Oreo owner Mondelēz looks to pass on price increases: ‘Chocolate is something people can’t live without’ November 2, 2022 Owner of Cadburys and Oreo had bumper revenue in the third quarter, with its CEO saying people simply “cannot live without” chocolate. US conglomerate Mondelēz announced revenues were up more than eight per cent up to September, despite gross profits dipping. Its revenues in Europe were pushed down in part by a strong dollar, with [...]
Smurfit Kappa packages up revenue growth as it offloads cost inflation to customers November 2, 2022 Smurfit Kappa posted growth in revenue and profit for the first nine months of 2022 as it offloads higher prices onto customers. The packaging firm saw revenue jump 33 per cent to €9.72bn, while EBITDA grew by 43 per cent to €1.76bn. Smurfit Kappa chief Tony Smurfit said the company had recovered significant cost inflation [...]
Flying high: Ryanair breaks another monthly record with 15.7m passengers in October November 2, 2022 Ryanair has broken yet another monthly record, with 15.7 million passengers flying during the month of October. These figures were a record high for the budget airline, who said they were up 14 per cent on pre-COVID levels. The Irish firm has continued to post a steady incline in passenger numbers, with the last few [...]
Expensive bites for millions of Brits as food inflation soars to record 11.6 per cent November 2, 2022 With even basics such as tea bags, milk and sugar seeing significant price rises, food inflation has soared to a record 11.6 per cent in October. Overall shop prices are now 6.6 per cent higher than they were this time last year – also a record – but food inflation jumped well above September’s 10.6 [...]
Olive oil maker Filippo Berio faces price hike of 35 per cent: ‘If we don’t pass it on, we go bust’ November 2, 2022 Consumers could be hit with price hikes of up to 35 per cent on olive oil next year, the managing director of Filippo Berio told CityA.M. Harvests in Spain have been impacted by a dry September, with worst-case scenario predictions that the crop could fall to the lowest level since 2012. In Andalusia, a main [...]
Exclusive: Confidence in Bank of England hits rock bottom as investors call Bailey’s hiking cycle ‘wrong’ November 2, 2022 Investor confidence in the Bank of England is close to rock bottom as the country braces itself for an eighth successive hike in interest rates tomorrow. Nearly three in four investors feel the Bank had gotten its hiking cycle “wrong”, though respondents were sharply divided over whether rises had come too fast or too slow, [...]
All market eyes on the Fed today as interest rates are set to rise by another 75bps November 2, 2022 While European markets started the month on a positive note, and look set to continue that vibe this morning, US markets lost their early momentum, finishing the session lower, after the latest job openings numbers, and ISM manufacturing report, showed that the US economy remained in decent shape, despite concerns over an economic slowdown. “We [...]
Funds struggle to sell sustainability as greenwashing spreads November 1, 2022 Fund managers are struggling to sell their green investment products to financial advisers as rampant greenwashing erodes trust in the environmental, social and governance (ESG) industry, fresh research has
UK startups bag £4.2bn as VCs shrug off recessionary fears November 1, 2022 Venture capital investors in the UK and Ireland shrugged off recessionary fears in the third quarter of the year as they pumped £4.2bn into start-up firms, new research has revealed.
Biden to visit Florida in final push before US midterms next week November 1, 2022 Joe Biden will go on a one-week campaign blitz before next week’s US midterm elections, with the Democrats in line to lose their grip on the US Congress. The President will deliver a speech in Florida today, which is the site of a key battleground Senate race, and is expected to talk up America’s improving [...]