Business news in brief
A third of key advertisers cease marketing on Twitter
More than one-third of Twitter’s biggest advertisers have stopped marketing on the site since Elon Musk’s takeover, according to a report. The new chief executive has suggested that activists are pressuring advertisers to stay away but firms have said they are concerned over ‘brand safety’ amid weakened content moderation.
Mr Musk has fired more than half of Twitter’s staff, many of whom worked both to sell advertising and to ensure that ads did
not appear near problematic posts. For example, Mars suspended advertising on Twitter in September over “significant brand safety and suitability incidents that impacted our brand”, the company told The Washington Post, which first reported the sales data from analytics brand Pathmatics.
Scotsman owner decides against bid for Reach
A potential deal between two of Britain’s biggest newspaper publishers has been scrapped as TheScotsman’s owner decided against a bid for its larger rival Reach, which owns the Daily Mirror and Daily Express. National World, which also owns the Yorkshire Evening Post, said “not all the elements required to ensure a successful transaction were present”.
The company’s executive chair, David Montgomery, added: “National World has ambitious and fully fledged plans to grow our business, creatively and through acquisitions and partnerships.” Reach, formerly Mirror Group, owns more than 130 titles across the UK including the Liverpool Echo, the Daily Record, the Manchester Evening News, the Daily Star and OK! Magazine. PA
J2O and Robinsons maker Britvic boosted by summer sales
Soft drinks giant Britvic has revealed a jump in sales and profits as it benefited from the easing of pandemic restrictions and the recent hot summer weather. The Robinsons and J2O maker said revenues grew by 15.5 per cent to £1.62bn over the year to 30 September, compared with the previous year, amid increases in both price and sales volumes. As a result, the firm saw pre-tax profits jump by 45.3 per cent to £140.2m for the year.
The company said strong growth was “in part due to the soft comparable in the first half of 2021 when lockdown restrictions impacted the hospitality channel and the good weather this summer”. Bosses said the uncertain economic backdrop makes it “difficult to forecast consumer demand” in the short term. PA
More students struggling to cover living costs, says ONS
Half of students have reported experiencing financial difficulties after seeing a sharp rise in their cost of living and a drop in income, new data has found. The reported development has led to more than three-fifths of students saying they are cutting back and spending less on food shopping and essentials, as budgets are increasingly stretched, according to the Office for National Statistics.
Its survey of students in higher education suggested financial concerns were having a significant impact on their well-being and learning. More than nine in 10 higher education students reported that their cost of living had increased compared to last year, driven by a more expensive food shop, higher rents and gas and electricity bills. Some 2 per cent of respondents said they were not worried about rising living costs. PA
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