Nestle’s shares fall after missing targets due to softening prices October 20, 2016 Nestle's share price fell by one per cent today after posting weak underlying sales and cutting its outlook for the rest of year. While nine month revenues at the food giant increased by 3.3 per cent, the group downgraded its forecast growth for the rest of the year to 3.5 per cent, having previously advised investors of a 4.2 per cent increase. [...]
Pernod Ricard’s share price is up but warns British booze prices may need to go the same way October 20, 2016 Prices of some of Britain's best-loved spirits may be on the rise in coming months after the boss of spirits giant Pernod Ricard (Pernod) confirmed to investors that it would need to "adjust" prices in order to protect margins after sterling's recent slump. Pernod's finance chief, Gilles Bogaert, revealed the plans to increase prices in the UK after the group posted first [...]
Tesco executives to go on trial in September next year October 20, 2016 Three former Tesco executives have appeared in court today on fraud charges and a trial date has been set for September next year. Former finance director for Tesco UK Carl Rogberg, 49, ex-UK managing director Christopher Bush, 50, and ex-commercial director for food John Scouler, 48, have been charged with one count of fraud by abuse [...]
MPs to get a symbolic vote on whether to strip Sir Philip Green of his knighthood October 20, 2016 MPs will get a symbolic vote today on whether to strip Sir Philip Green of his knighthood. An amendment by Conservative MP Richard Fuller has been accepted by the Speaker of the House of Commons, which means MPs will get a vote, but it will not be binding. The backbencher called for today's debate in parliament on [...]
Sir Philip Green takes fresh swipe at Frank Field on the eve of parliamentary showdown October 19, 2016 First Sir Philip Green published a report from a top lawyer criticising MPs, and now he’s gone one step further by launching a stinging attack on Frank Field in the form of a letter from the retailer. On the eve of the Commons debate on whether Green should be stripped of his knighthood, a letter seen by [...]
BHS administrators submit investigatory report on former BHS directors to Insolvency Service October 19, 2016 Pressure is mounting on Sir Philip Green ahead of a parliamentary debate on BHS' collapse as City A.M. has learned the BHS administrators have submitted an investigatory report on the retailer's former directors to the Insolvency Service. The report from Duff & Phelps on the conduct of former directors will remain confidential unless the Insolvency Service publishes its investigation. Ministers [...]
HSBC marks out the winners and losers from the national living wage October 19, 2016 HSBC has today outlined how businesses can combat the cost pressures of the national living wage – and the kind of companies that will be the winners and losers from the legislation. The best way to offset the new costs is to find productivity growth, HSBC analysts said in a note, although "this would require a [...]
Used car supermarket’s share price skids down 20 per cent after Brexit warning October 19, 2016 Used car supermarket Motorpoint’s shares skidded 20 per cent this morning as the company warned it was being hit by Brexit uncertainty. The company, which floated on the London Stock Exchange in May, reported 11 per cent revenue growth in the six months to September in a trading update today. But, at the time of writing, [...]
First the complimentary coffee threat, and now this. Waitrose angers customers with new free newspaper curbs October 19, 2016 First came the threat to Middle England’s free coffee – and now this. Waitrose has angered customers by announcing plans to increase the amount of money they have to spend before getting a free newspaper. Read more: Brace yourself middle England: Waitrose's free coffee could be under threat That’s right – from 1 November, loyalty [...]
Cocoa floats well: Hotel Chocolat reports rising revenue and profits after IPO October 19, 2016 Hotel Chocolat has reported growing revenue and profits in its preliminary results after listing on the London Stock Exchange this year. The figures Revenue for the period to 26 June came in at £91.1m, up 12 per cent from £81.1m in 2015. Pre-tax profit, meanwhile, was up from £2.9m to £8.2m, and earnings before interest, [...]