Live News: New Tyson CFO arrested for public intoxication and trespassing

Live News: New Tyson CFO arrested for public intoxication and trespassing

The biennial event of a nationally significant US election is upon us with the US midterms. All 435 seats in parliament and 35 of the 100 seats in the senate are on the ballot on Tuesday. Joe Biden is so concerned that last week he hit the campaign trail, ramping up the rhetoric.

Democrats are likely to lose control of the House and the upper chamber is on a knife’s edge. That (or rather the divided government it will create) is bad news for investors, according to Unhedged’s Rob Armstrong. FT columnist Janan Ganesh blames the voters.

Want to know more? This Thursday, FT journalists Edward Luce, Rana Foroohar and James Politi will be joined by veteran commentator Norm Ornstein for a subscriber-exclusive event assessing America’s mid-term results. Register for free today and submit questions in advance to our panel.

You can also subscribe to the Swamp Notes newsletter, which does an excellent job of examining the intersection of money and power in American politics, and is currently free to read.

Across the Atlantic, the COP27 meeting in Sharm el-Sheikh, Egypt, is providing the focus for climate change news in the coming days (and weeks). More than 100 world leaders will attend, including Rishi Sunak after he found time in his diary, but not King Charles.

Again, you can get more insights from the FT. From Monday, FT Live will host a series of in-person, virtual and hybrid discussions with leading sustainability thinkers and senior FT journalists. Each will complement the themes set out in the Presidency’s program that day. Register your interest here.

Financial data

Inflation is the main theme of economic news this week with updates on the Consumer Price Index and Producer Price Index from the US, China, Germany and Japan. Regardless of the number in the US, Fed Chairman Jay Powell made it crystal clear in his comments last week that his team will do whatever it takes to squeeze inflation out of the economy. The consensus is that a 0.7 percent increase in the monthly US figure to create an annual figure of 8.1 percent.

The Bank of England’s gloomy forecasts last Thursday that Britain is entering its longest recession since World War II set the tone for this week’s big British economic news: the first estimate of third-quarter GDP on Friday. This is expected to show a decline of around 0.2 percent quarter-on-quarter.

Business

With strong UK sales and talk of a prolonged recession, UK retail is not in a good place. But this week it could provide some respite – and we’re not just talking about the return of free coffee at Waitrose.

Marks and Spencer will on Wednesday present its first results under new management following the retirement of former chief executive and company lifer Steve Rowe in the summer. His replacement, Stuart Machin, has already set his sights on speeding up the overhaul of the retail area and doubling down on cost-cutting efforts so the focus is likely to be on current trading. Rival Next last week stuck to its full-year guidance after sales stalled in the early fall. M&S investors – which have not paid a dividend since November 2019 – will be hoping Machin does the same.

WHSmith profits are set for a bounce as the world’s travel industry recovers from the Covid lockdowns. Travel revenue, much of which comes from airport retail, was already well above pre-pandemic levels at its last update in early September. Meanwhile, there was little hint of a drop in quarterly results from airport duty-free group Dufry last week.

The main constraint is capacity constraints at major airports, particularly London Heathrow. No doubt it will be discussed further on Monday when Ryanair reports the first half. Budget airlines like Ryanair have to adapt to the end of, er, low-cost airlines, whose response has been to try to take business from the more expensive airlines.

End of season technical results news is likely to continue the gloomy mood. Lyft, which reported on Monday, last week announced significant layoffs, its second round of layoffs in recent months. Lyft isn’t alone among tech companies having to tighten their respective belts, but things don’t look good for the ride-hailing service, a smaller rival to Uber, which is also selling its ride-hailing business.

Elsewhere, we have quite a few drugmaker updates. BioNTech, reporting on Monday, is among several Covid-19 vaccine makers that have begun raising the price of their jabs amid concerns about falling demand in 2023. Airfinity, a health data analysis group, forecasts sales of Covid vaccines to fall by about a fifth to 47 billion dollars next year. There are also concerns for AstraZeneca, which reveals third-quarter figures on Thursday, after the nasal version of its Covid vaccine failed in trials. Better news is expected from the German drug and chemical group Bayer, whose figures are out on Tuesday.

Read the entire week’s calendar here.

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