We are not rip-off retailers, says Sainsbury’s July 6, 2023 Bosses at Sainsbury’s have said they are “not rip-off retailer” or “profiteers” as they defended the profit made by the retailer amid scrutiny related to food inflation over the past year. The company also defended increased pay packages for its senior executives at its annual general meeting in London, despite the continued cost-of-living crisis. It [...]
‘Blatant profiteering’: Bank chiefs hauled in front of FCA to discuss failure to pass on interest rates to savers July 6, 2023 Bank chiefs are meeting Financial Conduct Authority (FCA) officials on Thursday to discuss concerns surrounding interest rates for savers lagging behind the cost of mortgages. Bosses from HSBC, Natwest, Lloyds and Barclays are expected to attend. According to data from Moneyfactscompare.co.uk, the average easy access savings rate on offer on Thursday is 2.49 per cent. [...]
Petrol prices rise for first time in eight months as CMA breaths down supermarkets’ necks July 6, 2023 Petrol prices rose for the first time in eight months in June just days after the competition regulator found supermarkets hiked up fuel prices last year. Unleaded increased by nearly a penny (0.7p) to 143.9p, while diesel came down by 1.2p to 145.46p at the end of month, marking eight consecutive monthly reductions, according to [...]
Commons Committee demands answer from Asda over ‘unclear’ fire and hire evidence July 5, 2023 The Business and Trade Committee is demanding Asda provide more evidence over it’s “unclear” fire-and-rehire strategy, after some 7,000 workers were threatened with the practice back in May. Chair of the committee, Darren Jones, is hauling the ‘Big Four’ grocer back in front of MPs after it said it was “concerned about apparent discrepancies” between [...]
Leicester City to be fined £880,000 after ‘colluding’ with JD Sports July 5, 2023 Premier League football club Leicester City are to be fined £880,000 by the Competition and markets Authority (CMA) over collusion with JD Sports. The statement of objections issued by the CMA sets out provisional assessments of the case. The Premier League club and retail outlet admitted to breaking competition law over three seasons. The report [...]
FCA rips up trading tape in post-Brexit rules overhaul July 5, 2023 The FCA has tabled a slew of reforms to City rules to try and keep the capital competitive
FTSE 100 close: London index muted amid Wall Street shut down for 4th July as Wizz Air soars July 4, 2023 London’s FTSE 100 was muted on a quiet trading day globally due to Wall Street being shut for US Independence Day. The capital’s premier index edged 0.10 per cent lower to 7,519.73 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, added 0.14 per cent [...]
Have our global banking and financial systems hit their Uber moment? July 4, 2023 Antony Abell looks at the banking industry and asks if there's a better, more sustainable future that enables broad wealth.
INEOS boss Sir Jim Ratcliffe brands CMA ‘increasingly hostile to business’ after $1bn deal snub July 4, 2023 INEOS chair Sir Jim Ratcliffe has lashed out at Britain’s competition watchdog for being “increasingly hostile” to business – after it blocked a $1bn deal involving his firm. The business titan who founded the private chemicals giant made his comments after the Competition and Markets Authority prevented INEOS’ acquisition of Sika AG, a concrete additives [...]
Sainsbury’s: ‘Food inflation starting to fall’ as supermarket giant reports grocery sales surge by 11 per cent July 4, 2023 Sainsbury’s has claimed “food inflation is starting to fall” as it recorded an 11 per cent hike in grocery sales in the first leg of the year. The ‘Big Four’ grocer, recorded an inflation-led 9.8 per cent like-for like-increase in total retail sales excluding fuel in the first quarter of the year up from 4 [...]