Good morning.
The summer of discontent is set to worsen after UK machinists threatened their first national strike in more than 25 years.
The Aslef, the machinists ’union, will vote a union action on 10 train companies coinciding with a similar action by the Transport Wage Workers Association (TSSA), which represents station workers and ticket offices.
This follows a departure from the Railway, Maritime and Transport (RMT) union last month, which led to the largest disruption of British railways in a generation.
The Telegraph reported over the weekend that unions will coordinate strike action over the summer to an extent that could leave only one in 10 trains running and cause disruptions for days and days.
It is the latest example of unease over the cost of living crisis as inflation rises. Strikes are also planned for companies such as BT and Royal Mail, while yesterday motorists blocked motorways in protest of rising fuel prices.
5 things to start the day
1) Approve a mini nuclear reactor or delay the green revolution, Johnson said: Rolls-Royce warns it will lose the goal of deploying technology unless the government acts quickly.
2) The Church of England borrows money to fund zero net boost: the church hires several Wall Street giants to assess market interest on a bond sale
3) The secret billionaire scrap dealer who kills car shortages: The scrap dealer founded by the ‘god of metal recycling’ emerges as one of the UK’s largest private companies
4) Milk does not make cereals healthier, the High Court rules: judges rule against Kellogg’s after he took the government to court for plans to tackle childhood obesity
5) Kremlin cuts spending by £ 24bn as Western sanctions hit Russia: defense, technology and transport budgets are poised to be cut, according to Russian media
What happened overnight
Hong Kong shares have opened with gains this morning amid speculation that U.S. President Joe Biden is preparing to cut some of the tariffs imposed on Chinese goods by Donald Trump.
The Hang Seng index rose 1 unit.
The Shanghai composite index rose 0.2%, while the Shenzhen composite index rose 0.2%. Shares in Tokyo also opened higher, with the Nikkei 225 benchmark gaining 0.7%.
Arrive today
- Company: J Sainsbury, Saga (Business Updates)
- Economy: Composite PMI, Services PMI (UK, EU); financial stability report (UK); factory orders (USA)