The Russian steelmaker Evraz said today that its auditor EY, one of the UK’s big four accounting firms, has terminated its services because of the sanctions imposed on the company following Russia’s invasion of Ukraine in late February.

Evraz said it had been unable to find a UK audit firm willing to replace EY. Britain sanctioned the Russian firm in May, and its London-listed shares were suspended from trading.

India’s Tata Motors is expecting profits and cashflow to bounce back in the second half of the year thanks to strong demand for its Jaguar Land Rover cars, and a decline in domestic steel costs.

Carmakers have seen a surge in demand for cars since the pandemic, and easing costs of its key raw material, steel.

Tata’s chief financial officer PB Balaji told reporters:

We are seeing continued increase in the demand side at JLR.

The order book is strong because of the new Range Rover, and Range Rover Sport and Defender models.

The company sold 142,755 vehicles, up 69% year on year, while JLR wholesale volumes, excluding its joint venture in China, rose 17.6% to 75,307. This was below analysts’ expectations because of chip shortages. Tata, India’s third-largest carmaker, has doubled its market share in passenger vehicles to 14% over the past two years, according to India’s Federation of Automobile Dealers Associations.

In the US, the Republicans’ red wave has failed to materialise but Florida’s right-wing governor Ron DeSantis, who would make a strong challenger to Donald Trump for the next Republican presidential nomination in 2014, has won a landslide re-election victory in Tampa.

Andrew Hunter, senior US economist at Capital Economics, has sent us his thoughts on the US mid-term elections – and what they mean for US policy going forward.

While the results remain too close to call, the Republicans are on course to win only the narrowest of majorities in the House, and control of the Senate will probably be decided by another run-off election in Georgia in a month’s time. Perhaps the biggest implication of the midterms is that the chances of Donald Trump returning as president in 2024 appear to have taken a hit.

Despite rampant inflation and President Joe Biden’s low approval rating, the Democrats have avoided the heavy defeat that many anticipated. Although the Republicans are still expected to win control of the House, they look set for a majority of five seats or fewer, leaving presumptive Speaker Kevin McCarthy beholden to Marjorie Taylor Greene and other members of the Freedom Caucus. Recall that the Freedom Caucus scuppered McCarthy’s bid for the speakership after John Boehner resigned in 2015. Boehner’s post-retirement warning that the Freedom Caucus “can’t tell you what they’re for. They can tell you everything they’re against. They’re anarchists. They want total chaos,” could come back to haunt McCarthy.

The race for the Senate stands on a knife-edge, with each party on 48 seats and the remaining four races potentially unlikely to be called for days. As happened in 2020, overall control of the Senate will probably not be decided until a likely run-off election in Georgia on 6^th December.

Regardless of which way that race goes, a narrow Republican victory in the House would spell the end for President Joe Biden’s domestic agenda, and the potential for further big shifts in fiscal policy. It would also raise the risks of another crisis over the Federal debt ceiling next summer although, for that reason, the Democrats are likely to try and raise the ceiling themselves during the lame duck session. The House Republicans will launch investigations of the administration and could attempt impeachment, but that wouldn’t go anywhere with the Senate set to remain close to 50-50 either way.

Perhaps the most important takeaway from the midterms is the disappointing performances of many Republican candidates publicly backed by Trump, which came alongside a resounding re-election victory for Republican Governor of Florida Ron DeSantis. With DeSantis already seen as Trump’s main challenger for the Republican nomination in 2024, and tipped to beat Biden if he progressed to the final ballot, there may now be a higher chance of a Republican victory in 2024 – potentially heralding the return of market-friendly tax cutting policies, but without the chaos that characterised much of Trump’s first term.

Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said Meta faces a “monumental task” to claw back revenue.

Mark Zuckerberg’s ‘mea culpa’ statement is unlikely to do the trick of reassuring investors, instead they may be further rattled by his admission he over-estimated the company’s prospects. It’s clear he expected the surge in online advertising experienced during the pandemic to continue and under-estimated just how quickly rivals could entice users away.

Given that the jobs cuts were already expected and had largely been priced in, the focus will now be on the monumental task Meta faces to claw back revenue. It faces an uphill battle in its attempt to attract younger audiences who are now dancing to the Pied Piper tunes of TikTok, or setting up groups and channels on Discord and Telegram.

At the same time Meta funds are being poured down into the dark plumbing of the metaverse, and it’s highly unclear when revenues will emerge from this expensive venture. He may have taken responsibility for the current situation, but he is still using the same language of shifting resources to high priority growth areas, and the metaverse still features on that list.

Victoria Scholar, head of investment at interactive investor, said:

Shares in Meta are trading higher by more than 4% after Facebook’s parent company confirmed speculation that it is planning to slash the size of its workforce in an attempt to rein in costs amid this year’s share price plummet. Meta is cutting staff by over 11,000 this year as it grapples with softening ad revenues and cost inflation. It follows Meta’s extremely disappointing quarterly earnings report last month which sent shares down 20% after it forecast a weak Christmas quarter and higher costs next year.

