Britain's competition regulator warns McCormick's $65 billion deal for Unilever's food arm and the AkzoNobel-Axalta paint merger could hurt competition, and gives both until November 18 to offer fixes

The stories

30 on this beat today.

Every story told the same way: what happened, who is involved, why it matters, how it works, the truth and the good news.

1. 01

   Britain's competition regulator warns McCormick's $65 billion deal for Unilever's food arm and the AkzoNobel-Axalta paint merger could hurt competition, and gives both until November 18 to offer fixes

   $65bn

   McCormick plus Unilever's food arm, including debt

   the second-largest food deal on record [1]

   $25bn

   AkzoNobel and Axalta, an all-stock paint merger

   due to complete by early 2027 [6]

   Nov 18

   deadline for both pairs to offer fixes

   or face an in-depth phase 2 investigation [4]

   What happened

   • Britain's competition regulator warned on Wednesday that two big mergers could weaken competition in the UK. [1]
   • One is McCormick's deal for Unilever's food brands, valued at more than $65 billion including debt. [2]
   • The other is the $25 billion all-stock merger of paint makers AkzoNobel and Axalta. [3]
   • Both pairs have until November 18 to offer fixes, or face a deeper investigation. [1]
   • The CMA's worry is dry recipe mixes, like chilli con carne mixes, and dry sauces, like parsley sauce. [1]
   • The deal would join the two biggest brands in those aisles: McCormick's Schwartz and Unilever's Knorr and Colman's. [2]
   • The CMA said Nestle's Maggi, Premier Foods' Bisto and supermarket own brands offer only limited competition. [1]
   • Mustard was cleared, because shoppers do not treat English, French and American mustard as swaps for each other. [1]
   • So the CMA found no overlap between McCormick's French's and Unilever's Colman's and Maille mustards. [1]
   • Unilever had already put its Colman's brand up for sale to ease competition worries. [5] It says talks with buyers are going well. [5]
   • Chris Beckett, an analyst at Quilter Cheviot, said Colman's may now stay unsold. [1] He said McCormick's Schwartz could be offered instead. [1]
   • Both companies say they are working with the CMA on a fix and still expect a timely closing. [2]
   • For the paint deal, the CMA's only concern is coatings for repainting vehicles in the UK. [6]
   • Axalta's owners get 0.6539 AkzoNobel shares for each Axalta share. [3] AkzoNobel's owners will hold 55% of the new company, and Axalta's 45%. [3]
   • The pair will offer the fix they already agreed with the European Commission: selling AkzoNobel's European refinish business. [6]
   • McCormick's shares were down 2.1% on Wednesday afternoon, while Unilever's were little changed. [1]

   Who is involved

   The regulator is the Competition and Markets Authority, or CMA. [1] After a deeper review it can clear a deal, clear it with conditions, or block it. [1]

   McCormick is a US spice maker that owns French's mustard and Frank's RedHot sauce. [1]

   Unilever is a London-based consumer goods group whose food arm sells Knorr, Maille and Colman's. [4]

   AkzoNobel, based in Amsterdam, and Axalta, based in Philadelphia, call their deal a merger of equals. [3]

   • McCormick a US spice maker, owner of French's and Schwartz; it is merging with Unilever's food arm
   • Schwartz McCormick's brand
   • Knorr and Colman's Unilever's brands
   • AkzoNobel and Axalta Dutch and US paint makers planning a $25 billion merger; they offer to sell a car-paint arm
   • Axalta Philadelphia
   • The Competition and Markets Authority (CMA) Britain's competition regulator; it gave both pairs a week to offer fixes
   • Unilever a London-based consumer goods group; it is splitting off its food brands, such as Knorr

   How it unfolded

   In May, AkzoNobel turned down a joint bid from Sherwin-Williams and Nippon Paint that would have split it in two. [3]

   The food deal cleared a key US hurdle on October 5. [1] The firms expect to close it in mid-2027. [4]

   Unilever's boss, Fernando Fernandez, is reshaping it around faster-growing beauty and personal care. [1] It spun off its ice cream business last year. [1]

   1. Wednesday the two warnings
   2. Nov 18 deadline for the companies' fixes [1]
   3. October 5 US approval
   4. Mid-2027 expected close
   5. November 18 offers due
   6. After accept, or a deeper review
   7. March Unilever says it will combine its food arm with McCormick [1]
   8. Oct 5 the food deal clears a key US hurdle [1]
   9. Nov 11 the CMA warns on both mergers [1]

   Why it matters

   The CMA said the merger would make it hard for rivals to enter or grow in dry mixes and sauces. [2]

   The offers made by November 18 decide whether the food deal goes on to a deeper review. [4]

   How it works

   Competition regulators call a promise like this an undertaking: a fix, such as selling a brand, offered to win approval. [4]

   AkzoNobel offers to sell its European refinish arm, which would remove the overlap the CMA objects to. [6]

   Seen it before

   When two of three ice cream vans merge, selling one to a newcomer keeps three on the beach.

