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Economy May 26, 2026

Next Boss Warns of 'Dramatic Fall' in UK Entry-Level Jobs as Youth Unemployment Soars

Next's CEO Lord Wolfson has sounded the alarm over a dramatic decline in UK entry-level jobs, with …
The Crisis in Youth EmploymentThe boss of Next, Lord Wolfson, has issued a stark warning about a "dramatic fall" in entry-level jobs across the UK, highlighting how this trend is driving up youth unemployment. The clothing and homeware retailer, where Wolfson has been chief executive since 2001, typically received 10 applications for every job in its shops in 2024, but that number has now surged to 19."That doubling of applicants for shop jobs is indicative of just how big the crisis is in youth unemployment at the moment," Wolfson told the BBC. His comments come as a government-commissioned report is expected to find that Labour has failed to tackle the soaring number of people not in education, employment or training (Neet), with almost a million young people in this category.Changing Retail Landscape and Employment PracticesThe retail industry is undergoing significant transformation, with Next increasingly adopting automation and other technologies such as self-scanning lockers for customer returns, reducing the need for staff on tills. This technological shift is part of a broader trend where entry-level roles are most vulnerable to the advent of artificial intelligence.Wolfson specifically pointed to the upcoming ban on zero-hours contracts, included in the government's Employment Rights Act, as a factor that will make hiring more difficult. "While I am in favour of eliminating zero-hours contracts in most sectors, the new rules are tricky for retail, because the risk is you then have to contract for those hours forever," he explained.More than a million people in the UK are currently working on a zero-hours contract basis, spanning hospitality, warehouses, and even the NHS. The new legislation will require employers to offer guaranteed hours to casual workers, a change Wolfson suggests will make it "much harder" for Next to offer more flexible hours to its staff.Economic Pressures on Businesses and Young WorkersWolfson, who received a record pay package of more than £7m last year and could be paid up to £9.27m this year, called on the government to reverse the rise in national insurance contributions (NICs) employers have to pay, alongside minimum wage increases. These cost pressures, he argued, have led Next to reduce staffing levels in individual stores while its online business continues to thrive."Traditionally, young people often get their first week experience at a shop stacking shelves or serving drink and food in a restaurant, cafe or pub," Wolfson noted. "Because of the cost increases, we have fewer staff in individual shops."A Treasury spokesperson countered: "Cutting wages for the lowest paid during a time of global uncertainty is not the answer. Increasing the national minimum wage boosts pay for over 200,000 young workers, and employer NICs are lower when hiring under‑21s."Industry Transformation and Labor Market ChallengesThe retail sector's evolution reflects broader changes in the UK labor market. Alice Martin, head of research at the Work Foundation at Lancaster University, emphasized that "young people are entering one of the toughest labour markets in years, facing intense competition for a shrinking number of entry-level jobs."Retail and other sectors are changing rapidly, with more online sales and fewer staff needed on the shop floor. This transformation has contributed to a sharp fall in vacancies, leaving many young people facing repeated rejection as they try to enter the workforce."A difficult labour market is no excuse for undermining pay or job security," Martin added. "The ban on exploitative zero-hour contracts is long overdue. One in five workers in the UK is in severely insecure work, without predictable pay or basic protections."Future Outlook for Youth EmploymentWolfson suggested that ultimately, the best way to improve the jobs market is through economic growth. "Youth unemployment is really a symptom of wider problems with employment in the economy, and of course, if you've got fewer jobs, the people who suffer most are the people with the least experience and that is the youngest," he explained.The government's upcoming "system reset" to address the Neet crisis will likely need to address multiple factors simultaneously, including the changing nature of work, technological displacement of entry-level positions, and the need for better pathways for young people into sustainable employment.As Next continues to invest in its online operations while reducing physical store staffing, the company's experience may serve as a microcosm of broader economic shifts that will require innovative solutions to ensure young people can successfully transition into the workforce.
#Next #Lord Wolfson #UK unemployment
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Lifestyle May 26, 2026

