Supermarkets bleed sales thanks to food shortages October 3, 2021 The country’s largest supermarkets have lost out on more than £2bn sales this year so far thanks to food shortages. Leading retailers – Tesco, Sainsbury’s, Asda and Morrisons – lost out on sales during the first nine months of the year, according to data shared with trade magazine The Grocer. The sector has been hit [...]
Swiss police raid Credit Suisse offices over Greensill Capital funds October 3, 2021 Swiss police have raided Credit Suisse offices and seized documents relating to the failure of the bank’s $10bn range of supply chain finance (SCF) funds that were linked to Softbank-backed Greensill. Police carried out the raids last week after the Zurich public prosecutor’s office launched criminal proceedings into Greensill. The prosecutor’s actions followed a criminal [...]
Stanlow oil refinery owner headed for crunch strike action talks October 3, 2021 The bosses of a key supplier of oil to Britain are headed for crunch negotiations with unions this week in a bid to prevent strike action. Brothers Ravi and Shashi Ruia, who run Essar Oil UK, which owns the Stanlow oil refinery, the UK’s second largest oil refinery, are entering talks with Unite chiefs to [...]
CD&R wins takeover battle for Morrisons at auction with £7bn bid October 3, 2021 US private equity firm Clayton, Dubilier & Rice has beaten the Fortress Investment consortium at auction for Morrisons with a bid of £7bn for the supermarket. Clayton, Dubilier & Rice (CD&R) bid 287 pence per share – 2 pence per share above their existing offer and just a penny above the 286 pence offered by [...]
Liz Truss: A UK-US trade deal not ‘the be all and end all’ October 3, 2021 Foreign secretary Liz Truss has said signing a UK-US trade deal is not “the be all and end all”, after negotiations stalled this year. The former international trade secretary told a fringe event at the Conservative conference in Manchester that there are many other trade agreements the UK can close post-Brexit, apart from the long [...]
Prime Minister refuses to back public inquiry into Sarah Everard murder October 3, 2021 The Prime Minister has refused to commit to a public inquiry into the Met police’s failings on the Sarah Everard murder. Johnson told BBC One’s The Andrew Marr Show the “first thing that needs to happen” was for the Independent Office of Police Complaints to look into what happened. He dodged calls from women’s campaigners [...]
Sunak mulling emergency Covid-19 loan scheme extension October 3, 2021 Chancellor Rishi Sunak is set to extend the Covid-19 emergency loan scheme in a bid to support businesses amid intensifying cost pressures and severe worker shortages. Officials at the Treasury are reportedly mulling extending the Recovery Loan Scheme, which is set to end on December 31, according to reports in the Daily Telegraph. The extended [...]
Prime Minister refuses to back public inquiry into Sarah Everard murder – CityAM : CityAM October 3, 2021 The Prime Minister has refused to commit to a public inquiry into the Met police’s failings on the Sarah Everard murder. Johnson told BBC One’s The Andrew Marr Show the “first thing that needs to happen” was for the Independent Office of Police Complaints to look into what happened. He dodged calls from women’s campaigners [...]
Government examining green levy lifeline for struggling energy firms October 3, 2021 Energy firms may be permitted to use green surcharges on household bills this winter, against a backdrop of surging gas prices. Ministers are reportedly looking at deferring payments due to regulator Ofgem for Renewable Obligations Certificates, according to The Telegraph. Energy consumers fund the renewable energy initiative through surcharges totalling around £6bn per year. Policymakers [...]
Tesco gears up to announce interim results amid sector’s driver chaos October 3, 2021 Supermarket behemoth Tesco is expected to reveal a big share buyback programme this week, alongside setting out plans to overcome supply chain disruption. Tesco’s buyback scheme will run in parallel to its normal dividend, The Sunday Times reported, with no expected plans for a special dividend. The grocer will post its interim results on Wednesday, [...]
