Early Revolut investors to become millionaires

📍Top line: Hundreds of small investors who backed Revolut through the Crowdcube platform eight years ago are now seeing extraordinary returns, as they are invited to sell some of their shares at a valuation that has turned many into near-millionaires. The fintech giant’s relaxed rules for its latest secondary share sale are offering early backers a chance to crystallize profits at 404 times their original investment.

Key points:

• Incredible returns: Investors who purchased shares in Revolut at $2.14 each in 2016 can now sell them for $865.42 apiece, turning an average investment of £2,309 into over £900,000.

• Broader eligibility: Initially limited to employees, the secondary share sale now allows early backers and former employees to sell their shares.

• Significant capital involved: Over $1 billion worth of Revolut shares are being sold, with new investors including Mubadala, Goldman Sachs private clients, Coatue Management, and D1 Capital Partners.

• Company growth: Founded in 2015, Revolut has grown into a $45 billion company with 50 million customers and a provisional UK banking license.

• Crowdfunding success: Of the 433 people who invested £1.007 million collectively in Revolut during its early pitch on Crowdcube, many are now reaping substantial rewards.

Nissan and Honda hold merger talks

📍Top line: Nissan and Honda are in preliminary talks about a potential merger, which could create a $52 billion Japanese automotive giant to better compete with Chinese electric vehicle manufacturers and navigate slower-than-expected EV demand. The combined entity would become the world's third-largest carmaker by sales, behind Toyota and Volkswagen.

Key Points:

• Merger Talks: The discussions aim to address challenges posed by competition from Tesla and Chinese EV companies like BYD, as well as shifting consumer demand.

• Market Impact: Nissan's shares surged by over 22% in Tokyo, while Honda's stock dropped by up to 3%. Nissan's market capitalization stands at $8.2 billion compared to Honda's $44 billion.

• Strategic Rationale: A merger would provide both companies with greater scale for investments and a significant manufacturing presence in the US, potentially mitigating the impact of proposed tariffs on Mexican imports under Donald Trump’s incoming administration.

• Historical Context: Talks of merging Nissan and Honda were floated by the Japanese government in 2020, reflecting concerns about standalone carmakers’ ability to compete with Chinese rivals in EVs and software.

• Industry Dynamics: The potential tie-up could also affect Mitsubishi Motors, in which Nissan holds a 27% stake, as well as Nissan’s existing alliance with Renault, which has expressed openness to collaboration with Honda.

Elsewhere in business:

🥣 Kellogg's has launched a £12m marketing campaign featuring its beloved mascot, Cornelius the cockerel, brought to life in 3D animation by the studio behind Harry Potter and Paddington. In a 60-second film set to air from 23 December, Cornelius struts through the streets to the hip hop track Jayou by Jurassic 5, marking the song’s first use in advertising. Named See You in the Morning, the campaign aims to boost Kellogg's cereal volumes after a reported decline in sales.

🍺 Wetherspoon’s chief Sir Tim Martin has vowed to address Guinness shortages with its maker, Diageo, after pubs across Britain experienced supply issues during the critical festive period. Martin, the founder and CEO of JD Wetherspoon, urged the drinks giant to "get brewing" as weeks of rationing left pubs struggling to meet demand for the popular Irish stout.

Uni fees to rise above £10,000

📍 Top line: University tuition fees in England are set to rise above £10,000 during this parliament, as Education Secretary Bridget Phillipson plans to extend inflation-linked fee increases over the next three years. The move, reported by the FT, will come with reforms aimed at ensuring value for money and boosting university performance.

Key Points:

• Planned Fee Increases: University tuition fees will rise with inflation, potentially surpassing £10,000 by 2028. The 2025-26 academic year fee is already set to increase to £9,535.

• Sector Reforms: Increased fees will be tied to reforms including better access for poorer students, improved teaching quality, and stronger ties between universities and further education colleges.

• Funding Stability: Universities UK, a sector lobby group, welcomed inflation-linked rises, estimating they would provide £1.4bn additional funding by 2029-30.

• International Student Decline: A drop in lucrative international student numbers—down by over 30% in some universities due to government immigration policy and global factors—has strained finances.

• Economic Pressure: Despite the fee hike, rising costs such as employer National Insurance contributions mean universities face limited net gains, with the Institute for Fiscal Studies highlighting a modest £18m net increase from recent changes.

Elsewhere in the economy:

💷 Liverpool has been named the UK’s most generous city this year, based on an analysis of donations made through GoFundMe. The city recorded the highest number of donations per person, followed by London and Norwich. Liverpool’s generosity was notably evident in its response to the Southport stabbings and the subsequent riots, which deeply impacted the community.

🧑‍🎓 The highest outstanding student debt in the UK has reached a record-breaking £252,554, according to Sky News. As of the end of September, over 2.2 million people in the UK had an outstanding loan balance of more than £50,000.

Brazilian artist makes claim to Adele song

📍Top line: A Brazilian court has ordered Adele’s 2015 hit Million Years Ago to be removed globally from radio, television, and streaming platforms following allegations of plagiarism by samba musician Toninho Geraes. Geraes, who claims the song copied his 1995 samba classic Mulheres, recorded by Martinho da Vila, has filed for lost royalties, $160,000 in damages, and a songwriting credit.

Key points:

• Judge Victor Torres issued a preliminary injunction, threatening Sony Music and Universal Music Brazil with an $8,000 fine per violation.

• Geraes' lawyer hailed the decision as a “landmark for Brazilian music,” warning international artists against exploiting Brazilian songs.

• Legal experts argue the ruling is enforceable only in Brazil, with limited global impact, as separate proceedings would be needed in each country.

• Adele’s management and record labels have not commented, and the decision remains open to appeal.

The case highlights ongoing copyright battles in the music industry, with experts questioning the broader enforceability of the Brazilian court’s order beyond its jurisdiction

Elsewhere in tech:

📱 Chinese online marketplace Temu has topped the list of the most downloaded apps in the UK this year, according to Apple’s annual rankings. The app, which only launched in the UK last year, also secured the top spot in major markets including the US, Germany, Spain, Ireland, Australia, South Korea, and Mexico. Other apps in the UK’s top five included Vinted, ChatGPT, and Threads.

🚨 WhatsApp users have noticed another major change to the app, just days after the controversial removal of the long-standing 'typing...' indicator. The Meta-owned platform has now replaced the message showing someone is recording a voice note with a microphone icon that appears at the bottom of the screen. This tweak has been gradually rolled out, though it's unclear if it's part of a limited test or a widespread update.

🏆 Keely Hodgkinson has been crowned BBC Sports Personality of the Year 2024 after an exceptional season that saw her claim Olympic 800m gold in Paris. Darts prodigy Luke Littler finished second, while England cricketer Joe Root placed third in the public vote.

🎤 Sam Fender has cancelled his remaining 2024 shows after suffering damage to his vocal cord. The singer-songwriter, who was set to perform in Glasgow and Newcastle this week, revealed he had haemorrhaged his right vocal cord following a bout of flu.

⛪ A plot to assassinate Pope Francis during his historic trip to Iraq in March 2021 was foiled after a tip-off from British intelligence, according to excerpts from the pontiff’s forthcoming autobiography. The Pope writes that he was informed upon landing in Baghdad of a plan involving two suicide bombers targeting one of his events, both of whom were intercepted and killed by Iraqi police.