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- Business and finance update 25th November 2024
Business and finance update 25th November 2024
Inflation surprise
Good morning. Today we're talking about the latest UK inflation data, Ford cut backs and Google’s order to sell Chrome.
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Inflation surprise
UK inflation unexpectedly accelerated to 2.3% in October, ahead of expectations and raising concerns about the Bank of England's monetary policy stance. The rise, primarily driven by higher energy costs, has dampened hopes for further interest rate cuts. Two months ago, inflation was down at 1.7% – comfortably below the 2% target. The central bank had been anticipating a more gradual decline in inflation but may now need to adopt a more cautious approach to interest rate reductions to ensure price stability. While the October rise may seem small, it's the biggest inflation pickup between months for two years. This could mean the UK faces higher-for-longer interest rates which could stifle consumer spending, complicating the already tricky growth prospects in the world’s sixth-biggest economy.
Ford cutbacks
Ford has announced plans to cut approximately 4,000 jobs in Europe, primarily in Germany and the UK. This decision comes as the American automaker grapples with weak demand for electric vehicles and increased competition from subsidised Chinese manufacturers. The job cuts, which represent around 14% of Ford's European workforce, will impact various departments, including product development, finance, human resources, and government affairs. The company aims to streamline its operations and reduce costs in response to the challenging market conditions. Carmakers have endured falling sales across their models, but they have also criticised regulations in the UK and EU that force them to move away from petrol and diesel-powered vehicles in favour of selling more electric cars. However, high costs and supply chain disruptions have slowed down the transition.
Google’s Chrome order
Google has officially been asked to sell its Chrome browser as part of a broader antitrust settlement with the US Department of Justice (DOJ). This drastic measure is being considered in response to the company's dominance in the search engine market. The DOJ's proposed order also suggests that Google may need to sell its Android mobile operating system or unbundle its suite of services, including Search, Maps and YouTube. Additionally, the company could be restricted from using user data to train its AI models. If implemented, these measures would have significant implications for Google's business model and its ability to compete in the digital marketplace. Google currently holds an estimated 88% share in the search engine market. A potential breakup could open the door for rival search engines like Microsoft's Bing and Apple's Safari to gain significant market share. Google said it plans to appeal the case, and the judge will make a final call in August 2025.
Elsewhere...
Rebranding: The boss of Jaguar has defended the company’s move away from “traditional automotive stereotypes” after a clip of its new advert was met with a barrage of “vile hatred and intolerance” online.
Luxury slump: Mulberry is cutting a quarter of its head office staff, as the beleaguered British luxury handbag maker reported that half-year sales slumped by almost a fifth and losses had widened.
Takeover talk: Potential suitors have again begun circling ITV, Britain’s biggest commercial broadcaster, after a prolonged period of share price weakness and renewed questions about its long-term strategic destiny.
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