Whitbread issues stark warning on sector cost inflation April 28, 2022 Premier Inns owner Whitbread has cautioned hospitality sector cost inflation will hit a higher level than anticipated. The hotel chain owner said cost inflation this financial year was anticipated to reach between eight and nine per cent, one per cent more than previously expected. The group said it anticipated to largely offset these higher levels [...]
Standard Chartered wrestles with inflation as it eyes metaverse profits April 28, 2022 Standard Chartered has continued to wrestle with rising inflation, which is expected to hit double digits by the end of this year. The British bank’s income inched some nine per cent higher $4.3bn in the first quarter of this year, while return on tangible equity of jumped a little over 11 per cent. Chief executive Bill [...]
Sainsbury’s warns of lower profit as grocer anticipates inflationary pressures April 28, 2022 Sainsbury’s has warned of a lower profit for the coming year as the grocer faces uncertainties including high inflation and cost of living pressures on shoppers. Sainsbury’s posted underlying profit before tax of £730m for the 2021/2022 financial year, a 104 per cent boost on the year prior, but warned of challenges down the line. [...]
Unilever sees sales and turnover rise as it hikes prices April 28, 2022 Unilever has enjoyed rising sales and turnover levels in the first few months of the year, as it rewards shareholders with a maintained dividend of €0.42 apiece. The consumer goods giant, behind some of Britain’s most loved products such as Ben & Jerrys, Dove, Helmann’s and Magnum, had its turnover jump by nearly 12 per [...]
Barclays secures income and profit growth as it shakes off ex-CEOs woes April 28, 2022 Barclays has kicked off the year with income and profit growth, as it navigates ongoing geopolitical and economic obstacles – and tries to shake off its former CEO’s woes. The British lender reported income was climbing 10 per cent to £6.5bn in the first quarter, alongside profit before tax of £2.2bn – which includes the [...]
Exclusive: Brits set to lobby employers for inflation-busting pay rise in response to cost of living crunch April 28, 2022 Brits are set to lobby their employers for a pay rise in a bid to cope with a tightening cost of living squeeze, reveals exclusive research shared with City A.M. today. Employers that fail to meet workers’ demands for a wage boost risk losing out on retaining and attracting top talent, according to the ADP [...]
All eyes on Apple and Amazon as quarterly results loom April 27, 2022 With the dismal performance of many big US firms in the past few weeks, all eyes are on Amazon and Apple, who are due to post their quarterly results today.
UK high street lenders whipsaw on muddled day of trading in the City April 27, 2022 The UK’s biggest high street lenders whipsawed in the City today after giving up morning gains that initially boosted London’s top indexes. The capital’s premier FTSE 100 index closed 0.53 per cent higher at 7,425.61 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, dipped [...]
The City View: August CEO Mélie Dunod on rethinking holiday home co-ownership April 27, 2022 Today Andy Silvester talks to Mélie Dunod, CEO and co-founder of holiday home co-ownership firm August. She talks us through the company’s inception; why their equity purchase model allows for better and more transparent co-ownership; and the post-Covid re-examination of lifestyle purchases. And in the news: law giant Eversheds Sutherland has re-entered Russia, striking a [...]
Archegos boss Bill Hwang arrested on fraud charges April 27, 2022 The founder of collapsed investment firm Archegos Capital has been arrested and charged with orchestrating a fraudulent scheme, US regulators announced today.