Category: 3. Business

The start of passenger services on the new East West Rail line will be delayed until at least 2026 with no start date confirmed, the operator has said, partly due to a row over guards on the trains.

Passenger trains were supposed to come into service between Oxford and Milton Keynes this autumn, the first stage on the new railway along the Oxford-Cambridge arc where the government hopes for rapid economic growth.

However, the operator, Chiltern Railways, has yet to formally notify authorities of the start of services – meaning trains on the flagship project will not be timetabled for several months.

The track and infrastructure has been completed and passenger trains have been leased but stand idle. More than a year has elapsed since Network Rail finished work on the line and the first test trains ran, and freight trains are running on the route.

A looming row over how trains are staffed is understood to be the main stumbling block. An existing agreement is understood to only allow Chiltern to operate trains without guards on certain parts of its network.

Both the RMT union, representing guards, and Aslef, representing train drivers, formally oppose any extension to driver-only operated trains on the UK railway – a position that is likely to have been reinforced by the recent knife attack on a train in Cambridgeshire.

Unions said Chiltern only recently notified them of plans to run the East-West trains without guards. An RMT spokesperson confirmed that Chiltern management had written spelling out the plans and the union was seeking talks. Aslef said it was approached last month but was awaiting the outcome of the RMT negotiations.

The single new station so far built on the route, Winslow, has also yet to be completed. Work is continuing.

A Chiltern Railways spokesperson said: “We are working with the Department for Transport, trade unions and other industry partners to deliver the first stage of East West Rail for customers and businesses.

“As well as creating nearly 100 new permanent jobs at Chiltern, this new service will deliver immense benefits across the region, so we are eager to ensure that these benefits are realised for the community as soon as possible.”

A DfT spokesperson said: “We are supporting Chiltern Railways as they work closely with unions and other industry partners to get services on the first phase of East West Rail up and running as soon as possible.”

The transport secretary, Heidi Alexander, said East West Rail would be a “catalyst for growth, more jobs and opportunity, and this project will make rail travel faster, greener and more reliable for millions of passengers … laying the foundations for long-term prosperity in one of the UK’s most dynamic regions.”

East-West Rail will eventually be a critical component of the Oxford-Cambridge corridor that ministers have earmarked as “Europe’s Silicon Valley”, delivering economic growth and tens of thousands of new homes, including a possible new town on the route at Tempsford.

The phased opening of the railway will next involve upgrades to the line from Milton Keynes and Bletchley to Bedford, and then a new line built east of Bedford to Cambridge.

The full opening is also likely to be pushed further back into the 2030s after the government confirmed changes to the scope and route to allow more trains and another station to serve the planned Universal theme park near Bedford.

The East West Railway Company building the multibillion-pound line said it hoped to run up to five trains per hour, with up to 70% more seating across the route, due to greater forecast demand.

Its chief executive, David Hughes, said the updates “reflect our commitment to listening to communities while designing a railway that delivers long-term benefits for the region. Our latest proposals better reflect what matters most to people and will deliver better outcomes for passengers, local communities and the environment”.

Linklaters advised The Hongkong and Shanghai Banking Corporation Limited (HSBC) on the launch of its Tokenised Deposit Service (TDS) in Singapore, marking a significant milestone in the bank’s expansion of blockchain-based payment capabilities across Asia following its initial launch in Hong Kong SAR.

The service enables 24/7 real-time instant settlement of cross-border transactions between Hong Kong SAR and Singapore, facilitating efficient treasury operations and effective cash flow management – especially vital to manage liquidity in a volatile foreign exchange and interest rate environment. This service builds on Singapore’s role as a leading international treasury hub, where corporates are accelerating the adoption of digital treasury models.

The Linklaters team was led by Head of Singapore Financial Regulation and Asia Head of Fintech Peiying Chua, and supported by associate Alcander Seah.

Linklaters’ partner Peiying Chua commented: 

“This transaction exemplifies the convergence of traditional banking and cutting-edge digital solutions. We are proud to support our client in delivering a service that not only enhances operational efficiency but also sets a new benchmark for cross-border financial innovation in Asia.”

Linklaters is at the forefront of the digital assets space and has worked on many market-firsts in the region, including advising a Singapore-based blockchain platform on its token offering, Zilliqa, creating the first Singapore-based unicorn ICO with a market capitalisation of over US$1bn after issuance, and the world’s first blockchain-based fractional bond trading platform (BondbloX). 

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However, figuring out what counts as a “fair” PE ratio is not always straightforward. Higher expected growth and lower perceived risk generally justify a higher PE, while slower growth or higher risk tends to depress the multiple. It is important to consider more than just today’s number in isolation.

Hormel Foods currently trades at a PE ratio of 16.27x. That is below the industry average of 19.46x but higher than the peer average of 8.46x. To put this into proper context, Simply Wall St’s Fair Ratio for Hormel comes in at 16.68x. The Fair Ratio is a proprietary metric that goes beyond simple comparisons with peers or the industry. It incorporates important variables like future earnings growth, profit margins, risk factors, and Hormel’s market size, producing a more complete picture of what the stock should realistically be worth.

