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(Bloomberg) —
Hello again, and happy Sunday. Here’s what we have our eye on for the next few days.
The Great Rift: Rishi Sunak knows you can’t please all the people, all the time. But how about some people, some time? As Alex Wickham reports, the new prime minister is under fire from at least two factions of his own party, pushing – respectively – radical pro-development measures and protectionism for bucolic England. And then there’s the Labor opposition, sitting on a 21-point lead. New policies aimed at lifting the UK out of recession are a long, dreary winter away.
Big game: It’s now or never for England on Tuesday after a disappointing scoreless draw against a young US team at the World Cup. They face Wales in a home-nation clash on Tuesday to reach the knockout stages, and are again betting favourites. Either way, some people are going to be upset but at least they can go to the pub to drown their sorrows. The Americans joined Friday’s match, a victory of sorts for the beautiful game that is often overshadowed by “other” football.
Big deal: No timeframe has been given, but Manchester United could soon be put up for sale by the billionaire American Glazer family. Is £5 billion too much for one of the world’s most expensive sports franchises? Probably not, given word that the Saudi government would support a private sector bid for the team as well as for Liverpool FC. Given the controversy Saudi money has caused in pro golf, it would be an interesting twist. Superstar Cristiano Ronaldo, recently split from Manu, has been offered £62 million a year to play in Saudi Arabia.
Big numbers: BOE mortgage approval data on Tuesday will be of more interest than usual. The UK housing market is showing signs of cracking due to rising interest rates and approvals are a reliable guide to activity in the coming months. After falling by 10% in September, they are likely to fall again in October. The BOE will also monitor the Decision Maker Panel survey of businesses on Thursday to gauge whether inflation is worsening. Overall, a prolonged recession seems inevitable.
Shop big: The US “Black Friday” shopping phenomenon is becoming increasingly global and could be even more important for UK retailers this year as they try to get cash-strapped Brits to part with their cash. About 70% of British shoppers planned to attend the discount event, up from 57% a year ago, Bloomberg’s Katie Linsell reported, and online searches for “Black Friday” increased. Some people in the UK are using their limited funds to travel. Leisure carrier Jet2 says demand for discounted flights and package deals to destinations such as Turkey and the Canary Islands is holding up well.
Big strike: Julian Harris and Eamonn Akil Farhat report how the first post-Covid holiday season could hit the hospitality industry with another blow. UK transport has been hit by strikes for months, and walkouts on some lines will continue in the run-up to Christmas. The Key RMT union has already announced an overtime ban between December 18 and January 2. Meanwhile, the Royal Mail stoppage looks set to cause chaos on the home front, and fed-up UK nurses are planning their first two-day nationwide strike. In December.
ICYM Our Big Take: The US has taken a stand on China’s Xinjiang, seeking to ban cotton produced in the province because of what the State Department calls the “appalling abuse” of the Muslim Uyghur minority. But laboratory testing done for Bloomberg News shows that online retail giant Sheen, a fast-fashion and social media phenomenon, is selling at least some clothes made from Xinjiang cotton, Sheridan Praso reports. And finally, our Big Tech podcast “Inside Apple’s Culture Clash” looks at the trouble brewing in famously low-key Apple stores. Senior labor reporter Josh Idelson delves into the emerging union drive at Apple and other big-name companies — and how bosses are pushing back.
©2022 Bloomberg LP
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