It’s official: Coronavirus killed UK house prices’ Brexit recovery April 22, 2020 Signs of recovery in UK house prices at the start of the year have been brought to an abrupt halt by the coronavirus crisis. Figures from the Land Registry and the ONS show inflation fell back to 1.1 per cent in February after climbing to an eight-month high of 1.5 per cent in January. The [...]
Fuel prices knock UK inflation rate down to 1.5 per cent in March April 22, 2020 The UK inflation rate fell 0.2 per cent in March to 1.5 per cent, as coronavirus restrictions hit fuel prices. A drop in the price of fuel and clothing resulted in the largest downward contribution to the change in the UK inflation rate between February and March. The rate marks eight consecutive months below the [...]
Heineken cuts costs as beer sales slide 14 per cent April 22, 2020 Heineken has reported a 14 per cent drop in beer sales in March, and predicts the situation will worsen in the months to come. The brewer has suffered sharp declines in all regions as coronavirus restrictions close pubs and restaurants. In South Africa Heineken was forced to shut down production entirely. With pubs closed, Heineken [...]
Fever Tree sales remain strong as drinkers stockpiled for lockdown April 22, 2020 Fever Tree has enjoyed strong sales in its key markets as consumers increase the frequency and size of orders during the coronavirus lockdown. The tonic retailer said its “off-trade channel” which accounts for 55 per cent of group sales was characterised by a period of strong sales in the initial weeks of the crisis. As [...]
Climate change remains key focus at LGIM as it ramps up pressure on boards April 22, 2020 Legal & General Investment Management (LGIM) is continuing to pressure corporate boards on climate change and governance, opposing the election of 4,000 company directors last year. The asset manager’s ‘Active Ownership’ report released today reveals it took sanctions against 11 companies named as laggards under LGIM’s climate impact pledge. Among these were Exxon Mobil and [...]
Cath Kidston closes all stores as part of rescue deal April 21, 2020 Cath Kidston will permanently close all 60 of its stores in the UK under a rescue deal with its Hong Kong-based owner Baring Private Equity Asia (BPEA). The fashion label confirmed that parts of its business had been transferred by administrators following an independent sale process to CK Acquisitions, a company owned by BPEA. Under [...]
Full-year sales at John Lewis stores could fall 35 per cent April 21, 2020 Full-year sales at John Lewis could fall around 35 per cent, around double the current level, as the department store faces a significant drop in demand due to the coronavirus pandemic. The department store said a 35 per cent drop would be the worst case scenario, assuming a significant drop between April and June, and [...]
Quilter’s platform migration faces delay due to coronavirus uncertainty April 21, 2020 Quilter’s platform migration programme is facing delays and increased costs as the coronavirus pandemic creates growing uncertainty. Quilter confirmed it was still preparing for the second phase of its platform migration, which is due by the end of this summer. However Covid-19 makes the feasibility of this timeline more uncertain. In February Quilter completed the [...]
Primark owner ABF reveals £284m charge for unsold stock April 21, 2020 Associated British Foods (ABF) has revealed a £248m hit for unsold stock as sales plunge while Primark stores remain shut across Europe. Following the closure of its stores the level of inventory at Primark increased significantly as sales ceased immediately and the inbound supply chain continued for several weeks with goods in transit. An assessment [...]
US oil prices rebound into positive territory after historic crash April 21, 2020 US crude oil has bounced back into positive territory after plunging into negative territory for the first time, as the coronavirus outbreak crushes demand. The US oil benchmark – West Texas Intermediate (WTI) – was at $1.43 a barrel in afternoon trading in Asia after starting the session at minus $14. It means producers were [...]
