The Co-op Group expects its cyber-attack to reduce full-year profits by £120 million, including the £80 million already lost in the first half. Chief Financial Officer Rachel Izzard told Reuters that the figure includes any insurance recovery but noted the company has limited coverage, mainly for immediate technology response, and does not expect to claim for backend losses.
On a positive note for the London Co-op stock market, payments firm Ebury, backed by Santander, plans to revive a £2 billion initial public offering in the second quarter of 2026. This comes as Goldman Sachs-backed Petershill Partners prepares to delist, with its shares rising 33% this morning.
Co-op: Meanwhile, Reform leader Nigel Farage has urged the Bank of England to stop bond sales and reduce interest paid to UK banks following a meeting with Governor Andrew Bailey. Farage and MP Richard Tice advocate for greater parliamentary influence over the independent Bank, aiming to lessen the need for tax increases at the upcoming budget.
Co-op London stock market
In Europe’s auto market, Tesla’s new car sales have dropped by 43% this year, while Chinese brand BYD’s sales surged 244%. Despite EU tariffs on Chinese electric vehicles aimed at protecting local manufacturers, BYD has overtaken Tesla for the second consecutive month. The EU’s trade director, Sabine Weyand, confirmed the tariffs are helping boost European EV production and sales. Hybrid car sales continue to rise, pushing German automakers to lobby for relaxed EU emissions targets beyond 2035.
Co-op: Additionally, the Competition and Markets Authority (CMA) has secured commitments from Ticketmaster to prevent a repeat of last summer’s controversy over tiered pricing for Oasis concert tickets. Ticketmaster will now inform fans 24 hours in advance if tiered pricing is used, provide clearer price information during online queues, avoid misleading label descriptions, and submit regular compliance reports to the CMA over the next two years. CMA chief executive Sarah Cardell emphasized the importance of transparent pricing for fans’ trust and warned of enforcement action if Ticketmaster fails to comply.
