Business

Supermarkets, including Sainsbury’s and Tesco, are concerned about Labour's increase in employer national insurance contributions which could significantly add to their costs, leading to job losses and higher prices for customers. Companies like Asda, Sainsbury’s, and Marks & Spencer have already warned of millions in extra costs, potentially resulting in higher inflation rates and impacting interest rates, with experts predicting inflation to rise by 0.4% and interest rates to reach 4.75% by the end of the year. Full Article

Disclosure: Entrepreneur features products and services that may be of interest, with the potential for revenue share from sales. Microsoft Project 2021 offers a versatile project management tool for businesses to set milestones, plan budgets, assign tasks, automate scheduling, run scenarios, and visualize progress efficiently. With a lifetime license available for $17.97, entrepreneurs can streamline project organization and success within a limited time frame. Full Article

In the Unlock the Editor’s Digest, large UK retailers like Tesco and Marks and Spencer warn Chancellor Rachel Reeves of potential annual costs up to £7bn post-Budget changes, leading to job losses and higher prices for customers. These retailers, including Kingfisher and Morrisons, highlight concerns over increased employer NI contributions and lower earnings thresholds, urging for discussions with the Treasury to address these issues and propose solutions for a phased introduction of new thresholds and delayed implementation of packaging levies. Despite criticism, the Treasury defends the Budget changes, emphasizing the need for economic stability and growth to support businesses. Full...

A mural promoting bicycle travel as a means to 'arrive happy' was displayed outside a Walmart Home Office location in Bentonville, Arkansas on Monday. Walmart will report before the bell on Tuesday, with the stock up 14% since last quarter. Lowe's earnings are also on the docket, with the stock up 13% in the past three months and 22% year-to-date. Lumber prices are pressuring homebuilders, with stocks falling sharply in the past month, while Electronic Arts and Take-Two Interactive shares hit highs on Monday. SpaceX Starship is set for a key test on Tuesday evening, with Cathie Wood's ARK Venture...

The percentage of remote workers has nearly tripled globally from 10% in 2019 to 28% in 2023, with online freelance work being a popular holiday side hustle for 66% of Americans. A study by Search Logistics identified the most in-demand skills for remote hires, including teamwork, analytical thinking, software development, problem-solving, Java, SQL, data analysis, leadership, sales, and customer service, with corresponding job categories and average annual salaries. Full Article

Oil futures rose on Monday, reaching their highest level in over a week, following President Joe Biden's decision to allow Ukraine to use U.S.-supplied long-range missiles to target deeper into Russia, a major oil producer. This move led to increased geopolitical tensions and concerns about potential disruptions in the global oil supply, driving prices higher. Investors responded by pushing oil futures up as they monitored the situation closely for further developments. Full Article

New research from Hargreaves Lansdown reveals that 19% of people are unaware of their pension contributions, rising to one-third among over-55s. With retirement costs increasing, understanding one's financial needs is crucial. Employers automatically contribute 3% to a pension scheme, and increasing personal contributions can lead to significant growth over time. Considerations such as salary sacrifice arrangements and the impact of pension changes should be factored in when assessing pension contributions. Full Article

Thousands of farmers protested at Downing Street against Chancellor Rachel Reeves' cuts to agricultural property relief (APR) in the Autumn Budget, impacting family farms and investors. The National Farmers Union (NFU) held rallies nationwide and lobbied MPs in Westminster. Reeves' changes to APR and business property relief (BPR) will limit farmers' ability to pass on assets, potentially leading to significant tax burdens and jeopardizing multi-generational farming businesses. Full Article

Meal replacement company Huel has seen a significant increase in profits, with pre-tax profit almost tripling to £13.8mn and revenues growing 16% to £214mn. The brand has expanded its customer base beyond tech bros, now appealing to urban professionals, parents, and weight-loss drug users, thanks to its move into supermarkets and new product categories. Huel's range now includes snack bars, hot and savoury meals, and ready-to-drink bottles, driving its growth and popularity among both men and women. Despite previous plans for an IPO, Huel is now self-funding and focused on expanding its business with long-term committed shareholders, making it an...

US President Joe Biden has authorized Ukraine to launch limited strikes into Russia using US-made long-range missiles, allowing the targeting of Russian and North Korean forces in the Kursk region; a significant policy shift in response to North Korean troop deployment and recent Moscow attacks on Ukraine. The decision to use Army Tactical Missile System (ATACMS) missiles has been long resisted by Biden but is now approved before his term ends, amidst concerns of escalating tensions with Moscow. This move is aimed at strengthening Ukraine's position and increasing the chances of a just end to the conflict, while also potentially...