M&S could cease to exist without radical change, warns chairman July 10, 2018 Marks & Spencer’s management confessed existential dread to shareholders today, as its new chairman warned the retailer could disappear within years if the business is not overhauled. Speaking at the company’s annual general meeting (AGM), chairman Archie Norman said: “In decades to come, there could be no M&S.” It marked a blunt first appearance for [...]
Pressure grows on Premier Foods boss as activist investor builds stake July 10, 2018 The pressure on under-fire Premier Foods chief executive officer (CEO) Gavin Darby has increased today after activist investor Oasis Investment upped its stake in the company. Hong Hong-based Oasis has been vocal in its opposition to Darby who it accuses of “shareholder value destruction”. Read more: Paulson triples stake in Premier Foods as AGM showdown [...]
Tesco UK boss Charles Wilson steps down as chief executive after cancer treatment July 10, 2018 Tesco has announced its UK boss Charles Wilson will step down from his role as chief executive following treatment for cancer. He will remain on the executive committee. Shares slipped 1.6 per cent in early trading on the news. Jason Tarry, currently group chief product officer, will now become chief executive of the supermarket giant's [...]
Last Week in the City: Trade wars begin July 6, 2018 Garry White, chief investment commentator, looks at the market-moving events that have shaped the UK equity markets this week (2 to 6 July 2018). The World Cup is “distracting” for participants in global markets, according to Citigroup. "We find that football is indeed distracting, subtly impacting market depth, traded volumes and execution cost,” the US [...]
MPs concerned by business rates as worst year for high street looms July 6, 2018 The influential chair of the treasury select committee has expressed concern for the effect business rates have on retailers, as new figures show this year could be the worst for the high street on record. MP Nicky Morgan said today that it was clear bricks and mortar stores are “struggling to remain competittive against online [...]
Tesco has formed a strategic alliance with French supermarket chain Carrefour to enhance competition July 2, 2018 Tesco and Carrefour are teaming up to beat the competition, in a strategic alliance announced this morning. A joint statement issued by the companies say the alliance will cover their relationships with global suppliers, its joint purchasing of all own-brand products, and any goods not for resale. The deal should force prices for own-brand products [...]
Take Pride in your work: representation in advertising isn’t just about ‘pinkwashing’ July 2, 2018 REPRESENTATION matters. Advertising is a constant presence in our everyday lives, but for people in minority groups, it’s not a given that they will see themselves depicted in the media. Take the LGBTQ community. Seven per cent of the UK population identify as lesbian, gay, bisexual, transgender, or otherwise queer, according to the Stonewall charity. [...]
Pride and the LGBTQ: Why representation in advertising isn’t just about “pinkwashing” July 2, 2018 Representation matters. Advertising is a constant presence in our everyday lives, but for people in minority groups, it’s not a given that they will see themselves depicted in the media. Take the LGBTQ community. Seven per cent of the UK population identify as lesbian, gay, bisexual, transgender, or otherwise queer, according to the Stonewall charity. [...]
Asda has been forced to ration its fizzy drinks amid an ongoing UK-wide carbon dioxide shortage June 30, 2018 Supermarket chain Asda is limiting the amount of fizzy drinks its customers can buy, as the UK's carbon dioxide shortage worsens to near-crisis levels. The retailer has put a six-drink cap on shoppers buying bottles, cans or multipacks of fizzy drinks online, although the limit does not apply in-store. This includes all own-brand drinks, as [...]
Last Week in the City: Amazon buys a pharmacy June 29, 2018 Garry White, chief investment commentator, looks at the market-moving events that have shaped the UK equity markets this week (25 to 29 June 2018). The FTSE 100 traded little over the week, despite a rally in oil prices. There was more bad news from the retail sector after The John Lewis Partnership warned on profits [...]