Business
Vodafone down: Thousands of UK customers report broadband issues
Liv McMahonTechnology reporter
Getty ImagesThousands of Vodafone customers across the UK have reported its services are down.
Downdetector, which monitors web outages, showed more than 130,000 people had flagged problems affecting their Vodafone broadband or mobile network on Monday afternoon.
According to its website, the firm has more than 18 million customers in the UK, including nearly 700,000 home broadband customers.
In an updated statement on Monday evening, Vodafone apologised to customers and said its network was “recovering”.
“This afternoon the Vodafone network had an issue affecting broadband, 4G and 5G services,” a company spokesperson said.
“2G voice calls and SMS messaging were unaffected and the network is now recovering.
“We apologise for any inconvenience this caused our customers.”
It comes after people on social media said they were struggling to access Vodafone customer service operators, amid ongoing issues affecting mobile data and broadband.
Many also said they have had difficulty accessing the company’s website and app, which typically allow people to view the status of its network services.
Customers have also taken to social media to complain of “complete outages” in their area.
The issues appear to have begun for customers shortly after 15:00 BST.
Internet monitor Netblocks said in a post on X that live network data showed Vodafone was experiencing “a national outage” impacting both broadband and mobile data.
Some customers expressed being doubly frustrated by not being able to access their Wi-Fi or mobile data.
“Sort it out soon please,” wrote one frustrated X user – who said they were having to use a coffee shop’s Wi-Fi to access online services, without the means to do so using their mobile data or broadband.
Another said they were self-employed and could not work because of the outage, adding: “Never regretted more having my mobile and broadband on the same network.”
The issues are also understood to have impacted some Vodafone shops.
BBC News‘Dropped off the internet’
The issues affecting Vodafone services have also impacted customers of other telecoms firms that use its network.
Downdetector saw a similar spike in reports on Monday afternoon from users of the mobile network Voxi, which is owned by Vodafone.
Lebara, which piggy-backs off Vodafone’s network, has also been affected by the company’s outage.
“Outages have been reported across multiple networks across broadband and mobile services,” said Sabrina Hoque, telecoms expert at Uswitch.
These, she added, can be “a really frustrating experience for customers, especially when it’s not clear how long it could last”.
Vodafone has not yet said how long it expects its outage to last – though its website since appears to have come back online.
Cloudflare Radar, which tracks and displays patterns in global internet traffic, said in a post on Bluesky earlier it had “effectively dropped off the internet, with traffic dropping to zero”.
The company has also not said what caused the issue affecting its networks.
“Incidents like this are often caused by a technical fault or configuration error rather than a major cyber-attack, so until more details are confirmed it’s best not to speculate,” said Daniel Card, a cyber expert with BCS, The Chartered Institute for IT.
“Having teams capable of diagnosing and responding rapidly to network failures is key to maintaining public trust and keeping the UK’s digital infrastructure running smoothly.”
Additional reporting by Ewan Somerville.
Business
LG Electronics India’s stellar 50% premium listing: $13 billion giant more valuable than South Korean parent! Top 5 takeaways – The Times of India
LG Electronics India on Tuesday had a stellar listing on the stock exchanges NSE and BSE, debuting at a whopping premium of 50% above its share price issue. Trading commenced at Rs 1,715 on BSE and Rs 1,710.10 on NSE, considerably above the Rs 1,140 per share issue price, resulting in day-one returns exceeding 50% for investors.The Rs 11,607-crore public offering consisted solely of shares divested by LG Electronics Inc. The issue garnered overwhelming interest, securing 54-fold oversubscription. The qualified institutional buyers’ segment witnessed 166 times subscription, whilst retail investors’ portion achieved 3.5 times subscription.Before the official listing, the shares attracted strong demand in the grey market, trading at a 31% premium, reflecting strong investor confidence.The debut takes place in India’s second-busiest IPO quarter, though recent major listings, including WeWork India and Tata Capital, experienced relatively modest market debuts.So why is the LG Electronics India listing important and what does it mean for the IPO market in India?
LG Electronics’ Stellar listing
The IPO performance stands as the most impressive among Indian offerings exceeding one billion dollars since 2021, placing the organisation ahead of rivals such as Whirlpool, Voltas and Havells.The rise pushed the organisation’s market valuation beyond other listed Indian consumer durables firms, including Whirlpool of India ($1.7 billion), Voltas ($5.8 billion) and Havells India ($10.4 billion).
LG Electronics India more valuable than South Korean parent company!
