Consumers turn to instant noodles in cost of living crunch, says Premier Foods boss July 20, 2022 Shoppers are increasingly turning to budget meals amid the cost of living crisis in the UK, the boss of consumer goods giant Premier Foods said today. The popularity of its instant ramen brands Nissin and Batchelors, which own Cup Noodle and Super Noodles respectively, in the second quarter of this year have jumped, as household [...]
Johnson & Johnson cuts sales and profit forecasts in global economic downturn July 19, 2022 US pharmaceutical giant Johnson & Johnson has cut its sales and adjusted profit forecasts, as a post-lockdown slowdown and a global economic downturn collide. Sales are anticipated to be around $1bn less than bosses thought in April, in the range of $93.3bn and $94.3bn. In its latest quarter, Johnson & Johnson, which owns skincare brand [...]
Hotel Chocolat boss warns of melting profits next year amid cost of living crisis July 19, 2022 Hotel Chocolat revenue has risen more than a third over the past year, as it braces for a spending slow down amid the cost of living crisis in the UK. Revenue hit £226m in the 12-month period, up from £165m a year prior and ahead of market forecasts. However, co-founder and CEO Angus Thirlwell said [...]
Begbies Traynor bosses expect rising insolvencies in the coming months July 19, 2022 Begbies Traynor’s revenue has jumped more than a third over the past year, as the business recovery and financial advisory firm scoops up ailing firms. Executive chairman of the London-listed group, also a property services consultancy, said a string a acquisitions and a spike in trading has lifted its financials “comfortably ahead of original market [...]
Shaftesbury boss assures that London’s slipping footfall will be over soon July 18, 2022 The boss of West End landlord Shaftesbury Capital has assured that despite falling footfall levels in London’s heat, it will not be for long. “People are going to avoid city centres because they’re the hottest places,” Brian Bickell told City A.M. today, adding that “By the weekend people will be back to doing the things [...]
UK computer chip firm files lawsuit against rival firm amid £4bn takeover July 18, 2022 One of the UK’s largest computer chip manufacturers has filed a US lawsuit against an Israeli rival semiconductor company which is currently undergoing a billion-dollar takeover. London-listed IQE has accused Tower Semiconductor of “unlawfully” getting hold of IQE’s patents for its silicon technology, which is used in 5G tech. Patrick Wheeler, committee member of the [...]
Derwent London sells £85m office block to fund eco-buildings in the capital July 18, 2022 Derwent London has sold off a Westminster office building for £85m, as the developer looks to pump capital into its carbon neutral projects, as the capital braces for a heatwave. The windfall from the sale has crystallised the company’s profits early, the company’s boss said today. The south west wing of Bush House, some 103,700 [...]
London rents hit eyewatering average of £2,675 as homeownership falls further out of reach July 18, 2022 Rents in London have grown faster than anywhere else in the country for the second month running, with the average hitting £2,675. Londoners were found in February to already be dishing out more than 70 per cent of their monthly paycheck on their rent by city estate agent Benham and Reeves. Though the figure has [...]
Ex-GSK Haleon lands on London market despite economic turbulence July 18, 2022 Haleon, GlaxoSmithKline’s (GSK) former consumer health division, will list on the London market today as a standalone entity. It is a sign of changing tides on the London Stock Exchange, which for years has heavily relied on oil, mining and financial firms. The new FTSE healthcare heavyweight, which awaits a response on its application to [...]
Transport secretary outlines new Charter to ensure travellers know their rights this summer July 17, 2022 The transport secretary today outlined a new Charter to ensure that travellers know their rights when it comes to flight delays and cancellations this summer. The government’s Aviation Passenger Charter, which was developed alongside industry, consumer and disability groups, seeks to give holidaymakers confidence for their travels, from booking, all the way to their return [...]