British business headlines include DoorDash’s $17 billion Instacart deal and Shell’s $10.8 billion earnings
CART•British newspaper business pages reported that DoorDash agreed to acquire Instacart for $17 billion and Shell’s third-quarter adjusted earnings doubled to $10.8 billion. Other headlines covered Lloyds’ criticism of a proposed bank profit surcharge, a suspected Binance hack and Poundland’s financial troubles.
1. Deal and earnings
The Guardian reported that DoorDash agreed to acquire Instacart for $17 billion, keeping the Instacart brand and app. Sky News reported that Shell’s third-quarter adjusted earnings doubled to $10.8 billion, helped by stronger margins, higher gas prices and increased gas production.
2. Other business headlines
The Times reported that Lloyds Banking Group criticised the government’s decision to double the bank profit surcharge to 6% and urged ministers to reduce borrowing costs. The Telegraph reported that Binance was investigating a suspected hack after about $2 billion in crypto tokens reportedly flowed from its hot wallets. It also reported that Poundland’s owner, Gordon Brothers, faced demands for answers after the retailer filed a notice to appoint administrators, putting thousands of jobs at risk.
