Meta Fined €798M Over 'Unfair' Facebook Marketplace

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GENERAL

Businesses warn that consumer prices will rise due to Budget - Prices in shops and pubs will increase as a result of tax rises on businesses announced in the Budget, two bosses have warned. Andy Higginson, chair of JD Sports Fashion and the British Retail Consortium , which represents supermarkets, said tax hikes from April - including a rise in National Insurance contributions from employers - would lead to a jump in costs for shoppers. Higher drinks prices could show in as little as six months, added Simon Emeny, the boss of Fuller's Brewery , which owns about 400 pubs and hotels.

ON?THE?UP?

B&M Retail well positioned for Golden Quarter as profits climb - Sales at the variety retailer climbed 3.7% to ￡2.6m, driven by volume growth, as UK revenues also hit ￡2.1m for the period. Meanwhile, group EBITDA edged up 2% to ￡274m. But group adjusted operating profit fell 1.8% to ￡258m as B&M faced higher costs following an increase in stores and investment in its supply chain in France.

Aviva Insurance demand boosts FTSE 100 giant - Aviva boss Amanda Blanc hailed the firm’s “very strong” performance in the third quarter as the firm reported growth across all of its key business units. In a trading update covering the 9 months to September, the FTSE 100 firm said general insurance premiums were up 15%, rising to ￡9.1bn from ￡8bn in the same period last year. Looking specifically in the UK and Ireland, premiums were up 11% year-on-year with growth across both personal and commercial businesses.

WHSmith posts strong profits and revenues despite high street decline - The retailer’s headline group profit before tax rose 16% to ￡166m while total group revenue was up 7% to ￡1.92bn. In WHSmith’s booming travel arm, trading profit surged 22% to ￡202m, with travel revenues growing 11% to ￡1.47bn. By region, its UK operations saw a 25% jump in trading profit to ￡126m, while North America rose 12% and the rest of the world grew 38%.

Flutter Entertainment , Paddy Power owner slashes loss as US sales double - Gambling giant Flutter Entertainment, whose brands include the likes of Paddy Power and Betfair , slashed its net loss during its latest quarter as its US sales doubled.?The group’s total revenue for the third quarter of 2024 rose by 27% from ￡2.5bn to ￡3.2bn while its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 74% to ￡450m.?Revenue in the US doubled due to online gaming demand, the company said.

Experian lifts margin outlook as revenue rises - Consumer and data analytics firm Experian raised its margin outlook after delivering an increase in revenue in the first half of the year.?Revenue was up 6% in the six months to September, rising to $3.6bn (￡2.83bn) from $3.4bn (￡2.67bn) in the same period last year. Growth was fairly evenly distributed across the firm’s various markets.?Experian’s consumer-facing services recorded growth of 9% while in the B2B market revenue increased 6% even though the market remains “below historical growth trends”.

London Heathrow Airport set for busiest year ever after record October - Heathrow saw its busiest October ever saw 7 million travellers use the airport. More than 7.2 million passengers flew through Heathrow in October as the half term peak helped the airport to its sixth consecutive month of more than 7 million passengers. “This year has been all about breaking records at Heathrow,” chief executive Thomas Woldbye said.?After the busier-than-expected summer and early Autumn period, the airport raised its forecast for the full year.

宜家 profit edges up despite lower sales - Inter Ikea, the owner of the Swedish furniture brand, has reported a rise in profit for 2024 despite a drop in sales following its decision to cut prices across a range of products. Operating profit for the group, which supplies the stores to which it franchises, edged up 4% from ￡1.8bn (€2.2bn) to ￡1.9bn (€2.3bn) in the year to 31 August. It came as sales fell 9% to ￡21.9bn (€26.5bn).

IN THE DOLDRUMS

Meta fined €798m over 'unfair' Facebook Marketplace - Meta is fined for breaking competition law by embedding Facebook Marketplace within its social network. The European Commission said this meant alternative classified ads services had faced "unfair trading conditions", making it harder for them to compete. In addition to the fine, it has ordered Meta to stop imposing these conditions on other services. Meta said it rejected the Commission's findings and would appeal.

