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M&S rings up better-than-forecast festive sales but cautions on Red Sea impact

Business | Business News Marks & Spencer has emerged as a festive winner after better-than-expected Christmas sales, but cautioned over stock delays and cost increases from the Red Sea shipping attacks. The high street stalwart became the latest retailer to warn on ongoing issues impacting the important Suez Canal shipping route, with expectations that it will delay new clothing and home stock due in February and March. It does not expect much impact on the food arm, but said the disruption – which is forcing ships to bypass the Red Sea and take longer routes – could push up costs in its clothing and home business. Our plan is not…

The MSG Sphere was a chance to invest in London's cultural life

Business The withdrawal of London's MSG Sphere is more than just a let down for fans—it's a massive blow to our economy. The experience economy is booming, with more people than ever choosing unforgettable experiences over material possessions. And MSG Sphere should never have become a political bargaining chip . The success of Beyoncé and Taylor Swift's recent tours highlight the economic effects these mega events can have, it’s been widely reported the stars brought in $10bn to the US economy and helped dodge an economic turn-down. Innovating in the UK with projects like the MSG Sphere is a gateway to boost the impact these…

Will spiking shipping costs cause inflation to surge?

W hen economists talk about bottlenecks, they typically refer to points in a supply chain that slow down production. The global economy is at present providing a rather literal example of the metaphor. It is as if someone has put a cork in the Suez and Panama canals. In normal times, the canals carry about 10% and 5% of maritime global trade respectively. Now the Panama Canal Authority has capped the number of ships that may traverse its channel, owing to low water levels. Attacks by Houthi militants on ships in the strait of Bab al-Mandab, part of the passage from the Indian Ocean to the Suez Canal, have prompted some of those…

A guide to the Chinese Communist Party’s economic jargon

A new Communist Party slogan was born on January 9th. The phrase, which appeared on the front page of the People’s Daily , a party mouthpiece, defies easy interpretation. A loose translation might read “nine issues that must be grasped”. As is typical of party-speak, it has been abbreviated into a three-syllable catchphrase: jiu ge yi . The issues it refers to include other slogans, such as “breaking free from the historical cycle of rising and falling” and “taking the lead of the great social revolution as the fundamental purpose”. Only by fathoming such principles can one engage in “self-revolution”—yet another slogan, focused on…

Tax deal could get new life under top-line spending agreement

Senate and House tax experts met Wednesday as they pushed to strike a tax deal that could reinstate business deductions in exchange for an enlargement of the child tax credit (CTC). After failing to emerge from the yearly tax extenders debate at the ends of 2023 and 2022, the potential deal is getting new life as Congress attempts to pass a bipartisan spending bill ahead of a Jan. 19 deadline to avoid a partial shutdown. Experts say the tax deal is closer to happening now in the wake of a $1.66 trillion top-line spending agreement announced over the weekend and a flurry of House and Senate meetings. IRS Commissioner Danny Werfel…