   The truth

   • What is really going on One regulator's week now decides the shape of two mergers worth $65 billion and $25 billion. [1]
   • Neither company has said what it will offer. [1] The idea that Schwartz could be sold is one analyst's guess. [1]
   • Nobody knows yet

     Which fix the CMA would accept from McCormick and Unilever.

     Neither company has named its offer, and the idea that Schwartz could be sold is one analyst's guess. [1]

   • Nobody knows yet

     How big the McCormick deal really is.

     Dow Jones values the combined company at more than $65 billion including debt, while Alliance News calls it a 33.8 billion pound merger of the food arm. The two measure different things. [2][4]

   What comes next

   Watch whether the CMA accepts the offers or opens a deeper phase 2 investigation. [4]

1. 02

   Nvidia's board moves to remove its founder

   What happened

   • Nvidia's shares fell more than 8% to $158.78 after Wednesday's close. [15] The Wall Street Journal reported that its board is preparing to oust boss Jensen Huang. [15]
   • Rival chip makers AMD and Broadcom rose 4% and 3% in the same after-hours trading. [15]

   Who is involved

   Nvidia supplies many of the most advanced chips to the big cloud companies. [16] It was worth about $4.1 trillion at Wednesday's close. [17]

   On Wednesday, The New York Times reported a second relationship, with Kimberly Powell, Nvidia's vice president of health care. [18]

   Some board members favour finance chief Colette Kress as a stand-in boss, Semafor reported. [16]

   • Kimberly Powell Nvidia vice president, health care
   • Jensen Huang founder and boss
   • Colette Kress finance chief

   How it unfolded

   Huang admitted on November 8 to an affair with a woman US officials believe works for China's spy agency. [17]

   1. November 8 Huang admits an affair
   2. Wednesday a second relationship reported

   Why it matters

   Nvidia is about 6% of the S&P 500 index. [17] So it sits inside the funds behind millions of US retirement savings. [17]

   Fortune counts more than $450 billion of value lost since Huang's admission, citing CBS News. [17]

   How it works

   Management experts call it succession planning: deciding early who can take over the top job. [18]

   Nvidia has no board chair, no chief operating officer and no clear succession plan. [18] Analyst Gil Luria said it is not prepared for a change. [18]

   Seen it before

   A band whose singer writes every song has no plan for the night the singer is ill.

   The truth

   • The board's plans were reported by people familiar with them, and the full board had not decided. [16] Nvidia did not immediately comment. [16]
   • Nobody knows yet

     Whether Nvidia's board will actually remove Jensen Huang.

     The reports come from people familiar with the board, and the full board had not decided when they were published. [16]

   What comes next

   Nvidia reports its quarterly results next Tuesday. [19]

2. 03

   Bond prices fall around the world

   What happened

   • Government bond prices fell around the world after Tuesday's US price figures, pushing borrowing costs up. [8]
   • The trigger was US core prices, which leave out food and fuel. [8] They rose 0.3% in October against a forecast of 0.2%. [8]
   • US central bank governor Christopher Waller had said a 0.3% reading would make him consider a half-point rise. [8]
   • The US 10-year yield rose to 5.01% in Asian trading. [8] Japan's 10-year yield had its biggest jump since March. [8]
   • Germany's 10-year yield held at 3.307% after its sharpest rise since September. [8]

   Who is involved

   Chicago's central bank head, Austan Goolsbee, called the report "borderline disturbing". [20]

   Why it matters

   Rising US yields pulled up borrowing costs in Europe and Japan too. [8]

   How it works

   Bond traders call a bond's yearly return its yield: when a bond's price falls, its yield rises.

   New US 10-year bonds now pay 5.01%, so older bonds paying less sell for less. [8]

   Seen it before

   If new savings accounts pay more, an old one paying less is worth less to anyone buying it.

   The truth

   • US bond markets were shut for Veterans Day, so much of the move came in thin trading. [8]
3. 04

   The dollar climbs to a 19-month high

   What happened

   • The dollar rose against most big currencies on Wednesday, as traders raised bets on a December US rate rise. [9]
   • The dollar index, which tracks it against six currencies, rose to 102.90, its highest since April 2025. [9]
   • Against the yen it rose 0.69% to 159.84, close to 160. [9]
   • The euro fell 0.65% to $1.11, its lowest since May 2025. [9]
   • Traders now put an 87% chance on a quarter-point US rise in December, up from about 70% a month ago. [9]

   Who is involved

   Goldman Sachs now expects US rises in December and March. [9] Deutsche Bank expects December, January and March. [9]

   • Goldman Sachs December and March
   • Deutsche Bank December, January and March

   Why it matters

   Most rich-world currencies have weakened against the dollar this year, as the gap between US and other rates widened. [9]

   How it works

   Economists call it an interest rate gap: money moves toward the country whose rates pay more.