Emily Wilson's Translation Philosophy: Bridging Ancient and Modern Worlds

Emily Wilson's new book 'Crossing the Wine Dark Sea' explores the art of translation through classi…
The Lead Emily Wilson, renowned for her acclaimed translations of Homer's Odyssey and Iliad, presents a new collection of essays exploring the art and challenges of translation. Her work has become the standard English-language versions of these classics, praised for their conciseness and fluency. The Translation Philosophy Wilson's approach to translation occupies a middle ground between the "familiarisers" who prioritize accessibility and the "foreignisers" who emphasize preserving the strangeness of the original. She believes the tensions and complexities of the original should always remain legible, while also creating a reader-friendly experience. This balance is evident in her choice to use iambic pentameter for the Odyssey, honoring Homer's dactylic hexameters without being slavishly literal. Classical Insights The book delves into how the ancient world intersects with the modern, examining continuities in war, cruelty, and political turmoil while also highlighting important contrasts. Wilson critiques those who view antiquity as merely "a mirror in which we always find ourselves," arguing for a more nuanced understanding. Her analysis extends from classical authors like Aeschylus and Aristophanes to modern figures like Spike Lee and Boris Johnson, demonstrating the timeless relevance of these texts. Translating Sappho Wilson addresses the unique challenges of translating Sappho, whose work survives only in fragments. She compares it to "trying to get a sense of a whole Tyrannosaurus rex from one claw." While mostly admiring Anne Carson's version as "performance art on the page," Wilson finds it disembodied and stripped of same-sex desire. She challenges feminist readings that position male poets as metaphorically raping Sappho while female poets sing with her, instead emphasizing how Sappho's work "emphasise the isolation of the individual." Critiquing Other Translators Wilson doesn't shy away from criticism, applying tough-minded standards to fellow translators. She dismisses Robert Browning's version of Agamemnon as "arguably more difficult to understand than the Greek" and accuses Edith Hamilton of racism for "remaking ancient Greece in the image of an idealized United States." Even respected translators like Peter Green are found to be "oddly stiff" at times. She reserves particular scorn for "armchair classicists" who engage in snobbish gatekeeping, positioning herself as an accessible champion of the classics. The Sirens' Seduction One fascinating section explores Wilson's approach to translating the Sirens' scene in the Odyssey. She challenges the modern perception of Sirens as sexual temptresses, noting that Homer's Sirens are "cognitively tempting" bird-women whose seduction promises knowledge, not sex. Rather than referring to their "lips" as many translators do, Wilson uses "mouths," emphasizing their dangerous nature over any sexual appeal. Choosing "Complicated" Wilson details her decision to translate Homer's description of Odysseus as "polytropos" as "complicated," acknowledging it might sound stark but defending it as capturing the character's complexity. She admits nearly dropping the term after encountering "He's a complicated man" in Isaac Hayes's Shaft theme song but ultimately embraced it, dedicating ten pages to explaining her choice. The Future of Translation In a manifesto-like afterword, Wilson offers 20 rules for translators, emphasizing the importance of recreating the emotional impact of the original text. "If the original makes you laugh, cry, feel excited, get goosebumps, feel puzzled, get bored, be charmed," she advises, "then the translation should try to create those effects." She encourages experimentation and persistence, noting that there's always another way to say things and that future generations will undoubtedly develop new approaches to translation.
#Emily Wilson #Homer #Translation
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World Wide May 26, 2026

US Launches New Strikes Near Strait of Hormuz Amid Fragile Ceasefire

On May 26, 2026 the United States carried out self‑defence strikes near the Strait of Hormuz, targe…
Executive Summary: Renewed US Military Action Threatens CeasefireUnited States forces launched a series of “self‑defence” strikes near the Strait of Hormuz on May 26, 2026, while an Iranian delegation travelled to Qatar for peace talks. The attacks, described by CENTCOM as targeting missile launch sites and mine‑laying boats, raise doubts about the durability of the Pakistan‑mediated ceasefire that began on April 8.US Self‑Defence Strikes Target Missile Sites and Mine‑Laying VesselsCENTCOM spokesperson Tim Hawkins told Al Jazeera that the strikes hit “missile launch sites and Iranian boats attempting to emplace mines.” Secretary of State Marco Rubio, speaking from Jaipur, India, echoed the description, emphasizing the need to keep the Strait open.Iranian media reported explosions in Bandar Abbas, about 70 km from the Strait, but Tehran has not issued an official statement.Strategic Stakes: One‑Fifth of Global Oil Flow at RiskThe Strait of Hormuz carries roughly 20 % of worldwide oil and gas shipments under normal conditions.Disruptions could exacerbate the energy crisis that has already pushed oil prices higher since the war began.Diplomatic Ripple Effects: Talks in Qatar Face New UncertaintyIran’s delegation, reportedly including Foreign Minister Abbas Araghchi, Parliament Speaker Mohammad Bagher Ghalibaf, and Central Bank Governor Abdolnaser Hemmati, arrived in Doha to discuss remaining roadblocks.U.S. President Donald Trump posted that negotiations are proceeding “nicely” but warned that any failure could trigger further attacks. He also linked a potential settlement to broader regional moves such as the Abraham Accords.Outlook: Negotiations May Stall Unless De‑Escalation OccursAnalysts quoted by Al Jazeera note that the latest skirmish could derail the fragile ceasefire and delay a comprehensive peace agreement. With limited information on the scale of the US operation, the next few days will be critical for determining whether diplomatic momentum can survive renewed hostilities.
#United States #Iran #Strait of Hormuz
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Politics May 26, 2026

