Sainsbury’s results: Will efforts to keep prices low pay off? July 3, 2023 Investors will turn their focus to Sainsbury’s first quarter trading update on Tuesday to see how shoppers are reacting to the impact of food inflation amid the cost of living crisis. The supermarket is expected to post a jump in revenues driven by higher grocery sales over the quarter to June. Analysts at Shore and [...]
Retailer insolvencies jump to higher level than pandemic as brands buckle under economic pressure July 3, 2023 A squeeze on shoppers’ finances has increased the number of retailers being plunged into hot water, new research shows, as the cost of living crisis continues to decimate businesses. As inflation sits at a sticky 8.7 per cent, the number of retailers entering insolvency jumped 56 per cent in the past year, according to figures [...]
London life back on top as country homes drop in price July 3, 2023 Soaring interest rates have softened the prices of luxury homes outside of London, according to new data, in a signal that the ‘move to the country’ trend fuelled by the pandemic is showing signs of slowing. The average value of luxury homes across UK markets outside of London – broadly the top five per cent [...]
No teas or coffees for shareholders at M&S AGM as chairman tells them to go digital July 2, 2023 Attendees of the Marks & Spencer AGM on Tuesday will not be served any refreshments or get a chance to speak to bosses face to face, as it looks to take the event totally digital. The Percy Pig maker had advised shareholders not to travel to the company’s AGM on Tuesday, with shareholders who do [...]
Jet2 set for bumper profits as Brits opt for better weather and warmer seas July 2, 2023 Jet2 is set to report profits ahead of expectations in its full year results next week, as the leisure travel company eyes a critical summer period ahead. The group now expects pre-tax profits well above previous analysts’ estimates, of up to nearly £400m, well ahead of initial predictions of £377m. It comes amid a rise [...]
Gerry Murphy: Who is Tesco’s new chair? July 2, 2023 Two months after Tesco’s former chair John Allan stepped down following allegations of sexual misconduct the ‘Big Four’ grocer has appointed boardroom heavyweight Gerry Murphy to fill the role. Dr. Murphy, an Irish businessman, is already the chairman of luxury fashion brand Burberry and sugar manufacturing business Tate & Lyle, however will step down from [...]
CMA probe throws £16bn Adobe and Figma tie-up into doubt June 30, 2023 The UK’s competition watchdog has said it may move to block Adobe’s acquisition of design platform Figma unless they can resolve anti-trust concerns. In a summary of the decision, the Competition and Markets Authority (CMA) said the merger of the two companies gives rise to “a realistic prospect of a substantial lessening of competition”. Leading [...]
Legoland owner Merlin surges back to profit thanks to tourism and staycations June 30, 2023 The return of tourists and families enjoying staycations has propelled sales and earnings for the owner of Legoland and Thorpe Park. Merlin Entertainments, which is one of the world’s biggest operators with more than 140 attractions, theme parks and resorts, said it had millions more visitors last year. The multinational group saw its revenues surge [...]
EP: 212 Newcastle, Newmarket & Hong Kong June 30, 2023 Saturday’s eight-race card at Newcastle features the Group 3 Chipchase Stakes alongside the long distance Northumberland Plate, with Newmarket staging two Listed contests in addition to the Group 3 Criterion Stakes. City AM Racing editor Bill Esdaile previews the best of Saturday’s UK action, with Wally Pyrah discussing Saturday’s meeting in Hong Kong. Hosted by [...]
Bitcoin turns bullish as curious crypto market leaders emerge June 30, 2023 While Jason Deane was crashing last week, the crypto markets certainly aren’t today with green across the board.