BAT: Lucky Strike maker reaps rewards of vape shift with 1.5m new customers as profit nears £6bn July 26, 2023 Lucky Strike maker British American Tobacco (BAT) has seen dramatic revenue growth in its ‘new categories’ division thanks to its acceleration of investment in ever-more popular cigarette alternatives. Its revenue from vaping and tobacco-free products hit £1.6bn, a 29 per cent increase from the first half of 2022, and BAT said it is making “good [...]
Ofgem toughens finance requirements for suppliers in latest market clampdown July 26, 2023 Ofgem has announced toughened capital requirements for suppliers, as it looks to ensure firms are resilient to future market shocks.
Just Eat CFO steps down as group returns to profit July 26, 2023 Just Eat Takeaway has said its chief financial officer Brent Wissink will step down next May as the group revealed it made a profit in the first half of the year. Wissink, who has been with the company since 2011, will step down in May next year at the company’s AGM to puruse other “opportunities”, [...]
Demand picture for shipping ‘far worse than we had foreseen,’ analysts warn July 26, 2023 The demand picture for container shipping is “far worse” than predicted, analysts have warned, as the sector struggles with an oversupply of vessels ordered during the pandemic-era shipping boom. “There’s a really, really punishing demand environment and at the same time, they’re just not doing enough to reduce the amount of available capacity in the [...]
Rose has made a stupid error, but Natwest’s decision is fine for now July 26, 2023 Polticians getting grouchy about anonymous leaks – you couldn’t make it up. What Alison Rose has confessed to doing, in the white heat of a media storm, was unwise. Her job at the top of an FCA-regulated entity requires her to be alive to risk, integrity and professionalism, and on that note she has failed. [...]
LVMH: Demand for leather sends revenues soaring £36.2bn July 25, 2023 Revenues at LVMH reached €42.2bn (£36.2bn) in the first half of the year, as the luxury conglomerate was boosted by demand for leather handbags and fashion goods. The company, which is owned by one of the richest men in the world, Bernard Arnault, said that revenue was up 15 per cent compared to last year [...]
UK app developers sue Apple for £785m over alleged App Store monopoly July 25, 2023 UK app developers are suing Apple, alleging that the company’s App Store holds an unfair monopoly. Brought before London’s Competition Appeal Tribunal by competition law expert Sean Ennis, the lawsuit represents over 1,500 mobile app developers who are seeking £785m in damages. Apple charges a 15-30 per cent commission on some payments made through the [...]
Spotify subscribers hit a high as it hikes rate prices July 25, 2023 More Spotify listeners are tuning in to the app’s services than ever as the Swedish streamer cranks up its premium prices looking to bolster profits. Subscribers to the streamer’s premium ad-free service have leaped by 10m since the previous quarter, up to 220m, Spotify reported today in their second quarter earnings. Monthly active users also [...]
Frasers eyes Leeds shopping centre in latest retail property buying spree July 25, 2023 Frasers has reportedly set his sights on an outlet shopping centre in Leeds as it continues on its spree of retail property acquisitions. Frasers Group, which is majority owned by business tycoon Mike Ashley, is looking to pay nearly £50m for Junction 32, which is located in Castleford in Wakefield, West Yorkshire, The Times has [...]
Bitcoin loses grip on $30,000 as interest shifts to altcoins July 25, 2023 Bitcoin is trading around $29,200 this morning, as the large-cap cryptocurrencies appear to following a downward pattern.