Box Office success boosts Disney

📍Top line: Disney has announced ambitious growth targets and a return to form in its streaming and film divisions, signaling a turnaround to reassure shareholders after years of challenges in the entertainment industry.

• Financial Outlook: Disney projects strong growth in 2026 and 2027, with double-digit percentage increases in adjusted earnings.

• Box Office Success: Hits like Inside Out 2 and Deadpool & Wolverine bolstered Disney’s box office performance. Upcoming Moana 2 is expected to continue this momentum.

• Leadership Transition: Disney plans to appoint a new CEO in early 2026, who will replace current CEO Bob Iger following his return in late 2022 to address company challenges.

• Streaming Profit: Disney’s direct-to-consumer division, including Disney+ and Hulu, posted a $253 million operating profit, rebounding from a $420 million loss the previous year.

• Traditional TV Struggles: Profits at Disney’s traditional TV networks continued to decline, reflecting industry-wide challenges.

• Theme Parks Slump: While U.S. parks performed well, international parks experienced lower foot traffic and spending.

Burberry sets out survival plan

📍Top line: Joshua Schulman, Burberry’s new CEO, has unveiled a bold plan to revitalize the struggling British luxury brand, addressing internal missteps and market challenges. The company, known for its iconic trench coats and scarves, has suffered from declining revenues, faltering performance in key markets, and inconsistent brand execution. 

Key Points:

• Acknowledging Past Missteps: Schulman cited internal failures, including siloed work by Chief Creative Officer Daniel Lee’s team and an overemphasis on premium positioning under prior leadership, as causes of Burberry’s struggles.

• Financial Challenges: Burberry reported a 22% drop in revenues to £1.09 billion and an £80 million pre-tax lossin the six months to September 28.

• Turnaround Plan – “Burberry Forward”:

  • Focus on outerwear and heritage products, including coats and scarves.

  • Broaden price points, while maintaining a luxury positioning.

  • Strengthen cross-team collaboration to improve product development and marketing.

  • Introduce a £40 million cost-saving initiative and aim to grow revenues to £3 billion, without a specified timeline.

• Market Challenges: Despite struggles in the US and China, Schulman remains optimistic about the resilience of the Chinese market, calling it a "very important" driver for luxury.

Elsewhere in business:

🍦 Ben & Jerry’s has filed a legal complaint against its parent company, Unilever, accusing it of attempting to dismantle the brand’s independent board and stifling its support for Palestinian refugees. This is the latest development in a long-running conflict between the ice cream company and Unilever over its stance on Israel and Palestine.

🔥 Ed Miliband, the UK's energy secretary, has announced plans to ban new coalmines, signaling the end of Britain’s coalmining industry and effectively blocking a proposed site in Cumbria. Speaking from the COP29 climate conference in Baku, Miliband emphasized that this decision sends a “clear signal” that coal has no place in the UK’s energy future.

RFK Jr to become US Health Secretary

📍 Top line: Former independent presidential candidate Robert F. Kennedy Jr. has been nominated by Donald Trump to lead the Department of Health and Human Services.

Key Points:

• Trump’s Vision: Trump said Kennedy would "restore...Gold Standard Scientific Research" and combat corporate influence in health policy, especially in food and pharmaceuticals.

• Kennedy’s Background: Kennedy has criticized vaccines, describing COVID-19 vaccines as particularly dangerous, and has expressed plans to address chronic diseases and reduce prescription drug spending.

• Industry Reaction: The appointment has prompted caution from health experts and industry groups. While some public health advocates expressed alarm, supporters, including Republican Senator Bill Cassidy, praised Kennedy’s transparency-focused agenda.

• Further Appointments: Trump’s recent nominations include other controversial figures such as Matt Gaetz for attorney general and Tulsi Gabbard as director of national intelligence.

Elsewhere in the economy:

🏠 Cumnock in East Ayrshire is the UK’s most affordable town for homebuyers, with average house prices at just £80,300, according to new research from Zoopla. This is well below the UK average of £267,500. Meanwhile, London’s cheapest area, Croydon, averages £417,800.

💷 Nearly three-quarters of England’s universities are at risk of running a deficit by the next academic year, even with increased tuition fees. This looming financial crisis could leave almost 200 universities in deficit, with a combined net income loss of £3.5 billion, prompting fears of closures or mergers without urgent intervention.

Amazon launches Temu and Shein competitor

📍Top line: Amazon has launched "Haul," a new budget-focused shopping outlet where all items are capped at $20 (£15.79), aiming to compete with low-cost retailers like Temu and Shein. The mobile-only platform, available via Amazon's app in the US, is designed to offer “crazy low prices” with longer shipping times.

Key Points:

• Haul Launch: Available in Amazon's app, Haul offers products with a maximum price of $20, many under $10.

• Product Examples: Items include a $3 razor set and affordable jewellery sets, with free shipping on orders over $25.

• Competing with Rivals: Amazon’s move mirrors Temu and Shein's budget-friendly, delayed-shipping model but faces similar concerns about environmental impact.

• Amazon's Approach: Haul items are backed by Amazon’s product guarantees; the company is gathering user feedback to refine the experience.

• Challenges: Analysts warns that poor quality and slow shipping could deter shoppers, potentially undermining Haul’s success.

Elsewhere in tech:

❌ Meta has been slapped with a £664m fine by the European Commission for anti-competitive practices, specifically for embedding its Facebook Marketplace into the social network, which allegedly stifled competition. Meta plans to appeal, claiming no harm to competitors or consumers.

🤖 TikTok has globally launched Symphony Creative Studios, a generative AI platform designed to boost ad content creation for brands, creators, and agencies. First revealed at the TikTok World Product Summit, Symphony enables advertisers to craft customised, high-quality videos, marking ByteDance's latest move to expand its ad business and enhance engagement on the popular short-video app.

🚨 The UK police are investigating thousands of non-crime hate incidents (NCHIs), including several cases involving young children, according to new findings from The Times. In one instance, a nine-year-old child was recorded for calling a classmate a “retard,” and two secondary school students were logged after making remarks about a peer’s smell.

🚁 Two serving soldiers were discovered having sex in the cockpit of an Apache attack helicopter at the Otterburn range in Northumberland. Ground crew became suspicious when they heard noises and noticed the helicopter’s rotors swaying, prompting them to approach the aircraft to fit rain covers. Upon inspection, they found the soldiers, reportedly intoxicated and partially undressed.

🦠 Measles cases surged by 20% last year, with over 10.3 million infections reported globally, as vaccine coverage gaps persist, according to a joint report by the WHO and CDC. Outbreaks in 57 countries spotlight the urgency of reaching the 95% vaccination target needed to prevent the spread of this highly contagious, preventable disease.