its manufacturing production towards the international market and within the framework of the Global Value Chain Networks (GVCN), developing even at regional levels. This would include energy networks in the southeastern Mediterranean and innovation pockets in Thessaloniki and Northern Greece. In addition, market megatrends, namely digital technologies, automation-robotics, sustainability and climate change, and a circular economy, should seriously be considered as worthy endeavors.
The adoption of new technologies and digitalization of operations and processes are likewise vital. Such technologies are directly related to the internet, including the IoT, the cloud, and digital platforms and ecosystems. These lead to a greater degree of integration of production, a reduction in transaction costs and easier participation, and more effective coordination of cooperating companies from various geographical locations.
Data collection and analysis (data analytics) help in better production coordination and management within GVCNs and geographically dispersed networks. Moreover, the use of online commercial platforms (e-commerce) results in easy and direct access for producers to raw materials and semi-finished products. Large markets of potential customers are also much more readily accessible.
Sustainable development, climate change, and the circular economy
All the more, a global trend for sustainable development is affecting the structure, organization, and development of GVCNs. There is a growing need to closely monitor and control companies’ social and climate footprints and their alignment with Environment, Social, and Governance (ESG) priorities. At the same time, the imposition of rules on sustainability issues by governments directly affects the structure and operation of GVCNs since these lead to changes in transportation costs and countries’ advantageous dependence on renewable energy availability.
The necessity for sustainability and more efficient management of resources is leading to countries’ adoption of regulations for the operation of the economy and dynamic industries, and businesses are formulating business models and strategies compatible with the imperatives of the circular economy. Technological development now results in technologically and economically feasible production processes that operate within the framework of the circular economy. There is a focus on significant waste reduction, savings, and recycling / reutilization of raw materials and products.
Companies, therefore, develop business models within ecosystems based on collaboration with other companies in order to sustainably produce and deliver value. The purpose of these models and ecosystems is to effectively manage the life cycle of products and spare parts. Of course, the transition from a traditional-linear / operation-production model to a circular one mandates that companies make significant changes in the way they perceive the creation and distribution of value in the economy.
At the same time, the way in which producers in the complex economy model collect revenue is also changing. While, traditionally, income came from product sales, in the circular economy model, profits stem from product rental and other such services. This of course requires new skill development for value production more closely aligned with industrial product usage services, often the result of strategic partnerships among companies.
The circular business model, therefore, has the potential to revitalize manufacturing sectors and businesses by giving them the opportunity to develop new partnerships with companies and ecosystems within the framework of the GVCN, minimizing the burden on the environment, maintaining economic robustness, and achieving the triptych of objectives: an interconnection between the environment, society, and economy, leading to robustness.
European Union funds
The participation of the Greek complex economy in the GVCNs—and mainly in the regional GVCN—requires horizontal interventions that will establish and even improve the required structures and environment, thereby enabling Greek manufacturing to become competitive. Axarloglou argues that Greece has a great opportunity to improve its complex economy with the National Recovery and Resilience Plan “Greece 2.0.” It is a comprehensive plan of reforms and investments for the restructuring of the country’s production model within the extroversion-competitiveness-innovation axis.
The plan is based on initial funding of $35.6 billion (€31.1 billion) for the 2022-2026 period (approximately $21 billion in the form of subsidies and about $14.5 billion in the form of loans), with the prospect of drawing additional investment resources totaling $67.4 billion (€58.8 billion). The plan consists of four Pillars (and 18 sub-axes), namely green transition; digital transition; employment, skills, and social cohesion; and private investment and transformation of the economy.
Green transition emphasizes the energy transformation of the Greek economy towards renewable energy sources and a more energy-efficient operation of the economy, the more efficient use of natural resources, and the promotion of a circular economy.
The digital transition of the economy includes investment in infrastructure (optical fibers, 5G, etc.), the digital transformation of the state, and the promotion and adoption of digital technologies by businesses so that they can be interconnected in the International Production Networks (IPNs).
Employment, skills, and social cohesion includes actions to improve the functioning of the labor market, the reintegration of the unemployed into the labor market, the creation of jobs, and the reduction of inequalities, poverty, and social and economic exclusion.
Finally, private investment and economic transformation includes investments and actions to modernize public administration, strengthen the financial system, promote and support research and innovation, modernize and improve the resilience of key sectors—such as tourism and manufacturing—of the economy, and ultimately improve competitiveness and promote private investment and exports.
“Industry 4.0”
The acceleration of the “Industry 4.0” transformation program includes digital transformation as well as the development of “smart” production and a new generation of industrial parks in Greece. The promotion and support of investments for the development of new or upgraded production lines would enhance production and cooperation in GVCNs and improve competitiveness with an emphasis on advanced and digitally controlled industrial equipment, production control systems, and the establishment of industrial partnerships.
Furthermore, there should be significant structural changes to reduce bureaucracy related to business operations and simplify procedures for attracting and implementing foreign direct investment in the country. This will be possible with the implementation of horizontal actions to strengthen the Greek economy within the framework of the National Recovery and Resilience Plan “Greece 2.0.” Therefore, the “Greece 2.0” and “Industry 4.0” programs are inextricably linked to each other for the development of a productive complex economy in the country.
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