3i said Action's like-for-like sales rose 6.1% in the first four weeks of 2026 compared with the same period last year, signalling a rebound after an autumn slowdown. The update eased investor concerns over performance in France, which accounts for about one-third of Action's business. For 2025, Action delivered net sales of '16bn, or roughly $17.3bn, up 16% year on year. Earnings before interest, tax, depreciation, and amortisation rose 14% to '2.4bn, or about $2.6bn. Like-for-like sales growth outside France reached 7.2%, driven by strong performance in the Netherlands, Poland, Austria, and southern Europe. France remained the outlier, with like-for-like sales growth of 2.1% in the opening weeks of 2026, compared with 1.3% for the full year. Sales had been flat in December after declines in October and November. Action now accounts for around four-fifths of 3i's private equity portfolio and is valued by the firm at just over '35bn, or about $44bn. The retailer's scale has turned it into a proxy for 3i's share price....

Sky News reported that the company is targeting a March launch, although the timetable could be delayed depending on market conditions. Investec has joined Barclays and JPMorgan in the banking syndicate, while Rothschild is advising Loveholidays' private equity owner, Livingbridge. Founded in 2012, Loveholidays has grown into one of the UK's largest online travel agents, specialising in trips to the Greek islands, mainland Spain, and the Canary Islands. The company operates in several European markets and organised holidays for more than 5m customers in 2024. Financial performance has improved sharply since the pandemic. Loveholidays reported pre-tax profits of '67.6m on revenues of '284m for the year ended October 2024, representing a year-on-year increase of about 20%. A successful IPO would represent a significant exit milestone for Livingbridge, which has backed the business since 2018. It would also provide a rare boost for London's equity markets, which have struggled to attract high-profile listings in recent years....

To hear some Silicon Valley insiders tell it, California is on the verge of economic suicide. This November, Californians will likely vote on a ballot initiative that would levy a one-off tax on the wealth of about 200 of the state's richest residents. Garry Tan, the CEO of the start-up incubator Y Combinator, posted on X that the measure would 'kill and eat the golden goose of technology startups in California.' Investors and tech executives are threatening to leave the state. Governor Gavin Newsom, who has been angling for a centrist presidential pivot, has vowed to 'do what I have to do' to stop the initiative. Many progressives, however, see the billionaire tax as a long-overdue effort to finally force the ultra-wealthy to pay their fair share. Senator Bernie Sanders, for example, calls it a 'model that should be emulated throughout the country.' In their telling, hyperbolic claims about the death of innovation and entrepreneurship in California are a smoke screen for the fact that billionaires simply don't want to pay higher taxes....

The first year of Donald Trump's second term has made two things clear. First, the MAGA coalition is not breaking up any time soon. Even after the especially chaotic events of the past few weeks, Trump supporters are sticking by their man. Second, faith in Trump's leadership is not driven by his adherence to a coherent political ideology. Trump, who, as part of his 'America First' policy, once declared that he would be 'getting out of the nation-building business,' has now declared that the U.S. 'will run the country' of Venezuela for the foreseeable future. An administration that promised to look out for the 'working man' has handed billions of tax dollars back to America's wealthiest households while stripping health care from the most vulnerable. If ideological consistency can't explain the enduring loyalty of Trump's base, what does' A new study by More in Common, the nonprofit research organization where we work, finds that Trump's coalition is not monolithic. It consists of four groups, each with a distinct profile and perspective. Trump's political power depends on his ability to connect with these groups on different emotional and psychological grounds....