   Rising bets on US rate rises are lifting the dollar, said Elias Haddad, a strategist at Brown Brothers Harriman. [9]

   Seen it before

   A bank that pays more on savings fills up with savers while the bank next door empties.

   The truth

   • Nobody knows yet

     Whether the US central bank raises rates by a quarter or a half point in December.

     One report puts the chance of a half-point rise near 10%. [8] Another reports an 87% chance of a quarter-point rise. [9]

4. 05

   MSCI drops Strategy from its indexes

   What happened

   • MSCI, which runs share indexes that funds copy, will remove Strategy from its global indexes. [21]
   • MSCI decided that firms like it look more like investment funds than businesses. [21] Funds are kept out of its indexes. [21]
   • Strategy's shares fell 2.5% in late trading, Reuters reported. [21] They are down about 20% this year. [21]
   • JPMorgan estimated index funds could sell $2.8 billion of Strategy shares, and $8.8 billion more if other index firms follow. [22]

   Who is involved

   Strategy is a US company that mostly buys and holds bitcoin. [21] It has bought over $60 billion of it since mid-2020. [22]

   Japan's Metaplanet, which also holds bitcoin, and Britain's uranium holder Yellow Cake go too. [21]

   • Metaplanet Japan, holds bitcoin
   • Yellow Cake Britain, holds uranium

   How it unfolded

   1. Wednesday MSCI names the changes
   2. November 30 funds sell at the close

   Why it matters

   Funds that copy an index must sell what leaves it, so Strategy loses buyers who never chose it. [21]

   The truth

   • Why it works on people Strategy's founder calls MSCI's rule a "value judgment", which makes a sorting rule for index funds sound like a verdict on bitcoin. [22]
   • Founder Michael Saylor called MSCI's decision a "value judgment" that sets a bad precedent. [22]
   • Who pays Strategy's shareholders — Index funds must sell their shares at the end of November, whatever the shares are worth. [21]
   • Nobody knows yet

     How much Strategy stock index funds will sell.

     JPMorgan's $2.8 billion figure is an estimate from last year, and it rises if other index firms follow MSCI. [22]

   What comes next

   The changes take effect at the close on November 30. [22]

5. 06

   Western Union walks away from Intermex

   What happened

   • Western Union dropped its roughly $500 million deal to buy Intermex, a rival money-transfer firm. [7]
   • California's financial regulator set final conditions on Monday that Western Union called unacceptable. [24]
   • The company said they would have forced big changes to its business model and its agents. [25]
   • Western Union had approvals from 54 states, territories and countries, but not California. [24]
   • Neither company has to pay the other a fee for ending the deal, the contract says. [24]

   Who is involved

   Intermex, based in Miami, lets people send money from the US, Canada and Europe to more than 60 countries. [23]

   How it unfolded

   California approved the deal on February 11, then withdrew that approval 13 days after an extension. [24]

   1. February 11 California approves
   2. 13 days after an extension approval withdrawn

   Why it matters

   Intermex rejects the ending and wants Western Union made to complete the deal. [23]

   How it works

   Lawyers call it specific performance: a court orders a party to do what it promised, not just pay. [23]

   Intermex says it has met all its duties, so it argues Western Union cannot simply leave. [23]

   Seen it before

   If you agree to buy a friend's bike and back out, a referee can make you keep the promise.

   The truth

   • What is really going on In California, one state regulator's conditions led Western Union to drop a deal that 54 others had approved. [24]
   • California's reasons are not given in these reports. [25] Western Union says no rule breach was found. [25]
   • Nobody knows yet

     Whether Western Union can leave the Intermex deal without paying.

     The contract says neither side pays a fee, but Intermex says it will ask a court to force the deal and seek damages. [23]

   • Nobody knows yet

     Why California withdrew its approval of the Western Union deal.

     The regulator's reasons are not given in these reports, and Western Union says no rule breach was found. [25]

6. 07

   Oil swings on talk of Iran talks

   What happened

   • Brent crude, the main world oil price, fell 1.2% to $91.62 a barrel early on Thursday. [26]
   • It had risen 1.39% to $92.76 on Wednesday, off two-month lows. [27]
   • Iran's security chief said no enriched nuclear material would leave the country. [27] The US says nuclear issues must be part of any first talks. [27]
   • US industry figures also showed oil stocks rose by 9 million barrels last week. [26]

   Who is involved

   The Wall Street Journal reported that US Vice President JD Vance is weighing face-to-face talks with a top Iranian official. [28]

   • JD Vance US vice president
   • Iran security officials

   How it unfolded

   Brent is still up more than 50% this year. [29]

   Why it matters

   The US and Iran are still at odds over the Strait of Hormuz, so supply fears linger. [28]

   How it works

   Traders call the extra price for a feared shortage a risk premium.

