Apple to launch new entry level iPhone

📍 Top line: Apple is set to launch a new low-cost iPhone SE and upgraded iPad Air models early next year, along with new accessories. The updated iPhone SE, codenamed V59, will be the first redesign since 2022, moving away from the old home button to adopt an edge-to-edge screen similar to the iPhone 14, according to Bloomberg.

This overhaul is expected to make the SE more appealing in the budget smartphone market, where Apple faces tough competition from Android brands like Huawei and Xiaomi.The new iPhone SE is also expected to feature support for Apple's upcoming AI-powered suite, Apple Intelligence, and resemble the higher-end iPhones with a notch design.

💻 Other products: In addition to the iPhone SE, Apple is working on new iPad Air models, codenamed J607 and J637, with internal improvements, and updated Magic Keyboards for both 11-inch and 13-inch models. The Californian company is also planning updates to its Mac lineup, including a revamped Mac mini, new MacBook Pros, and iMacs featuring the M4 processor.

Greggs vows not to raise prices amid sales slowdown

📍Top line: Greggs, the UK's largest bakery chain, has announced that it will not implement further price hikes this year, despite facing a sales slowdown. CEO Roisin Currie attributed weaker sales in July and August to factors such as damp weather, far-right riots in parts of England and Belfast, and broader economic uncertainty. However, she noted that cost inflation is expected to remain on the lower end of the anticipated 4% - 5% range.

In July, Greggs raised prices, including a 5p increase on its popular sausage rolls, but has pledged not to raise prices again for the rest of 2024. Despite a tough summer, sales improved in September as customers returned to work, with Greggs benefiting from shoppers seeking cost-effective meal options.

Following the news, Greggs' shares fell by more than 5%, marking one of the largest declines on the FTSE 250. Despite the short-term challenges, Currie expressed optimism for 2025, expecting stronger performance as conditions improve.

Elsewhere in business:

🛍️ eBay has announced that it will no longer charge fees for private sellers across most categories, following a similar move for fashion items earlier this year. This shift comes in response to growing competition from platforms like Depop, Vinted, and Facebook Marketplace, which do not charge seller fees. eBay's UK boss indicated that buyers would face a "small" charge starting next year, though details of how it will be applied are yet to be finalized.

👜 Mulberry has rejected an £83 million takeover bid from Mike Ashley’s Frasers Group, calling the offer too low. The luxury handbag brand, backed by 56.1% majority shareholder Challice, plans to proceed with a £10.75 million fundraising for its turnaround. Frasers, which owns 36.8% of Mulberry, has until 28 October to make a firm offer or withdraw.

Ministers to prepare billions in infrastructure cuts

📍Top line: Ministers have been told to prepare billions in infrastructure cuts ahead of this month’s Budget, according to The Guardian. The Cabinet have been asked to model reductions of up to 10% in their annual capital spending as part of a spending review, which could lead to delays or cancellations of major projects like hospital improvements, road construction, and defence upgrades.

The cuts aim to address the reported £22 billion deficit in public finances, exacerbated by rising costs, such as higher spending on asylum seeker accommodations and public sector pay settlements. Treasury officials argue that cutting capital spending is a necessary short-term measure, though economists warn it could damage long-term economic growth and worsen Britain’s public infrastructure.

Elsewhere in the economy:

🇫🇷 French Prime Minister Michel Barnier has announced sweeping public spending cuts and targeted tax hikes to address the country’s massive budget deficit. Barnier, appointed last month, is focusing on France's wealthiest individuals and largest companies, with tax increases that will raise up to €18 billion. He warned lawmakers that France’s financial credibility in Europe is at risk without urgent reforms.

📉 Business leaders' pessimism about the UK economy has hit its highest point since late 2022, according to the Institute of Directors. Concerns over potential tax hikes and new workplace regulations, alongside continued uncertainty over the contents of the upcoming Budget, have driven down the monthly economic confidence index, signalling deepening unease among executives about the nation’s economic future.

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Pink Floyd set to sell back catalogue music rights for $400 million

📍Top line: Pink Floyd has reached an agreement to sell the rights to their extensive music catalogue, including iconic tracks like Wish You Were Here and Money, to Sony for approximately $400 million. The deal encompasses the band's recorded music, but notably excludes songwriting rights.

In addition to the recorded music, Sony will gain control over the use of the band's name and likeness, granting the label rights to merchandising, spin-offs, and potential projects like films or TV series.

This sale concludes a prolonged period of internal disputes between band members, which had delayed earlier attempts to sell the rights. In particular, the deal had been held up for two years due to disagreements over the tax structure and controversial comments made by bassist Roger Waters.

Despite these conflicts, the agreement resolves one of the last remaining high-profile music catalogues after recent sales by Bob Dylan, Bruce Springsteen, and Queen, whose rights were also acquired by Sony.

Elsewhere in tech:

🐦 Elon Musk, owner of X (formerly Twitter), has announced plans to remove bold text from users' timelines, claiming excessive use was making his "eyes bleed." In a post on Tuesday, Musk said bold formatting, along with italics and other styles, will now only appear in post details to curb "engagement farming."

🤖 OpenAI is pushing forward with its plan to make AI-powered assistants mainstream by 2025, betting on the potential of advanced AI agents to revolutionise daily interactions. These AI agents, designed to complete complex tasks and offer human-like reasoning, are the latest frontier in the tech industry's competitive landscape. Companies like Google, Apple, Microsoft, and Meta are also racing to develop similar technologies as they look to integrate AI agents into their products.

⌚️ Tom Brady is set to break records off the field with an upcoming auction of personal watches and sports memorabilia at Sotheby’s New York on December 10. The auction, titled "The GOAT: Watches and Treasures from Tom Brady," will feature 47 items, including 27 watches and 20 pieces of sports memorabilia, with an estimated value between $6 million to $11 million.

👑 Princess Beatrice has announced that she is expecting her second child with her husband, Edoardo Mapelli Mozzi. The 36-year-old princess, granddaughter of the late Queen Elizabeth II, and Mozzi, 40, are expecting their new baby in early spring. The couple already have a three-year-old daughter, Sienna, while Mozzi has an eight-year-old son, Wolfie, from a previous relationship.

🎭 Three-time Oscar winner Daniel Day-Lewis is coming out of retirement to star in his son's directorial debut, Anemone. The 67-year-old British actor, who quit acting in 2017, will headline the film alongside Sean Bean and Samantha Morton. US production company Focus Features confirmed on Tuesday that filming is underway in Manchester.