Ocado shares soar after partnership with South Korea’s Lotte Shopping November 1, 2022 Ocado shares surged by more than a third on Tuesday morning after the retailer inked a partnership deal with South Korea’s Lotte Shopping. The London-listed tech firm said it had agreed plans for the development of a national fulfilment network, pushing shares up as much as 36 per cent by midday. Lotte Group is one [...]
No, it’s not sci-fi. Robots really could help dig us out of our low productivity spiral October 25, 2022 Earlier this month, a robot named Ai-Da gave evidence to the House of Lords on the future of the creative industries. The members of the Lords Communications and Digital committee were fairly quite stumped. For all its weirdness, this episode proved a point: robots are among us. When thinking of robots, many of us imagine [...]
Truss won’t be the first or the last to U-turn, but she taught us how not to do it October 20, 2022 It has been less than four weeks since the disastrous mini-budget, followed by a series of screeching U-turns in government policy. It’s made for sickeningly compelling viewing, partly because most of us have, at times, experienced our own shocking about-turns and forced mea culpas. We can all relate. And the next 12 months look likely [...]
Stronger than expected US job growth plunges pound against dollar October 7, 2022 The pound slipped 0.3 per cent against the dollar at $1.113 this afternoon after US labour figures suggested stronger than expected jobs growth. US employers added 263,000 jobs in September as the country’s unemployment rate dropped to 3.5 per cent, figures from the Bureau of Labour Statistics show. Economists polled by Reuters had previously expected US [...]
City lawyer avoids jail after telling client to ‘burn’ evidence in Ocado case October 5, 2022 A City lawyer, who instructed his client to “burn” chat logs to prevent them from being handed over to Ocado, has avoided going to prison after being handed a substantial fine. Ex-Jones Day partner Raymond McKeeve told an IT manager at a company founded by Ocado co-founder Jonathan Faiman, Today Development Partners (TDP), to “burn” [...]
All change: Moneysupermarket goes shopping for Ocado’s chief financial officer September 26, 2022 Moneysupermarket.com has swooped in for the Chief Financial Officer at Ocado, who will take up the same role on its board. Niall McBride will join the price comparison site subject to regulatory approval, as he leaves Ocado after having joined in 2020 during the pandemic. The former Rothschild & Co and PwC accountant will likely [...]
London’s FTSE 100 bumps higher after government halves firms’ energy bills September 21, 2022 London’s FTSE 100 bumped higher today as investors digest the details of the government’s energy support package for UK businesses. The capital’s premier index climbed 0.63 per cent to 7,237.64 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, rose 1.01 per cent to 18,714.67 [...]
Ocado shares sink after HSBC downgrade September 20, 2022 Shares in Ocado sank on Tuesday after HSBC analysts downgraded the grocery delivery firm from a Hold to a Reduce rating. HSCB’s notes caused shares in the middle-class favourite to drop by more than eight per cent after Ocado warned last week that soaring inflation will weigh on its profitability in Q4. The firm warned [...]
Exclusive: UK retailers should copy TfL or they miss out on advertising cash, argues City bigwig September 15, 2022 Are UK retailers missing a valuable opportunity to earn money from advertising? A City insider thinks most big brands do, as he urges the High Street’s biggest names to look at TfL and copy their model by rolling out a retail media network. So-called retail media networks are one of the hottest emerging trends in [...]
London’s FTSE 100 dips after weaker than expected UK inflation September 14, 2022 London’s FTSE 100 dripped lower today after fresh figures revealed UK inflation is cooling. The capital’s premier index tumbled 1.47 per cent to 7,277.30 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, slid 1.66 per cent to below the 19,000 point mark. Traders were [...]