British Land overcomes uncertain landscape with leasing spree across London July 11, 2023 British Land provided investors with a cheery update on the outlook for the commercial property sector, as the firm was boosted by leasing activity across London and strength of retail parks. In an update ahead of its AGM later today, the property developer secured 552,000 sq ft of leasing across its portfolio in the first [...]
Jaguar Land Rover reports sales boost as chip shortage eases July 7, 2023 Jaguar Land Rover reported a big sales increases for the first quarter on Friday, with wholesale volumes up 30 per cent compared with the same period a year ago as the global chip shortage and supply constraints “continue to improve.” The luxury car marque said it also expects free cash flow – what a business [...]
Retailers struggle to rack in sales in June as shoppers continue to scale back July 7, 2023 Retailers continued to show signs of struggling in June, new figures show, as sales growth remained well below inflation due to customers scaling back their shopping habits due to the cost of living crisis. Total like-for-like sales in June grew 1.9 per cent from last year’s base of 8.4 per cent, according to figures from [...]
Lavazza burned by surging coffee bean costs with earnings down double-digits July 6, 2023 Lavazza has warned over a double-digit drop in earnings this year amid surging coffee bean costs and said its prices are not set to come down for consumers until 2024. The Italian coffee giant said it is braced for a hefty drop in underlying earnings over 2023 as it looks to limit price hikes. It [...]
We are not rip-off retailers, says Sainsbury’s July 6, 2023 Bosses at Sainsbury’s have said they are “not rip-off retailer” or “profiteers” as they defended the profit made by the retailer amid scrutiny related to food inflation over the past year. The company also defended increased pay packages for its senior executives at its annual general meeting in London, despite the continued cost-of-living crisis. It [...]
Currys: £60m wiped off market cap as share price tanks 12 per cent after retailer pulls dividend July 6, 2023 Around £60m has been wiped off Currys’ market cap this morning as its share price tanked over 12 per cent, following the retailer pulling its dividend in wake of poor results. Currys revealed that it would not be paying its final dividend to shareholders following poor performance, as its Nordic arm weighed down revenue. The retailer [...]
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 [...]
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 [...]
Leicester City to be fined £880,000 after ‘colluding’ with JD Sports July 5, 2023 Premier League football club Leicester City are to be fined £880,000 by the Competition and markets Authority (CMA) over collusion with JD Sports. The statement of objections issued by the CMA sets out provisional assessments of the case. The Premier League club and retail outlet admitted to breaking competition law over three seasons. The report [...]
Bank of England mulls forcing international lenders to set up UK subsidiaries – reports July 5, 2023 The Bank of England is considering plans to force more international banks to set up subsidiaries in the UK. According to the Financial Times, the Bank could reduce the threshold at which foreign banks have to set up subsidiaries which have their own capital and liquidity. Unlike branches, subsidies are able to be seized by [...]