Finance

Businesses hiring migrants have a surprising new idol. The inspirational figure is neither a liberal nor a devotee of globalisation. It is Giorgia Meloni, Italy’s prime minister, who in 2022 climbed to power on a hard-right platform. She intends to issue 165,000 low-skilled work visas next year, up from 30,000 five years ago. Italy has also signed a labour-mobility deal with India that a recruiter praises as “one of the [world’s] most progressive”. More

Beyond Meat shares are soaring for a third straight day, surging 111% at one point in the premarket Wednesday. The stock was above $6.43 on Wednesday, after closing Tuesday at $3.62.
Roundhill Investments, which develops thematic exchange traded funds, on Monday added BYND to its Roundhill Meme Stock ETF.
The ETF addition seemed to dive a short squeeze in the stock as investors who bet against Beyond Meat stock rushed to cover their positions.

Cfoto | Future Publishing | Getty Images

Beyond Meat rallied for a third straight day Wednesday as meme traders jump on the stock.
The food company known for its plant-based burgers and sausages surged 111% at one point in the premarket Wednesday. It last traded above $6.43 per share in extended trading, up 77%, after closing Tuesday at $3.62.

It’s the latest in an extraordinary week for the stock. On Monday, the stock rallied more than 127% after Roundhill Investments, which develops thematic ETFs, added the name to its Roundhill Meme Stock ETF (MEME).
That decision appeared to have the added effect of driving a short squeeze in the stock, as investors rushed to cover their position. According to FactSet data, more than 63% of the shares available for trading were sold short.
On Tuesday, Beyond Meat soared 146% in its best day ever, after saying it will expand distribution at Walmart’s stores.

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Beyond Meat, year-to-date performance

Shares of Beyond Meat have been under pressure for a long time. After making its public debut in 2019, when the stock soared past $230 per share, it has since become a penny stock. The stock has slid in each of the last five years, falling more than 47% in 2021, 81% in 2022, 27% in 2023, and 57% in 2024. It’s down more than 3% in 2025.
The latest bad news for the stock came last week, when shares tumbled more than 67% to end the week at just 65 cents after Beyond Meat said it has finalized a debt deal.

This week’s comeback, however, is reminiscent of the height of the pandemic, when retail traders took to on online message boards such as WallStreetBets to coordinate moves behind high-risk, aggressive trades.
In 2021, Bank of America said Beyond Meat was a Reddit stock to watch, though it ended that same year with losses.
The return of Beyond Meat could be the latest signal of a frothy market, one that is relentlessly climbing higher in spite of concerns around elevated valuations and a possible AI bubble. Indeed, Roundhill shut its meme ETF down at one point because of lack of interest. It revived it earlier this month as retail traders dove back into the bull market.
In response to someone on Reddit’s online forum WallStreetBets saying they bought 10,000 shares of Beyond Meat for $7.50, one commenter wrote Wednesday, “Youre already down 7k, impressive.”
Another posted: “You know the economy is cooked when BYND stock is making a comeback.” More

