Diageo buys Don Papa Rum as drinks maker continues drive to re-stock drinks cabinet with premium brands January 17, 2023 Alcohol giant Diageo has swooped in for super-premium brand Don Papa Rum for £230m. The London-listed drinks company is putting up the cash with a possible £157m consideration through to 2028, subject to performance. The maker of Jack Walker whisky said the dark rum brand had annual growth of 18 per cent in Europe and [...]
Which senior bankers have made the trip to Davos? January 16, 2023 The world’s rich and powerful return to Davos this week as the world grapples with a challenging set of economic issues. The topic for this year’s meeting – which has returned to its normal January timeslot – is Cooperation in a Fragmented World. The basic tenet guiding the meeting is that “the current crises, [...]
Andrew Bailey says ‘no deal’ was done between government and BoE on post-Brexit rules shake-up January 16, 2023 Andrew Bailey, the governor of the Bank of England, said today there was no backhand deal done between the central bank and the government over a post-Brexit shake up of the UK’s financial rules regime. Responding to questions from MPs during a Treasury Committee meeting today, Bailey, 63, said the Bank “did not trade Solvency [...]
Why Jeremy Clarkson’s Meghan Markle apology falls short – or does it? January 16, 2023 He’s trying, but he’s not there yet. Jeremy Clarkson has publically apologised after calling for Meghan Markle to be paraded around naked with fruit thrown at her in a recent Sun column. It’s not surprising: backlash included 60 MPs expressing concern as well as thousands of complaints from viewers. His farm show, Clarkson’s Farm, is [...]
IQE shares slump nearly 20 per cent as it warns of falling semiconductor demand January 16, 2023 IQE shares dropped nearly 20 per cent today after the semiconductor wafer maker warned that demand is expected to fall in the new year because existing customers have already built up large stocks. In a pre-close trading update, IQE warned that destocking in the industry will “impact upon demand from existing customers” in the new [...]
The ‘True Cost’ of NFTs January 16, 2023 | Sponsored Non-Fungible Tokens (NFTs) are unique digital assets that serve as proof of ownership and authenticity of real-world objects like art, in-game items and music. Essentially, NFTs create digital scarcity. They are held on a blockchain, which is a form of distributed ledger that records transactions across a network, similar to a bookkeeping system. Ethereum is [...]
Biscuit lovers help lift Fortnum & Mason’s back from the brink January 16, 2023 Fortnum & Mason has returned to profitability following two successive years of losses. The historic British department store and grocer reported an operating profit of £6.1m on sales of £187m when its year ended on 10 July 2022. This marks a dramatic turnaround from the £2.7m loss the luxury food store posted in its previous [...]
Businesses plan to ‘weather economic storm’ by increasing their spending on technology – Cap Gemini January 16, 2023 Nearly four out of 10 businesses will escalate their investment in technology as they seek to cut costs. The consultancy giant, which is hosting a session at the World Economic Forum in Davos this week, said 39 per cent of the businesses it spoke to for its report were intending to use technology to drive [...]
TikTok tries to avoid US ban by offering lawmakers assurances over data sharing and security concerns January 16, 2023 TikTok has proposed allowing US officials access its algorithms in an attempt to avoid a statewide ban. In the last few months, American lawmakers have attempted to ban the video based social media platform, after FBI Director Christopher Wray said that TikTok poses national security risks in November. In the last week, over 20 US [...]
High time: Shares in AIM-listed medical cannabis firm Celadon get 10 per cent boost from regulatory go ahead January 16, 2023 Shares in an an AIM-listed firm Celadon have spiked after production of its high-THC product was approved by the regulator. Celadon, which focuses on the research, cultivation, manufacturing and sale of cannabis-based medicines, said production of its UK-made drugs had been registered by UK authorities today. The UK Medicines and Healthcare Products Regulatory Agency (UK [...]