Over 400 flights have been cancelled as French air traffic control strike is set to cause a second day of chaos March 7, 2017 More than 400 flights have been cancelled across Europe due to the French air traffic control strikes that started yesterday, and the worst could be yet to come. In addition to the Brest and Bordeaux control centres which were on strike yesterday, the Marseille sector will now be involved in the action too. The five-day strike lasts [...]
Budgens is closing more than 30 stores March 7, 2017 More than 30 Budgens stores are set to close as Food Retailer Operations Limited (FROL) has gone into administration, putting 815 jobs at risk. FROL operates 34 Budgens stores, having bought them from the Co-op in July last year. Nine outlets were closed over the weekend, and the final 25 will close their doors over the [...]
Supermarket sales grew at their fastest rate since June 2014 in the last 12 weeks March 7, 2017 Supermarket sales were growing at their fastest rate since June 2014 over the past three months as inflation started to bump up prices for key items such as tea, butter and fish. According to data from Kantar Worldpanel, supermarket sales grew by 2.3 per cent year-on-year for the 12 weeks ending 26 February. Kantar said [...]
Interserve concludes “extensive search” for chief exec Adrian Ringrose’s replacement March 7, 2017 Support services group Interserve has concluded its search for a new leader, pinching a division chief exec from rival Sodexo. Debbie White will join the group to work alongside current Interserve chief executive Adrian Ringrose, who announced plans to step down last November. She will formally take sole control of the firm on 1 September. Read more: Interserve shares are [...]
Budget 2017 UK predictions: What you can expect from the chancellor’s Spring Budget March 7, 2017 It's that time of year again: the chancellor is getting set to dust off his little red box and deliver the Spring Budget. It's the last one we'll see at this time of year, as Philip Hammond decided to move the major announcements to an Autumn Statement schedule. It's likely to be a more staid [...]
Paddy Power Betfair reports revenue and profit rise for 2016 ahead of next week’s Cheltenham festival March 7, 2017 As bookmakers prepare for next week's Cheltenham festival, Paddy Power has unveiled an 18 per cent jump in revenue in 2016 although statutory figures, which include Betfair's numbers from 2 Fabruary last year, paint a different picture. The figures Revenue grew 18 per cent to £1.55bn from £1.32bn in 2015 on a pro-forma basis, while statutory revenue [...]
Direct Line unveils “successful year” despite taking a £217m hit from discount rate cut March 7, 2017 Direct Line's profits took a £217m hit as a result of the government's decision to slash the discount rate last week. Reporting its annual returns – which boss Paul Geddes referred to as a "successful year" – the impact on profits was not as high as the £230m the firm said was the worst case [...]
Tesco’s Dave Lewis: The Booker takeover means we can buy more and waste less March 7, 2017 Tesco boss Dave Lewis has said reducing food waste is a factor behind the supermarket’s £3.7bn takeover of wholesaler Booker. The tie-up will enable the combined group to buy a larger proportion of crops each producers. This allows it to both reduce its spend and ensure the residual food doesn't go to waste, Lewis said. Read more: Why Tesco could be [...]
The US and UK are failing to confront the long-term drivers of explosive debt growth March 7, 2017 The chancellor Philip Hammond will take to the despatch box tomorrow to deliver his Budget. The media will pore over the plethora of announcements made – fiddly tax changes here, growth forecast revisions there. But this short-term focus misses the real policy story of the post-crisis period. The political class is failing to address our [...]
Entrepreneur housebuilders have been crushed: We must bring them back to life March 7, 2017 It's nothing new to say that too few homes are being built in the UK. Fourteen housing ministers in the last 20 years have acknowledged it time after time, just as they have recognised that housing – or the lack thereof – is the UK’s greatest modern economic challenge. Yet the frequency with which these individuals have [...]