   Each sign of peace makes a shortage less likely, so traders take some of that extra off. [28]

   Seen it before

   Umbrellas cost more when a storm is forecast, and less when the forecast clears.

   The truth

   • Talks are still only being considered, and Iran largely denies any direct talks have happened. [28]
7. 08

   Gulf oil output nears pre-war levels

   What happened

   • OPEC, the group of big oil-exporting countries, raised output by 1.96 million barrels a day in October. [30]
   • Its total reached 27.16 million barrels a day, against 28.63 million in February, before the Iran war. [30]
   • Saudi Arabia led the rise, pumping 10.56 million barrels a day, up from 8.37 million in September. [30]
   • Pipelines, ship-to-ship transfers and US military help let Gulf producers keep exporting despite attacks on ships. [30]

   Why it matters

   Prices have fallen sharply this month as more Gulf oil ships out. [29]

   How it works

   Engineers call it redundancy: a second route that keeps things moving when the first is blocked.

   Cross-country pipelines helped Gulf producers keep selling oil while ships in Hormuz were attacked. [30]

   Seen it before

   When the main road is shut, delivery vans take the back lanes and still arrive.

   The truth

   • Gulf supplies are still at risk, with threats to ships in Hormuz and the Red Sea. [30]

   Good news

   • More Gulf oil is reaching buyers despite eight months of war. [30]
8. 09

   Nissan cuts its sales forecast again

   What happened

   • Nissan, the Japanese carmaker, now expects to sell 2.97 million to 3 million cars this financial year. [31] Its old forecast was 3.15 million. [31]
   • Its operating profit in July to September fell 96% to 2.1 billion yen, about $13 million. [31]
   • Nissan's sales in China fell 32% in the first nine months of the year. [13]
   • Boss Ivan Espinosa said demand in China is weaker and buyers are moving to electric cars faster than expected. [13]

   Who is involved

   Espinosa said, "The market is being very, very harsh." [13]

   How it unfolded

   It is the second cut in months: in August it lowered the goal from 3.3 million. [31]

   1. August 3.3 million cut to 3.15
   2. Wednesday cut to about 3 million

   Why it matters

   Sales grew in Japan and North America, where the shift to electric cars is slower. [13]

   How it works

   Economists call this disruption: a new kind of product wins buyers faster than old makers can adapt.

   China's government subsidised electric carmakers, so many rivals now chase a shrinking market. [13] Nissan's petrol cars lose out. [13]

   Seen it before

   When everyone at school switches to a new phone, the shop still full of old models cuts prices.

   What comes next

   Nissan will export more cars built for China, raising the models from 2 to 5. [31]

9. 10

   Volkswagen drops a big factory upgrade

   What happened

   • Volkswagen, Europe's biggest carmaker, scrapped its "Gamechanger" plan to modernise its factories, citing money limits. [14]
   • A planned large casting plant at its main Wolfsburg site will not go ahead. [14]
   • A spokesman said all the company's investments are under review. [14]
   • Work on its shared electric car platform, called SSP, will go on. [14]

   How it unfolded

   In late 2024, workers agreed to a deal that promised big investment in VW's German plants. [14]

   1. Late 2024 deal with workers
   2. Wednesday plan scrapped

   Why it matters

   Daniela Cavallo, who leads VW's works council of staff representatives, called it a "flagrant breach" of that deal. [14]

   She said the petrol Golf will not leave Wolfsburg until workers get details. [14]

   The truth

   • Cavallo says leaders now put short-term returns for investors ahead of the company's future. [14] VW's answer is not in this report. [14]
   • Who pays Volkswagen's Wolfsburg workers — The new casting plant they were promised in the 2024 deal is not coming. [14]
10. 11

    CoreWeave lifts Wall Street before Nvidia's fall

    What happened

    • CoreWeave, which rents out computing power for AI, rose 24.71% on Wednesday, its best day since April 2025. [32]
    • It beat forecasts for quarterly sales and raised its outlook for the year. [32]
    • The S&P 500 rose 1.3% and the Nasdaq 1.6% in regular trading. [33]
    • After the close, Nasdaq futures fell 0.8% as Nvidia's shares slid. [33] CoreWeave fell 6% after hours. [15]

    Who is involved

    Boss Michael Intrator said new debt backed by its equipment should cost 7% to 7.5% interest. [32]

    • Michael Intrator CoreWeave's chief executive

    How it unfolded

    This month, insurance against a CoreWeave default cost over 11%, a level seen as distress. [32]

    Why it matters

    Investors have been questioning whether the AI boom behind firms like CoreWeave can last. [32]

    How it works

    Lenders call this secured debt: a loan backed by things the lender can take if it is not repaid.

