Paddy Power Betfair has reported a jump in third-quarter revenues. The group reported a 12% increase year-on-year, with revenues of £483 million for the three months to 30 September. The chief executive, Peter Jackson, said: “Q3 was a good quarter for the group,” said chief executive Peter Jackson.” “In Europe, the encouraging momentum that we saw in Q2 accelerated further, with online revenue up 15%.” “This momentum, which was evident in both Paddy Power and Betfair, is driven by enhancements in product and good execution in promotions and marketing,” he added. The bookmaker said that the “good conclusion” from the Football World Cup helped benefit revenues over the summer. Paddy Power lifted its full-year guidance forecast of underlying earnings from £460-480 million to between £465-480 million. The group expects slight headwinds over the next year, including Irish betting taxes that are set to be hiked from January 1. The company also noted Chancellor Philip Hammond plans to increase taxes for offshore betting companies operating in the UK. “Had [these changes] applied throughout 2018, we estimate that the gross impact on EBITDA from the combination of regulatory, tax & product fee changes in the UK, Australia and Ireland would have been approximately £115 million,” said the group. AJ Bell investment director Russ Mould was still confident for the group. “The US market arguably remains the most exciting part of the business given the scale of the opportunity with legalised sports betting,” he said. “Paddy Power’s acquisition of FanDuel earlier this year is proving to be a clever move as it provides a ready-made audience of people betting on sports, albeit from a fantasy level. “It is pinning its hopes on cross-selling legal sports betting to this customer base as and when more US states allow it.” Shares in Paddy Power (LON: PPB) are currently trading +2.32% at 7.070,00 (1438GMT).

The FTSE 100 rose on Friday building on a two day rally which has seen the index rise through 7100. The gains increased after the monthly US jobs report revealed the US economy added 250,000 jobs in October, smashing estimates of 190,000. In a sign of increasing quality of jobs wages grew at the fastest pace since 2009. Wage growth increased to 3.1% in October up from 2.8% in September. In an immediate market reaction, the dollar surged causing GBP/USD to drop beneath 1.3000 which in turn provided support for the FTSE 100. The FTSE 100 jumped sharply touching 7197 before traders faded the initial rally. The top riser on the FTSE 100 was Burberry who were 5% to the good as the luxury brand benefited form an easing in tensions between the US and China. Burberry have relied on China for growth in over the past five years and investors have punished the share price throughout the ongoing trade war between China and Donald Trump’s administration. Standard Chartered were among the top risers as the bank also benefited from the easing in tensions and built on strong gains in previous sessions following the release of a 25% increase in pre-tax profits. Bond proxy shares such as Imperial Brands, Severn Trent, SSE, and GlaxoSmithKline were the biggest fallers after the jobs report. US 10-year yields rose after the report making the prospect of holding equity for an income less attractive when compared to the safety of US bonds.

British factories have experienced one of the toughest months since Britain decided to leave the EU in 2016. Indeed, a survey has revealed the British manufactures have experienced a decrease in foreign demand amid Brexit uncertainty. According to the survey, the IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) dropped to 51.1 last month. This is the lowest figure since July 2016. In September the figure was a revised 53.6. This is the second time in the last three months that foreign demand has dropped. On one hand, companies have said that the slowing demand for new EU orders is a result of Brexit fears. On the other hand, others have said it was caused by rising global trade tensions and a weaker demand in general for the global auto sector.

This is the first time British factories have experienced a deterioration in orders since the referendum.

Director at IHS Markit, Rob Dobson, has commented: “October saw a worrying turnaround in the performance of the UK manufacturing sector. At current levels, the survey indicates that factory output could contract in the fourth quarter, dropping by 0.2%. “New orders and employment both fell for the first time since the Brexit vote as domestic and overseas demand were hit by a combination of Brexit uncertainties, rising global trade tensions and especially weak demand for autos. “Alongside the halt in hiring, the increasingly defensive position of UK manufacturers was also reflected in the slight decreases in purchasing activity and inventory holdings, which firms linked to protecting cash flow and cost-cutting.” Several manufacturers are concerned of the risk of border delays which would affect the just-in-time process. Currently, manufacturing accounts for roughly 10% of the UK’s economic output. UK manufacturers were positive in October as over 48% expected output to be higher in a year from now. Prime Minister Theresa May is yet to confirm a deal with EU leaders. This only promotes fears that the UK may leave the EU under a no-deal. Additionally, it has been reported that the pound has increased with the provisional deal between the financial services and the EU.

