Tesco profit surges but bosses warn of sky-high inflation side effects April 13, 2022 Tesco has rebounded from the pandemic with a 65 per cent boost in operating profit, climbing to £2.56bn for the full-year.
Spending cool down weighs on London-listed supermarkets April 12, 2022 Early signs of consumers pulling back on spending drove supermarkets lower today in the City, dragging down London’s top indexes. The capital’s premier FTSE 100 index dropped 0.55 per cent to 7,576.66 points, while the domestically-focused mid-cap FTSE 250, which is more aligned to the health of the UK economy, fell by the same amount [...]
Week ahead: Bumper week of economic data to jolt the City April 10, 2022 The City will be eyeing a raft of flagship economic announcements this week that will send ripples throughout London’s top indexes. The capital’s premier FTSE 100 index registered a strong week last week, gaining 1.75 per cent. The mid-cap domestically-focused FTSE 250 index, which is more aligned with the health of the UK economy, shrank [...]
Sainsbury’s becomes first big grocer to pay London Living Wage amid cost of living crisis for Brits April 8, 2022 Sainsbury’s has confirmed that it will become the first major supermarket to pay the London Living Wage. Shop workers at Sainsbury’s and Argos stores in outer London will receive £11.05 per hour, a boost of 55p, from next month. The supermarket said this means staff in the outer areas of the capital will match employees [...]
Workers to stage walkouts over ‘dismal’ pay offers April 8, 2022 Thousands of UK workers are set to stage walkouts over the next few days over below-inflation pay offers. The Communication Workers Union (CWU) yesterday rejected BT’s 5 per cent pay rise – the highest in more than 20 years – calling it a “nothing short of an insult,” the Times first reported. “We have no [...]
£200m boost for all Tesco shop staff and warehouse workers as pay jumps to £10.10 per hour April 7, 2022 Supermarket giant Tesco has announced it will hike hourly wages by 5.8 per cent from £9.55 to £10.10, as Brits face a cost of living crunch. New hourly rates for store and warehouse staff will be effective from 24 July, the grocer revealed on Thursday afternoon. The supermarket also confirmed workers in London would be [...]
Co-op profit hammered by supply chain disruption as chair warns of ‘stark headwinds’ April 7, 2022 The Co-operative Group’s profit has taken a battering after “significant supply chain disruption” last year, as the grocer pledges to support customers amid a cost of living crunch. The supermarket reported profit before tax of £57m for 2021, down £70m on the year before when it pocketed £127m. The Manchester-based grocer did mark higher profit [...]
The City View: Innovate Finance summit roundup, and two Lidl adverts banned April 6, 2022 Today Andy Silvester chats to City A.M. reporter Charlie Conchie, and whistles through the main headlines you need to know. Andy and Charlie go through this week’s fintech Innovate Finance summit — they discuss the London Stock Exchange CEO’s comments yesterday on bosses needing a pay boost; Ron Kalifa’s views on the mindset shift needed [...]
Two Lidl adverts banned after complaint from rival Aldi April 6, 2022 Lidl has been hit with a ban for two adverts after it claimed shoppers could save certain amounts of money compared to Tesco – following a complaint from rival grocer Aldi. The advertising watchdog said the adverts, which were shown in Scotland, were likely to mislead consumers. One advert claimed shoppers could save more than [...]
Exclusive: City heavyweights are top firms for career growth, says LinkedIn April 6, 2022 City headquartered firms have been named as the top companies to work at for career growth, according to LinkedIn research shared exclusively with City A.M. today. Barclays retained its crown, wrestling with Lloyds Banking Group and HSBC, which make the top three companies on the list – all with London HQs. Chasing the coattails of [...]