    CoreWeave's new loans are backed by its equipment and rated high investment grade, so they cost less. [32]

    Seen it before

    A friend lends more easily when you leave your bike with them until you pay back.

11. 12

    MSCI adds four Indian shares

    What happened

    • MSCI added Adani Green Energy, Coforge, LIC and Meesho to its main India index on Wednesday. [34] It removed PI Industries. [34]
    • Researchers at Nuvama Institutional Equities estimated index funds would buy about $1.7 billion of the four. [36]
    • Coforge would get the most, about $653 million, and LIC about $498 million. [36]
    • The changes take effect at the close on November 30. [35]

    Who is involved

    LIC, the Life Insurance Corporation of India, also joins MSCI's emerging markets index as one of its three largest additions. [35]

    Why it matters

    Funds that copy MSCI's indexes must buy what joins them, so these shares gain buyers on a set day. [36]

    The truth

    • Actual buying could differ, Nuvama said, because it depends on final weights. [36]
    • Who gains Coforge, LIC, Adani Green and Meesho — Index funds that copy MSCI must buy them, about $1.7 billion by Nuvama's estimate. [36]
12. 13

    More Indian savers stop monthly fund plans

    What happened

    • In October, 5.9 million monthly investment plans in India stopped or ended, and 5.1 million started. [37]
    • The stop ratio hit 116%, its highest since April 2025, up from 79% in September. [37]
    • Money into Indian share funds fell 14% to 32,924 crore rupees in October. [37]
    • Small-company funds took 64.1 billion rupees, down from a record 90.4 billion in September. [38]
    • Foreign investors moved the other way, buying $6.43 billion of Indian shares so far in November. [34]
    • That pushed the Nifty 50 index to an eight-month closing high of 25,255.05 on Wednesday. [34]
    • An SBI Mutual Fund official said newer investors may be stopping due to "disappointing returns". [37]

    Why it matters

    Indian fund savers have long offset selling by foreign investors, so a slowdown leaves the market leaning on foreign money. [38]

    The truth

    • Others note the ratio also counts plans that simply reached their end date. [37]
13. 14

    Australia's regulator sues Commonwealth Bank over fees

    What happened

    • ASIC, Australia's company regulator, is suing Commonwealth Bank, the country's biggest bank, over fees it says were hidden. [39]
    • It says about 42,000 businesses were overcharged about $8.5 million between November 2020 and May 2025. [39]
    • The bank says the fee in question was 25 cents plus tax. [39]
    • ASIC says a firm paying 10 staff from two accounts was charged 12 fees, not 10. [39]
    • Commonwealth Bank's shares still rose 1.3% on Thursday. [40]

    Who is involved

    • ASIC Australia's company regulator
    • Commonwealth Bank Australia's biggest bank

    How it unfolded

    ASIC says customers complained in 2015 and the bank found the problem in a 2016 audit. [39]

    1. 2015 complaints
    2. 2016 internal audit finds it

    Why it matters

    ASIC's commissioner said small businesses should not have to check every transaction for the right fee. [39]

    How it works

    Lawyers call this a civil penalty case: the regulator asks a court for a fine, not a prison term.

    ASIC alleges the bank's terms misled customers, and a court would decide that and any fine. [41]

    The truth

    • These are ASIC's claims, and no court has ruled on them yet. [39]
14. 15

    Australian shares slip as Xero jumps

    What happened

    • The S&P/ASX 200, Australia's main share index, fell 0.4% on Thursday morning, led by miners. [40]
    • BHP fell 1.4% and Rio Tinto 1.7%. [40] Gold miners fell as gold slipped below $4,000 an ounce. [40]
    • Xero, which makes software for small businesses, rose 9.1%. [40]
    • Xero plans to buy back $1 billion of its own shares over 12 months. [40] It also raised its forecasts. [40]
    • Its first-half sales rose 46% to NZ$1.75 billion, with 226,000 new customers. [40]

    Why it matters

    Gold pays no interest, so higher expected rates weigh on it. [40]

    How it works

    A buyback is a company buying its own shares back from investors.

    Xero said its buyback is meant to boost returns to shareholders. [40]

    Seen it before

    Cut a cake into fewer slices and each slice is bigger.

15. 16

    London's aluminium market runs short

    What happened

    • Aluminium for delivery now cost $151 a ton more than metal due in three months. [42]
    • That gap on the London Metal Exchange is the highest in more than 30 years of records. [42]
    • Stocks in the exchange's warehouses are at their lowest since 1990. [42]
    • Two traders hold between 60% and 80% of the metal readily available. [42]

    Why it matters

    Traders who promised to deliver aluminium must buy back their contracts or find metal. [42]

    In Tasmania, Rio Tinto says it may not need all of a $200 million package for its Bell Bay smelter. [43] That holds if aluminium prices stay high. [43]

    How it works

    Traders call it backwardation: metal now costs more than metal later, because buyers need it today. [42]

    Those who need the metal now have few sellers to turn to, so they pay more to get it. [42]

    Seen it before

    A ticket for tonight's sold-out show costs more than one for next month's.

