British American Tobacco investors call on new chief to launch ‘aggressive’ share buybacks May 23, 2023 Investors in British American Tobacco (BAT) are reportedly calling on its new chief executive to launch an “aggressive” share buyback programme to accelerate the return of capital to shareholders and boost the cigarette maker’s dwindling share price, which has fallen 18 per cent since the start of this year. BAT launched a £2bn stock repurchase [...]
Mike Ashley seeks to join Mulberry’s board as he tires of firm’s poor sales May 23, 2023 Sportswear tycoon Mike Ashley is reportedly set to muscle his way onto the board of luxury brand Mulberry as he grows increasing tired of the company’s poor sales performance. Ashley’s Frasers Group owns a 37 per cent stake in Mulberry, but the brand is ultimately controlled by Malaysian billionaire Ong Beng Seng and his wife [...]
Topps Tiles share price up on record sales of £130m despite inflation throwing wrench into profits May 23, 2023 Shares in Topps Tiles soared 4.57 per cent this morning as the retailer reported “record” earnings in the first half of the year, crediting a cooling of high inflation and recruitment woes. The London-listed business said sales were up 9.3 per cent year on year to £130.3m, and group gross profit grew 2.7 per cent [...]
Supermarket wars: Tesco rakes in £8.92bn of sales as clubcard points entice cash-strapped shoppers May 23, 2023 Tesco remains Britain’s favourite supermarket with clubcard points helping cash-strapped shoppers in the cost of living crisis – but Waitrose was given a sales boost thanks to luxury purchasing during the King’s Coronation. Figures released by Kantar show that in the 12 weeks to 15 May, ‘Big Four’ grocer Tesco raked in £8.92bn in sales [...]
John Allan: Tesco chair now also quits Barratt role fearing misconduct claims may become ‘disruptive’ May 23, 2023 Tesco chair John Allan will quit his role at the top of Barratt Developments, fearing sexual misconduct claims which he staunchly denies will become “disruptive. The London-listed housebuilder told investors this morning that Allan would step aside from the role he has chaired for nine years at the end of next month – three months [...]
Chancellor to discuss food prices with CMA May 23, 2023 Today the Chancellor Jeremy Hunt will meet with food manufacturers to discuss the cost of food and explore ways to ease pressure on households. The government says Hunt will raise concerns about high prices of food in the UK and discuss measures the government and industry could put in place to help households. Hunt said: [...]
Tesco: Outgoing chair John Allan to offload stake in mentoring firm days after quitting the supermarket May 22, 2023 Tesco chairman John Allan will reportedly sell his 20 per cent stake in a blue chip mentoring company days after he announced his departure from Britain’s biggest supermarket. The outgoing boss’ latest moves comes after he announced he’d leave Tesco amid claims that he behaved inappropriately towards women, though Tesco said it found no evidence [...]
Big Mac beef: LGIM takes aim at McDonald’s for ‘overuse’ of antibiotics in meat production May 22, 2023 Asset management giant Legal & General Investment Management (LGIM) is set for a showdown with McDonalds this week as it leads a fight against the firm’s use of antibiotics in its meat production.
Consumer confidence continues to recover as double-digit inflation fails to deter Brits from splashing cash May 19, 2023 Consumer confidence in the year ahead is continuing to recover despite persistent cost-of-living pressures, a long-running survey suggests. GfK’s Consumer Confidence Index rose by three points in May to minus 27, the fourth monthly increase in a row from January’s minus 45. Confidence in personal finances over the coming 12 months saw a “robust” five-point [...]
Asda accused of ‘fire and rehire’ in row over pay cut plans for 7,000 May 18, 2023 Asda and a union representing 7,000 workers have entered into a furious row, after the supermarket giant was accused of “inexcusable” pay cut plans. The chain rejected claims it is going to cut the pay of 7,000 low-paid retail workers, insisting it is in the middle of a consultation to remove an “anomaly” in the [...]