As of today, Ryanair’s hand luggage rules will change again for the second time in 2018. Indeed, the low-budget flyer will be dramatically reducing the free luggage passengers can take on board. Under the previous rule, passengers were able to bring one large and one small cabin bag through security without paying an extra fee. As of today, the limit has been reduced to a ‘medium’ sized bag. Under the new rule, the maximum baggage dimensions are 40x25x20cm. Additionally, the overall volume allowed for free is 20 litres. This is an almost two-thirds reduction from the 58 litres permitted under the previous rule. But, passengers will be given some leeway of 25% bigger than the maximum dimensions. There are still three options provided to passengers. The first is to bring a single ‘medium’ sized bag under the new dimensions. Next, flyers can pay for Priority Boarding and take a second bag of 55x40x20cm and weighing no more than 10kg on board with them. But, this option is capped at 95 people, which is half of the capacity of the Boeing 737. Finally, passengers can simply check in a bag weighing up to 10kg for either £8 or £10, depending on when the option is purchased.

Ryanair passengers have been left furious with the rule change.

One flyer wrote: “’Working well?’ Working well for who? Another scam by the kings of the ‘let’s squeeze more out of our loyal travellers’ company.” Another said: “Unbelievable, trying to put a positive spin on another money making racket. What an example of customer service!! Definitely worth looking at prices from other airlines as no longer comparing like with like.” But, not all flyers feel so negatively towards the change. One has commented: “Great news about the baggage changes. Fed up with waiting to board with my backpack and everyone bundles by with bloody suitcases. If everyone just has a backpack that goes under the seat, will make getting off the plane so much quicker too.” Today, Ryanair also revealed that it will not alter plans to close its Netherlands base. At 15:13 GMT today, shares in Ryanair Holdings plc (LON:RYA) were trading at +2.91%.

Ryanair has revealed it will not alter plans to close its base in the Netherlands. This is despite a court order blocking the company from relocating crew against their will. Last month, the company announced that it will be closing its Eindhoven base in November. As a result, 16 pilots operating flights from the airport will be relocated in order to reduce costs. Consequently, a court order ruled that Ryanair had abused its powers as an employer. Additionally, the court stated that the company had not provided an adequate explanation as to why the move was needed. The court said: “Under the given circumstances, Ryanair had no right to decide to shut down the base in Eindhoven.” However, Ryanair has announced that it will not be changing its plans to relocate crew: “All pilots and cabin crew have already been offered base transfers.” “But if any crew members wish to choose redundancies over base transfers then we will respect that choice.”

The Dutch court has ordered that Ryanair must ensure all pilots could continue to fly to and from Eindhoven whilst they remain based in the city.

Furthermore, it ruled that the company must continue to pay the pilots their full wages. In July, the company gave a 90-day notice to over 300 pilots and cabin crew members in Dublin. It has also announced the anticipated closure of two crew bases in Germany. It has been reported that the carrier has attempted to limit the power of staff unions by claiming to close bases and relocate staff. Since August, two staged walkouts have taken place in Portugal, Germany, Spain, Belgium and the Netherlands. In addition to the closure, the low-budget flyer has also announced another change to its baggage policy. At 14:33 GMT today, shares in Ryanair Holdings plc (LON:RYA) were trading at +3.21%.

Google employees at various global offices have staged a walkout over the treatment of women in the workplace. This follows after various claims concerning sexual misconduct were made against senior figures. The protest has been named “Walkout for Real Change”. It came a week after it was reported that Goggle gave $90 million severance package to Andy Rubin, but concealed the details of a sexual misconduct allegation that caused his departure. Andy Rubin is the creator of the Android mobile phone software. These allegations concern the technology firm’s high-profile senior officials. The allegations made to the senior executives are the most high-profile of what adds up to thousands of similar cases. Workers from Tokyo, Singapore, Zurich, London, Berlin and Dublin have reportedly walked out today.