Israeli Airstrikes Kill Seven Palestinians in Gaza Amid Eid al‑Adha

On 26 May 2026, Israeli air attacks killed at least seven Palestinians in Gaza, including five in t…
Seven Palestinians were killed in a series of Israeli air attacks on Gaza on 26 May 2026, including five in the Maghazi refugee camp, as the fighting continued during the Muslim holiday of Eid al‑Adha.Airstrike on Maghazi Refugee Camp Claims Five LivesGaza’s civil defence agency and Al‑Aqsa Martyrs Hospital reported that an Israeli drone strike hit eastern Maghazi on Tuesday, killing five residents and wounding several others. The strike targeted a civilian gathering, and local media said an alleged Israeli‑backed armed group withdrew from the area after the attack.Casualty Toll and Broader Death Count Since CeasefireSeven Palestinians killed in the latest attacks (five in Maghazi, two in Khan Younis).More than 900 Palestinians have been killed since the U.S.–Qatar‑brokered ceasefire began in October 2023.Four Israeli soldiers have been killed by Palestinian armed groups in the same period.Escalation Amid Eid al‑Adha: Political and Humanitarian ImplicationsThe timing of the strikes during Eid al‑Adha intensifies accusations that Israel is violating the cease‑fire agreement, undermining any diplomatic momentum. Palestinian officials describe the campaign as part of a “genocidal war,” while Israeli officials have offered no comment. The attacks on civilian areas, including a family home in Gaza City, exacerbate humanitarian concerns and fuel regional tensions.Prospects for Ceasefire Enforcement and Regional StabilityAnalysts warn that continued violations could erode international pressure on the parties and hinder mediation efforts led by the United States and Qatar. Without a credible enforcement mechanism, the cease‑fire is likely to remain fragile, and further civilian casualties may deepen the humanitarian crisis and destabilize the broader Middle‑East landscape.
#Israel #Gaza #Maghazi refugee camp
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Business May 25, 2026

Trump Tower in Georgia to be Built on Land Linked to US-Sanctioned Leader's Son

A Trump Tower planned for Tbilisi, Georgia, will be built on land part-owned by Uta Ivanishvili, so…
The Controversial Land Deal A Trump Tower planned for the Georgian capital, Tbilisi, is to be built on land currently part-owned by the son of the US-sanctioned leader of the country, according to official records. The Connection to US-Sanctioned Leader The proposed skyscraper, a joint venture between a local consortium and the Trump Organization, which is managed by the US president’s sons, Donald Trump Jr and Eric Trump, will be on a plot whose current registered owner is the International Charity Fund Cartu. Cartu Group JSC is 35% owned by Uta Ivanishvili, the eldest son of Bidzina Ivanishvili. Bidzina Ivanishvili was put under US sanctions by the Biden administration in 2024 for undermining Georgia's democratic future. The Financial Implications The links between the Trump Organization and the Ivanishvili family will raise fresh concerns about the potential conflict of interest raised by the selling of the US president’s name to developers seeking to sell residential and resort complexes. The Impact on Georgia The Trump Tower project has been seen by Bidzina Ivanishvili’s critics in Georgia as an attempt to ingratiate himself with the US president. Georgian Dream leaders have loudly trumpeted the project as a vote of confidence in Georgia’s economy and governance. The Future Outlook Sandro Kevkhishvili, the anti-corruption programme manager at Transparency International Georgia, said there were grounds for concern that the Trump Tower project in Georgia was “not merely a private business project, but rather a political one”. The White House referred questions to the Trump Organization, which did not respond to requests for comment.
#Trump Organization #Georgia #US sanctions
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Sports May 25, 2026

