Hilton Foods welcomes ex Co-op chief to replace boss of 30 years as profits nosedive April 5, 2023 Meat packer Hilton Foods has blamed “significant” challenges in its seafood wing for nosediving profits, as it welcomes a former Co-op boss to head up the business. The FTSE 250 firm’s share price was down 1.25 per cent this morning, as it witnessed a steep decline in profits down to £29.6m from £47.4m the previous [...]
Co-op warns cost of living crisis will eat into future profits as food to funeral care firm feels pain of inflation April 5, 2023 The Co-operative Group has warned that ongoing inflation and economic uncertainty is likely to reduce its profits in 2023. The food, insurance and funeral care provider revealed its underlying profit remained flat at £100m for the year while EBITDA was down £15m to £490m compared to £505m in 2021. Group revenue for the year was [...]
Homebuyers in London forced to wait it out as UK housing market slows down April 5, 2023 The average time to sell a home jumped by 15 days year-on-year in March as the UK’s housing market was impacted by increased living costs and soaring inflation. Estate agent Zoopla said homes in London took the longest time to sell with property taking an average of 44 days, likely fuelled by the soaring prices [...]
Meet the KPMG dealmaker putting the Big 4 firm in the green energy mix April 5, 2023 Hardly a week goes by without a new survey showing the slump in M&A activity in 2022. By some estimates M&A dropped 18 per cent after the flurry in 2021. However, looking a little closer reveals a more nuanced picture. Mid-level M&A remained fairly consistent while certain sectors saw continued growth. One of the most [...]
The host with the most: Airbnb’s Catherine Powell on surviving the pandemic, disciplined decision making and playing by the rules April 5, 2023 When Catherine Powell made the jump from the magic of Disney to Airbnb in January 2020, she couldn’t have predicted the nightmare of a global pandemic for the travel and tourism industry. But just three months after she joined as head of experiences she was thrown in at the deep end. “The pandemic hit and [...]
From international trade to interest rates, macroeconomics is in yet another tail spin April 5, 2023 Last week, anti-Brexit campaigners started complaining about the minuscule economic benefit of joining the CPTPP, but almost no one shaking a fist knows a thing about microeconomics, writes Paul Ormerod
Over half of businesses confident turnover will rise in the next year despite current stagnant sales April 4, 2023 Most firms have seen no boost to sales this quarter despite rising levels of confidence, a key economic report has revealed, as inflation remains the key concern for business. The British Chamber of Commerce’s (BCC) quarterly economic survey (QES) found in spite of rising optimism, only a third of firms saw sales increase in the [...]
Could oil prices hit $100 per barrel again? We ask the experts April 4, 2023 City A.M. asks the experts if oil prices could hit $100 per barrel next year, as forecast by banking behemoth Goldman Sachs.
Bank needs to ‘see the job through’ on inflation, says Pill – but divisions remain April 4, 2023 The chief economist at the Bank of England, Huw Pill, has suggested that more work is needed to tame price rises because there is a danger of high inflation becoming embedded in the UK economy. “The onus remains on ensuring enough monetary tightening is delivered to ‘see the job through’ and sustainably return inflation to [...]
Easter getaway: 17m car journeys, rail disruption, London Euston shut, strikes and queues – here’s all you need to know April 4, 2023 As millions of Brits look to make a short getaway for the Easter holiday, many will find out what it’s like to be sitting in queues or waiting for delayed trains. While rail union RMT called off strikes that had been planned for 30 March and 1 April after receiving a fresh offer from the [...]