Tesco profit guidance ‘unchanged’ despite 1.5 per cent fall in sales amid ‘incredibly challenging’ environment June 17, 2022 Tesco said its profit guidance for the coming year remained “unchanged” despite experiencing a 1.5 per cent fall in underlying sales in the first quarter of 2022. Britain’s biggest grocery store recorded its sales for the first 13 weeks up until the end of May, and said its profit and cash outlook will stay the [...]
Inside Britain’s food wars: exaggerated veggie claims risk a diet culture war June 17, 2022 Remember being told an apple a day keeps the doctor away? Not so simple, it turns out, as the government discovered with its new Food Strategy, with its plans to halve childhood obesity and make farming in the UK more resilient. The strategy follows an independent review by Henry Dimbleby, the co-founder of restaurant chain [...]
Solving worker shortages is UK’s ‘national challenge’ June 17, 2022 Solving chronic worker shortages that are hamstringing businesses from reviving the economy is “our national challenge,” according to the chief of the UK recruitment industry’s trade body. A shallower pool of workers, mainly the result of long-term sickness caused by Covid-19, people retiring early and younger Brits heading back into education, is resulting in firms [...]
US Fed rate hike rally runs out of steam as Wall Street tumbles June 16, 2022 Wall Street bottomed out today after the rally triggered by the US Federal Reserve yesterday flexing its inflation fighting muscles ran out of steam. Traders ditched stocks as they brace for Fed chair Jerome Powell and fellow rate setters following an extremely hawkish path on interest rates. The tech-heavy Nasdaq, which has suffered heavy losses [...]
Investors ditch London shares after fifth successive Bank of England rate rise June 16, 2022 Investors ditched London-listed stocks today after the Bank of England raised interest rates for the fifth successive meeting. The capital’s premier FTSE 100 index dropped 3.14 per cent to 7,044.98 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 3.05 per cent to below [...]
Bank of England hikes rates for fifth time in a row and warns of 11 per cent inflation surge June 16, 2022 The Bank of England today hiked interest rates for the fifth time in a row for the first time since it was given control of monetary policy a quarter of a century ago as it pushes to cool the highest rise in living costs for a generation. A majority of the Bank’s nine rate setters, [...]
Big investors still bullish on Bitcoin, despite price crash June 16, 2022 Asset managers are still snapping up Bitcoin in the face of a collapse that has seen the world’s leading cryptocurrency tumble in price.
FCA urges lenders to ‘act now’ to protect consumers from cost of living crunch June 16, 2022 The UK’s top financial watchdog has written to UK lenders today urging them to “act now” to ensure they can protect consumers amidst a cost of living crunch this year.
Boohoo posts first ever UK sales drop as fast fashion struggles to keep shoppers spending June 16, 2022 Boohoo has posted its first UK sales drop in the fast fashion retailer’s history, pointing to supply chain disruption and a struggle to be competitive with international players. In a trading update on Thursday, the Manchester-based retailer posted a one per cent drop in UK revenue while overall sales plunged eight per cent in the [...]
Government to publish renters reform bill to tackle ‘no-fault’ evictions and rent hikes June 16, 2022 The government is readying to publish its Renters Reform Bill white paper today, in a bid to tackle ‘no-fault’ evictions, rent hikes and make it easier for tenants to keep pets. The Department for Levelling Up Housing and Communities has described the Bill as “the biggest shake-up of the private rented sector in 30 years.” [...]