Burberry axes dividend as group slumps to loss - Burberry has slumped to a loss and axed its dividend for the first half of its financial year as sales at the British luxury house plunged. In its interim results for the 26 weeks to 28 September, the group reported an operating loss of ￡53m, down from a profit of ￡223m in the same period last year. The retail group plunged to a loss after sales fell 20% at constant exchange rates during the period.

Homebase enters administration with 2,000 jobs at risk - Hilco, the owner of Homebase, had been looking to sell the struggling retailer but has not managed to find an outright buyer. The company behind The Range retail chain is buying up to 70 stores as well as the Homebase brand, safeguarding about 1,600 jobs.

Just Eat Takeaway.com to sell US arm Grubhub at a loss of more than $6.5bn - The food delivery company Just Eat Takeaway is selling Grubhub to the delivery-focused restaurant chain Wonder for $650m (￡510m), only four years after buying the US app in a multibillion-dollar tie-up after the first Covid lockdowns. The Netherlands-based Just Eat, which is Europe’s largest meal delivery company, had been looking to offload its US unit since as early as 2022, as the pandemic-fuelled boost to online food shopping faded and it grappled with tough competition.

Thames Water rescue deal reaches ‘important milestone’ in creditor backing - Thames Water has won support from three-quarters of its creditors for an emergency funding deal which would throw the struggling utility company a ￡3bn lifeline.?The firm said that creditors holding more than 75% of its Class A debt – the least risky class of bonds in its debt pile – have agreed to the deal.?A cluster of investment giants including BlackRock , abrdn and M&G plc drew up the funding plan, which, if approved, effectively guarantees Thames Water can keep operating until October 2025.

Post Office closures: Union backlash over proposed job cuts - as 'transformation plan' revealed - A union representing Post Office staff has lashed out at proposals that could result in 115 branch closures and significantly more than 1,000 workers losing their jobs, by describing them as "immoral".?The Communication Workers Union (CWU) signalled a fight ahead as the Post Office confirmed details of its transformation plan.?

P&O Cruises spent ￡47m sacking and replacing 786 mainly British seafarers in 2022 -?The redundancies helped it cut losses by more than ￡125m and putting it on a path to profitability, according to accounts due to be published in the coming days.?The dismissal of 786 mainly British seafarers, and their replacement with largely non-European agency staff earning as little as ￡4.87 an hour, was hugely controversial, drawing criticism from across the political spectrum and threats of a consumer boycott.

Direct Line Group considers cutting 550 roles as motor market remains ‘challenging’ - The firm is looking to deliver around ￡50m in cost savings in 2025. It said this will come through improvements in procurement, technology rationalisation and simplifying the business model. “Our drive to create a leaner and more efficient operating model is advancing, with consultations currently taking place as part of a proposed reduction of around 550 roles,” the firm said.

ONES TO WATCH

The Telegraph takeover bidder ends talks with lender - The $200bn US investor Oaktree Capital has left talks to fund a takeover of The Telegraph by a little-known entrepreneur. The firm, which specialises in providing costly debt, had been lined up as part of a bid of more then ￡500m by Dovid Efune, the British publisher of The New York Sun. Oaktree was among the potential financial backers of Mr Efune to attend an investment presentation as part of the sale process last month.

Buy-now pay-later giant Klarna files for IPO in the US - This formally starts the proceedings for a blockbuster stock market debut.?The Swedish fintech company confidentially submitted the relevant paperwork to the Securities and Exchange Commission (SEC).?Klarna added that the number of shares to be offered and the price range for the planned IPO have not yet been determined, giving no hints on the valuation it is seeking.

Volkswagen launches $5.8bn tie-up with Tesla rival Rivian - 大众 (VW) and Tesla rival Rivian have launched a joint venture, with the German car giant increasing its investment in the partnership.?The two companies say the deal is now worth $5.8bn (￡4.55bn) - up from an initial pledge from VW of $5bn.?Shares in the US electric vehicle (EV) maker jumped more than 9% in after-hours trading following the announcement.

特易购公司 faces ￡1bn hit to National Insurance bill - The supermarket giant, which employs 300,000 people, is estimated to be facing a ￡250m hike in its yearly tax bill when the changes come into effect in April, according to analysis by Morgan Stanley. Chancellor Rachel Reeves announced last week that employers’ National Insurance contributions will rise from 13.8% to 15% on a worker’s earnings above ￡175 a week in an attempt to recover public finances.

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