Comparing Hormel’s actual PE with its Fair Ratio, the numbers are close with just a 0.41 difference. This suggests that based on these tailored factors, the stock is trading near what would be considered fair value using the PE approach.

Result: ABOUT RIGHT

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Earlier we mentioned that there is an even better way to understand valuation, so let’s introduce you to Narratives, a powerful, story-driven approach offered on Simply Wall St’s Community page.

A Narrative is a concise story you create to connect your unique perspective on a company with specific numbers: your fair value estimate and what you believe future revenue, earnings, and profit margins will be. Instead of just relying on past financial ratios or analyst benchmarks, Narratives let you spell out the “why” behind your numbers, tying Hormel Foods’ business context, market changes, and risks directly to a real-world forecast.

This framework links a company’s evolving story to your forecast and, from there, to a clear fair value. It makes it easy to see how current news or earnings could change your outlook. Narratives are updated dynamically as new information arrives, keeping your analysis relevant and actionable for investment decisions. They are used by millions of investors on Simply Wall St.

For Hormel Foods, for example, one investor might be bullish, seeing opportunities from health-focused product innovation and assign a high fair value, while another focuses on industry headwinds or weak profit guidance and sets a much lower price. Narratives put these perspectives side by side, helping you decide which story and assessment fits your conviction.

Do you think there’s more to the story for Hormel Foods? Head over to our Community to see what others are saying!

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include HRL.

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An HPE spokesperson said the company disagrees with the ruling, but is confident “that an objective examination of the facts of this case will conclude that the settlement was reached appropriately.”

The DOJ agreed to drop its claims in June ahead of a scheduled trial in exchange for HPE agreeing to license some of Juniper’s AI technology to competitors and sell off a unit that caters to small and mid-sized businesses.

Last week, the DOJ proposed additional terms requiring that HPE sell its Instant On wireless networking business to a viable competitor and barring HPE from buying it back for ten years.

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Australia’s work health and safety (WHS) laws impose strict duties on employers, officers, and workers to ensure the health and safety of everyone in the workplace. Understanding these duties and applying them through robust governance frameworks is essential – particularly in high-risk environments such as aviation, shipping, mining, and construction, or in highly regulated industries such as banking, insurance, and superannuation.

Regulatory Framework

Australia operates under a harmonised WHS regime in most jurisdictions, based on the Model Work Health and Safety Act and Regulations. However, key differences exist in Victoria and Western Australia, which retain separate legislative schemes.

Primary federal legislation (harmonised jurisdictions):

• Work Health and Safety Act 2011 (Cth) — applies to Commonwealth agencies and certain national workplaces (including Comcare-regulated entities).
• Equivalent state/territory WHS Acts — largely aligned with the model WHS laws in NSW, QLD, SA, TAS, ACT, and NT.

Non-harmonised jurisdictions:

• Occupational Health and Safety Act 2004 (Vic)
• Work Health and Safety Act 2020 (WA) — partially harmonised but with notable variations.

Duties and Responsibilities

For Employers

A person conducting a business or undertaking (PCBU) must:

• Ensure, so far as reasonably practicable, the health and safety of workers and others affected by work.
• Implement safe systems of work, provide training, maintain safe plant and structures, and control workplace risks.

For Officers (Directors, Executives)

• Exercise due diligence to ensure the PCBU complies with WHS obligations, including:

  • Staying informed about WHS matters
  • Ensuring appropriate resources and processes for risk management
  • Verifying compliance

• For officers and boards operating in banking, insurance, and superannuation industries, additional obligations may arise under the Australian Prudential Regulatory Authority (APRA) Prudential Standards: CPS 220 (Risk Management) and CPS 510 (Governance).

For Workers

• Take reasonable care for their own safety
• Follow lawful and reasonable instructions
• Use personal protective equipment (PPE) and report hazards

State and Federal Legislative Comparison Table

Recommendations for Avoiding WHS Breaches

• Integrate WHS into Board Governance — align WHS KPIs with prudential and insurance risk metrics.
• Regular Safety Audits — tailored to industry-specific hazards (e.g., confined spaces, aviation maintenance, port operations).
• Contractual Risk Allocation — ensure WHS obligations are clearly allocated and monitored in contracts.
• Training and Competency Verification — especially for high-risk tasks and remote operations.
• Crisis and Incident Response Planning — cross-functional plans covering WHS, regulatory notifications, and insurance claims.

Final word

WHS compliance is not just about avoiding prosecution — it is about safeguarding your workforce, your reputation, and your licence to operate. Embedding safety into your governance, culture, and operational processes will deliver long-term resilience and protect against regulatory and commercial risk.

Clyde & Co’s Corporate Advisory team is working with global clients to align contracts, policies, and operational practices with Australia’s new Right to Disconnect laws. We support legal compliance, deliver global communications training, and help manage cross-border cultural expectations in a post-reform environment.

For further advice, contact the team at Clyde & Co.