.css-1l5amll{color:var(–mb-colour-greyscale-london-5);font-family:var(–mb-typeface-serif);font-weight:var(–mb-font-weight-regular);font-size:var(–mb-typestyle-body-2-size);font-variant:var(–mb-typestyle-body-2-figures);line-height:var(–mb-typestyle-body-2-leading);}.css-1l5amll del,.css-1l5amll s{-webkit-text-decoration:strikethrough;text-decoration:strikethrough;}.css-1l5amll strong,.css-1l5amll b{font-weight:var(–mb-font-weight-bold);}.css-1l5amll em,.css-1l5amll i{font-style:italic;}.css-1l5amll sup{font-feature-settings:’sups’ 1;}.css-1l5amll sub{font-feature-settings:’subs’ 1;}.css-1l5amll small,.css-1l5amll .small-caps{display:inline;font-size:inherit;font-variant:var(–mb-font-small-caps);text-transform:lowercase;}.css-1l5amll u,.css-1l5amll .underline{-webkit-text-decoration:underline;text-decoration:underline;text-underline-offset:0.125rem;text-decoration-thickness:0.0625rem;}.css-1l5amll a{color:var(–mb-colour-greyscale-london-5);-webkit-text-decoration:underline;text-decoration:underline;text-decoration-color:var(–mb-colour-base-chicago-45);text-decoration-thickness:0.0625rem;text-underline-offset:0.1875rem;}.css-1l5amll a:hover{color:var(–mb-colour-base-chicago-30);-webkit-text-decoration:underline;text-decoration:underline;text-decoration-color:var(–mb-colour-base-chicago-30);text-decoration-thickness:var(–mb-spacing-3xs);}.css-1l5amll a:focus{background-color:var(–mb-colour-base-chicago-90);color:var(–mb-colour-greyscale-london-5);outline:none;-webkit-text-decoration:underline;text-decoration:underline;text-decoration-color:var(–mb-colour-greyscale-london-5);text-decoration-thickness:var(–mb-spacing-3xs);}.css-1l5amll a:active{background-color:var(–mb-colour-base-chicago-90);color:var(–mb-colour-base-chicago-30);text-decoration-color:var(–mb-colour-base-chicago-30);text-decoration-thickness:var(–mb-spacing-3xs);-webkit-text-decoration:underline;text-decoration:underline;}.css-1l5amll [data-caps=’initial’],.css-1l5amll .drop-cap{float:left;font-feature-settings:’ss08′ 1;font-size:3.5rem;height:3.25rem;line-height:1;margin:0.0625rem 0.2rem 0 0;text-transform:uppercase;}.css-1l5amll [data-ornament=’ufinish’],.css-1l5amll .ufinish{color:var(–mb-colour-brand-red);}.css-1l5amll [data-ornament=’ufinish’]::before,.css-1l5amll .ufinish::before{font-size:var(–mb-typestyle-body-2-size);font-variant:var(–mb-typestyle-body-2-figures);line-height:var(–mb-typestyle-body-2-leading);content:’ ‘;}We are hiring a finance writer. The ideal candidate would have deep knowledge of the industry and be able to identify the most important stories as they emerge. They would be expected to produce original and striking journalism capable of holding the cover of The Economist, and to contribute to the “Buttonwood” column. They would also have the opportunity to appear on podcasts and in videos. Ideally, the writer would be based in London or New York.Journalistic experience is not necessary; the ability to write clearly and entertainingly is crucial. Applicants should send a CV and a sample article suitable for publication in The Economist to [email protected]. The article should be unpublished and no longer than 700 words. Some examples of relevant coverage are listed below. The deadline for applications is December 7th.Example coverageThe most dangerous corner of a balance-sheetHow to escape taxes on your stocksCan anything stop America’s superstar hedge funds?Wall Street titans are betting big on insurers. What could go wrong?What the surging price of gold says about a dangerous world More

Barclays announced a £500 million ($667 million) share buyback on Wednesday, as it reported third-quarter earnings.
It also increased its guidance and said it now expects to deliver RoTE (Return on Tangible Equity) of greater than 11% for the full year.
The bank said it plans to move to quarterly share buyback announcements.

One Churchill Place skyscraper, the Barclays Plc headquarters, at Canary Wharf in London, U.K., on Thursday, Jan. 7, 2021. 
Bloomberg | Bloomberg | Getty Images

British lender Barclays increased its guidance and announced a £500 million ($667 million) share buyback in its third-quarter earnings on Wednesday.
The bank said it now expected to deliver RoTE (Return on Tangible Equity) of greater than 11%, up from around 11%, for the full year. Net interest income (excluding investment banking and head office) guidance was also upgraded to more than £12.6 billion for the year, up from over £12.5 billion.

“We have been robustly and consistently generating capital for our shareholders consecutively over the last nine quarters,” CEO C. S. Venkatakrishnan said in a statement.
“Consequently, we have decided to bring forward a portion of our full-year distribution plans, with a £500m share buyback announced today and we now plan to move to quarterly share buyback announcements. Our consistent and strong delivery has laid the foundations for greater performance beyond 2026, and I look forward to sharing updated targets to 2028 alongside our FY25 Results.”
It comes despite pre-tax profit for the third quarter coming in at £2.1 billion, slightly below analysts’ expectations and marking a 7% decline from the same period in 2024.
London-listed shares of Barclays were trading 4.9% higher on Wednesday.

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Barclays share price

Income, which came in at £7.2 billion for the quarter, took a hit from a £235 million charge related to the U.K.’s car loans scandal. It brings Barclays’ total charges related to the incident — which officials say saw millions of consumers unfairly sold vehicle finance — up to £325 million. Barclays also said it had incurred a £110 million impairment charge from a “single name” claimant.