Heat Management Key to World Cup Success

The upcoming World Cup will see teams face extreme heat, which will significantly impact their perf…
The Impact of Heat on World Cup Performance Graeme Souness, one of the toughest footballers of all time, recalls losing a stone in weight during the 1986 World Cup in Mexico due to the stifling heat and high altitude. This experience highlights the challenges teams will face in the upcoming World Cup, where temperature and humidity will play a crucial role in determining success. Adapting to Extreme Conditions Chelsea's adaptability was key to their win in last year's Club World Cup in the United States. During the competition, some teams had to stop training due to the heat, and players like Enzo Fernández and Marcos Llorente struggled with the conditions. Chelsea's ability to control the ball and adjust their strategy proved crucial in their 3-0 win over Paris Saint-Germain in the final. The Data Analysis Chelsea had an average possession of 61% in their first six games, then 34% when they adjusted to face a superior PSG in the final. Brazil averaged 60% possession across the 1994 World Cup, the highest for a World Cup winner until Spain redefined possession football in 2010. The Impact Analysis The higher the temperature and humidity, the more desirable it is to let the ball do the work. Teams that can control the game through possession will have an advantage. The ideal team will play a patient, possessive game punctuated by short bursts of incisive football. The Prediction The World Cup may be won by the best squad – and one that can stand the heat. Teams will need to pace themselves over eight games in five weeks, and squad depth will be crucial. The ability to change gear and judge when to do so will decide many knockout games.
#World Cup #Football #Heat Management
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Environment May 25, 2026

BHP’s Climate Commitment Reversed: Leaked Memo Exposes Strategic Shift

Leaked internal documents reveal that BHP, the world’s largest miner, has quietly scaled back its c…
Executive Overview: BHP’s Climate Commitment Takes a TurnThe latest Full Story podcast, sourced from the Guardian’s BHP Files investigation, discloses a previously hidden internal memo that signals a decisive pull‑back on the company’s public climate pledges. While BHP has long marketed itself as a leader in mining sustainability, the leaked document suggests a strategic retreat that could reshape its emissions roadmap.Leaked Internal Memo Details the Strategic Pull‑backThe memo, dated May 2026, outlines senior executives’ concerns about the feasibility of meeting previously announced emissions targets. Key points include:Reassessment of the 2025 net‑zero timeline.Prioritisation of short‑term shareholder returns over long‑term decarbonisation projects.Recommendations to delay or cancel several green‑technology investments.These revelations contrast sharply with BHP’s external communications that have highlighted ambitious climate goals.Financial Stakes Highlighted by the BacktrackAlthough the memo does not disclose specific monetary figures, analysts note potential market implications:Investor confidence could waver if the backtrack undermines BHP’s ESG credentials.Potential re‑valuation of sustainability‑linked financing arrangements.Risk of heightened scrutiny from regulators and climate‑focused shareholders.At present, no concrete share‑price movement has been reported, but the narrative shift is likely to influence future financial assessments.Implications for the Mining Sector and Global Climate GoalsThe internal reversal sends a ripple through an industry already under pressure to align with the Paris Agreement. If BHP, a benchmark miner, scales back, other firms may feel emboldened to reassess their own climate commitments, potentially slowing progress toward sector‑wide emissions reductions.Future Trajectory: What BHP’s Next Moves Could MeanStakeholders will watch closely for BHP’s official response. Possible scenarios include:Re‑affirmation of climate targets with revised, more attainable milestones.Increased transparency around decarbonisation investments to restore investor trust.Further internal reviews that could either reinforce or completely abandon the current climate strategy.The outcome will shape not only BHP’s reputation but also the broader narrative around corporate climate accountability in heavy‑industry sectors.
#BHP #Climate Change #Mining Industry
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Business May 25, 2026

