Supermarket fuel margins more than double since Ukraine war July 22, 2023 Supermarkets have more than doubled their margins on fuel since the start of the war in Ukraine, new analysis suggests. The RAC said Asda, Tesco, Morrisons and Sainsbury’s were making an average of around 4.7p per litre on fuel sales when the Russian invasion began in February 2022. The motoring services company found this had [...]
RAC: Tesco, Sainsbury’s, Asda and Morrisons have more than doubled fuel margins since Ukraine war July 22, 2023 Supermarkets have more than doubled their margins on fuel since the Ukraine war began, according to research from motoring firm the RAC. The ‘big four’ supermarkets – Tesco, Sainsbury’s, Asda and Morrisons – have seen the profits they make per litre of diesel and petrol rise from 4.7p to 10p since the Russian invasion started in [...]
Shapps to ask supermarkets to ‘explain themselves’ over pump price hikes July 16, 2023 Supermarket bosses are set for showdown talks with the government next week over soaring prices at the pumps. Energy Secretary Grant Shapps will meet with chiefs from Asda, Sainsbury’s, Morrisons and Tesco, with the minister vowing to slam “the brakes down on the mistreatment of motorists.” In a column in The Sun, Shapps said he [...]
UK’s second largest offshore wind farm given the green light July 13, 2023 Hornsea Four, one of the UK's biggest offshore wind farms has finally been given the go-ahead by government.
Hostelworld has record revenues thanks to ‘bed price inflation’ and return of Aussie holidays July 12, 2023 Hostelworld reported record revenues of €51.5m (£43.3m), on the back of resurgent demand for big trips to Asia and Australia and “bed price inflation” helped prop up its margins. The travel platform saw revenue growth of 57 per cent year on year, on the back of 3.4 million bookings across Europe, Asia and Australian markets [...]
The Notebook: Victoria Scholar on good news for inflation, the economics of Taylor Swift and the state of crypto July 6, 2023 Where the City’s movers and shakers get a few things off their chest. Today, it’s Victoria Scholar from Interactive Investor Supermarkets sound a positive note on inflation Some good news on inflation at last – Sainsbury’s says food inflation is starting to fall. Its CEO Simon Roberts said the company is “putting all our energy [...]
Commons Committee demands answer from Asda over ‘unclear’ fire and hire evidence July 5, 2023 The Business and Trade Committee is demanding Asda provide more evidence over it’s “unclear” fire-and-rehire strategy, after some 7,000 workers were threatened with the practice back in May. Chair of the committee, Darren Jones, is hauling the ‘Big Four’ grocer back in front of MPs after it said it was “concerned about apparent discrepancies” between [...]
Supreme becomes ‘master distributor’ for top vape brands as shares spike July 5, 2023 Supreme shares are up five per cent today as the vaping giant announced it is now the “master distributor” for UK e-cigarette brands, although the company has reported weak annual profits. The firm has been chosen as the master distributor for two leading UK vaping brands, ElfBar and Lost Mary, which it will supply to [...]
CMA takes aim at supermarkets for weakening fuel price competition – as Brits pay nearly £1bn more for fuel July 3, 2023 Increased supermarket profit margins led to drivers paying almost £1bn more for fuel last year, the Competition and Markets Authority (CMA) has found. Following a year long investigation, the watchdog said today that average supermarket fuel margins rose by 6p per litre between 2019 and 2022, with £900m syphoned out of customers pockets in total. [...]
Teasing supermarket execs won’t stop inflation, it’s suppliers we need to grill June 28, 2023 Supermarket bosses are an easy shot, but its suppliers making profits which would dwarf those of Tesco or Sainsbury's.