Secret WWII Tunnels Set to Surface on London Stock Market

Happy Saturday to you. Here every week to bring you all the latest news from the world of business with my weekly Brave Bold Brilliant business news - a great way to check in with what’s happening in the world of business in the UK and globally.

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Feel free to let me know if there’s anything specific you’d like me to cover in future updates.

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In the meantime happy reading!

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GENERAL?

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UK economy falls unexpectedly in October as higher rates bite - The economy fell 0.3% during the month, after growth of 0.2% in September. Household spending has been dented by rate rises as the Bank of England tries to tackle inflation. The ONS said services had been "the biggest driver" of October's fall, with contraction seen in the IT, legal and film production sectors.

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Railway station catering investigated over rip-off concerns - Food and drink sales at UK railway stations are facing regulatory scrutiny over fears the ￡700m market lacks effective competition, meaning passengers are paying over the odds. The Office of Rail and Road (ORR) said it is investigating further after finding an average 10% premium at station catering stalls compared to the high street. Its initial report found station operators are not provided with sufficient incentives to invite competition for outlets.

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Real wage growth at highest level for 25 months as inflation eases - The big drop in the rate of inflation meant real wages were growing at their highest pace since September 2021 in the three months to October, according to official figures. The Office for National Statistics reported basic pay was 7.3% higher compared to the same period last year.

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'London is thriving' - business activity jumps in the capital despite inflationary pressures - London saw the highest rate of business activity in November despite bearing the brunt of inflationary pressures. According to the NatWest regional PMI, the capital continued to outperform all 11 other UK regions in November with a business activity index of 56.5, rising above the 53.8 recorded in October. A score of over 50 means activity grew rather than contracted.

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ON THE UP?

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Zara and bershka owner Inditex records double digit sales growth - A strong customer response to Autumn and Winter collections has helped fuel a double digit sales jump at Inditex, the world’s largest clothing retailer behind chains such as ZARA SA .?Between February 1 and October 31 Inditex saw sales increase 11.1% to reach €25.6bn, and net income was 32.5% higher at €4.1bn. The retail giant also showed good momentum has continued, with sales in constant currency between November 1 and December 11 up 14% from a year earlier.

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Poundland & Dealz hires 962 ex-Wilko employees amid rapid store expansion – The discount chain said it had recruited 826 former employees to work in the 64 converted units it had re-opened, with a further 122 becoming the store managers or assistant store managers for its other stores. Poundland added that it had also hired 14 former wilko employees to join its main customer support centre in Walsall.

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Macy's shares surge on hopes for $5.8bn buyout - Shares of US department store Macy's have surged on hopes of a $5.8bn (￡4.6bn) buyout deal. An investor group has offered to pay $21 for each share of the retailer that they do not already own. The company, parent of Bloomingdale's and makeup firm Blue Mercury, operates more than 720 stores in the US.

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Waitrose to expand its export business to meet demand for its own-brand products - Waitrose is to rapidly expand its export business to meet global demand for its own-brand products. The supermarket said the demand has grown by 92% in the last decade as it continues to expand into new territories. Meanwhile, sales are currently up 14% on last year.

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Aldi forecasts record-breaking Christmas - Aldi has predicted a record-breaking Christmas this year, with more UK households expected to shop with the discounter amid the cost-of-living crisis. The retailer estimates that more than half of British households will eat at least one ALDI SüD product this Christmas. Managing director of buying in the UK Julie Ashfield revealed that customers are shopping earlier and “treating themselves a little more in the run up to the big day”.

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Lululemon raises outlook, 'energised' by strong Q3 - Gross profit and sales at Canadian sportswear brand lululemon jumped in the three months to 29 October 2023, compared with the same period in 2022.

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IN THE DOLDRUMS

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Thames Water says it can't pay back ￡190m loan - Thames Water is facing a "seminal moment", its chairman has said, during an intense grilling by MPs on the firm's financial performance. Senior management admitted the company did not have enough money to pay off a ￡190m loan due in April next year. They also warned that if it was nationalised, taxpayers would face a hefty bill.

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US toy giant Hasbro making more job cuts - US toy giant Hasbro says it is cutting more jobs as it struggles with weaker sales in the build-up to Christmas. The maker of Transformers action figures and Monopoly will lay off about 1,100 workers globally - close to 20% of its staff. The job cuts come as the toy industry generally is facing a slowdown in demand for its products.

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Sosandar swings to loss despite growth in revenue - Sosandar reported a loss in the first half of the year despite a growth in revenue as it continues to move towards a multichannel model.?In a trading update for the six months ending September 30, 2023, Sosandar reported a loss before tax of ￡1.3m, down from the ￡0.1m in profit the brand posted at the same time last year.?

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ONES TO WATCH

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Walgreens mulls IPO for UK Boots pharmacy chain - Walgreens Boots Alliance is in early talks over separating its UK-based Boots drugstore chain, including the possibility of an initial public offering in London. The drugstore chain could be valued at about ￡7bn in any deal, the report said, citing people familiar with the matter.

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Mayfair in talks about ￡100m Trusted Housesitters deal - The private equity firm which has backed Ovo Energy and the maternity wear chain Seraphine is in advanced talks to acquire a big stake in Trusted Housesitters, the pet-sitting business.?City sources said the deal would value the company at close to ￡100m.

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Shein considers UK IPO - Shein is understood to be in talks with the London Stock Exchange about the possibility of UK listing. The fast fashion retailer’s executive chair Donald Tang is said to have met the exhange’s executives last week about a potential flotation. City sources told that Shein were also exploring various options for raising capital through a public share sale.

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Heathrow passenger traffic dips amid Saudi takeover speculation - Some 6.1m passengers travelled through the West London airport last month, up 10% year-on-year, but down on October’s 6.9m figure. It means Heathrow ’s total yearly traffic has hit just over 72m, up nearly a third on the prior 11 months, in which the airport was still struggling with a chequered post-pandemic recovery.

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Secret WWII tunnels set to surface on London stock market - The business planning to turn a secret network of Second World War tunnels under Holborn into a major new visitor attraction has made the first preparations for a London stock market listing, the Standard. The firm, known as London Tunnels, last month changed its name to London Tunnels plc and restructured its shares pending “admission…and trading on the London Stock Exchange’s Main Market,” Company House filings show.

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