BHP's Strategic Retreat: The Economics of Emissions Reduction in the Pilbara

BHP has quietly shelved a critical iron ore beneficiation project in the Pilbara that promised sign…
The Jimblebar Beneficiation Project: A Missed Opportunity for DecarbonizationBHP has quietly abandoned plans for a major iron ore processing facility near its Jimblebar open-cut mine in the Pilbara. The project, which was well advanced in 2025, aimed to improve the purity of iron ore to meet global demand, particularly from China. Despite being internally rated as having "excellent social value" and being "well-aligned" to shareholder-endorsed climate plans, the mining giant decided to cancel all further work on the plant.The Economic Trade-off: Marginal Returns vs. Climate GoalsThe decision to scrap the Jimblebar plant was driven by a strict assessment of marginal economics. BHP determined that the project would struggle to compete for capital against other potential investments. This cancellation is part of a broader pattern where the company is either shelving or delaying major projects designed to reduce emissions, including a 50-megawatt solar and 20MW battery project that had board approval.Capital Allocation: The miner is prioritizing projects with higher immediate returns over those that offer long-term environmental benefits.Fleet Strategy: Despite pledging to electrify its fleet, BHP has continued purchasing polluting diesel trucks for Pilbara operations.Quantifying the Impact: Scope-Three Emissions and Market PremiumsThe Jimblebar facility was not just a logistical upgrade; it was a strategic tool for decarbonization. By providing higher quality iron ore, the plant would have allowed steelmakers to reduce their emissions intensity, which is one of the cheapest methods for the industry to cut carbon output.The economic and environmental stakes were significant:Emission Reduction: The project was estimated to reduce scope-three emissions by 1.7m tonnes a year.Comparative Impact: This reduction is equivalent to taking more than 350,000 cars off the road, representing about three-quarters of the entire annual emissions from BHP’s Western Australian iron ore division.Market Premium: Higher quality ore allows BHP to charge customers a premium, creating a potential win-win scenario that was ultimately deemed too marginal.Broader Implications for Australia's Safeguard MechanismThe leaked documents, dubbed the "BHP files," raise serious questions about the efficacy of Australia’s Safeguard Mechanism. This federal policy requires the country's largest polluting industrial facilities to cut greenhouse gas emissions intensity year on year. BHP's decision to delay or cancel green investments suggests that the current policy framework may not be strong enough to compel major miners to prioritize decarbonization over short-term profitability.Future Outlook: The "Net Zero" DilemmaBHP's recent actions indicate a potential shift in its timeline for achieving net-zero goals. By war-gaming options to significantly delay major investments, the company is signaling that its 2050 emissions target may be more aspirational than operational in the near term. Investors and climate advocates will be closely watching whether BHP can reconcile its climate commitments with its capital allocation strategy as global pressure mounts.
#BHP #Pilbara #Iron Ore
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Business May 25, 2026

BHP’s $500 Million Diesel Truck Purchase Defies Its 2040 Decarbonisation Target

BHP has approved the purchase of 62 diesel haul trucks costing more than $500 million for its Pilba…
BHP’s Diesel Truck Spend Undermines Its 2040 Decarbonisation GoalBHP has continued to allocate hundreds of millions of dollars to diesel haul trucks in the Pilbara, despite internal analysis flagging the move as “misaligned” with its climate‑change strategy.Continued Procurement of Diesel Trucks for Pilbara SitesThe mining giant authorised the purchase of 62 new diesel trucks for the Jimblebar mine, with an estimated cost exceeding $500m. The trucks are intended to operate at Jimblebar and the planned Ministers North mine, where diesel haulage is projected to dominate direct emissions through at least 2041.Jimblebar fleet refurbishment in 2022 aimed to extend service life by 60,000 hours (≈8 years).Original plan targeted full electric replacement in the 2030s.2023 decision shifted to new diesel purchases, citing a “material reduction in cost”.Financial and Emissions Footprint of the Diesel FleetThe $500m outlay represents a significant capital investment in a technology the company has publicly pledged to phase out. Documents note the purchase aligns with a “40% diesel displacement by 2040” target, yet diesel haulage remains the largest source of BHP’s direct greenhouse‑gas emissions in Western Australia.Strategic Implications for BHP’s Climate CommitmentsAustralia’s biggest diesel consumer, BHP’s reliance on diesel trucks threatens the credibility of its broader decarbonisation roadmap, which calls for full diesel displacement by 2040. The company has warned regulators that battery‑electric truck technology is not yet ready for large‑scale deployment, a stance that delays the transition timeline outlined in its 2024 climate action plan.Future Outlook: Electrification Delays and Regulatory PressureWhile BHP claims to be partnering with equipment manufacturers to trial two 240‑ton battery‑electric haul trucks and four electric locomotives, the company acknowledges that “technology is not advanced enough to scale to an operational fleet.” Continued diesel procurement may invite heightened scrutiny from the Environmental Protection Authority and investors demanding alignment with climate targets.
#BHP #Pilbara #Diesel Trucks
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