    The truth

    • Who gains The two traders holding most of London's aluminium — Anyone who must deliver metal now has to buy from a small pool they largely control. [42]
16. 17

    Siemens Energy jumps and Vestas falls

    What happened

    • Siemens Energy, a German maker of energy equipment, rose 7.7% to 129 euros. [30]
    • It set new targets for higher sales and profit over the next four years, after a record year. [30]
    • Vestas, the wind turbine maker, fell 7.7% after its third-quarter profit missed forecasts. [30]
    • Vestas also narrowed its guidance, which points to lower forecasts. [30]

    Why it matters

    SSE, a British power company, chose Siemens Energy as preferred turbine supplier for its Berwick Bank B windfarm off Scotland. [10]

    That order brings 50 new Siemens Energy jobs at Montrose Port in Scotland. [10]

    The truth

    • Both moves were in early European trading, and the closing prices are not in this report. [30]

    Good news

    • SSE's Berwick Bank B windfarm off Scotland is creating 80 new jobs at SSE in Glasgow.
17. 18

    Saudi banks feel a cash squeeze

    What happened

    • Saudi Arabia faces a shortage of cash in its banks, Bank of America said in a note reported by Bloomberg. [44]
    • Bank deposits are growing slowly, and government bodies are taking money out of Saudi banks. [44]
    • Loan demand is still high, which pushes up the cost of borrowing money in Saudi Arabia. [44]

    Why it matters

    The strain spreads from the UAE, whose banks trade closely with Saudi ones, the note said. [44]

    It comes even as Saudi oil exports rebound to pre-war levels. [44]

    How it works

    Economists call it liquidity: how much ready cash a bank has to lend and pay out.

    The riyal is pegged to the US dollar, which makes a cash strain more notable, the report said. [44]

    Seen it before

    A shop that sells a lot but gets paid late can still run out of cash for wages.

    The truth

    • This is a single bank's note, reported second-hand. [44] Saudi officials have not given their own figure in this report. [44]
    • Nobody knows yet

      How deep the cash squeeze in Saudi banks runs.

      The only account is one bank's note, reported second-hand, with no official Saudi figure. [44]

1. 19

   Botswana doubles its stake in De Beers

   What happened

   • Botswana will double its stake in diamond miner De Beers to 30%, its president, Duma Boko, said. [11]
   • The deal backs a buyout that lets Anglo American, which owns 85%, leave De Beers. [11]

   Who is involved

   Angola and Namibia will also take stakes. [11]

   • Angola new stake
   • Namibia new stake

   How it unfolded

   Anglo has tried to sell since 2024, to focus on copper and iron ore. [11]

   Why it matters

   Diamond sales bring in about three quarters of Botswana's foreign earnings. [11]

   Mined diamonds face falling prices and cheaper lab-grown stones. [11]

   How it works

   Economists call it a substitute: a cheaper good that does the same job pulls buyers away.

   Lab-grown stones cost less, so mined diamond prices fall, and Botswana earns less. [11]

   Seen it before

   When a cheaper own-brand cola appears, the famous brand sells fewer cans.

   Why a company can be worth more split into pieces

   Corporate finance calls it the conglomerate discount: investors often pay less for a group of different businesses than its parts would fetch apart.

   The twist

   Selling a strong part can make a company's owners richer, because buyers who want only that part will pay more for it alone.

   The picture

   Airtel Money$7 billion

   Vodacom's money arm$13.50 billion

   Step by step

   1. 1 A company owns several different businesses
   2. 2 Investors cannot buy only the part they want
   3. 3 So they often pay less for the whole than the parts would fetch
   4. 4 The company sells, splits or lists a part
   5. 5 Each part is then priced on its own

   The same force, elsewhere today

   Where this chain is also running, in today's other stories.

   • Vodacom keeps its mobile money arm

     Airtel's listing put a price on a money arm alone, and Vodacom chose to keep its own one inside the group anyway.

   • Botswana doubles its stake in De Beers

     Anglo American is selling De Beers to focus on copper and iron ore, leaving the diamonds to owners who want only diamonds.

   • ITV cuts show budgets

     ITV is selling its channels and streaming arm to Sky, and keeps ITV Studios on its own.

   • Poundland asks for more time

     Its owner says selling Poundland off in pieces would raise more than any bid for the whole chain.

