Ben & Jerry’s owner Unilever warns of shoppers buying less as inflation bites budgets October 27, 2022 Dove maker Unilever has seen consumers buying less of products after price hikes, as the consumer goods titan has ushered in record price rises. Prices increased by 12.5 per cent in the period, the brand’s highest ever hike, as consumers battle cost increases in every corner of life. The London-listed consumer goods giant admitted price [...]
We must not put a salami slicer to our public services in a bid to balance the books October 27, 2022 Our country is deeply in debt, with a deficit that is viewed by the markets as on an unsustainable path. The mini-budget and the subsequent reaction from the markets have undoubtedly made the situation significantly more challenging. The new prime minister must now seize the opportunity to restore fiscal credibility. Both unfunded tax cuts and [...]
Mercedes to exit Russian market after manufacturing suspension October 26, 2022 Mercedes is set to exit the Russian market once and for all after it suspended manufacturing in March as a result of Moscow’s invasion of Ukraine. The car maker said today that, even though it will sell its shares to Russian car dealership Avtodom, the transaction will not impact the group’s financial position or its [...]
Subsiding pandemic hits revenue for hygiene products from Reckitt Benkiser October 26, 2022 Hygiene products took a hit for producer of health and nutrition products Reckitt Benckiser, as the firm recorded strong revenue growth elsewhere. The UK-Dutch firm based in Slough reported like-foxlike growth of 7.4 per cent in the third quarter of the year, pulled up by a surge in nutrition and health products. Known for producing [...]
Subdued demand sweeps London office market as Grade A stock hits decade-low October 25, 2022 Demand in London’s office market is faltering, as businesses grow increasingly picky about the quality of the spaces they occupy post-lockdown. According to property consultancy Gerald Eve, demand has fallen from its recent peak of 9.4 per cent in the second quarter of this year, to 8.2 per cent over the past few months. Political [...]
Made.com ditches talks with potential buyers as struggling firm desperately seeks rescue October 25, 2022 Beleaguered Made.com has said it has terminated talks with all potential buyers after no party could commit to a suitable timetable for rescue funding. The homeware retailer had been looking to shore up aggregate funding of around £45-70m over the next 18 months as a stand-alone public company. Consumers have pulled back on spending on [...]
Premier Inn owner Whitbread swings to profit but warns of £60m inflation bill October 25, 2022 Premier Inn owner Whitbread is back in the black after posting a £307.4m profit before tax, in better than expected first half results. The interim results marked better fortunes for the hospitality operator, which last year posted a 19.3m loss. However, the firm said it had not seen its pub business return to pre-pandemic levels [...]
MPs slam ‘short-sighted and incredibly damaging’ tax-free shopping u-turn October 24, 2022 Cross-party MPs have warned that a u-turn on tax-free shopping for overseas tourists is “short-sighted and incredibly damaging” as the tourism sector hopes to recover post-Covid. In a new report, the Digital, Culture, Media and Sport (DCMS) Committee said Chancellor Jeremy Hunt’s u-turn was hindering the sector. The committee said it felt the government was [...]
Rishi Sunak vows to lead with ‘integrity and humility’ in first statement as incoming PM October 24, 2022 Rishi Sunak has vowed to lead the UK with “integrity and humility” in his first address to the nation as incoming Prime Minister. Sunak warned the UK faces “a profound economic challenge” and said “I will make it my utmost priority to bring our party and our country together”. Sunak won the Tory leadership contest [...]
Rishi Sunak will be UK’s new Prime Minister as he tells Tories ‘unite or die’ October 24, 2022 Rishi Sunak will be Britain’s next Prime Minister, after winning the Conservative leadership race unopposed today. Sunak told Conservative MPs in a private address this afternoon that they must “unite or die” as he faces a series of crises and the party faces historically poor poll ratings. Penny Mordaunt pulled out this afternoon shortly before [...]