UK competition watchdog says ground rent ‘not necessary’; Metro Bank cutting 1,000 jobs – as it happened

CMA says government may need to step in to protect consumers from rising ground rents; watchdog intervenes to free over 500 households from problematic' ground rent clauses

Also today: UK ministers will publish legislation to quash the convictions of hundreds of post office operators who were prosecuted during the Horizon scandal, marking a significant victory for victims after decades of campaigning.

The legislation on Wednesday will automatically overturn convictions of theft, fraud and false accounting that were handed down in connection with Post Office business during that period. It will cover prosecutions brought by the Post Office and the Crown Prosecution Service in England and Wales between 1996 and 2018.

Although by far not good enough, 2023 ended better than what I had expected at the beginning of the year. Despite losing a lot of Yeezy revenue and a very conservative sell-in strategy, we managed to have flat revenues.

We expected to have a substantial negative operating result, but achieved an operating profit of 268m. With a very disciplined go-to-market and buying process, we reduced our inventories by almost 1.5bn. With the exception of the US, we now have healthy inventories everywhere.

Our ambition is to return to strong growth and continue our margin expansion, as reflected in our new mid-term guidance