Business
Co-op expected to reveal financial hit from cyber attack
The Co-operative Group is expected to shed light on the impact of a damaging cyber attack in its first financial update since being targeted by hackers.
Shoppers were faced with empty shelves and issues with payments during the fallout from the cyber incident in April, as a raft of retailers were hit.
On Thursday, the retail and funerals specialist will reveal its results for the first half of 2025, covering the period when it was hit hard by the cyber attack.
The company shut off parts of its IT systems after the attack, in which hackers accessed and extracted members’ personal data.
In July, the company confirmed that all 6.5 million members of the Co-op had their data stolen in the incident.
Chief executive Shirine Khoury-Haq said she was “devastated” by the impact of the incident on workers and members.
She told the BBC that “names, addresses and contact information” for all of its members were accessed.
The boss said the hackers created a copy of one of the firm’s files but were unable to attack its platforms further and install planned ransomware.
However, the company has not yet revealed the full financial impact of the crime, which affected store transactions and product availability.
The cyber attack was one of several against UK retailers, with both Marks & Spencer and Harrods also significantly impacted.
Marks & Spencer, which stopped all online sales for six weeks following its hack, said it faced a £300 million financial hit.
The Co-op’s cyber incident came amid a challenging period for the retailer, which is facing higher costs and pressure on consumer confidence from the rising cost of living.
Last year, the company reported improved profits but warned in April it would face more than £200 million in costs and spending pressures in 2025.
The retail group warned cost hits would include another £80 million from the impact of shoplifting across its retail estate, following a similar bill in 2024, and £50 million from the increase in national insurance contributions.
The group saw revenues grow by 1.5% on a pro-forma 52-week basis to £11.3 billion for last year.
Recent statistics from industry experts at Worldpanel have pointed to weaker sales in recent months.
Figures from earlier this week, indicated that the Co-op saw sales slip by around 2% over the 12 weeks to September 7, compared with the same period a year earlier.
The data also indicated that the retailer has lost market share in the UK grocery sector over the past year as a result.
Nevertheless, the data focuses purely on the group’s grocery business and compares the retailer directly with much larger supermarket stores from rivals including Tesco.
Stock prices in London closed mixed on Friday, following a week of interest rate decisions that mostly went as expected, and after a much-anticipated phone conversation between US President Donald Trump and China’s President Xi Jinping.
“Markets continued to digest the (US) Federal Reserve’s 25-basis-point rate cut this week,” Naga’s Frank Walbaum commented.
“Chair Jerome Powell described the move as a measured response to a cooling labour market, while stressing that the central bank would proceed cautiously with any further easing.
“However, a fall in jobless claims to 231,000 in last week’s data eased fears of a rapid labour market deterioration.
“Meanwhile, global policy developments added to the backdrop, with both the Bank of England and Bank of Japan holding interest rates steady this week.”
The FTSE 100 index closed down 11.44 points, 0.1%, at 9,216.67.
The FTSE 250 ended down 136.02 points, 0.6%, at 21,589.93, and the AIM All-Share closed up 1.26 points, 0.2%, at 773.60.
On the FTSE 100, NatWest was down 1.7%.
The Edinburgh-based bank is working with advisers on a sale of Cushon two years after paying £144 million for a controlling 85% stake in the workplace pensions provider, Sky News reported.
The disposal would reflect the priorities of chief executive Paul Thwaite, which includes a simplification programme and more active balance sheet and risk management.
However, a NatWest spokesperson declined to comment on the “speculation”.
Kainos on the FTSE 250 was down 1.4%.
The London-based Workday partner and provider of IT services to public sector, commercial, and healthcare customers announced the acquisition of Davis Pier, growing its Digital Services division workforce in Canada.
Davis Pier is a Nova Scotia-based consultancy specialising in addressing complex challenges for Canadian public sector and community organisations.
On AIM, Gelion ended up 11%.
The London-based battery energy storage systems firm’s UK subsidiary Oxlid has secured £533,000 in government grant funding to advance its lithium-sulphur battery technology, in collaboration with FTSE 250-listed defence and aerospace firm Qinetiq.
Chief executive John Wood said the funding will allow Gelion to demonstrate “ultra-high energy density” cells while meeting performance needs for strategic applications, and that Qinetiq’s expertise in defence certification and cell manufacturing would support the pathway to commercialisation.
