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BUSINESS LIVE: UK set for 'optimistic' budget; THG woes continue

Rishi Sunak will today declare Britain is ready to enter a 'new age of optimism' and a 'post-Covid' economy as he is handed a Budget day growth boost.

Official forecasts are expected to show the economy is rebounding faster than predicted, but the threat of rising prices and worker shortages could put pressure on household finances.

Shares in The Hut Group crashed to an all-time low on Tuesday as attempts to restore confidence in the online retailer fell flat.

On yet another tough day for founder Matt Moulding, the Manchester company's shares plunged 21.1 per cent, or 64.8p, to 242p, less than half of the 500p it floated at amid great fanfare in September last year.

Morrisons yesterday completed its last day on the stock market where it spent 54 years before its £7bn takeover by US private equity.

Shares in the supermarket, which was set up in 1899 and listed in 1967, ceased trading ahead of the completion of the acquisition by Clayton, Dubilier & Rice.

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Much of Rishi Sunak's budget has already been revealed to the press, with the Treasury set to unleash more than £30bn of spending 

Hasbro says supply disruption stopped it from delivering $100m in toys

Toy giant Hasbro says supply chain disruptions prevented it from fulfilling $100million worth of toy orders during the third quarter.

The toys, which were initially set to be delivered within the third quarter, ending September 26, were pushed into the fourth quarter, hurting the company’s latest bottom line.

Elon Musk's worth tops £210bn as Tesla shares rocket

Elon Musk has extended his lead as the world’s richest person as Tesla’s value rocketed above $1trillion (£726billion). 

The tech tycoon was worth around £210billion last night following a dramatic surge in the carmaker’s share price. 

The 50-year-old is well ahead of Amazon founder Jeff Bezos, who has a £140bn fortune, and LVMH tycoon Bernard Arnault, who is third with around £118bn.

DraftKings pulls out of takeover bid for Ladbrokes owner Entain

Bookmaker Ladbrokes will remain in British hands after online betting firm DraftKings declared it will not make a takeover bid for its parent company.

The American betting giant did have until 16 November to make a 'put up or shut up' offer for Entain after being granted a one-month extension last week by the City's Takeover Panel.

Rio Tinto leads the way as miners join race to net zero

Not long ago the notion of hard-nosed institutional investors giving two hoots about the size of a company’s carbon footprint would have been laughable.  

Miners were measured on how much iron ore they dug out, how much profit they made, and the size of their dividend. The carbon dioxide emitted as part of the process would not have come into the equation. But times have changed. 

Microsoft and Google owner Alphabet smash Wall St expectations

Two of America's biggest tech firms raked in billions as earnings season in the US continued to provide positive surprises. Microsoft reported profits of £15billion for the three months to the end of September, up from £10.1billion in the same period last year, while revenue rose 22 per cent to £32billion. 

The figures smashed market expectations, which had predicted profits of £11.4billion and revenues of £32billion. Microsoft boss Satya Nadella flagged a strong performance in the firm's cloud computing business, which generated £15billion in sales for the period, an increase of 36 per cent year-on-year. 

Morrisons leaves the stock market after 54 years

Morrisons yesterday completed its last day on the stock market where it spent 54 years before its £7bn takeover by US private equity. 

Shares in the supermarket, which was set up in 1899 and listed in 1967, ceased trading ahead of the completion of the acquisition by Clayton, Dubilier & Rice. 

DraftKings pulls out of £18bn takeover bid for Ladbrokes owner Entain

Bookmaker Ladbrokes will remain in British hands after online betting firm DraftKings declared it will not make a takeover bid for its parent company.

The American betting giant did have until 16 November to make a 'put up or shut up' offer for Entain after being granted a one-month extension last week by the City's Takeover Panel.

The Hut Group shares plunge another 21%

The fall followed a trading update for the three months to the end of September with revenues up 34pc to £507.8m. The firm owns nutrition brands including Myprotein, cosmetics line Espa and beauty retailer Lookfantastic. 

Revenue at THG's Ingenuity business, which handles everything from website design to delivery and payments for brands wanting to sell online, rose 44pc to £51.1m.

'Optimistic' Rishi Sunak will hail start of the 'post-Covid economy'

Mr Sunak will hail his Budget as ushering in a 'new economy' after the pandemic as he confirms billions of pounds for the NHS and wage rises for millions of workers.

However, he will also stress the need for fiscal responsibility as he reveals a plan for bringing borrowing under control amid concerns about inflation and the threat of interest rate rises.