Business news today

US stock markets fell sharply on Thursday following the Democrats' success in midterm elections, with investors concerned that the new Democratic-controlled Congress and state governments will impose restrictions on data centre expansion and AI infrastructure. The tech-heavy Nasdaq fell over 5% into correction territory, with the S&P 500 down 3.2% to 3.6% and the Dow Jones down 2.1% to 3.44%, with single-day losses totalling trillions of pounds. Voter opposition to data centres was prominent in the elections: in at least 46 of 50 ballot measures across the country, Americans voted against new data centre construction. Chipmakers led losses, with Nvidia down 9% to 10% and Broadcom down 9% to 10%. Some tech leaders acknowledged they needed to improve communication about data centres and AI. The sell-off spread globally, with Asian chip stocks falling sharply on Friday.

Virgin Australia is reopening its exclusive Beyond Lounge service in Perth early next year, a service that closed during the Covid-19 pandemic. The airline is also undertaking a multimillion-dollar refurbishment of its Brisbane domestic lounge, to be completed by mid-2027, which will add 100 seats and include new furniture and upgraded facilities. Chief executive Dave Emerson said the investments reflect the importance of the lounge experience to frequent business travellers.

Japan's Nikkei stock benchmark tumbled more than 6% when trading opened on Friday. The decline followed a widespread sellout of artificial intelligence-related stocks on Wall Street, where the S&P 500 fell 4.4% on Thursday, its worst day since April 2025.

Asia's tech-heavy markets fell sharply on Friday as fear of regulatory scrutiny and a slowdown in AI development triggered the steepest fall in US stocks since 2023. South Korea's KOSPI dropped more than 8 per cent, halting trading for 20 minutes, while Japan's Nikkei fell 5 per cent. The Nasdaq sank 5.5 per cent and $3 trillion was wiped off S&P 500 companies as investors worried that Democrats, who swept midterm elections this week, will apply the brakes to the AI boom.

Port Augusta City Council is seeking clarification from Firmus Technologies and the South Australian government over a proposed 1300-megawatt data centre in the mid north. The council has raised several concerns including water usage, noise pollution and potential impacts on road infrastructure. The company says the development would use 345 megalitres of water annually, with greater demand during hot weather.

The new-generation BMW iX3 electric SUV has received a price increase of $2,600 just four months after launching in Australia. The iX3 50 xDrive M Sport is now priced at $112,500 before on-road costs, up from $109,900 announced in March 2026. BMW said the increase reflects market conditions and portfolio positioning, with no equipment changes to the vehicle.

Sara Lee's one-litre ice cream tubs have disappeared from Coles and Woolworths shelves. Coles delisted the five-flavour range in October following a review of its ice cream range, while Woolworths stopped stocking it about two years ago. Sara Lee said the ice cream is now exclusively available at selected independent retailers. Shoppers expressed disappointment on social media, with some questioning the decision to delist an Australian-made product.

Coles has halved its chief executive's short-term bonus to $800,055, from $1.6m, following a series of scandals and falling sales. The supermarket fell behind rival Woolworths for the first time in almost two years on a sales basis, wiping $2bn from its value. The board cited worker underpayments and a misleading marketing case in the Federal Court as factors in the pay cut.

GWM Australia has confirmed its first V8-powered model will arrive in 2027 without plug-in hybrid technology. Chief operating officer John Kett said the model will be a pure V8. The company is expected to bring the Tank 700 off-road SUV to Australia, which GWM global chairman Jack Wei said will offer a V8 engine to meet demand from markets including Australia and New Zealand, reversing the trend towards electrification in China.

Property website Zoopla has identified more than 30 towns across the UK where homes can be bought for less than two years' household earnings. Across 929 towns analysed, the typical home costs £299,100, equivalent to 4.3 times annual household earnings. Shildon in County Durham was named the most affordable town, with homes costing 1.15 times two full-time annual wages.

UK shopper footfall fell 4.7% year-on-year in October, worsening from a 2.9% drop in September, as stormy weather and rising household costs combined to deter consumers. High streets were hit hardest with visits down 5.2%, while retail parks fell 3.6% and shopping centres 4.1%. Wales saw the steepest decline at 6.3%, followed by England at 4.6%, Scotland at 4.3% and Northern Ireland at 3.1%.

