Aurelia Butler

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The government announced the major uplift in spending for the state-run NHS on Oct. 30 as part of a budget that involved sharp increases in tax, spending and borrowing to improve creaking public services from health to education to transport. Seeking to reassure markets that the spending splurge was a one-off, the government also promised reforms to make those public services more efficient. Health Minister Wes Streeting, who has previously said the NHS was “broken”, on Wednesday announced a package of measures to turn around the NHS in England. “We are announcing the reforms to make sure every penny of extra investment is well spent and cuts waiting times for patients,” he said in a statement, ahead of a speech he is due to give at a health conference in Liverpool. Under the reforms, persistently failing managers will be replaced and turnaround teams will be put into hospitals which are struggling financially and not providing a good enough service. Streeting said he wanted waiting times to be cut to 18 weeks from 18 months. Economists have blamed the shrinking size of Britain’s workforce on treatment delays which have stopped people from being fit enough to work.Other measures include putting different NHS providers into league tables and giving high-performing providers the incentive to run their budget as they will be permitted to invest any surplus in buildings, equipment and technology. A consultation will also look at banning NHS staff from resigning and then offering their services back to hospitals for a higher fee via a recruitment agency, the statement added. Earlier this year, NHS England cited several factors for its recent drop in productivity, including strikes, temporary staffing costs and the changing needs of patients.($1 = 0.7804 pounds) More

Southeast Asia’s largest telecom firm also said it expects its earnings before interest and tax (EBIT) to grow by low double digits for fiscal 2025.Last year, Telkomsel, the Indonesian associate of SingTel, agreed to merge with its parent’s IndiHome broadband arm to expand into Indonesia’s fixed broadband market.The firm’s top boss shed some light on SingTel’s progress with developing revenue streams to harness artificial intelligence and data centres. “Both NCS and Nxera (SingTel’s data centre brand) have a critical role to play in advancing AI adoption in the region and are continuing to invest in AI infrastructure and capabilities to better serve enterprise and governments,” the group’s Chief Executive Officer Yuen Kuan Moon said. “We will continue scaling NCS and building out Nxera’s data centres which will commence operations from mid-2025 to meet increasing demand,” Moon added. SingTel’s Australian unit Optus, currently embroiled in a legal battle with the country’s competition watchdog, reported interim operating revenue of A$4.02 billion ($2.62 billion), in line with A$4.02 billion reported a year ago.The company said net profit for the six months ended Sept. 30 was S$1.23 billion, as compared to S$2.14 billion last year and missing a Visible Alpha estimate of S$1.37 billion. The company declared an interim dividend of 7 Singapore cents per share, higher than the 5.2 Singapore cents per share declared a year earlier.($1 = 1.3384 Singapore dollars)($1 = 1.5321 Australian dollars) More

Shares traded down 2.1% as of 0025 GMT, after falling as much as 2.5% to 51,700 won, the lowest since June 24, 2020, while the broader KOSPI market fell 1.1%. The South Korean chipmaker, down 34% in the year-to-date, is on course to post its worst annual performance in more than two decades. Rival SK Hynix has risen 32% so far this year, and U.S. chipmaker Nvidia (NASDAQ:NVDA) has gained 199%. Last month, Samsung apologised for its disappointing profit, since it has lagged rivals in tapping booming demand for artificial intelligence chips, as competition from Chinese companies grows. More

The European company had acquired Grubhub in 2020 in an all-stock deal for $7.8 billion, creating the world’s largest food delivery company outside China at the time. A deal for Grubhub could be finalized imminently, assuming the talks do not fall apart, the report said, adding that Grubhub is likely to be valued below $1 billion in any deal. Buying Grubhub could lift Wonder’s revenue and offer a direct source delivery drivers and related technology, the report said. Grubhub, Just Eat Takeaway and Wonder did not immediately respond to Reuters requests for comment. More

BENGALURU (Reuters) – Malaysia’s economic growth likely slowed but only modestly in the third quarter compared to a year earlier as solid private consumption and construction activity cushioned the impact of declining mining output, a Reuters poll of economists found.The median prediction of 25 economists in the Nov. 6-12 poll showed the Southeast Asian economy grew 5.3% year-on-year in the July-September period, matching the advance estimate but down from 5.9% in the previous quarter.Growth was largely driven by a robust expansion in the manufacturing, construction, and agriculture sectors.”Malaysia will likely show resilient economic growth in Q3. The services sector likely experienced a robust, broad-based expansion, although at a slightly slower pace than in Q2. The manufacturing sector was bolstered by the electronics segment, benefitting from an ongoing global tech upcycle,” said Taimur Baig, chief economist at DBS Bank.”The main drag to overall real GDP growth in Q3 2024 was from the contraction in the mining sector. The positive growth drivers are likely to sustain into 2025, and a favourable base effect in Q4 2024 should see real GDP growth recover to 5.3% for full-year 2024 from 3.6% in 2023.”A separate Reuters poll published last month predicted Malaysia’s growth to average 4.7% next year, within Bank Negara Malaysia’s (BNM) 4.5-5.5% forecast.However, a slowdown in global demand, especially from China – the country’s major trading partner – saw Malaysian exports contract in September, and could weigh on growth prospects.U.S. President-elect Donald Trump’s plans to impose tariffs on imports from every country is also expected to slow the country’s exports.”There are some key headwinds over the horizon. The most prominent risk being the potential for a blanket U.S. import tariff on the rest of the world. If implemented, it will substantially dampen global trade activity,” said Woon Khai Jhek, senior economist at RAM Ratings. More

TOKYO (Reuters) -Japan’s wholesale inflation accelerated in October as renewed yen falls pushed up import costs for some goods, data showed on Wednesday, complicating the central bank’s decision on how soon to raise interest rates.The corporate goods price index (CGPI), which measures the price that companies charge each other for goods and services, rose 3.4% in October from a year earlier, Bank of Japan data showed, above market forecasts for a 3.0% gain.It followed a 3.1% increase in September.The yen-based import price index fell 2.2% year-on-year last month, less than the 2.5% drop in September, the data showed. On a month-on-month basis, the index rose 3.0% after falling 2.8% in September.A spike in the price of rice, coupled with the increasing cost of nonferrous metals, food and oil, pushed up overall wholesale inflation, the data showed, a sign companies remained under pressure from rising raw material costs.The BOJ ended negative interest rates in March and raised short-term interest rates to 0.25% in July on the view Japan was making progress towards sustainably achieving its 2% inflation target.BOJ Governor Kazuo Ueda has stressed the bank’s readiness to raise interest rates again if inflation becomes driven more by robust domestic demand and higher wages, rather than rising raw material costs. More