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There’s more disruption for rail passengers in England today, after train drivers began another round of industrial action on Monday to push for better pay and conditions.
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In a three-day strike, drivers in the Aslef union will strike for 24 hours at each of England’s national train operators over the course of three days from Tuesday until Thursday, and an overtime ban will apply nationwide from Monday until Saturday.
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The first wave yesterday affected commuter routes into London. Today, there’s a 24-hour strike at Avanti West Coast, Chiltern Railways, CrossCountry, East Midlands Railway, Great Western Railway and West Midlands Trains – halting most services in the west of England, Midlands and routes to Scotland and Wales. Tomorrow, drivers will strike at LNER, Northern and TransPennine Express.
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The union is pushing for an improved pay offer, with some of its members not having had a pay rise for five years. The last talks broke down a year ago.
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The Rail Delivery Group, representing train operators, emailed Aslef late last week to suggest discussions about a framework for formal talks, which the union said it welcomed.
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Toyota, the world’s largest carmaker, has forecast a near-20% drop in annual profit, after safety scandals forced it to cut back production. The Japanese carmaker plans to invest ¥1.7trn (£8.8bn) in electric vehicle and artificial intelligence technology to keep up with rivals.
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The company said operating income will fall by 19.7% to ¥4.3trn in the year to March 2025, which is worse than expected. It also said it would back back up to ¥1trn, around 3% of its shares.
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The Agenda
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8.30am BST: Sweden Riksbank rate decision (forecast: cut from 4% to 3.75%)
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9am BST: Italy Retail sales for March
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12.00pm BST: US MBA Mortgage applications for week of 3 May
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important events
Introduction: Train strike halts most services to the West of England, the Midlands, Scotland and Wales
good morning. Welcome to our regular coverage of business, financial markets and the global economy.
There was further confusion for rail passengers in England today after train drivers launched new industrial action on Monday seeking better pay and conditions.
In a three-day strike, drivers Aslef Unions are planning a 24-hour strike across England’s national rail operators for three days from Tuesday to Thursday, with a nationwide overtime ban in place from Monday to Saturday.
Yesterday’s first wave affected commuters into London. There are currently 24-hour strikes on the Avanti West Coast, Chiltern, Cross Country, East Midlands, Great Western and West Midlands Railways, with trains across the West of England, the Midlands and Scotland and Wales. Most routes have been suspended. Drivers are set to strike on LNER, Northern and Transpennine Express tomorrow.
Some members have not received a raise in five years, and the union is demanding better wages. The last round of negotiations broke down a year ago.
of railway delivery groupGroups representing rail operators emailed Mr Aslef late last week suggesting they discuss a formal consultation framework, which the union said it welcomed.
ToyotaThe world’s largest automaker expects annual profits to fall by nearly 20% after a safety scandal forced it to cut production. Japanese carmakers plan to invest 1.7 trillion yen (8.8 billion pounds) in electric vehicles and artificial intelligence technology to keep up with rivals.
The company announced that its operating profit for the fiscal year ending March 2025 is expected to decline 19.7% to 4.3 trillion yen, lower than expected. The company also announced that it would back up up to 1 trillion yen, equivalent to about 3% of the company’s stock.
agenda
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8:30am (BST): Riksbank’s interest rate decision (forecast: cut from 4% to 3.75%)
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9am (BST): Italy March retail sales
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12:00 PM BST: US MBA Home Loan Application for the week of May 3rd