Salon, one of the early internet's most influential websites featuring political and cultural journalism with a liberal perspective, announced Thursday it would shut down after 31 years. The outlet cited how 'the business realities of independent digital journalism have changed profoundly over the years'. Some employees have already lost their jobs, though the announcement did not immediately detail the fate of staff.

US stock markets surged on Wednesday following Democrats' victories in Tuesday's midterm elections, which gave the party control of both the House and Senate. The Dow Jones Industrial Average rose more than 1,200 points, the S&P 500 gained 1.7% and the Nasdaq Composite climbed 2.1%. Analysts attributed the rally to investor relief at post-election certainty and the prospect of a divided government that could limit dramatic policy shifts. President Trump's acceptance of the results, announced to journalists on Tuesday evening, also eased market concerns. However, some tech stocks fell on expectations that Democrats would pursue stricter regulation of artificial intelligence and data centre expansion.

Oil prices fell sharply following the midterm elections, with crude dropping below $90 a barrel as analysts believe the results increase pressure for a diplomatic settlement of the Iran conflict. Vice President JD Vance attributed Republican losses to the war. Energy experts predict fuel prices will continue to decline, with gasoline potentially dropping below $4 a gallon within days.

Pet food manufacturer Alphia plans to lay off 93 workers at its Pawnee City, Nebraska facility starting in February 2027, as it transitions from manufacturing to warehouse and distribution operations. The company notified the Nebraska Department of Labor through a WARN Act letter. Some affected employees will be offered transfers to Alphia's facility in Bern, Kansas, approximately 20 miles away.

Defence contractor Lockheed Martin has agreed to pay $29.5 million to settle federal allegations that its diversity and equity initiatives led to discrimination against white workers. The company will pay $22 million to the US government and $7.5 million to over 1,000 affected employees. Lockheed Martin denied the allegations but said it agreed to the settlement to avoid prolonged litigation.

Environmental and human rights groups have filed 14 legal complaints with European financial regulators and prosecutors against JBS, the world's largest meatpacker, accusing it and its financial advisers of facilitating money laundering linked to illegal Amazon deforestation in its Brazilian beef supply chain. The complaints were filed with authorities in Britain, Ireland, Germany and the Netherlands, along with a separate criminal referral to Dutch prosecutors. JBS said it has monitored cattle suppliers in the Amazon since 2010 using satellite imagery and geo-referencing.

More than 320,000 Vauxhall vehicles are affected by an urgent airbag recall. Owners have been advised not to drive the affected vehicles.

Kanye West has returned to the fashion runway for the first time in four years with his Yeezy label's 'Season 01' show in Los Angeles. His wife, Bianca Censori, attended front row wearing a sand-coloured catsuit unzipped to her navel, whilst his stepdaughter North West, 13, wore an oversized black outfit. West's three younger children with ex-wife Kim Kardashian—Saint, Chicago and Psalm—also attended. The show opened Droam 1, Yeezy's first brick-and-mortar flagship store on Beverly Boulevard.

Charles Tyrwhitt is opening a new store in The Maltings shopping centre in St Albans on Saturday, 7 November. The 1,320 sq ft shop will be the retailer's 46th UK store and only the second without a traditional till, using a mobile-first approach to allow staff to interact more freely with customers. The opening marks the company's 40th-anniversary celebrations. Customers will receive complimentary drinks and the first 20 shoppers to make a purchase will receive a gift.

The Bank of England's monetary policy committee has voted unanimously to raise the base interest rate to 4% from 3.75%, the first increase in more than three years. The central bank said the rise was warranted because inflation in the UK economy was rising and would continue to rise amid the war in Iran. All nine committee members backed the hike, though Catherine Mann preferred a larger 0.5 percentage point increase. Higher rates typically reduce inflation by making borrowing more expensive, which can weigh on demand and limit price increases. The increase will push up monthly mortgage payments for homeowners on tracker rates, though those on fixed-rate mortgages will not immediately feel the impact. The Bank indicated that borrowing costs would likely rise further if the conflict continued unresolved.

