Inflation bites into profits of Actimel owner Danone with sales up 13 per cent to £23.7bn February 22, 2023 French food giant Danone, producer of Actimel, has reported a full year increase in sales but admitted that soaring inflation and a hike in costs had impacted its profit margin. The food manufacturer said sales increased to €27.7bn (£23.7bn) in 2022, up 13.9 per cent on a reported basis and 7.8 per cent on a [...]
Explainer: How the Conservatives lost the farmers’ vote February 21, 2023 The Conservatives have lost Britain’s farmers. In December, support for the Tories among farmers dropped to 42 per cent. For the first time in living memory, less than 50 per cent of the farming community said they would vote Conservative if there was an election tomorrow. In December 2021, that number was 57 per cent. [...]
Glimmers UK will avoid recession this year emerge as experts cheer return to growth in PMI February 21, 2023 Warnings that the UK is headed for a recession may have been misplaced after figures out today revealed private businesses returned to growth for the first time in half a year. S&P Global and the Chartered Institute of Procurement and Supply’s (CIPS) composite flash purchasing managers’ index (PMI) for February hit 53 points, up from [...]
Sainsbury’s cuts prices as supermarkets battle to provide cheap food in cost of living crisis February 20, 2023 Sainsbury’s has become the latest British supermarket to try and reduce the price of their products, after it revealed it will launch discount £2 fruit and vegetable boxes. Sainsbury’s said that its ‘Taste Me, Don’t Waste Me’ boxes will include a variety of surplus fresh fruit and vegetables with the boxes being sold at a [...]
Tesco raises store workers pay by 7 per cent February 20, 2023 Tesco, Britain’s biggest retailer, will raise hourly pay for about 220,000 store workers by 7 per cent from April – another increase that will likely catch the attention of the Bank of England, which is worried about inflationary pressure in the economy. The supermarket group, one of the country’s largest private sector employers, said a [...]
UK retail sales’ sluggish new year start as cash-strapped Brits go online to nab deals February 17, 2023 UK retail sales remained muted in January following December’s fall, with fuel sales spiking and prices continuing to plummet. The Office for National Statistics (ONS) released the figures which showed retail sales volumes increased by just half a per cent last month. This comes after it dipped by 1.2 per cent in December, despite the [...]
Wagamama owner has ‘little hope for future’ activist shareholder says, urging major strategy overhaul February 16, 2023 Wagamama owner The Restaurant Group has shown “little hope for the future” and is in need of a strategy overhaul, an activist shareholder has urged. Oasis Management, a hedge fund which holds a 6.5 per cent stake in the company, called on the hospitality firm to “re-align its priorities” and take immediate steps to restore [...]
Nestle: Cost inflation eats into KitKat maker’s profit as it tumbles 45 per cent to £8.4bn February 16, 2023 KitKat and Nescafe coffee maker Nestle has revealed its net profits tumbled by 45 per cent as cost inflation led the global food and drink giant to hike up the prices of its products. The Switzerland-headquartered company, which owns some of the world’s biggest food brands, said its net profits fell to 9.3 billion Swiss [...]
UK inflation drops for third straight month in sign Bank of England is nearing end of interest rate hikes February 15, 2023 Inflation in the UK is falling faster than experts expected which may convince the Bank of England to consider ending its aggressive campaign to tame prices with interest rate rises, official figures out today reveal. The rate of price increases in Britain dropped to 10.1 per cent last month, down from 10.5 per cent in [...]
US inflation eases for seventh straight month but pace of decline loses momentum in headache for Fed February 14, 2023 US inflation eased for the seventh month in a row in January, but the pace of decline is beginning to level off, official figures out today reveal. The pace of price increases in the world’s largest economy on an annual basis fell to 6.4 per cent, down from 6.5 per cent, according to the US [...]