Small-cap Predator Oil & Gas dropped 13%.
The Morocco and Trinidad-focused oil and gas company’s pretax loss widened to £1.9 million in the first half of 2025, from £1.0 million a year prior, although revenue was £66,815 compared to none the year before.
Chief executive Paul Griffiths, meanwhile, said: “The outlook for the next 12 months is positive and filled with operational activity…Substantive progress has been achieved by our team against the background of volatility in the financial and public markets caused by global events. We see this as an opportunity and not an excuse.”
In European equities on Friday, the CAC 40 in Paris closed up 0.1%, while the Dax 40 in Frankfurt ended down 0.1%.
The pound was quoted lower at 1.3475 US dollars at the time of the London equities close on Friday, compared to 1.3556 on Thursday.
The euro stood at 1.1746 US dollars, lower against 1.1786.
Against the yen, the dollar was trading at 147.89 yen, slightly lower compared to 147.94.
Stocks in New York were higher.
The Dow Jones Industrial Average was up 13.47 points, the S&P 500 index up 0.1%, and the Nasdaq Composite up 0.2%.
The yield on the US 10-year Treasury was quoted at 4.14%, widening from 4.11%.
The yield on the US 30-year Treasury was quoted at 4.75%, widening from 4.73%.
Mr Trump and China’s leader Mr Xi spoke by phone on Friday.
Chinese state broadcaster CCTV and the Xinhua news agency said the call had started.
The pair could settle disputes over TikTok, after Mr Trump repeatedly put off a ban under a US law designed to force Beijing-based parent ByteDance to sell its US operations for national security reasons.
Mr Trump told reporters on Thursday that he hoped to “finalise something on TikTok”, whose US business would be “owned by all American investors, and very rich people and companies”, as he put it.
The world’s two biggest economies also seek to find a compromise on tariffs.
Both sides dramatically hiked levies against each other during a months-long dispute earlier this year, disrupting global supply chains.
Brent oil was quoted lower at 66.56 US dollars a barrel at the time of the London equities close on Friday, from 67.09 late on Thursday.
Gold was quoted at 3,670.59 US dollars an ounce, up against 3,654.51 US dollars.
“Gold prices were relatively steady and remained above the 3,640 US dollars level on Friday, leaving the metal on track for a flat or marginally positive weekly close after four weeks of strong gains,” Mr Walbaum commented.
“Profit-taking after hitting record highs on Wednesday and a rise in US Treasury yields weighed on sentiment, but safe-haven demand helped limit losses.”
He added that “global policy developments added to the backdrop, with both the Bank of England and Bank of Japan holding interest rates steady this week.
“However, geopolitical tensions in the Middle East and Eastern Europe continued to be a key support for bullion.”
The biggest risers on the FTSE 100 were Fresnillo, up 112.0p at 2,276.0p, Endeavour Mining, up 136.0p at 2,828.0p, Next, up 295.0p at 11,870.0p, Coca-Cola HBC, up 74.0p at 3,644.0p, and Glencore, up 5.60p at 312.9p.
The biggest fallers on the FTSE 100 were London Stock Exchange Group, down 498.0p at 8,138.0p, WPP, down 19.70p at 360.7p, JD Sports Fashion, down 3.2p at 88.7p, Airtel Africa, down 5.2p at 221.2p, and Lloyds, down 1.67p at 82.1p.
On Monday’s economic calendar, China has its interest rate decision.
On Monday’s UK corporate calendar, Wilmington reports full-year and BioPharma Credit reports half-year results.
Contributed by Alliance News.
Business
India-US trade deal talks back on track! Piyush Goyal expected to visit America; ‘may be in the next few days’ – The Times of India
India-US trade deal talks are back on track with commerce minister Piyush Goyal expected to visit America soon. The visit would follow the recent one-day discussions between US Chief Negotiator Brendan Lynch and Indian counterpart Rajesh Agrawal in India, focusing on the proposed bilateral trade agreement.According to a PTI report quoting sources, Piyush Goyal is likely to travel to Washington shortly, as India-US trade negotiations continue to progress positively.
