Tesco boss John Allan quits: Britain’s biggest supermarket concerned behaviour claims are ‘distraction’ May 19, 2023 John Allan, the chair of Tesco, will quit his role fearing accusations about his behaviour are becoming a “distraction”. The former president of the Confederation of British Industry (CBI), which has been embroiled in serious accusations of sexual misconduct including rape, will step aside from Britain’s biggest supermarket. In a trading update late on Friday [...]
FTSE 100 close: London markets round off the week higher as investors boosted by improved consumer confidence May 19, 2023 Markets closed higher on Friday as investors were boosted by an increasingly positive consumer outlook in the UK. The capital’s premier index jumped 0.40 per cent to 7,773.80 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, remained roughly steady at 19,300.04 points. Investors were [...]
Mark Kleinman’s must-read column: Apollo, Ofgem and Hargreaves Lansdown May 18, 2023 Mark Kleinman is Sky News’ Business Editor and writes a must-read column for City A.M. on the biggest business stories of the week Apollo’s failed missions will make take-private landings harder Apollo and ground-breaking missions of accomplishment have long been synonymous. Right now, for the US-based investment firm of the same name, simply getting the [...]
Krispy Kreme plays down impact of UK rules on unhealthy foods May 16, 2023 The boss of Krispy Kreme doughnuts has shrugged off the impact of new UK regulations on unhealthy food in supermarkets, insisting that consumers could simply be “trained” to look elsewhere in shops for their sweet treats. Major retailers have been banned from placing high fat, sugar or salt items near prominent store locations such as [...]
The Notebook: Susannah Streeter talks Brits’ love of brands, ready meals and Eurovision May 16, 2023 The notebook is a place for interesting people to say interesting things. Today, it’s the turn of former journalist and now Hargreaves Lansdown’s head of money and markets Susannah Streeter. Our love of big brands helps fuel inflation fires Brand power is the much-lauded virtue of the world’s most successful companies. But this much-admired characteristic is partly [...]
Tesco cuts price on 30 own brand products including pasta and oil as supermarket wars continue May 16, 2023 Tesco has announced another round of price cuts on its own-brand pasta and cooking oil as it sees deflation making its way through to cupboard essentials. The UK’s biggest supermarket is dropping the price of 30 products, with 15p off 500g and 1kg packs of own-brand pasta, 14p off its one litre vegetable oil and [...]
Some meat, yoghurt and vegetables have doubled in price in a year, new data shows May 16, 2023 Some meat, yoghurt and vegetables are among items that have doubled in price compared to a year ago, according to new figures from consumer group Which? The group urged Prime Minister Rishi Sunak to intervene on behalf of struggling consumers as its latest data shows food inflation remaining at “shockingly high levels”. The figures come ahead of Tuesday’s [...]
The Notebook: Victoria Scholar on Big Tech’s recovery, soaring sterling and luxury goods booming in China May 16, 2023 Where the City’s movers and shakers get a few things off their chest. Today, it’s Interactive Investor’s Victoria Scholar. Big Tech looks to be back in Vogue BIG Tech suffered painful declines in 2022 with sky-high inflation and central banks scrambling to keep a lid on rising prices. Now with US inflation easing, and the [...]
FTSE 100 close: HSBC and Lloyds lead gains on London index as Turkish lira slides after inconclusive election May 15, 2023 London’s FTSE 100 kicked off a new week in decent style today, led higher by Britain’s largest banks clocking strong gains. The capital’s premier index advanced 0.30 per cent to 7,777.69 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, climbed 0.37 per cent to [...]
How to throw the perfect Eurovision 2023 Party: your food, drinks and outfits sorted May 12, 2023 Can the UK beat last year’s runner-up placing to land the title? Probably not – but it’s time for Eurovision 2023, so let’s party anyway Nil pois? If last year’s runnerup placing is anything to go by, the UK may have finally relegated to history our abysmal showing at the annual Eurovision Song Contest. It [...]