Tesco CEO Dave Lewis quits as supermarket declares turnaround ‘is complete’ October 2, 2019 Tesco chief executive Dave Lewis is stepping down from the Big Four supermarket, it revealed today as it declared its turnaround is complete. The CEO will leave the business next summer after chairman John Allan said he had accepted his resignation letter “with regret”. Read more: Tesco sells mortgage arm for £3.8bn Lewis called the [...]
FTSE 100 sinks as Brexit ultimatum and manufacturing crisis pummel European stocks October 2, 2019 The FTSE 100 fell one per cent in early trading today as markets stumbled over Boris Johnson’s “take it or leave it” Brexit ultimatum and weak US economic data. London’s blue-chip index dropped to 7,287.8 points shortly after open today, following global stocks plunging into a sea of red overnight. Read more: Boris Johnson’s ‘clarity [...]
Martin Gilbert to leave Standard Life Aberdeen and join fintech Revolut October 2, 2019 Veteran investor Martin Gilbert is stepping down from Standard Life Aberdeen next year, calling time on a high-flying career as one of the City’s most prominent asset managers. Poised to take on a new role as chair of fintech giant Revolut, Gilbert said this morning that he will not seek re-election as vice-chairman of the [...]
Jamie Oliver bags £5.2m payday despite restaurant chain collapse September 30, 2019 Jamie Oliver took home £5.2m last year as his business empire suffered a slump in profit following the collapse of his restaurant chain. The chef’s food and media business increased sales to £43.5m in the year to December 2018, but pre-tax profit almost halved to £7.8m. Read more: SSP buys three Jamie Oliver restaurants saving [...]
Will Tesco’s earnings drive further share price gains? September 27, 2019 Tesco PLC reports earnings its first-half results on 2 October. The UK’s largest supermarket group is expected to report earnings of 7.5 pence per share, up 17.2 per cent on the year, while revenues are set to remain flat at £31.7 billion. Pretax profit is forecast to be £944 million. Tesco’s outlook is clouded by the [...]
Are UK supermarkets ready for Brexit? September 25, 2019 “One can say very clearly what the direction will be: higher prices, less choice, and poorer quality, because all of those dimensions have been improved by these open trading relationships that we’ve had over the last 40 years […] Brexit, almost in whatever version it is, will introduce friction, it will introduce barriers. That makes [...]
Sainsbury’s plans local supermarket expansion as it quits mortgage market September 25, 2019 Around 110 new Sainsbury’s Local stores will open up across the country, the supermarket announced today as it closed a swathe of stores and pulled out of the mortgage market. Weeks after reports emerged of a major shake up at Sainsbury’s Bank, the store confirmed that it would immediately stop new mortgage sales. It is [...]
Sainsbury’s outperforms big four rivals September 17, 2019 Sainsbury’s was the best performing of the big four supermarkets, according to industry data for the latest 12 week period, as the UK grocery market returned to growth. The supermarket saw sales dip 0.1 per cent in the 12 weeks to 8 September. Read more: Aldi targets London expansion as profit falls Rival grocers Tesco. [...]
How to invest in Veganism September 16, 2019 We have a look at how companies are responding to the rise in veganism and explain how investors and traders can capitalise as people around the world begin to reduce their meat intake and consume more plant-based alternatives. Many food products are naturally friendly to vegans, like vegetables, which means the vegan market is already [...]
Can you Brexit-proof your investment portfolio? September 16, 2019 The future of Brexit is unknown, but investors and traders need to be proactive if they are to avoid any sudden shocks. Here’s how you might Brexit-proof your investment portfolio. The UK hasn’t left the EU yet, but Brexit is already wielding its influence over the financial markets. For the past three years, investors and traders [...]