The day's news in five stories, every morning and evening. Summarized by AI from trusted sources, so you don't have to read it all.
Tuesday, October 27, 2026
Morning edition Business briefing
Listen · 3 min 14 s
Soccer Star Mbappé Loses Chinese Sponsorship Deals Over Mao Zedong Meme
Kylian Mbappé faced backlash in China after a video appeared to show him joking about Mao Zedong being a 'Chinese dictator.' Two major Chinese brands, Dongpeng and Mengniu, ended their sponsorship deals with him.
Why it matters: The incident highlights the sensitivity around historical figures in China and the potential consequences for public figures who make seemingly light-hearted remarks about them.
Sources: Forbes Business · The Guardian Business · BBC Business
HSBC shares drop after revenue miss despite profit increase
HSBC shares fell 6% following a third-quarter revenue miss, though the bank reported a 32% profit increase and announced a $1 billion share buyback. The drop contributed to a 1% decline in the FTSE 100 index.
Why it matters: The mixed results highlight ongoing challenges for HSBC and impact broader market sentiment.
Sources: CNBC · The Guardian Business
Burnham's first budget focuses on capping bus fares and reducing electricity bills
The budget includes measures such as capping bus fares and reducing average electricity bills by £45 through VAT. These actions aim to address rising costs and improve public sentiment.
Why it matters: These changes could impact household finances and signal a shift in economic policy towards more immediate public benefits.
Sources: The Guardian Business · BBC Business
Porsche profit rebounds as exposure to China decreases
Porsche reported a profit recovery in the first nine months. The luxury carmaker is reducing its exposure to the Chinese autos market.
Why it matters: This shift may indicate changing strategies in response to market conditions in China.
Sources: CNBC
UK businesses in financial distress reach two-decade high
The number of UK businesses in significant financial distress has reached its highest level in over two decades, with 738,144 firms struggling in the third quarter of this year. This increase has led to calls for more support for the private sector in the upcoming budget.
Why it matters: This highlights growing economic challenges for UK businesses and may influence government decisions on financial support.
Sources: The Guardian Business
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