The future of capitalism

It's no longer selling or making things.  The Guardian reports:

Just Eat, the online takeaway company, was on Wednesday night officially promoted into the FTSE 100 list of Britain’s blue chip companies, with a valuation of £5.5bn – making it worth half a billion pounds more than the UK’s second biggest supermarket chain .

The UK’s love affair with having pizzas, curries and kebabs delivered to their door has spawned a mobile food business with no products and no outlets that is more highly valued than Sainsbury’s, which sells 90,000 products through 1,400 stores – and also owns the Argos chain. Just Eat is also worth more than Morrisons and Marks & Spencer.

Little-known Danish technology entrepreneur Bo Bendtsen is the single-biggest shareholder in Just Eat with a 13% stake in the business now worth just over £730m. But Bendtsen, who had just 88 followers on Twitter at the time of writing, did not found the company, which provides takeaways to 19 million people.

Meanwhile Babcock, the company which has built two British aircraft carriers is relegated to the FTSE250.

Financial madness ...