David Jones, an Australian department store operating for 188 years, has entered voluntary administration after being unable to pay rent to its biggest landlord, Westfield owner Scentre Group. Administrators from McGrathNicol are seeking either a recapitalisation or a buyer to save the business. Retail experts say department stores must improve in-store customer experience to survive competition from online retailers.

The Bank of England's Monetary Policy Committee voted 8-1 to raise the base rate from 3.75% to 4%, the first increase in more than three years. Catherine Mann dissented, preferring a larger 0.5 percentage point rise. The MPC acted to combat inflation, now at 3.5%, which the Bank expects to reach nearly 5% by mid-2027 due to elevated oil prices resulting from the Iran conflict. Governor Andrew Bailey said further rises were likely unless the Middle East conflict is resolved, though he cautioned against viewing today's move as the start of an inevitable series of hikes. The decision will immediately affect around 510,000 homeowners on tracker mortgages, with typical monthly payments rising by £30.72.

Bread Source is opening the Stock Room, a new shop and wine room next to its bakery in Norwich's Upper St Giles Street. Footage of the refurbished space has generated customer excitement on social media. The shop will stock bakery ingredients, pantry items, coffee and wine, with a wine room at the rear offering a self-serve tasting system, charcuterie, artisan cheeses and ready meals.

US stocks have dropped sharply, with the Nasdaq approaching correction territory as steep losses in chip and data centre-related stocks led the decline. This came a day after the Democrats' election victory had powered a broad-based rally. Concerns about potential changes to artificial intelligence policy under a new administration may be driving the sell-off.

Fashion retailer Lefties, often compared to Primark for its affordable prices, has opened its second UK store and first in southern England at Lakeside Shopping Centre in Essex on 29 October. The store on Level 2 in the Central Atrium offers womenswear, menswear, childrenswear and homeware collections, alongside retail technology including assisted checkouts and smart fitting rooms. Robert Jewell, managing director of asset management at Pradera which manages Lakeside, said the opening marks 'the next chapter' in the shopping centre's evolution as a super-regional destination.

The White Hart in Fyfield, Oxfordshire, has been ranked 11th in the Good Food Guide's 100 best pubs. Landlady Kay Chandler, who runs it with her husband chef patron Mark Chandler, said the ranking was 'such a huge achievement' for their village pub. The Bull in Charlbury came 63rd, whilst the Feathered Nest Country Inn in Nether Westcote was also included in the 2026 list.

The Competition and Markets Authority has approved The Co-operative Group's takeover of Southern Co-op, which will add 330,000 members and about 300 sites to the Co-op's operations. The CMA initially raised concerns that the merger could substantially lessen competition, but accepted remedies including the sale of 15 convenience stores and two funeral homes. The deal, announced in April, will combine over 300 years of co-operative heritage.

Wendy's board unanimously rejected a $1.4 billion takeover proposal from Trian Fund Management, led by activist investor Nelson Peltz, along with BlueFive Capital, Sixth Street Partners and Flynn Group. The board said the offer of $7.35 per share substantially undervalues the company and does not reflect potential gains from its turnaround strategy under CEO Bob Wright. Wendy's adopted a shareholder rights plan, or 'poison pill', to protect against a hostile takeover after the investor group rejected a standstill agreement.

Dianna Russini has been telling people around the NFL that she will announce a new job next week, according to reports. The former NFL insider resigned from The Athletic in April after photos emerged of her at an Arizona resort with New England Patriots head coach Mike Vrabel. An industry source told the New York Post that Russini will be 'headlining her own show' on a digital platform launching next week. The exact platform and nature of the role remain unclear, though reports suggest it may involve a gambling or prediction provider.

Broom Boats, a famous Norfolk boatbuilder based in Brundall, has unveiled the exterior design of its latest hand-built motor cruiser, the Broom 350. The vessel, now available to order, represents a major step in the company's return to new-boat manufacturing. It will be offered in both inland and coastal configurations, with engine options ranging from a single 57-horsepower engine to twin 170hp units.