In London’s King’s Cross Office, most Google employees walked out and occupied the main auditorium.

One protestor told Sky News: “I’m here protesting against harassment in the workplace, to make sure we don’t protect or support those perpetrators of harassment.” “People are supporting those who have been harassed in any workplace situation, by any employer, and this is just part of the movement.” It is said that employees were encouraged to leave a flyer on their desk which read: “I’m not at my desk because I’m walking out in solidarity with other Googlers and contractors to protest sexual harassment, misconduct, lack of transparency, and workplace culture that’s not working for everyone.” Google’s chief executive, Sundar Pichai, commented: “Employees have raised constructive ideas for how we can improve our policies and our processes going forward. We are taking in all their feedback so we can turn these ideas into action.” Despite this, he insists that the tech giant takes a “hard line” concerning sexual misconduct. He continued: “Yesterday, we let Googlers know that we are aware of the activities planned for Thursday and that employees will have the support they need if they wish to participate.” “Employees have raised constructive ideas for how we can improve our policies and our processes going forward. We are taking in all their feedback so we can turn these ideas into action.” At 10:08 GMT -4 today, shares in Google (NASDAQ:GOOGL) were trading at -1.07%. Earlier this month, we reported that the BBC also came under fire for poor working conditions of pay inequality.

Just Eat has said that it expects revenues to soar 40% this year but increasing investment will dent profits. The group’s full-year revenues are expected to come in at the top end of the £740 million to £770 million forecast. However, investment in Latin America and attempts to fend off rivals Uber Eats and Deliveroo hit profits. The online takeaway marketplace operates in 12 countries and has been heavily investing in its network of drivers and cyclists. Earnings will be at the lower end of the £165 million to £185 million range due to “investments in our dynamic LatAm markets in addition to our delivery initiatives.” Chief executive Peter Plumb said: “Our delivery expansion plans are on track, ensuring we give customers exactly what they want, and I’m very pleased with the progress we are making against our strategic objectives.” Analysts had expected Just Eat figures to suffer amid the heatwave over summer, however, summer saw the group recorded its first-ever weekend with more than one million orders. “The group has delivered another strong quarter as we helped our 97,000+ restaurant partners serve over 54mln takeaways to millions of hungry customers,” said Plumb. “Our increased investments in delivery, brand and data are already taking the Just Eat brands to more customers, making it easier for them to order from a widening choice, ensuring their takeaway moments are even more enjoyable.” Liberum analyst Ian Whittake said the investment by the group was worth it. “While Just Eat is the market leader in nearly all the markets in which it operates, the food delivery market has not fully transformed yet from phone to online and so the emphasis should be on growing share and growth generally,” he wrote in a note to clients. Shares in Just Eat (LON: JE) are currently trading +5.43% at 640,60 (1252GMT).  

Royal Dutch Shell has posted their highest third-quarter profits in four years. The oil and gas giant saw profits surge by 37% as oil and gas prices increased, driving the growth in profits. “Good operational delivery across all Shell businesses produced one of our strongest-ever quarters, with cash flow from operations of $14.7 billion,” said chief executive, Ben van Beurden. Cash generation from operations rose by almost 60% to $12.1 billion (£9.4 billion). In July, Royal Dutch Shell launched a $25 billion share buyback programme showing confidence in future cash generation and profit growth outlook. Oil and gas production in the quarter declined 2% from a year earlier. Profits at BP also increased in the third quarter on the back of stronger oil prices. Profits in the group more than doubled to $3.8 billion (£3 billion). “BP has set the bar high for the oil majors in general, delivering a blockbuster set of earnings which have comfortably outpaced expectations,” said Richard Hunter, head of markets at Interactive Investor. “These numbers reflect a business which is back on its game.” Shares in Royal Dutch Shell (NYSE: RDS.A) are down almost 1% in pre-market trading. Shares in BP (NYSE: BP) are also down in pre-market trading.