Interestingly, LG’s market capitalisation reached Rs 1.16 lakh crore (approximately $13.13 billion), surpassing its South Korean parent LG Electronics Inc’s value of $8-9 billion on the Seoul exchange!According to experts, the company’s success stems from its sensible valuations, market leadership position and clear earnings prospects. LG holds a dominant position in India’s consumer durables sector with its diverse range of home appliances, TVs and ACs, consistently outperforming competitors in profitability and expansion, according to an ET report.Ambit Capital assigned a Buy rating with a 12-month target of Rs 1,820, noting several positive factors supporting the company’s outlook, including localisation, premium product focus, increased exports and GST-driven market recovery.“LG’s under-penetration across categories leaves ample room for growth. The Six City plant will double capacity and boost exports by 4 percentage points by FY28E,” the brokerage said. Their forecast indicates 11% revenue and 13% EBITDA CAGR through FY25-28.The IPO pricing proved appealing to investors. At 35x FY25 earnings, LG presented better value compared to listed competitors trading at 45-60x multiples. Additional factors strengthening investor trust included its debt-free status, consistent ROE exceeding 30%, and stable EBITDA margins above 10%.
LG Stands Tall In Rs 10,000 crore IPO Club
The listing proved exceptionally rewarding for investors and set a new benchmark among India’s Rs 10,000-crore-plus IPOs, where such issues typically struggle to maintain momentum post-listing. LG India recorded the highest day-one premium of 50.4% amongst IPOs exceeding Rs 10,000 crore.Historical data of significant Indian listings reveals diverse outcomes. Coal India’s public offering in 2010, which raised Rs 15,199 crore, remains amongst the successful ventures, beginning 40% higher.
How above Rs 100 billion IPOs fares on listing
In contrast, Reliance Power’s 2008 issue started 17% lower, while Paytm’s Rs 18,300-crore offering in 2021 fell 27% at listing. State-backed enterprises encountered difficulties too, with LIC’s Rs 20,557-crore issue opening 7.8% lower and GIC Re’s Rs 11,257-crore offering starting with a 4.6% decline.Considering these precedents, LG India’s market debut stands out amongst substantial Indian IPOs, reflecting both scale and strong investor confidence.
More IPOs loading – what LG’s stellar listing means
The impressive first-day performance serves as a positive indicator for upcoming Indian corporate listings, particularly following Tata Capital Ltd.’s modest 1.4% increase during its debut in the nation’s largest initial public offering this year.Over the past two years, India has emerged as one of the world’s most active markets for public listings, attracting international investors keen to participate in its rapidly expanding consumer market.October is poised to set a record for Indian IPOs, with anticipated proceeds exceeding $5 billion. The market has closely monitored both LG and Tata’s offerings as indicators of stability in one of the world’s most vibrant IPO markets.
Record IPOs Set for October
According to Bloomberg data, these recent offerings have pushed the total IPO proceeds in India beyond $15 billion this year. The surge in significant offerings has generated confidence that the total could exceed last year’s milestone of nearly $21 billion. Jefferies Financial Group previously indicated that India’s primary market is positioned for substantial growth following a quiet start, projecting fundraising of up to $18 billion in the latter half of the year.
IPOs a Hit Even As Nifty, Sensex Still Below Highs
Amidst international market fluctuations, India maintains its status as the second-largest IPO market globally, following the United States. This position is supported by sound economic fundamentals, improved regulatory framework, and increased participation from retail investors.Although foreign investors have been consistently selling in the secondary market, they maintain substantial confidence in India’s leading growth narrative by participating as committed anchor investors in companies’ initial public offerings.The Indian IPO sector demonstrates exceptional vitality, generating approximately 1% of the nation’s GDP, R. Venkataraman, Managing Director of IIFL Capital told ET recently.The prevailing robust valuations and conducive market environment are allowing business owners to secure capital for expansion whilst partially realising their investments.Experts are of the view that companies at their listing stage are typically in their early growth phase, potentially offering higher returns compared to established listed entities, according to Shah. Additional advantages of IPOs include minimal price impact from bulk purchases and opportunities to invest in unique business models at competitive valuations.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
Halloween thrill-seekers are transforming October into a peak month for theme parks, with Merlin Entertainments revealing the period now rivals August for profitability.
The owner of major attractions including Thorpe Park and Alton Towers states October now accounts for approximately a fifth of its yearly profit.
Fiona Eastwood, Merlin’s boss, emphasised the growing importance of the autumn season, stating October is “as significant” as the peak summer season for the attractions giant, which also operates Chessington World of Adventures and Legoland Windsor.
At Thorpe Park in Surrey, renowned for its Fright Nights since 2002, October now generates nearly half (46 per cent) of its annual profit.
The park even saw October visitor numbers surpass August in 2024, welcoming a third more guests than in the traditional summer peak.
Last year, October contributed almost a fifth of annual visitor numbers and nearly a quarter (23 per cent) of revenues at the attraction.
Similarly, Alton Towers in Staffordshire benefits significantly from its Scarefest programme. October now contributes 27 per cent of its annual earnings and 16 per cent of total revenue.
The park anticipates welcoming more than 440,000 visitors throughout this month alone.
Ms Eastwood said: “From the launch of Fright Nights at Thorpe Park in 2002 with just two scare mazes, to now delivering Halloween experiences right across our estate, we’ve transformed this occasion into a defining moment in our trading calendar.
“We’ve turned Halloween into a focal point that captures the imagination across generations and is now as significant as the peak summer season, and in some cases even more so.”