“The commerce minister’s visit is likely soon… may be in the next few days… for the trade talks,” sources were quoted as saying.The commerce ministry reported on September 16 that discussions with the visiting US delegation regarding a bilateral trade agreement were constructive, with both parties committed to reaching a swift and advantageous conclusion.“It was decided to intensify efforts to achieve early conclusion of a mutually beneficial trade agreement,” the ministry announced in a statement following a seven-hour meeting with US representatives.Also Read | Big blow! Trump revokes sanctions waiver – why is Iran’s Chabahar port important for India & what does US move mean?The discussions held significance due to the US implementing a substantial 50 per cent duty on goods from India. The senior US trade delegates’ visit marked their first in-person meeting following the implementation of a combined 50 per cent duty (25 per cent base tariff plus 25 per cent additional levy) on Indian products entering US markets, linked to India’s Russian oil purchases.After imposing 50% tariffs, US President Donald Trump recently struck a conciliatory note, calling Prime Minister Narendra Modi a ‘friend’. PM Modi responded positively, paving way for trade deal negotaiotions to resume.Earlier in May, Goyal conducted trade discussions in Washington, engaging with US Commerce Secretary Howard Lutnick.
India-US Trade Deal soon?
Piyush Goyal indicated on Thursday that negotiations for the US trade agreement are progressing well, with recent dialogues yielding positive outcomes.“The talks that happened two days back were productive and are working on the right track… Talks are moving positively… it’s moving in the right direction… India and the US are natural partners,” he said.“Negotiations are going on, and we look at it as a situation. It’s not a friction. America is our trusted partner,” he elaborated on the current state of bilateral discussions.The US maintained its position as India’s principal trading partner for the fourth successive year in 2024-25, achieving bilateral trade of $131.84 billion ($86.5 billion exports).Also Read | ‘Solution to penal tariffs in 8-10 weeks’: CEA Nageswaran’s ‘personal feeling’ on Trump tariffs; says 15% rate eyedThe US represents approximately 18 per cent of India’s overall goods exports, 6.22 per cent of imports, and 10.73 per cent of the country’s total merchandise trade.In February, leadership from both nations instructed officials to work on a proposed Bilateral Trade Agreement (BTA).The initial phase of the agreement was scheduled for completion in autumn (October-November) 2025. The negotiations have progressed through five rounds thus far. The agreement aims to increase bilateral trade from the present $191 billion to $500 billion by 2030.
Walmart‘s online marketplace has become a key part of its strategy to grow profit faster than sales and better compete against its longtime rival, Amazon.
As the largest U.S. retailer with more than 4,600 locations nationwide, growing sales online is also critical for its future.
But a CNBC investigation found Walmart’s digital boom came as it made it easier for third-party sellers to join and sell on its marketplace, a strategy that has come with a cost.
Some consumers have received counterfeit, potentially dangerous products after shopping on the marketplace, CNBC found. The investigation also uncovered dozens of third-party sellers who had stolen the credentials of another business to set up an account, including some who were offering fake health and beauty items.
In the early days of Walmart’s online marketplace, former employees and sellers said it had strict policies for vetting third-party sellers and the products they offer. But over time, Walmart loosened those controls in a bid to woo sellers away from Amazon and appear more friendly than its rival, according to sellers, e-commerce consultants, and current and former employees.
When asked for comment on CNBC’s reporting, Walmart said “trust and safety are non-negotiable for us.”
“Counterfeiters are bad actors who target retail marketplaces across the world, and we are aggressive in our efforts to prevent and combat their deceptive behavior,” Walmart said. “We enforce a zero-tolerance policy for prohibited or noncompliant products and continue to invest in new tools and technologies to help ensure only trusted, legitimate items reach our customers.”
CNBC’s investigation uncovered new details about Walmart’s strategy to grow its online marketplace and the risks it took to take market share from Amazon.
Here are five takeaways from the investigation.
Stolen identities and product tests
During CNBC’s investigation into Walmart’s marketplace, it found at least 43 third-party sellers who had used the identity of another business to set up their account. Some of these sellers were impersonating large, publicly traded companies such as Thermo Fisher Scientific and Rockwell Medical, while others were smaller, private businesses, such as a New York grocery chain and a Chicago pizzeria.
