Coronavirus: Supermarkets urge customers to stop stockpiling March 15, 2020 UK supermarkets have called on the UK public to stop stockpiling in response to coronavirus as fears mount that some people could be left without essential products. In an open letter to customers, the country’s biggest food retailers, including Sainsbury’s, Tesco Asda and Morrisons, called on consumers to “be considerate in the way they shop” [...]
Coronavirus: Supermarkets rebound but leisure stocks suffer March 13, 2020 Supermarket stocks made gains this morning after being dragged down by a mass FTSE 100 sell off sparked by mounting coronavirus fears. Sainsbury’s share price jumped 8.02 per cent to 188.97p, Tesco was up 10.46 per cent at 233.3p and Morrisons climbed 7.98 per cent to 178p. Grocers are positioned well to ride out the [...]
Morrisons moves to support supply chain through coronavirus outbreak March 13, 2020 Morrisons will make immediate payments to smaller businesses and re-classify suppliers to help 1,000 more firms as it moves to protect its supply chain from the impact of coronavirus. The grocer will temporarily scrap its 14 day payment terms and pay small suppliers as soon as an invoice is received. Morrisons also said it will [...]
Coronavirus: Fifth death in UK as confirmed cases rise to 319 March 9, 2020 A fifth person has died from coronavirus in the UK as the number of confirmed cases in the UK rose to 319. The patient who was in their seventies was being treated at Epsom and St Helier University Hospitals NHS Trust. Chief executive Daniel Elkeles said: “We can confirm that sadly, a patient in their [...]
Coronavirus: Supermarkets call for competition laws to be waived March 9, 2020 The bosses of the UK’s biggest supermarkets are expected to warn the government that the outbreak of coronavirus could require competition law to be paused to allow them to collaborate. During a phone call with environment secretary George Eustice at least one of the big four grocers will reportedly call for the suspension of the [...]
Tesco sells Thai and Malaysian businesses for £8.2bn March 9, 2020 Tesco has sold its Thai and Malaysian businesses to CP Group for £8.2bn, the supermarket giant announced this morning. Following the deal Tesco will return £5bn to shareholders and make a £2.5bn pension contribution. The disposal of the two Asian units, which were operated under the Lotus brand, will simplify the group’s structure and allow [...]
London economy’s post-election bounce continues March 9, 2020 London’s private sector grew strongly in February, survey data has shown, even as the coronavirus outbreak took its toll on tourism. The Natwest/IHS Markit London purchasing managers’ index posted 56 in February, down slightly from 56.5 in January but stronger than the long-run average. A score of above 50 indicates that the private sector expanded. [...]
UK small businesses gloomy about coronavirus and Brexit March 9, 2020 Worries over the impact of Brexit and coronavirus mean more than 70 per cent of the UK’s small and medium-sized businesses do not expect the country’s economy to grow during the rest of 2020, according to new survey data. The pessimism about growth means firms 57 per cent of firms are unlikely to invest in [...]
Can interest rate cuts help economies deal with coronavirus? March 8, 2020 Last Tuesday, the coronavirus outbreak drove the US Federal Reserve to do something it hadn’t done since the 2008 financial crisis: slash interest rates in an emergency move. Fed chair Jay Powell said rate-setters had “come to the view that it is time for us to act in the support of the economy”. The economic [...]
Coronavirus: Tesco rations essential food and household items March 8, 2020 Tesco has begun rationing essential food and household items as shoppers stockpile amid the coronavirus outbreak. Customers are limited to buying no more than five of each of the rationed goods, including antibacterial gels, wipes and sprays, dried pasta and UHT milk. The rules apply both in store and online. Waitrose has also reportedly introduced [...]