These are the worst examples of how Tesco mistreated suppliers January 26, 2016 THE Groceries Code Adjudicator (GCA) has released a scathing report today into Tesco's treatment of suppliers, concluding that the supermarket "seriously" breached the industry's code of practice by prioritising its own finances at suppliers' expense. Below are some examples of how Tesco mistreated its suppliers. "Aspirational" Margin Targets The supermarket watchdog found that suppliers were often forced to pay [...]
City minister Simon Kirby loses Brexit responsibilities to Treasury peer March 2, 2017 City minister Simon Kirby has seen his responsibilities for Brexit handed to Baroness Neville-Rolfe. Kirby was handed the role of economic secretary to the Treasury after the Brexit vote when May came to power. The Treasury has stressed that Kirby's remit remains the same as his predecessors, with the added Brexit work hived off to commercial secretary Neville-Rolfe. Neville-Rolfe [...]
UK oil services companies John Wood Group and Amec Foster Wheeler in £5bn merger deal March 13, 2017 Two UK oil services firms have agreed to a £5bn merger. John Wood Group announced this morning it had agreed a takeover deal for FTSE 250-listed Amec Foster Wheeler. Amec’s share price jumped 18 per cent to £5.76 at the time of writing, while John Wood’s was up eight per cent to £8.10. [stockChart code="AMFW" date="2017-03-13 [...]
Londis and Budgens owner Booker Group beats expectations with its sales January 12, 2017 Wholesaler Booker Group's share price rose in trading today after the company reported a rise in sales. In the four months to 30 December, Booker Group's non-tobacco like-for-like sales increased 5.1 per cent, far ahead of analysts' expectations of between zero per cent and 0.5 per cent. Total non tobacco sales increased 4.8 per cent. [...]
Rising sterling pushes down FTSE on big day of results for retailers January 12, 2017 A strengthening pound pushed the FTSE 100 slightly down from its record opening level amid a slew of results from major retailers. The pound rose as high as $1.2317 against the US dollar as greenback continued its retreat from 14-year highs. Sterling was broadly flat against the euro in morning trading. The FTSE was broadly [...]
Food suppliers squeezed as supermarkets play hardball in Brexit price talks January 10, 2017 Food suppliers are being squeezed as supermarkets play hardball in talks over which side should shoulder the burden for the devaluation of the pound, new figures suggest. Research from insolvency firm Begbies Traynor shows 6,000 food suppliers were showing signs of financial distress in the final quarter of 2016, an increase of 13 per cent [...]
Scientists have explained why noisy eating makes some people angry February 3, 2017 Does listening to someone eat a bag of crisps make you angry? Does the guy sitting next to you on the Tube with a whistling nose fill you with rage? Scientists have discovered that not only do you have a real condition – why it happens in the first place. Misophonia is the name given [...]
FTSE 100 history: how the index has changed over 33 years July 3, 2017 The FTSE 100 index has just seen one of its quarterly changes with security firm G4S and real estate investment trust Segro promoted to the top 100. Although perhaps small in themselves, these regular events have changed the face of the UK’s leading index since it was formed in 1984. For the many investors whose [...]
Tesco extends its financial support for dairy farmers until April February 15, 2016 Tesco is extending its financial support for dairy farmers through to spring, in the face of cold weather and "uncertain times" in the sector. Originally the winter supplement was scheduled to run until the end of February, but it has rolled its financial assistance out until 17 April "to help [farmers] cover their production costs". Commercial director [...]
What the Morrisons-Amazon tie up is doing to Tesco, Ocado and Sainsbury’s share prices February 29, 2016 Morrisons might be having a whale of a day after revealing its tie-up with Amazon this morning – but virtually the rest of the retail sector has spent the day so far in the red. Morrisons' share price soared on the news that it would be offering hundreds of products to Amazon's UK customers via [...]