CNBC purchased and tested six items for its investigation, all of them highly rated, deeply discounted beauty products offered by sellers that were impersonating legitimate businesses. All of them were fake, according to brands and lab testing.
Walmart trailers sit in storage at a Walmart Distribution Center in Hurricane, Utah on May 30, 2024.
George Frey | AFP | Getty Images
Some of the companies that were being impersonated on Walmart.com told CNBC they had received mysterious packages at their homes or businesses that they later realized were customer returns.
One of them, Lifeworks-ACS, received at least 14 returns and mailed them to CNBC for authentication. All of them were found to be counterfeit.
Employee pressure
During the Covid pandemic, Walmart’s marketplace boomed and the company gradually made it easier for sellers to join and list items on the platform, former employees said.
One of those former employees, Tammie Jones, said when she first joined Walmart’s seller vetting team, the requirements to join the marketplace were strict. But she said over time, there was pressure from management to approve more sellers, even when she had concerns about the applicant’s credentials or documentation.
“It got to a point where they were just like, ‘You know what? Just go ahead and approve everybody,'” said Jones. “They wanted that business, so they were willing to take a chance on it.”
Onboarding and product vetting
The requirements to join Amazon’s and Walmart’s marketplaces are different. Amazon often makes sellers conduct a video interview with a company employee, while Walmart’s marketplace does not list a video interview as a requirement to join.
Over time, Walmart also made changes to the documentation it requires sellers to submit during the application process. In the past, applicants were required to provide their employer identification number and both a W-9 and EIN form, according to a video of Walmart’s application uploaded in February 2022.
As recently as late March, applicants still needed to provide their EIN, but they were no longer required to upload their W-9 and EIN form, according to a video of Walmart’s seller application posted to YouTube on March 31.
At the time, the only document U.S. sellers were required to upload was a copy of their driver’s license or passport, according to the video. Additional IRS documentation was listed as “optional,” the video shows.
There are also differences in the documentation Amazon and Walmart require from sellers about the products they want to list. On Amazon, some sellers are asked to provide invoices showing how they sourced their products, which includes proof they purchased between 10 and sometimes as many as 100 units. The Walmart sellers CNBC spoke to, who were interviewed before Walmart changed some aspects of its vetting process in July, said they were rarely, if ever, asked to provide details on how they sourced their goods. Those who were asked to submit documents said they often only needed to show an invoice for one unit and occasionally, answer a few questions about their supplier.
Providing an invoice that only shows one unit, compared with 10 or 100, makes it easier for people to resell stolen or counterfeit goods, experts said.
Walmart’s changes
About three weeks after CNBC shared its reporting with Walmart, the company changed some of its marketplace vetting policies for beauty and personal-care products in late July.
In an email Walmart sent to some sellers, the company announced new restrictions for the category and said it would start requiring certain sellers to participate in an “enhanced vetting program” for those kinds of items. The changes would address some of the issues raised in CNBC’s reporting.
As part of the new program, some sellers would have to provide documentation for each personal-care or beauty item in their assortment, such as an invoice that demonstrates the product was sourced directly from a brand owner or manufacturer.
Numerous beauty and personal-care listings were taken down from the platform after the change, some sellers said.
Legal landscape
The nature of online marketplaces makes it difficult to get rid of counterfeit goods entirely, partially because of a lack of regulation. While selling counterfeit goods is a crime, platforms face almost no liability for facilitating their sale, as long as they take down listings for fake goods after brands bring them to their attention.
The Shop Safe Act, a bipartisan federal bill, is designed to curb the sale of fakes online by incentivizing platforms to better vet sellers and the products they’re offering. When platforms comply with certain anti-counterfeiting measures, they could be shielded from liability if a seller offers a fake product.
Brands widely supported the legislation, but it has so far failed to pass at least three times, partially because Walmart and other online marketplaces like Amazon, Etsy and eBay have lobbied against aspects of it, two U.S. Senate aides, who spoke on the condition of anonymity because the discussions were private, told CNBC. The legislation is expected to be reintroduced in the current Congress, they said.
In the absence of more concrete policy changes, legal experts said the argument that certain platforms could be held responsible for the sale of harmful products like counterfeit body lotion or faulty fire alarms is gaining momentum, even if they were technically sold by a third party.
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