Brits flocked back to hotels in post Covid rebound as Holiday Inn owner’s revenue up 34 per cent February 21, 2023 Holiday Inn owner Intercontinental Hotels Group experienced a strong post-pandemic rebound, with revenues up 34 per cent in 2022 as consumer demand for hotels soared. The group, which has over 50 hotels across London, posted total revenues of $3.bn (£3.22bn) in the year ending December 2022, up 34 per cent from $2.90bn (£2.41bn) in the [...]
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 [...]
Planet Organic calls in advisers as it views sale to fund £30m growth plans February 20, 2023 Last September, the organic grocer said that it was looking to raise £30m over the next two years to help with the roll out of over 100 stores across the UK.
The Square Mile and Me: PwC chair Kevin Ellis on favourite city haunts and the pub he started his career in February 16, 2023 This week PwC’s chair and senior partner Kevin Ellis tells us the stories of his beloved City haunts, including the pub where he started his career and the spots he uses to lift his spirits. What was your first job? My first job was delivering double-glazing leaflets around Chingford in East London where I grew [...]
Rail and postal strikes ‘decimated’ festive trade with worst impact for a decade February 14, 2023 London’s festive economy was “decimated” by rail and postal strikes, as new figures revealed the disruption caused by walkouts was the worst month on record since 2011. Around 843,000 working days were lost to strike action in December – the highest for more than a decade – according to official figures from the Office for [...]
Fintech trading platform Plus500 to put $100m back in shareholders’ pockets after bumper year February 14, 2023 Fintech trading platform Plus500 topped market expectations for the year today and announced it would put £82m ($100m) back in shareholders’ pockets after cashing in on “higher value” customers last year. In its preliminary full year results, the London-listed Israeli firm announced it would kick off a new $70m share buyback programme alongside a $30m [...]
FTSE 100 live: London index under pressure despite easing of UK recession woes February 10, 2023 The FTSE100 index was trading slightly lower, down 0.24 per cent, this morning despite the UK narrowingly avoiding recession. London’s premier index had fallen to 7,892.06 points – down from yesterday’s close – while the domestically-focused mid-cap FTSE 250 index was off 0.55 per cent. Standard Chartered’s shares fell nearly five per cent in early [...]
ASOS announces new interim CFO as fast fashion chain attempts to rebuild after £32m loss February 10, 2023 Online fashion giant ASOS has brought in an experienced new interim CFO with as it continues its post-pandemic overhaul to plug on-going losses. The pandemic darling announced that 75 per cent of its new 12-person decision-making team has been filled, as part of a major turnaround bid called ‘Driving Change’. Its new ‘reinforced leadership and [...]
FTSE 100 close: BP propels London index to record high as UK set to swerve recession February 8, 2023 London’s FTSE 100 pumped to a record intraday high today led higher by oil giant BP and investors globally cheering signs that central banks are nearing the end of their interest rate rises. The premier index hit its record intraday high of a shade over 7,925 points at the open in the City today. It [...]