Jacques and the bean hoax: French firm fined over veg cartel September 27, 2019 A French and a Dutch company have been fined nearly €32m (£28m) for a 13-year cartel which pushed up the price of green beans, peas and canned vegetables. The European Commission said it was charging France’s Cecab €18m, while Coroos, a Dutch company, will have to pay €13.6m for taking part in the cartel. Read [...]
Suning buys majority stake in Carrefour China for £545m September 27, 2019 French retail giant Carrefour has sold a majority stake in its Chinese business to Suning for €620m (£545m). The Chinese retailer has bought 80 per cent of the firm’s share capital as it attempts to secure growth in online food sales and expand its number of physical stores. Read more: Kingfisher appoints Carrefour exec as [...]
Consumer confidence edges up in September September 27, 2019 Consumer confidence grew slightly this month but remained negative overall as uncertainty continued in the run up to the 31 October Brexit deadline date. Despite the two point increase, consumer confidence was still minus 12 points in September compared to a score of minus nine in the same month last year. Read more: UK consumer [...]
British Land withdraws Monsoon Accessorize legal challenge September 26, 2019 British Land has reportedly withdrawn its legal challenge to Monsoon Accessorize’s restructuring plan, giving the fashion retailer the green light to implement the rescue proposals. The landlord has agreed to abandon a case that could derail the chain’s company voluntary arrangement, Sky News reported. Read more: British Land files legal challenge against Monsoon Accessorize CVA [...]
Vape-maker Juul keeps advertising in UK despite pulling US campaign after health scare September 26, 2019 Vape pen maker Juul will continue to advertise in the UK despite pulling all it promotion from the US market, it has confirmed. The brand yesterday decided to end all broadcast, print and digital advertising in the US, but will continue in the rest of the world. Read more: US vaping deaths hit growth at [...]
Debenhams finance chief exits after just 12 months to join Ted Baker September 26, 2019 Debenhams finance chief Rachel Osborne has stepped down in order to join struggling fashion brand Ted Baker. Osborne was appointed chief finance officer at the embattled department store in September last year, and has quit after one year to take on the same role at Ted Baker. Read more: Debenhams wins high court battle to [...]
Shares in Upper Crust owner SSP slump on economic uncertainty warning September 26, 2019 Shares in travel retail operator SSP Group, which owns Upper Crust and Ritazza, slipped five per cent this morning as it warned on the impact of airline capacity cuts and ongoing economic uncertainty. The firm said it expects group revenue to rise despite facing challenges including the grounding of Boeing Max 737 planes and protests [...]
Sofa retailer DFS warns fewer house sales will impact trading September 26, 2019 Furniture retailer DFS this morning warned that weakening consumer confidence and a slump in housing transactions has impacted sofa sales. The figures The company has changed its accounting reference date to 30 June, meaning this morning’s results cover a shortened 48 week period. Read more: DFS warns investors of volatile political threat to sales Profit [...]
Pearson share price drops as weak print sales hurt profit September 26, 2019 Pearson’s share price dived over 14 per cent this morning as it warned that profits will fall to the bottom of its guidance range this year. The education publishing brand said “weaker than expected” sales in its US higher education courseware division mean adjusted operating profit will hit £590m, far off the £640m it had [...]
US vaping deaths hit growth at Imperial Brands September 26, 2019 Imperial Brands warned this morning that it will fall short of expected growth in its vaping business after several deaths in the US were linked to e-cigarettes. The company said that events in recent weeks has caused a “marked slowdown” in growth of its vaping sector. There is no suggestion Imperial’s products caused the deaths. [...]