16th June 2022
Bite-sized business news from the UK and beyond
Good morning An unusual referendum took place this week with the people of Whitby asked if they would like to see new measures to reduce the number of homes being used for holiday accommodation.
Nearly 20% of homes in the Yorkshire seaside town are second homes or holiday lets compared to 8% 20 years ago. It means many locals are priced out of getting on the property ladder with average house prices at £250k versus salaries of less than £20k.
Almost 95% of voters were in favour however the vote doesn’t have any legal weight, but could help shape local planning considerations with a mandate to crack down on second-home ownership.
- TikTok fuels book sale boom
- Return of Netflix hit Squid Game sends shares in studio higher
TikTok fuels book sale boom
Other stories to keep you in the loop
- Cost of living: Eight million households to start receiving support payments in July
- Weak pound puts the squeeze on holiday spending
- Passengers told not to travel by train during rail strikes
- Premier Inn owner bounces back from £1bn loss as tourists return to London
- Sri Lanka government workers get Fridays off to grow food ahead of shortages
- Shares in the company behind BTS sink as Korean boyband announce hiatus
- Twitter is ‘committed’ to Musk takeover despite turbulence
Return of Netflix hit Squid Game sends shares in studio higher
Earlier this week Netflix announced that its widely popular gory survival drama Squid Game would be returning for a second season sending shares in Bucket Studios, a South Korean company linked to the show, up 30%.
As a reminder: Squid Game became an international hit when it was released on Netflix last September and was viewed by over 142m households, making it the streaming giant’s biggest ever show.
Oddly the announcement of the return of the show didn’t immediately benefit Netflix shares which fell 7%. Instead it was Bucket Studios, which owns a stake in the agency representing Squid Games lead actor Lee Jung-jae, that saw a share price jump.
It comes during a tough period for Netflix. The cost of living crisis and increased competition from peers like Disney and Amazon has led to concerns that momentum is slowing after a lockdown-related boom.
Earlier this year the company announced it had lost 200k subscribers in the first quarter of 2022, expected to lose 2m more in the three months to June and was laying off 150 employees.
Netflix shares are down 70% this year, meaning its next financial statement could feature more casualties than Squid Game.
Stat of the day
Yesterday the US Federal Reserve announced a 0.75% increase in interest rates to curb 40 year high inflation, the biggest hike since 1994
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