Trump set to win US presidency

📍Top line: Donald Trump looks set to win the 2024 US presidential election. Trump has won North Carolina and Georgia, two critical battleground states, and has taken a solid lead over Kamala Harris in several other contested states. The New York Times has estimated a greater than 95% likelihood of Trump securing a second term in office.

The economic impacts:

• Market Reaction: U.S. stock futures surged as investors reacted positively to the news that Trump is set to secure victory.

• Dollar surge: The U.S. dollar has strengthened sharply, with the currency gaining approximately 1.5% against a basket of major currencies. The dollar’s surge reflects investor reactions to anticipated economic policies under a Trump administration, with notable gains seen against the British pound and the euro.

• Crypto: Bitcoin has surged to an all-time high of $75,389, rising more than 8%. The rally has also buoyed other cryptocurrencies, with Ethereum (ether) gaining over 9%.

• What it means for the US economy: If re-elected, Donald Trump has pledged major economic reforms, including high tariffs on imports (10-20% universally, up to 60% on Chinese goods), elimination of taxes on tips and Social Security benefits, and a reduction in the corporate tax rate. He claims these measures will protect American jobs and cut reliance on foreign imports.

Apple warns investors over profitability of AI & VR products

📍Top line: Apple has warned investors that its push into new areas like artificial intelligence (AI) and virtual reality (VR) could bring products less profitable than the iPhone, which has historically driven its high margins, according to the FT. This warning, listed in Apple’s latest annual report under “risk factors,” reflects a shift in its financial outlook as the company expands beyond smartphones.

Key Points:

• Geopolitical and AI Risks: New risks in Apple’s disclosures highlight concerns about “geopolitical tensions” and potential safety issues with emerging AI features.

• Regulatory and Antitrust Pressure: Apple faces increasing scrutiny on its App Store and services, while recent antitrust rulings could reduce significant licensing revenues from Google.

• Service and Hardware Margins: Although services are on track to generate $100 billion in annual revenue with high gross margins, analysts warn that newer AI-driven offerings may not achieve similar profitability.

• Berkshire Hathaway’s Sell-Off: Warren Buffett’s firm has reduced its stake in Apple by nearly two-thirds, adding to market uncertainty over Apple’s evolving product lineup and revenue model.

Elsewhere in business:

🚨 Shoppers hunting for luxury advent calendars are being warned of online scams. Consumer group Which? has cautioned against deals that look “too good to be true,” as fake sites target high-demand items ahead of Black Friday. Cosmetics retailer Space NK also reported fraudulent ads on social media which falsely offered its £250 advent calendar for £28.99.

🚗 Electric vehicle (EV) sales in the UK saw a significant increase in October, rising by 24% year-on-year and capturing over 20% of the new car registration market. However, total new car registrations dropped by 6% compared to October 2023, with industry experts suggesting that manufacturers may be holding back petrol and diesel models to meet government zero-emission targets.

NHS consultants earning up to £200k per year in overtime

📍 Top line: NHS consultants are receiving substantial overtime payments—up to £200,000 a year—to help address lengthy waiting lists, according to the BBC. Some consultants are earning £188 per hour for extra shifts and these payments have led to a surge in the NHS’s overall overtime costs, reaching almost £1 billion in 2023-24.

Key Points:

• Efforts to Reduce Waiting Lists: Hospitals cite overtime as essential to managing the NHS’s 7.6 million waiting list and covering rota gaps.

• Pay Controversy: The British Medical Association (BMA) set suggested rates for consultants working overtime, but NHS leaders worry rising pay is impacting the service’s budget.

• Labour’s Proposal: Labour plans to increase evening and weekend appointments with expanded overtime pay for healthcare workers.

Elsewhere in the economy:

❌ The UK’s fiscal watchdog has suggested that Treasury officials under the previous Conservative government may have broken the law by hiding the scale of the Budget “black hole” under the Tories. £9.5 billion in spending pressures on departmental budgets were not disclosed ahead of former Chancellor Jeremy Hunt's final Budget in March, as required.

🚆 Planned strikes on the London Underground have been called off after successful pay negotiations between the Aslef union and Transport for London (TfL). Industrial action was initially set to start on Thursday, with another walkout planned for the following Tuesday.

Warner Bros. Discovery has opened applications to its 2025 Software Engineering Internship in London. Successful candidates will work with a one-to-one mentor throughout the duration of the scheme as they are exposed to a wide range of projects with global outreach - including commerce integrations and designing products to prioritise security. The eleven-week long programme is open to current undergraduates or postgraduates who are due to complete their studies between Winter 2025 and Spring 2027. Apply now here.

Is your air fryer sending your data to China?

📍Top line: Air fryers may be the latest kitchen craze, but consumer group Which? has warned that some models could be sending personal data to China. The investigation found that apps controlling these devices collected more data than necessary, raising privacy concerns.

Key findings from Which?’s research:

• Data Privacy Issue: Chinese-made air fryers tested by Which? were found to transmit personal data to servers in China.

• Brands Involved: Air fryers made by Xiaomi, Aigostar, and Cosori were examined; both Xiaomi and Aigostar apps sent data to China.

• App Permissions: Linked smartphone apps sought permissions that appeared unnecessary, including access to precise location, audio recording, and personal details such as gender and date of birth.

• Social Media Trackers: Xiaomi’s app attempted to connect with trackers from Facebook and TikTok, raising additional privacy concerns.

• Popular Household Gadget: About half of UK households own an air fryer, which have surged in popularity due to their energy efficiency and versatile features like remote cooking through Wi-Fi-linked apps.

Elsewhere in tech:

🤖 The UK government is rolling out an artificial intelligence chatbot designed to guide businesses through the massive Gov.UK website, which spans around 700,000 pages. This pilot chatbot aims to make it easier for users to navigate government information, covering topics from building regulations to Welsh language responses. However, users should expect some quirks along the way.

📱 The Competition and Markets Authority (CMA) has indicated that the proposed £15 billion merger between Vodafone and Three could proceed if the companies commit to a £11 billion network upgrade across the UK. The merger would make Vodafone and Three the UK’s largest mobile network provider, with over 27 million subscribers.

💵 The 2024 election between Donald Trump and Kamala Harris has become the most expensive in U.S. history, with Democrats and Republicans spending a combined $15.9 billion (£12.2 billion). U.S. election spending far exceeds that of other countries; for instance, the UK’s 2019 general election saw just $78 million in expenditures.

🧒 Nearly one in ten children are already obese by the time they start school, with a marked disparity between children from deprived and more affluent areas, according to NHS figures. Health figures have stated the revelation showed a “complete lack of progress” on tackling obesity rates among children.

👑 Queen Camilla has withdrawn from several planned engagements due to a chest infection, Buckingham Palace has announced. Following medical advice, she will rest at home with hopes of recovering in time to participate in Remembrance events this weekend.