Meta is the latest company in the tech sector to announce major layoffs, following similar moves from Twitter, Microsoft, Netflix and Amazon lately. Within Big Tech, Meta is the standout underperformer this year, shedding more than 70% of its stock market value.

Meta has also been facing criticism for betting too heavily on the Metaverse, a gamble that so far has not paid off. Its Reality Labs division, which hosts its VR headsets has lost over $9bn during the first three quarters of the year.

The wider tech sector has been in turmoil lately on the back of higher inflation and rising interest rates with the removal of the punch bowl of cheap money turning investors away from tech, which has long been the stock market’s favourite sector until an abrupt sea change came about this year.

Here is our full story, by UK technology editor Alex Hern.

“Made.com’s collapse is likely to be the first of many, with online retailers experiencing the perfect storm of supply chain pressures and a looming recession,” warned Sean Moran, insolvency partner at law firm, Shakespeare Martineau.

With the company warning of job losses as early as July this year, it is clear that the business has been struggling for some time.

Brand reputation and customer service are integral to the success of any business, particularly in the current climate. Operating in such a fiercely competitive space as homewares provides additional challenges. After increasingly lengthy delivery times caused by supply chain and logistic issues, it appears that many customers began to cancel orders and seek refunds.

With a business like Made.com much of the value lies in its intellectual property, technology, and branding. The administrators have maximised that value by way of a sale. Popular high street retailer Next has bought the brand, websites and intellectual property after the company’s co-founder and former boss’s offer to purchase was rejected.

Economic pressure continues to mount for the e-commerce sector, with the share price of online fashion giant ASOS also reportedly falling by more than 80% earlier this year, as well as the recent demise of online mattress retailer Eve Sleep. As consumers continue to tighten their belts due to of the cost-of-living crisis, retailers will have to work harder to entice purchasers, particularly for luxury or high-value items.

Nicola Thompson, chief executive office of Made.com, said:

I would like to sincerely apologise to everyone - customers, employees, supplier partners, shareholders and all other stakeholders - impacted as a result of the business going into administration.

Over the past months we have fought tooth and nail to rapidly re-size the cost base, re-engineer the sourcing and stock model, and try every possible avenue to raise fresh financing and avoid this outcome.

The brand will now continue under new owners. I hope that a reconfigured Made will prove to be sustainable and will continue to be loved by customers.

Zelf Hussain, joint administrator and partner at PwC, said:

It is with real regret that redundancies will need to be made. We would like to thank all the employees for their hard work.

We will continue to support those affected at this difficult time, including assisting the HR team’s efforts to secure staff new roles. A small number of employees have been retained to support the orderly closure of the business.

Marks & Spencer also said this morning that there is no threat to Christmas turkey supplies from avian flu.

CEO Stuart Machin told reporters:

We’ve got very strong plans in place so I think we’re in good shape. Christmas is protected around turkeys.

The company typically sells one in four fresh turkeys eaten in the UK at Christmas in its food halls or M&S Simply Food shops.

Richard Hunter, head of markets at interactive investor, said:

The pace of transformation at M&S continues to accelerate and is feeding through to some notable progress.

For once, it is not the food business, but the revitalised clothing & home unit which is showing the greatest signs of promise. Previously seen as a dowdy and limited shopping experience, M&S has invested heavily in changing perceptions of style, while also adding an increasingly strong online alternative to the offering. Indeed, the M&S app now has four million users and accounts for 32% of overall clothing & home sales.

For all of the progress, and even with the traditionally strongest final quarter in play, the outlook for the next year is cloudy for reasons which are largely outside the company’s control. The festive period and a rarely timed World Cup competition should provide a shorter term boost, while M&S is at pains to point out that a fair proportion of its customers are ones with a higher income and age demographic.

Even so, the deteriorating economic outlook has ravaged the share prices of retailers in general, and M&S is no exception, with the shares having fallen by 38% over the last year, as compared to a decline of 20% for the wider FTSE-250. Despite an increasingly attractive valuation in historical terms, the tide has not yet turned in the company’s favour, with the market consensus stuck for the moment at a hold [rating on the shares].

M&S shares have fallen 6% as the retailer warned of more challenging times ahead, its first-half profits fell 24% and its joint venture with Ocado slipped into the red.

Michael Hewson, chief market analyst at CMC Markets UK, said:

It’s not been a good year for the M&S share price, down over 50%, and wiping out all its gains from 2021…

While the shares have slipped back in early trading today, on the back of the rise in costs and the losses in the Ocado business, some of the recent pessimism seems somewhat overdone given the changes that have taken place over the last few years under the tenure of previous CEO Steve Rowe, with the current Marks & Spencer a very different animal from the business two to three years ago.

The hope is that new CEO Stuart Machin will be able to pick up where Rowe left off and complete the job. So far, the signs look promising in what is set to be a challenging economic environment.

