Only five UK retailers issued profit warnings in first leg of 2023, but experts warn of challenges April 24, 2023 Only five UK retailers raised concerns about their profits in the first leg of 2023. However, the sector has warned that challenges remain for shops and the high street. According to data by accountancy firm EY, the number of profit warnings issued by retailers fell by 44 per cent in quarter one compared to the [...]
Why central bank moves are pushing more people back to crypto April 24, 2023 The people in charge of the banks appear to have forgotten that inflation is a lagging indicator, says Temple Melville.
Week Ahead: Aldi and Lidl tightening the screw on Sainsbury’s as retailers fight to retain price-wary customers April 23, 2023 The supermarket giant is set to report a fall in annual pre-tax profits this week, posting up to £690 million, down from £730 million last year. According to the latest Kantar survey, Sainsbury’s reported a strong 12-week sales growth of 12 per cent at the end of March, but fell short of rivals Aldi and [...]
Can Amazon Prime, Netflix and the streamers survive the UK’s recession fears? April 20, 2023 The number of British households signed up to streaming platforms has slumped so far this year, as more cash-strapped viewers trim their subscriptions to cut costs. The number of homes subscribed to at least one video streaming platform fell to 16.1 million between January and March this year, down from 16.91 million during the same [...]
Will inflation ever fall back below 10 per cent? Yes, but we’ve been wrong before April 19, 2023 We find ourselves in the same situation again. UK inflation has topped the City and Bank of England’s expectations, hanging in the double digits in March at 10.1 per cent. The forecast was for it to slip to 9.8 per cent. Families and businesses will be forgiven for worrying whether it will ever fall back [...]
Tony Danker says CBI have thrown him “under the bus” in TV interview April 19, 2023 The ousted boss of the CBI Tony Danker has hit out at the business body’s decision to fire him, saying his reputation has been “totally destroyed.” Danker was given the push after a series of allegations that he made some staff feel uncomfortable and complaints about his behaviour. He stepped aside during the course of [...]
Bank of England to shun interest rate hike for first time since November 2021 next month April 18, 2023 The Bank of England will keep interest rates unchanged at its next meeting on 11 May, marking the first time the central bank has not hiked borrowing costs since November 2021, a new survey out yesterday predicted. According to a survey by Bloomberg, more than half of City economists suspect Governor Andrew Bailey and the [...]
Shares in Royal Mail owner jump 7 per cent after pay deal with union April 17, 2023 Shares in Royal Mail’s parent company, International Distribution Services, closed up almost 7 per cent today after reaching an agreement with striking workers. In a joint statement released on Monday, Royal Mail and the Communication Workers Union (CWU) announced they had reached an agreement “in principle.” “The proposed agreement will now be considered by the [...]
FTSE 100 close: THG skyrockets 40 per cent while miners edge London index higher April 17, 2023 London’s FTSE 100 kicked off a fresh week in muted fashion today, inched higher by investors snapping up shares in mining giants, while fashion firm THG skyrocketed more than 40 per cent on mounting takeover rumours. The capital’s premier index added 0.1 per cent to close at 7,879.52 points, while the domestically-focused mid-cap FTSE 250 [...]
Bank of England won’t cut interest rates until Christmas but UK to avoid recession April 17, 2023 The Bank of England is poised to cut interest rates at Christmas, lured into the decision by inflation falling rapidly over the course of this year, new forecasts that also say the UK will dodge a recession out today claim. Governor Andrew Bailey and his team of economists are tipped to launch the first rate [...]