US economy grew strongly in third quarter, GDP report says

The US economy surged over the summer, the commerce department announced on Tuesday in one of the final snapshots of the nation’s finances to be released in 2025.Gross domestic product (GDP) – a broad measure of the value of goods and services – rose at an annualized rate of 4.3% over the third quarter, far higher than expected and its fastest rate in two years.The surprisingly strong growth “reflected increases in consumer spending, exports, and government spending that were partly offset by a decrease in investment”, according to the Bureau of Economic Analysis.Economists had been expecting the growth rate to slow to 3

Ryanair fined €256m over ‘abusive strategy’ to limit ticket sales by online travel agencies

Ryanair has been fined €256m (£223m) by Italy’s competition authority for abusing its dominant market position to limit sales of tickets by online travel agents.The authority said Europe’s largest airline had “implemented an abusive strategy to hinder travel agencies” via an “elaborate strategy” of technical obstacles for agents and passengers to make it difficult for online travel agents to sell Ryanair tickets and instead force sales through its own website.The fine related to Ryanair’s conduct between April 2023 and at least until April 2025, the authority said on Tuesday. It said Ryanair had prevented online travel agents from selling tickets on its flights in combination with other airlines and services, weakening competition.Ryanair said it would immediately appeal against the “legally flawed” ruling

Four-day week may be considered a sign of failure, England councils told

The secretary for local government has written to all councils to warn that adopting a four-day week for staff puts them at risk of being declared a failing authority, according to reports.Twenty-five councils have discussed a four-day week policy and one, South Cambridgeshire district council, has already moved to the pattern.While councils are free to set their own policies, the government has the power to take control if an authority is deemed to be failing.In a letter to councils seen by the Daily Telegraph, Steve Reed said that staff doing “part-time work for full-time pay” could be an indicator of “failure”.He said: “The provision the current guidance makes in relation to the four-day week remains in force … I take this issue very seriously, in particular that ‘council staff undertaking part-time work for full-time pay without compelling justification’ would be considered an indicator, among a wide range of factors, of potential failure

Tesla’s EU sales slump continues as Chinese rivals thrive

Tesla continued a run of weak sales in the EU in November, with new car registrations of Elon Musk’s brand down a third, while Chinese carmakers’ sales soared.Tesla sold 12,130 new cars across the EU last month, down from 18,430 in November 2024, shrinking its market share from 2.1% to 1.4%, according to data from the European Automobile Manufacturers’ Association (Acea), a lobby group.The Chinese carmaker BYD recorded by far the fastest sales growth, with registrations across Europe almost tripling year on year up to November, to 42,500

‘We’ve seen it decimate areas’: Somerset town’s traders oppose parking charges

The shop windows are decked out in their festive finery, there are carols on the stereos and the tills are ringing. The independent stores, cafes and restaurants lining Hill Road in the Somerset seaside town of Clevedon are hoping to take advantage of the crucial pre-Christmas period.The street’s colourful shops, along with the town’s Victorian pier, are among Clevedon’s best-known landmarks, making Hill Road popular with locals and visitors. It even stood in for the high street in the ITV drama Broadchurch.However, Hill Road’s traders are looking ahead to the new year with concern after proposals by North Somerset council to introduce car parking charges on local streets

Larry Ellison gives personal guarantee for Paramount takeover of Warner Bros Discovery

The tech billionaire Larry Ellison has agreed to provide a personal guarantee of more than $40bn for Paramount Skydance’s fight to gain control of Warner Bros Discovery, amid an extraordinary corporate battle over the entertainment giant.WBD urged shareholders to reject a $108.4bn hostile takeover bid from Paramount – which is controlled by the Ellisons – last week, having agreed to sell its storied movie studios, HBO cable network and streaming service to Netflix in a $82.7bn deal earlier this month.WBD also accused Paramount of having “consistently misled” investors by claiming its offer had a “full backstop” – a safety net to ensure it has sufficient funds – from the Ellisons