Last month M&S announced it would be speeding up the closure of some of its main stores, while opening more food halls. This process is expected to do this in the next three years, instead of the previous five-year timeframe.

Here is some reaction to the M&S results.

John Coldham, retail partner at law firm Gowling WLG, said:

M&S is undergoing a significant turnaround as the business restructures its operations. This has consequently impacted on profits, but the retailer is putting itself on solid ground for moving forward.

It is expanding its Simply Food stores which have continued to experience market share growth over the past 12 months, and has acquired its long-term food logistics partner to take full control of its food supply chain. The business will be aiming to create greater efficiency and remove contractual costs through the purchase - a tactical move as external factors are putting more pressure on supply chains.

In terms of clothing, M&S has introduced the hiring of outfits for up to a month to meet shifting consumer demands and combat the cost of living crisis. This provides a more sustainable and economical way for consumers to shop which may well draw in younger customers who haven’t considered the retailer previously.

With an array of economic uncertainties currently being faced, including rising energy costs and interest rates, as well as weaker consumer confidence, shareholders will be hoping the investment that has been made and changes to its strategy will help M&S to maintain its sparkle in the coming years.

The comments came as an interactive guinea pig which has babies and a “booty shaking” disco giraffe are predicted to be among the bestselling toys this Christmas as retailers battle for custom with toy ranges tailored to suit “every budget”.

With the cost of living crisis looming large, the DreamToys list drawn up by the Toy Retailers Association (TRA), features a selection of cheaper toys this year, with eight of the top 12 under £35. The cheapest item on the list is an £8 Squishmallow, a cuddly toy expected to be a popular stocking filler.

Nearly £1bn will be spent on toys between now and Christmas Eve. Paul Reader, chair of the DreamToys selection committee, said that the committee had paid heed to the challenging economic climate. “We know many use the DreamToys list for guidance when it comes to making purchasing decisions and we feel we have selected the best toys to delight children this Christmas while suiting different budgets.”

At the more expensive end of the list is the £65 Mama Surprise guinea pig. Careful grooming makes her heart light up and is a sign that a baby is on the way. The pups arrive behind closed hutch doors (mercifully they drop out of the roof) and in “normal” mode arrive over two days. For shorter attention spans, in “fast” mode they drop every 10 minutes.

Here are our full stories on Marks & Spencer and Made.com:

Marks & Spencer has said it faces a “gathering storm”, with next year likely to be more challenging than this after reporting a near 24% fall in profits.

The clothing, food and homewares retailer said sales rose 8.8% to £5.6bn in the six months to 1 October but underlying pre-tax profits sank 23.7% to £205.5m as its Ocado online grocery joint venture fell into the red and it pulled out of Russia.

The online furniture retailer Made.com has collapsed into administration after weeks of speculation, putting about 500 jobs at risk and leaving customers disappointed.

The company’s brand, domain names and intellectual property were immediately bought by the fashion and homeware retailer Next.

The Guardian understands that Next offered £3.4m to buy the brand but has not taken on the company’s workers or any of its stock of furniture, lighting and homeware.

Made.com’s remaining 500 employees will be told the sad news by administrators at PwC between 9am and 10am this morning, reports my colleague Joanna Partridge.

The failed furniture chain’s shares, which were suspended on 1 November, will be cancelled, any residual value will be distributed to shareholders and the company will be wound up. It stopped taking orders in September, and thousands of customers are anxiously waiting to see if they will get any refunds for items they have ordered.

Susanne Given, chair of Made.com, said:

Having run an extensive process to secure the future of the business, we are deeply disappointed that we have reached this point and how it will affect all our stakeholders, including employees, customers, suppliers and shareholders. We appreciate and deeply regret the frustration that MDL going into administration will have caused for everyone.

I want to sincerely thank all our employees, customers, suppliers and partners for your support throughout the past 12 years and especially during this difficult time where we have tried so hard to find a workable solution for the company and all its stakeholders.

Just last year, Made.com was valued at almost £800m when it listed on the stock exchange in June, and was heralded as the future of furniture retail. One of its founders wanted to turn it into an alternative to Ikea, leading a similar revolution in stylish and affordable furniture. Li said in 2017 that Made.com wanted to be the new Ikea, “the pioneer of the next trend of how people shop for their home”.

But while the business enjoyed booming orders during the pandemic when people were stuck at home, sales fell away when Covid restrictions came to an end. The company has also been caught up in the global supply chain crisis, and customers complained about long waits and delayed deliveries of their made-to-order velvet sofas and armchairs.

To help struggling consumers, M&S relaunched its ‘Remarksable’ value range at the start of the year.

The range includes ‘bigger packs, better value’ on 40 lines offering 5% savings per unit volume and this month it locked the prices of 100 family favourites through to 2023.

The dine-in programme has been expanded to include the Gastro range in an ‘always on’ family meal deal for four, for £12.