BT has cut almost 8,000 jobs since March, reducing its workforce to 90,000, as part of a sweeping cost-cutting drive. The telecoms company simultaneously acquired TalkTalk's consumer and wholesale businesses from administration last month for £400m, taking on 2.5m customers and 900 TalkTalk employees. Chief executive Allison Kirkby refused to rule out further redundancies at TalkTalk while the deal remains under regulatory review. The cost-cutting has boosted pre-tax profits 12 per cent to £1.1bn, though cash generation fell 59 per cent. Rival Virgin Media O2 has criticised the deal as a 'stitch up', and the Competition and Markets Authority is investigating by 19 October.

The pound has hit its highest level against a basket of 18 major currencies since the Brexit referendum over a decade ago, reaching 86.4 on the Bank of England's sterling effective exchange rate index on Wednesday. The pound has also gained notably against individual currencies, rising over 5.7 per cent against the euro in the past year and 3.5 per cent against the dollar. The strength reflects expectations of an interest rate rise by the Bank of England on Thursday, the first in over three years, and a weakening of the dollar following the US midterm elections.

CVS Health announced Wednesday that it will split into two separate publicly traded companies by the first half of 2028. The move separates the company's roughly 9,000 retail pharmacies into CVS Pharmacy, while its insurance business Aetna and pharmacy benefits manager Caremark remain together as CVS Health. Current CEO David Joyner will lead the insurance company, with Prem Shah heading CVS Pharmacy. The breakup reverses the company's 2018 acquisition of Aetna for $78 billion and comes as pharmacy benefit managers face growing political and regulatory scrutiny over their role in the US drug supply chain.

A survey by Offshore Energies UK found 65% of Labour voters want the government to approve Rosebank, the UK's largest untapped oil field off north-west Shetland, despite the party's 2024 manifesto pledge to grant no new oil and gas licences. Only 17% of Labour supporters opposed the project. Overall, 55% of the public backed increasing domestic oil and gas production, with 63% supporting Rosebank specifically. Some Labour MPs, including Richard Burgon, have criticised the government's approach to North Sea approvals.

The Bank of England's Monetary Policy Committee has raised the base rate from 3.75% to 4%, the first increase since August 2023. Governor Andrew Bailey said the rise was warranted by inflationary pressure from rising energy prices linked to the conflict in the Middle East, and warned that further increases are likely unless the conflict is resolved. Homeowners with tracker mortgages will see immediate increases in monthly repayments, with calculations suggesting payments could rise by up to £708 annually for some borrowers.

Marks & Spencer has reported adjusted pre-tax profits of £403.2 million for the six months to 26 September, more than double the £184.1 million a year earlier, as it recovered from a cyber attack that shut its website for six weeks over Easter 2025. The retailer's food business performed ahead of plan, but its fashion, home and beauty arm remained below pre-attack levels due to lingering disruption. The company absorbed around £35 million in additional costs from packaging taxes, pay rises, national insurance, and Middle East disruption. Meanwhile, Asos revealed that a cyber attack on 6 October had cost it between £4 million and £8 million in lost sales, representing 2 to 4 per cent of gross merchandise value. Chief executive José Antonio Ramos said the impact had dissipated by November and would prove temporary. Asos returned to pre-tax profit of £24.4 million in the year to 26 August, swinging from a £282 million loss the previous year.

Amazon and Uber have formed a partnership making Uber Eats the official restaurant delivery service for US Prime subscribers. Prime members will receive free delivery on orders of $25 or more when ordering through Amazon's website or app, without needing an Uber account. The deal ends Amazon's previous arrangement with Grubhub, which provided Prime members with free Grubhub+ access.

Viral burger chain Smoke & Pepper will open at The Meadows Shopping Centre in Chelmsford on 9 November, bringing its signature smash burgers and flame-grilled chicken to the city. The restaurant will offer 50 per cent off orders on 14 November between 2pm and 8pm, excluding brisket, drinks and desserts.

Gordon Brothers, which acquired Poundland for £1 last year, has filed a notice to appoint administrators, putting roughly 11,000 jobs at risk. The US owner said on Thursday it remains in 'active discussions' with interested suitors and is pursuing 'all avenues' to protect jobs and preserve value. Gordon Brothers launched a sale process in September and has 10 working days of breathing space from creditors to secure a rescue deal. The retailer is described as 'challenged and vulnerable' despite receiving solvent takeover offers. Executives held separate meetings with government ministers on Wednesday as political pressure mounts.