Crypto News: The London Rush: Business empire strikes back

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Morning, I'm Louise Moon from Bloomberg UK's breaking news team, bringing you up to speed on today's top business stories.

Yet another UK company has joined the chorus of protest against tax rises imposed by Rachel Reeves in her budget.

Concrete and brick manufacturer Forterra said the rise in employers' national insurance contributions will add to "modest levels of cost inflation" next year. As a result, it is in talks with customers about raising prices for 2025.

That's after more than 200 hospitality bosses signed an open letter warning changes to national insurance and the minimum wage could cost the sector £3.4 billion a year "at a conservative estimate." It included chiefs from Whitbread and Fuller, Smith & Turner cautioning drastic job cuts and, in some cases, risk of closure.

And they were just the latest: a string of names from M&S to Wetherspoon and Vistry last week flagged worries over growing costs.

It's a lot of backlash for Reeves to contend with as she plans to stand up and address businesses in a speech at Mansion House on Thursday, where she'll champion free trade and economic growth.

With pressure mounting day by day and "unlocking growth" as elusive as ever, some more tough choices could be coming Reeves' way.

What's your take? Ping me on X, LinkedIn or drop me an email at lmoon13@bloomberg.net. Oh, and do subscribe to Bloomberg.com for unlimited access to trusted business journalism on the UK, and beyond.

Insurer Direct Line had a "challenging" third-quarter in its motor unit as it grows its presence on price comparison websites. Its says its turnaround is early doors, but going in the right direction under new leadership.

The government completed a sale of £1 billion NatWest shares, as it gradually reduces its stake, taking the Treasury's voting rights in the bank to 11.4%.

Heathrow says strong demand throughout summer means it now expects to record 83.8 million passengers this year — almost 3 million more than a previous record in 2019.

Plus, Money manager Schroders is cutting its executive committee from 22 members to just nine, as fresh CEO Richard Oldfield tries to revive its fortunes. Its stock has slumped more than 50% in the past three years.

China's trade surplus nears record $1 trillion, irritating global commerce imbalance.
Delivery Hero plans to list its Talabat unit in Dubai, valuing it at up to $12 billion.
Bitcoin rallies above $81,000 for first time, boosted by Trump's pro-crypto stance.

Here's your daily snap analysis from Bloomberg UK's Markets Today blog:

The victory for Donald Trump at last week's US election has pumped up US stocks, sending them to new highs, and has caused Bitcoin to go hurtling past the $80,000 mark.

As has become customary, however, the FTSE 100 is missing the party. On the day of the election, the UK index initially rallied along with stocks in Europe and the US. By the end of the day, gains had been confined to US benchmarks. It remained that way for the rest of the week.

It has meant the FTSE 100 has fallen for three weeks in a row, its worst run of weekly declines since June. And it is even sitting closer to the 8,000-point mark than a new record, a level it has only sustainably been above since April.

When the dust settles, there will likely be some winners that move higher along with the US. But, so far, the post-election rally has been America first.

— Sam Unsted

Check Bloomberg UK's Markets Today blog for updates all day.

Both AstraZeneca and Vodafone are due to update tomorrow.

For the pharma giant, eyes will be on operating margin progress and any commentary on the Beijing's investigation into its China unit.

Vodafone, meanwhile, is set to post its worst quarter this year as Germany (its largest market) continues to cause trouble, according to Bloomberg Intelligence.

Tommy Ricketts is the CEO of BeZero Carbon, a global ratings agency for the carbon market. He co-founded the company in 2020 after a stint as a financial analyst at Bank of America.

What made you pick your job? My best friend Tom is in the band Jungle. We were at South Africa v Italy World Cup in Japan in 2019, and he was talking about how his world tour was very environmentally unfriendly. I had written a lot of research on the rise of ESG. That conversation started it. We came up with the name on the spot and I bought it that minute.

How do you save time? I do five things at once at all times. I'm really militant about trying to get home for 6pm, put my phone in my bag and put my kids to bed.

Where do you go for a working lunch? City Caphe — Vietnamese in Ironmonger Lane.

What book do you always recommend? Things Fall Apart by Chinua Achebe. I like post-colonial literature. It's also the name of The Roots' best album, which is unbelievably academic of a trendy, New York hip-hop band.

Top podcast recommendation? I don't have time to listen to podcasts, I would rather read. I do listen to Radio 3 and Test Match Special.

Who's your dream dinner party guest? C.L.R James. He was a journalist for the Manchester Guardian, wrote Beyond The Boundary, and was a leading figure of a movement called Pan-African Nationalism. He's just a massive legend.

What do you most want to achieve in your career? I'd like to show this could be a profitable venture. If you can build a business that makes a profit, from scratch, in a brand new industry, in a brand new category, I think that's a pretty good achievement.

At the start of my career, I remember someone telling me… I don't care what you do, you have to be the best at it — if it's diligence, being punctual, detailed. And then work at other things. Excel at your strengths, that's how you differentiate in a very competitive world.

China is an increasingly unlikely place for a premium Western label to be targeting for growth, as consumers pull back and the dominance of domestic brands builds. But which Canadian yogawear brand is booming in China?

Pedestrians and shoppers on Nanjing Road, Shanghai.

[Friday's answer: The term "special relationship" was coined in 1946 in a speech by Winston Churchill.]

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