   Where you've seen this

   Phone companies

   many sell their mast networks, which buyers value like steady rental property

   Family firms

   a fast-growing side business can be hidden inside the slow shop it started in

   Holding companies

   their shares often sell for less than the companies they own are worth on the market

   The catch

   Splitting costs money and loses savings the parts shared, so a part sold too cheaply leaves the owners poorer. That is the bet Vodacom refuses to make.

   And the whole of it

   Pension savers own small pieces of Unilever, Vodacom and Anglo American through their funds. The people who make Colman's or dig De Beers' diamonds get new owners when a board decides the parts are worth more apart.

1. 20

   Vodacom keeps its mobile money arm

   What happened

   • Vodacom, an African telecoms heavyweight, ruled out splitting off its mobile money business, its boss told Semafor. [45]
   • By the same yardstick, Vodacom's bigger money arm would be worth about $13.5 billion. [45]
   • "We don't want to sell the crown jewels," chief executive Shameel Joosub said. [45]

   How it unfolded

   Rival Airtel listed its money arm in London at about $7 billion, roughly five times its yearly sales. [45]

   Why it matters

   Its money arm's sales rose almost 20% in the first half, and make about a third of group earnings. [45]

   Two strategies now compete in Africa: list the money arm, or keep it inside the phone company. [45]

   How it works

   Airtel's listing put a price on a money arm alone, and Vodacom chose to keep its own one inside the group anyway.

   The idea, in story 19: Why a company can be worth more split into pieces →

   The truth

   • The $13.5 billion is a yardstick applied by Semafor, not a price anyone has paid. [45]
2. 21

   South Africa's jobless rate rises to 33.7%

   What happened

   • South Africa's official unemployment rate rose to 33.7% in the third quarter, Statistics South Africa said. [46]
   • More than 8 million people are looking for work. [46]
   • More than 4 in 5 of them have been out of work for at least a year. [46]

   Who is involved

   • Cyril Ramaphosa South Africa's president since 2018

   How it unfolded

   President Cyril Ramaphosa made jobs a top goal when he took office in 2018. [46]

   Why it matters

   The anger feeds politics and a heated debate about migrants and jobs. [46]

   How it works

   Labour economists call it long-term unemployment: being out of work for a year or more.

   In South Africa more than 4 in 5 jobseekers are in that group, so most are not simply between jobs. [46]

3. 22

   Canada's biggest pension doubles its hedge fund money

   What happened

   • CPPIB runs Canada's largest pension fund. [47] It plans to double its hedge fund money from about $80 billion to $160 billion. [47]
   • It manages C$866 billion, about $608 billion, and expects that to double in seven years. [47]

   Who is involved

   Hedge funds are private investment firms; it wants to add giants it does not yet use, such as Millennium. [47]

   How it unfolded

   Hedge funds had a hard October, and some had their worst month ever. [47]

   Why it matters

   Hedge funds helped CPPIB beat its own targets last year, so it is giving them more. [47]

   The truth

   • The plan comes from people familiar with it, and CPPIB declined to comment. [47]
   • Who gains Hedge funds such as Millennium — Canada's largest pension plans to roughly double the money it gives them, to about $160 billion. [47]
4. 23

   Taylor Wimpey lowers its year

   What happened

   • Taylor Wimpey, a British housebuilder, lowered its expectations for the year. [10]
   • It now expects about 10,500 home completions in 2026. [10]
   • Profit should come in near the bottom of the £262 million to £299 million analysts expect. [10]
   • Each sales office now sells 0.60 homes a week, down from 0.63. [10]
   • Its order book fell to 6,839 homes from 7,253. [10]

   Why it matters

   It welcomed the UK government's Your First Home scheme, saying it is well placed to take part. [10]

   How it works

   Economists call this interest-rate sensitivity: housing slows first when borrowing gets dearer.

   Higher mortgage rates and living costs are weighing on demand, the company said. [10]

   Seen it before

   When bus fares go up, fewer people take the bus for short trips.

   The truth

   • Who pays Would-be home buyers in Britain — Higher mortgage rates and living costs weigh on what they can afford, Taylor Wimpey says. [10]
5. 24

   ITV cuts show budgets as advertising falls

   What happened

   • ITV, the British broadcaster behind Love Island, expects advertising sales to fall 5% to 10% in the last quarter. [12]
   • It will make £30 million of temporary savings, £25 million of it from shows. [12]
   • Most cuts hit small outside productions, which move into 2027. [12]
   • Britain's film body, the BFI, said spending on films and top TV fell 28% to £5.2 billion. [12]
   • That compares with £7.26 billion a year earlier. [12]

   How it unfolded

   ITV has agreed to sell its channels and streaming business to Sky. [12]

   Why it matters

   Fewer commissions mean less work for the small outside firms that make shows for ITV. [12]

   How it works

   ITV is selling its channels and streaming arm to Sky, and keeps ITV Studios on its own.

