Asos swings to loss as fashion giant warns shoppers may cut back on purchases April 12, 2022 Online fashion giant Asos has said it was hammered by reduced stock availability as it posted a £15.8m pre-tax loss for the six months to the end of February. The company cited “industry-wide supply chain constraints impacting stock availability and ongoing Covid-19 restrictions.” In half year results on Tuesday, the retailer posted four per cent [...]
Retail sales slow as consumer confidence now lower than horsemeat scandal April 12, 2022 Retail sales slowed last month as consumer confidence has taken a hit as shoppers feel the bite of rising cost inflation. According to data from the British Retail Consortium (BRC) and KPMG, sales increased by 3.1 per cent in March. This was worse than a three-month average growth of 6.9 per cent. What’s more, retail [...]
London firms sweat over looming inflation spike April 12, 2022 Accelerating inflation is dealing a severe blow to London businesses just as they are pushing to repair the damage inflicted on them by the Covid-19 crisis, reveals a fresh survey published today. Russia’s invasion of Ukraine has swelled businesses in the capital’s energy bills by sending oil and gas prices soaring. Over six in 10 [...]
Tortilla boss: ‘No intention’ of further price rises for customers as burrito chain eyes more dark kitchens April 11, 2022 Burrito chain Tortilla is eyeing dark kitchens in suburbia as a means to test locations before opening physical restaurants. Richard Morris, chief executive of the on-the-go operator, told CityA.M. that Tortilla viewed delivery as a “key part of our future.” “We realised that in London there are opportunities to further saturate the city with Tortilla [...]
M&S cut prices on a range of items as shoppers face cost of living crunch April 11, 2022 Marks & Spencer has slashed prices on some core grocery items as it hopes to woo shoppers amid rising costs. Supermarkets are endeavouring to maintain their market shares while shoppers have flocked to discount retailers to mitigate the cost of living crunch in recent weeks. M&S revealed on Monday that it had lowered prices on [...]
Financials drive London lower as Paris boosted by Macron-Le Pen face off April 11, 2022 Sharp losses among financial stocks drove London’s top indexes lower yesterday. The capital’s premier FTSE 100 index lost 0.7 per cent to fall to 7,615.79 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 0.35 per cent to 21,099.50 points. Insurers, fund managers and [...]
The City View: Sluggish UK economic growth, and Heathrow flying high April 11, 2022 Today Andy Silvester talks to City A.M.’s Economics and Markets reporter Jack Barnett. They go through lacklustre UK economic growth figures and why the cost-of-living crisis will hinder said growth; the latest inflation figures; the global economic recovery; and economic uncertainty to come. Andy also goes through the news: Heathrow has marked its highest number [...]
‘Cosmic’ borrowing costs stop Russian bond sales as debt teeters on brink of default April 11, 2022 “Cosmic” borrowing costs have forced Russia to stop bond sales for the rest of the year, as its debt teeters on the brink of defaulting. Sanctions on the Kremlin continued to bite, as its finance minister revealed drastic action this week. This comes after Western sanctions forced it to pay bondholders in roubles, despite it [...]
UK inflation to accelerate to highest rate since March 1992 April 11, 2022 Inflation in the UK will soar to its highest level since March 1992, intensifying an already tight cost of living squeeze that is hitting households, according to City experts. Accelerating food and energy prices stoked by Russia’s invasion of Ukraine will propel inflation higher, fresh estimates released by the Office for National Statistics (ONS) on [...]
State pension hike comes into force but savers set to feel the squeeze of inflation April 11, 2022 State pension payments have been hiked 3.1 per cent from today but savers are set to feel the squeeze as inflation outpaces the rise in payouts.