MPs launch inquiry into impact of business rates on high street retailers February 1, 2019 An influential committee of MPs is launching an inquiry into the government's policy towards business rates, amid mounting pleas for tax relief from embattled retailers on the high street. Parliament’s Treasury committee has revealed today that it is set to scrutinise the impact of Downing Street’s business rates tax, which has been at the centre [...]
Campaigners clash over World Bank report into high tobacco taxes February 1, 2019 Campaign groups have clashed over a World Bank report promoting the benefits of tobacco tax amid claims high taxation drives people to the black market. The report into the global illicit tobacco trade outlines the benefits of high tobacco taxes, which it states improve public health, increase revenues and reduce the economic burden related to [...]
Amazon presents a mixed bag to investors after record holiday sales January 31, 2019 E-commerce behemoth Amazon predicted lower-than-expected revenue for the current quarter tonight, despite reporting record sales for its busiest period of the year. Revenue for the three months to 31 December rose 19.7 per cent year-on-year to hit $72.4bn (£55.1bn), boosted by events such as Black Friday and Christmas and topping consensus estimates of $71.9bn as polled [...]
Britain’s trade bodies must confront challenges of their own January 31, 2019 What does the future hold for Britain's trade bodies? We hear a great deal about the disruption that poses huge challenges to their members but what of the disruption facing membership groups themselves? Many are struggling with declining membership rates, or the competing interests of the members who do remain. Take the British Retail Consortium [...]
Banks suffer hundreds of high street closures during 2018 January 31, 2019 Walk-in banks suffered more net closures than any other type of retailer last year, as fast-growing digital rivals lured shoppers away from traditional high street heavyweights. While beleaguered department stores have been stealing the doom-and-gloom headlines for the retail sector in recent months, Britain’s bricks-and-mortar banks saw the greatest retrenchment last year, with some 716 [...]
Switch sales help Nintendo beat profit expectations January 31, 2019 Nintendo has recorded a 26 per cent jump in operating profit in its third quarter today, driven by strong sales of its Switch console. The figures The video game giant reported an operating profit of ¥158.6bn (£1.11bn) in the three months to the end of December, up 26 per cent on the same period a year ago and [...]
Billionaire Mike Ashley’s retail empire balloons by a third in one year January 31, 2019 Mike Ashley’s retail footprint has swollen by more than a third in the last year, following a spending spree in 2018 that saw the billionaire tycoon snap up some of Britain’s largest high street chains. The Sports Direct owner, who is reportedly now in talks to add beleaguered music retailer HMV to his growing estate, bought House [...]
Stock Spirits buys Italian grappa producer Distillerie Franciacorta for €26.5m January 31, 2019 Vodka manufacturer Stock Spirits has snapped up Italian grappa giant Distillerie Franciacorta in a deal worth €26.5m (£23.2m), the company said today. The London-listed drinks firm will take over Distillerie Franciacorta’s spirits and liqueurs business for €23.5m and pay a further €3m for land, with plans to build a new production facility. Read more: Activist investor [...]
Drinks giant Diageo boosts sales and profits January 31, 2019 Drinks conglomerate Diageo boosted both profit and sales in the first-half of its financial year and announced a £660m share buyback. The maker of drink brands such as Smirnoff vodka and Johnnie Walker whisky, said net sales increased 5.8 per cent to £6.9bn with organic growth partially offset by unfavourable exchange. Reported operating profit was [...]
Unilever warns of ‘challenging’ 2019 after missing sales expectations January 31, 2019 Consumer goods giant Unilever has warned of a “challenging” year ahead after falling below sales expectations in the fourth quarter of 2018. The Anglo-Dutch group reported sales growth of 2.9 per cent, which was below a consensus forecast of 3.5 per cent. Read more: Unilever scraps proposals to quit London HQ Full year sales growth [...]