   The idea, in story 19: Why a company can be worth more split into pieces →

   The truth

   • The BFI's first figures are usually revised up later, so the drop may shrink. [12]
   • Who pays Small producers who make shows for ITV — Their commissions are pushed back into 2027. [12]
6. 25

   Poundland asks for more time

   What happened

   • Poundland, a British discount chain, was due to ask the High Court on Thursday for more time. [48] It wants 10 more working days of protection from creditors. [48]
   • It employs 12,000 people in 600 shops in the UK and Ireland. [48]
   • Gordon Brothers has said it can raise more by breaking Poundland up than from the bids for the whole chain. [48]

   Who is involved

   Its owner, Gordon Brothers, put in £10 million more to buy stock. [48]

   • Gordon Brothers Poundland's owner

   Why it matters

   Without protection, Poundland would likely have to call in administrators. [48]

   How it works

   The court's protection stops creditors' demands while a rescue is sought. [48]

   Poundland's sales are up on last year, but it has enough cash for only a short time. [48]

   Its owner says selling Poundland off in pieces would raise more than any bid for the whole chain.

   The idea, in story 19: Why a company can be worth more split into pieces →

   The truth

   • MPs say the owner took millions out of Poundland while it was "on a knife-edge". [48]
   • Who gains Gordon Brothers, Poundland's owner — It says breaking the chain up would raise more than the bids for the whole of it, and it chooses which offer wins. [48]
   • Who pays Poundland's 12,000 staff and its suppliers — Their jobs and bills hang on a court's extension and the owner's choice of buyer. [48]
7. 26

   Aldi cuts UK office jobs

   What happened

   • Aldi, the German budget supermarket, is cutting up to 150 technology jobs at its UK head office. [49]
   • That follows 103 cuts in finance and administration and almost 20 among buying directors this year. [49]
   • Aldi is moving finance, buying and admin work to India and elsewhere through Genpact. [49] Genpact helps businesses use AI. [49]
   • Shop jobs are not affected, Aldi said. [49]

   Why it matters

   Aldi says it reviews its costs to keep its promise of low prices. [49]

   The truth

   • One worker called the cuts "shortsighted". [49]
8. 27

   Metlen plans to list its infrastructure arm

   What happened

   • Metlen, a Greek energy and metals group, plans to list its infrastructure arm, METKA, on the Athens stock exchange. [10]
   • It hopes to raise about 250 million euros of new money. [10]
   • METKA had 869 million euros of revenue in the year to June. [10]

   Who is involved

   Metlen will keep a majority stake after the listing. [10]

   Why it matters

   The money will fund public-private projects and work in Southeastern Europe. [10]

   The truth

   • Metlen has not said how many of its existing METKA shares it will sell. [10]
9. 28

   Myanmar gets a rare stock listing

   What happened

   • Concordia, a Myanmar medical and engineering equipment seller, plans to raise about $200,000 in a share sale. [50]
   • It would be Myanmar's first main-board listing in more than three years. [50]
   • Local savers make up 99.86% of investors on the Yangon exchange. [50]
   • "We are not listing for short-term sentiment," chairman Than Win said. [50]

   How it unfolded

   Myanmar's army seized power in 2021, and the country faces conflict and sanctions. [50]

   Why it matters

   He wants the family firm ready to attract foreign investment when the country stabilises. [50]

   The truth

   • Average daily trading on the Yangon exchange is only about $11,000. [50]

   What comes next

   Trading is due to start in late December or early January. [50]

10. 29

    Canada says US tariffs raise investment costs

    What happened

    • "Uncertainty increases your cost of capital," he told a business summit in Washington. [51]
    • US duties on Canadian goods reached $10 billion in 2025, against $400 million in 2024. [51]
    • New York Fed research found nearly 90% of tariff costs fell on US importers. [51]

    Who is involved

    Canada's ambassador to the US, Mark Wiseman, said Trump's tariffs are raising investment costs. [51]

    • Mark Wiseman Canada's ambassador to the US

    Why it matters

    Firms build plants when they trust the rules will last, so doubt holds back new investment. [51]

    The truth

    • The 90% figure comes from one October study by New York Fed researchers. [51]
11. 30

    Fuller's expects a better year

    What happened

    • Fuller's, a British pub and hotel group, expects full-year profit above forecasts. [10]
    • Its half-year pre-tax profit rose to 28.5 million pounds from 21.1 million. [10]
    • Christmas bookings are 16% ahead of last year. [10]
    • Like-for-like sales at its managed pubs and hotels rose 6.1%. [10]

    Why it matters

    On the same morning, housebuilder Taylor Wimpey and broadcaster ITV both cut their outlooks. [10]

    Good news

    • Fuller's is raising its interim dividend by 6%. [10]