Return on Tangible Equity for the quarter hit 10.6%, down from 12.3% a year earlier, while earnings per share came in at 10.4 pence.
Income in the investment banking division increased by 8% year-on-year.
Strong investment banking returns have helped propel European financial stocks upward this year, with the Stoxx 600 Banks Index gaining more than 55% over the course of 2025 so far. Barclays shares have surged over 35% year-to-date.
Across the Atlantic, industry heavyweights JPMorgan Chase and Goldman Sachs also reported stronger-than-expected third-quarter earnings last week, with both companies’ results bolstered by earnings beats in their investment banking units.

The sector has been in the spotlight stateside after fears mounted over the possibility of bad loans on Wall Street. The jitters reached European banking stocks on Friday, although shares quickly recovered amid confidence that there is no systemic issue.
Barclays has a significant presence in the U.S., including in investment banking thanks to its 2008 acquisition of Lehman Brothers’ investment banking and capital markets units.

‘Unknown unknowns’

In a Wednesday morning note, RBC Capital Markets Analyst Benjamin Toms pointed out that without litigation charges, Barclays would have posted a 6% beat on pre-tax profit. He argued that based on analysis of forward tangible book value and RoTE, the company’s shares should be trading at a higher multiple — but conceded that the banking sector was fraught with challenges, including uncertainty surrounding the U.K.’s looming Autumn Budget.
“The bank’s U.S. corporate exposure will receive scrutiny given local trends over the last couple of months,” he added. “[And] some of the biggest risks to our investment thesis are conduct and litigation costs and ‘unknown unknowns.'” More

Baidu’s Apollo Go robotaxi unit plans to begin tests in Switzerland later this year, with the aim of launching a public-facing service by the first quarter of 2027.
The company plans to remove the steering wheel from the self-driving taxis once the service is fully up and running.
The rollout comes as rivals Pony.ai and Waymo last week announced plans to launch their own tests in other parts of Europe in the coming months.

Chinese tech company Baidu announced Wednesday its Apollo Go robotaxi arm has entered a strategic partnership with PostBus in Switzerland.

BEIJING — Chinese tech giant Baidu announced Wednesday that its robotaxi unit will start test drives in Switzerland in December, as firms race to get their vehicles on European roads.
The company’s Apollo Go unit will work with Swiss public transit operator PostBus through a strategic partnership, Baidu said.

By the first quarter of 2027, the companies aim to begin operating a public-facing fully driverless taxi service called “AmiGo” that uses Apollo Go’s RT6 electric vehicles, the press release said. Baidu added that once the robotaxis are up and running, the operators plan to remove the cars’ steering wheels.
Plans to start tests in December are the most concrete steps Baidu has announced so far in getting its robotaxis on public roads in Europe.
The Chinese tech company said in August that it would partner with U.S. ride-hailing company Lyft to deploy robotaxis in the U.K. and Germany starting in 2026. A month earlier, Baidu announced a partnership with Uber to deploy Apollo Go robotaxis on the ride-hailing platform outside the U.S. and mainland China later in the year.
Other robotaxi companies are also racing to expand into Europe and the Middle East, after building up operations in the U.S. and China.
On Friday, Chinese robotaxi operator Pony.ai announced it will work with Stellantis to begin tests in Luxembourg in the coming months, before expanding to other European cities next year.

U.S. rival Waymo, owned by Google parent Alphabet, last week also announced plans to start tests in London before launching the self-driving taxi service there next year. Uber in June said it would start trials in spring 2026 of fully autonomous rides in the U.K. with SoftBank-backed self-driving tech startup Wayve.
— CNBC’s Arjun Kharpal contributed to this report. More

Travis Kelce #87 of the Kansas City Chiefs looks on during warmups before the game against the Detroit Lions at Arrowhead Stadium on Oct. 12, 2025 in Kansas City, Missouri.
Jamie Squire | Getty Images

NFL star Travis Kelce is teaming up with activist investor Jana Partners in a bid to help reshape the future of Six Flags Entertainment Corp.
Jana announced on Tuesday that it has partnered with Kelce, consumer executive Glenn Murphy and technology executive Dave Habiger in an investment group that now holds an economic interest of roughly 9% in the amusement park operator.

