Global markets steady and Google in hot water stateside
Plus, Pringles-owner shares leap amid takeover talk, Twickenham renamed and why we should end the fantasy of the “turnaround CEO”
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Business Agenda
A summary of the most important business news
1. Whispers of another Black Monday have subsided for now as global markets have started to steady. After sharp falls yesterday, Japanese stocks surged 9.3 per cent today. Europe markets are showing signs of stabilising, the London starting to trend back up at the time of writing. You can read more here.
2. A US judge has ruled that Google acted illegally to maintain a monopoly on online search and advertising, marking a significant blow to its parent company, Alphabet. This landmark decision could reshape how technology giants operate, as it challenges Google’s dominance in the market. The US Department of Justice’s lawsuit highlights Google’s extensive payments to secure default search engine status on various platforms, raising concerns about fair competition in the industry. You can read more here.
3. Warm summer weather spurred a modest recovery in UK retail sales last month, with a 0.5 per cent year-on-year increase in July, driven by purchases of summer clothes and health and beauty products. However, consumers continued to cut back on big-ticket items like furniture and household appliances due to the cost-of-living crisis. Despite this retail uptick, overall consumer card spending fell by 0.3 per cent as discretionary spending remained selective, though pubs and bars saw a significant boost from football fans watching the Euros. You can read more here.
4. Shares in Kellanova, the maker of Pringles, surged nearly 20 per cent after it emerged that Mars was considering a takeover of the $27bn company. This potential acquisition, one of the largest in the packaged food sector, has driven Kellanova’s stock to $74.33 amid broad market declines. Analysts suggest this deal could prompt further consolidation in the industry, with Kellanova possibly fetching upwards of $87 a share and other companies like Cadbury-owner Mondelez also seen as potential suitors. You can read more here.
5. The Rugby Football Union (RFU) has announced a multi-year partnership with insurer Allianz. As part of the agreement, the home of England Rugby, Twickenham Stadium, will become ‘Allianz Stadium’ from September. The 82,000-capacity arena becomes the eighth venue of the same name across the globe. While it’s a move that’s largely been criticised by fans and pundits, a cash injection into a sport that has lost three Premiership clubs in two years may be a step in the right direction. You can read more about the partnership here.
Business Question
When was the London Stock Exchange founded?
- A. 1801
- B. 1888
- C. 1902
- D. 1930
The answer can be found at the bottom of the page.
Business Thinker
Deep dives on business and leadership
By Sarah Vizard
🧙 Why we should end the fantasy of the “turnaround CEO”
Rory Stewart, the former secretary of state for international development and co-host of The Rest is Politics podcast, has written a fascinating piece about how his time working in international development changed his thinking about leadership. He describes a visit to Rwanda with the nonprofit GiveDirectly in which instead of “turning up with a complex idea developed thousands of miles away to change everyone’s life”, they simply gave every family $1,000 to spend how they saw fit. It was transformational. And, he says, it holds a profound lesson in leadership. “It turns radically against the single heroics of the individual, inverting our entire mental model of what leadership means to encompass a whole network and community.”
🍻 Sobering times for UK alcohol-free bars as many struggle to survive
Following on from the news yesterday that Love From, a pop-up alcohol-free bar in Manchester, shut down at the end of July, The Guardian has done a deep dive into the economics of bars that don’t serve booze. It’s One issue: customers who aren’t drinking alcohol simply don’t order as many drinks as those who are.
💉 These steroid-era records were unbeatable. Until these guys came along
Many of the world records in the throwing events in athletics are from an era when there was rampant doping and lax testing. At this time, men and women with massive physiques dominated. And to try to beat those records, for years coaches followed the same strategy. But now, by focusing on technique and early training, it finally looks possible to beat those throws. The Wall Street Journal takes a deep dive into how rethinking a problem can lead to a new solution.
Business Quote
Inspiration from leaders
“There is no chance, no destiny, no fate, that can circumvent or hinder or control the firm resolve of a determined soul.”
– Ella Wheeler Wilcox
Business Leader
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Niki Turner-Harding, UK and Ireland country head at Adecco, explores the balance between technology and human interaction, highlighting the importance of AI literacy and soft skills. With employees eager to embrace AI, the focus shifts to creating strategies that blend technological advancements with human talent.
She shares insights on overcoming challenges, promoting internal mobility, and making work more meaningful through thoughtful AI integration. You can read the article here.
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And finally…
British tourist’s photos of a glacier in the Swiss Alps taken almost exactly 15 years apart have gone viral on X. In the original photo, on the left, Duncan Porter and his wife are pictured at a viewpoint by the Rhone glacier in August 2009. Two days ago, they were back at the same spot.
The backdrop, however, couldn’t be more different. In the first, the ice of the glacier is flowing behind them. In the second, that has been replaced with grey rock and a large green lake.
The post has had more than 4.1 million views, 78,000 likes, 10,000 shares and 2,500 comments. Scientists estimate the Rhone glacier has shrunk by about a quarter in the decade and a half between the two pictures.
The Guardian has spoken to Porter. You can read their piece here.
The answer to today’s Business Question is A. 1801.
