Bank of England governor Andrew Bailey warns of uncertainty over inflation drop May 17, 2023 The risk of inflation staying higher for longer than the Bank of England’s two per cent target than it expects is mounting due to the slow reduction of wage pressures and price rises, the Governor of the central bank warned today. Speaking at the British Chambers of Commerce’s (BCC) annual conference, Andrew Bailey warned the [...]
No Cowgill, No Problem: JD Sports nears billion-pound profit May 17, 2023 JD Sports announced record profits this morning despite a challenging economic environment and the exit of longtime chief Peter Cowgill
On the Beach Group share price tumbles after big marketing spend May 16, 2023 Package holiday retailer On the Beach saw its shares drop 15 per cent to 107p today, after its narrowing losses and uptick in bookings were not enough to reassure investors. The Manchester-based travel company saw pre-tax losses shrink from £7m to £6m in the six months before March, as its group revenue rose £73.2m, up [...]
Boohoo share price soars as profits halve: Brits ditch fast-fashion and head back to the high street May 16, 2023 Online fashion retailer Boohoo said its profits halved, as the cost of living crisis continues to hit consumers’ spending and Brits flock back to physical stores. Pre-tax profits for the group halved during the 12 month period ended 28 February 2023 to £63.3m, down 49 per cent, with revenues dropping 11 per cent to £1.77bn. [...]
Some meat, yoghurt and vegetables have doubled in price in a year, new data shows May 16, 2023 Some meat, yoghurt and vegetables are among items that have doubled in price compared to a year ago, according to new figures from consumer group Which? The group urged Prime Minister Rishi Sunak to intervene on behalf of struggling consumers as its latest data shows food inflation remaining at “shockingly high levels”. The figures come ahead of Tuesday’s [...]
The Notebook: Victoria Scholar on Big Tech’s recovery, soaring sterling and luxury goods booming in China May 16, 2023 Where the City’s movers and shakers get a few things off their chest. Today, it’s Interactive Investor’s Victoria Scholar. Big Tech looks to be back in Vogue BIG Tech suffered painful declines in 2022 with sky-high inflation and central banks scrambling to keep a lid on rising prices. Now with US inflation easing, and the [...]
To win younger voters, Labour needs to weed out the anti-housing nimbys May 16, 2023 Labour wants to portray itself as the party of housing. But to succeed, Keir Starmer will have to manage nymbies on his backbenches, showing he's serious about building new homes, writes Elena Siniscalco
Center Parcs put up for sale with owner Brookfield eyeing a £5bn price tag May 15, 2023 Center Parcs’ owner Brookfield has reportedly put the UK holiday resort up for sale. The Toronto-based private equity firm is hoping to fetch between £4bn and £5bn for the company, the Financial Times reported today. Center Parcs operates six major holiday villages in the UK and Ireland, in counties including Wiltshire, Cumbria and Bedfordshire. The [...]
Currys share price soars as profit guidance lifted after trading ‘better than expected’ May 15, 2023 Currys has lifted its prospects for the rest of the year, saying its profit before tax is expected to be £110-120m, up from previously around £104m. Shares in the retailer jumped almost six per cent to 59.45p following the announcement this morning, to their highest level since early April. Currys, which sells everything from computers [...]
Travelodge hits record profits as staycation breaks continue post-pandemic May 15, 2023 Travelodge, the UK’s largest independent hotel brand, has reported results significantly ahead of its previous record year in 2019, as Brits continued to opt for staycation breaks and business travel. The London-listed hotel company, which offers cheap beds in the UK Spain and Ireland said that revenues were up 25 per cent from 2019 to [...]