Shares of Six Flags shot up more than 15% Tuesday following the news.
The group plans to engage with Six Flags’ board and management to explore ways to “enhance shareholder value and improve the guest experience,” Jana said.
Kelce, who won two Super Bowls with the Kansas City Chiefs and is the fiancée of pop star Taylor Swift, said the partnership was also personal.
“I am a lifelong Six Flags fan and grew up going to these parks with my family and friends,” he said in a statement. “The chance to help make Six Flags special for the next generation is one I couldn’t pass up.”
The move comes as Six Flags looks to reinvigorate attendance and profitability following years of leadership changes and a pandemic-driven slump. The stock is still down about 48% this year even with Tuesday’s boost.
The firm’s managing partner, Scott Ostfeld, revealed the investment at the 13D Monitor Active-Passive Investor Summit Tuesday. The Wall Street Journal first reported the move. More

Beyond Meat shares more than doubled in price.
Roundhill Investments, which develops thematic exchange traded funds, added BYND to its Roundhill Meme Stock ETF.
The ETF addition apparently caused a short squeeze with investors who bet against Beyond Meat stock forced to cover their positions.

In this photo illustration, Beyond Meat’s Beyond Burgers are shown on February 29, 2024 in Chicago, Illinois.
Scott Olson | Getty Images

Beyond Meat has regained a bit of its meme mojo status, surging more than 146% on Tuesday in its best day ever.
The food company known for its plant-based meat alternatives is having an incredible week, with shares surging more than 127% Monday after Roundhill Investments, which develops thematic ETFs, added the name to its Roundhill Meme Stock ETF (MEME).

It continued that rally on Tuesday, when Beyond Meat announced a deal with Walmart to expand distribution to more stores across the U.S.
It appears the ETF addition has unleashed a short squeeze with investors who bet against the stock forced to cover their position. More than 63% of the shares available for trading were sold short, per FactSet.

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Beyond Meat, 1-day performance

It’s a remarkable turnaround for a stock that tumbled more than 67% just last week, after the company announced it has finalized a debt deal. The stock is currently trading around $2 per share, after ending last week at just 65 cents.
Indeed, the stock has been under pressure for many years, posting losing returns over each of the last five years. After surging past $230 per share following its IPO in 2019, it has since become a penny stock.

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BYND, all time

Yet this week’s rally harkens back to when Beyond Meat enjoyed meme stock status among retail traders, who crowded into the stock based more on sentiment than on corporate fundamentals after coordinating on online message boards.

In 2021, Bank of America called Beyond Meat a Reddit stock to watch. It ended that same year down more than 47%.

The return of Beyond Meat could also be the latest sign of a frothy market, as investors pile into more speculative names in spite of elevated valuations, and possibly a signal of a market top.
Roundhill actually shut its meme ETF down at one point because of lack of interest, but revived it earlier this month as retail traders dive back into this relentless bull market. More

Lauren Taylor Wolfe, co-founder of activist investment firm Impactive Capital, said the surge in enthusiasm around artificial intelligence has all the markings of a bubble.
“We are absolutely in an AI bubble now. It is going to burst,” she said on CNBC’s “Squawk on the Street” Tuesday to David Faber. “I don’t know when, I don’t know the order of magnitude. A lot of people are going to lose money.”

Her remarks come as enthusiasm for AI continues to drive markets higher, with investors betting the technology will transform industries and lift corporate earnings. Taylor Wolfe said investors are underestimating the risks tied to the surge in AI-related spending by major technology companies.
“There are trillions of dollars that are being earmarked to be spent relative to hundreds of billions of dollars of free cash flow generated by the Mag 7,” she said, referring to the group of large-cap tech stocks that dominate the S&P 500. “They’re going to have to borrow to invest in all this CapEx, and we have yet to see the returns on investment.”
Her remarks come at a time when analysis shows the S&P 500 has become pretty much an AI index.
Taylor Wolfe believes the mismatch between capital expenditures and profit potential makes current valuations difficult to justify.
“Show me the trillions of dollars of profits that are going to be generated in the next five years,” she said. “And you just can’t. The math doesn’t work.”

She said the current environment is reminiscent of the late 1990s, when investors chased anything associated with the internet regardless of valuation or business model. During the dotcom era, the right thing to do wasn’t short the bubble companies; it was to look where no one else was looking, she said.
“You’d have been better off owning a railroad in 2000 than buying Cisco at 35 times earnings, Taylor Wolfe said. “So at Impactive, what we’re doing today is looking for our railroads.”
At the 13D Monitor’s Active-Passive Investor Summit Tuesday, Taylor Wolfe presented her new idea Advanced Drainage Systems, which she called the undisputed leader in plastic stormwater and residential septic systems. She said the company is AI proof. More