Outside of the UK, the firm’s Heide Park Resort in Germany saw the highest share of Halloween across Merlin’s European estate last year.
It comes as Halloween becomes a key event in the calendar for Britons, with the UK rapidly catching up with the grand-scale celebrations seen in America each year.
Merlin said its rides in the dark remain among the most popular attractions, with guests citing night-time experiences as a key reason for visiting its theme parks over the Halloween season.
But Ms Eastwood said its immersive experiences are also drawing in visitors.
UK attractions such as Alton Towers and Thorpe Park are expanding their Halloween programmes this year to offer more immersive, age-inclusive experiences which aim to “blend excitement with seasonal storytelling”.
Halloween experiences for this year include a new maze at Thorpe Park and two new attractions at Alton Towers – Trick O’ Treat Town and Amigos of the Afterlife.
Faisal IslamBBC Economics Editor
Getty ImagesThe UK is forecast to be the second-fastest growing of the world’s most advanced economies this year, according to new projections from the International Monetary Fund (IMF).
The rates of growth remain modest at 1.3% for this year and next, but that outperforms the other G7 economies apart from the US in 2025, in a torrid year of trade and geopolitical tensions.
However, UK inflation is set to rise to the highest in the G7 in 2025 and 2026, the IMF predicts, driven by larger energy and utility bills.
UK inflation is forecast to average 3.4% this year and 2.5% in 2026 but the IMF says this will be “temporary”, and fall to 2% by the end of next year.
The G7 are seven advanced economies – the US, UK, France, Germany, Italy, Canada and Japan – but the group doesn’t include fast-growing economies such as China and India.
The IMF is an international organisation with 190 member countries. They work together to try to stabilise the global economy.
In the IMF’s forecast for economic growth, it predicts the UK will push Canada out of second place, after its trade-war-affected economy was hit by the biggest downgrades for 2025 and 2026. However, Canada is expected to retake second place next year when its economy is forecast to grow at a rate of 1.5%.
Germany, France and Italy are all forecast to grow far more slowly at rates of between 0.2 and 0.9% in 2025 and 2026.
Chancellor Rachel Reeves welcomed the fresh upgrade to the IMF’s outlook for the UK’s economy.
“But know this is just the start. For too many people, our economy feels stuck,” she said.
“Working people feel it every day, experts talk about it, and I am going to deal with it.”
But highlighting the inflation forecasts, shadow chancellor Sir Mel Stride said the IMF assessment on made for “grim reading”.
He said that UK households “were being squeezed from all sides”, adding: “Since taking office, Labour have allowed the cost of living to rise, debt to balloon and business confidence to collapse to record lows.”
The IMF said a slight overall upgrade for the UK in its World Economic Outlook, from its previous outlook in April, was due to “strong activity in the first half of 2025” and an improved trade outlook, partly thanks to the recently announced US-UK trade deal.
Trump tariffs loom large
The global outlook is dominated by the so far “muted response” of the world economy to the imposition of hefty tariffs on almost all imports into the US, a weakened dollar, questions about the independence of the US Federal Reserve and sky high valuations of US tech companies.
The IMF expect some of this to unwind soon, saying “resilience is giving way to warning signs”. In the US tariff costs which had been absorbed by exporters and retailers, are now feeding into higher goods prices.
So far tariffs have been reflected in higher prices for American shoppers of household appliances, but not for food and clothing.
The IMF cited Brexit as an example of how uncertainty around major changes in trading arrangements can, after a delay, lead to steady falls in investment.
AI warning
The Fund also pointed to a possible bursting of the US AI tech boom.
“Excessively optimistic growth expectations about AI could be revised in light of incoming data from early adopters and could trigger a market correction,” the IMF said.
Disappointing profit numbers could lead to a “reassessment of the sustainability of AI-driven valuations and a drop in tech stock prices, with systemic implications. A potential bust of the AI boom could rival the dot-com crash of 2000–01 in severity”.
The concentration of the stock market surge on a tiny number of firms and massive funding from less regulated sources outside the banking sector, were particular risks.
Slow growth could hit household wealth, with a lesser ability of major economies to use government borrowing to support their economies, as occurred in recent crises.
Conversely, the IMF also said that “faster AI adoption” could help unleash significant gains in productivity, helping the global economy is handled appropriately.
Elsewhere, the IMF again pointed to the outperformance of the Spanish economy, the fastest-growing large western economy. But the war economy growth seen in Russia last year has now petered out.
There are also concerns about funding for the world’s poorest countries now that aid budgets in many countries, such as the UK and US are being slashed in favour of increased defence spending.
The forecasts were released on the eve of the annual meetings of the IMF and World Bank attended by the world’s finance ministers and central bankers in Washington DC, with considerable attention on a new US bailout for Argentina.
Correction 14 October: An earlier version of this article said the UK would have the second-fastest growing economy of the G7 both this year and next. The UK will have the third fastest growing economy in 2026.
LG Electronics India’s stellar 50% premium listing: $13 billion giant more valuable than South Korean parent! Top 5 takeaways – The Times of India
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