FTSE 100 recovers after Bank of England holds interest rates March 18, 2021 London stocks recovered this afternoon after suffering a drop following the Bank of England’s decision to hold interest rates indicated the pace of Britain’s economic recovery from the Covid-19 pandemic. The BoE kept its stimulus programme unchanged this afternoon ahead of an expected recovery in Britain’s economy later this year, helped by the fast rollout [...]
Fever Tree maintains fizz as home sales bubble up March 18, 2021 A very strong performance from its off-trade division prevented mixer maker Fever Tree’s revenues going flat this year, the firm said this morning. With the collapse of its hospitality sales – or “on-trade” – division, which historically accounted for 45 per cent of the firm’s revenues, due to the pandemic, the company may have been [...]
Credit Suisse replaces asset management head after Greensill collapse March 18, 2021 Credit Suisse has replaced the chief executive of its asset management business and announced plans to separate the division that has faced scrutiny over its Greensill-backed funds. The Swiss bank announced the appointment of Ulrich Korner as chief executive of the asset management business who will report directly to the bank’s chief executive Thomas Gottstein. [...]
Ocado CEO Tim Steiner: M&S products are more popular than Waitrose March 18, 2021 Ocado’s M&S products are favoured over the former Waitrose partnership products with customers, as the company enjoys a doubling of new registrations, the company’s chief executive said this morning. “The M&S product is more popular with our customers than the Waitrose products were,” chief executive Tim Steiner said during an investor call earlier this morning. [...]
City Moves: Who is switching jobs in the Square Mile this week? March 10, 2021 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. New strategy director joins Wates Construction Wates Construction Group has appointed a new strategy and integration director for its recently formed group of businesses Wates Integrated Construction Services (WICS). Joining the London office, [...]
Waitrose opens new London warehouse in online delivery push March 4, 2021 Waitrose has opened a new London warehouse in partnership with Wincanton in a bid to boost its online delivery capacity. The supermarket, which last year ended its partnership with Ocado, said the warehouse in Greenford will deliver 25,000 orders each week and employ an extra 800 staff when it opens fully later this year. That [...]
Aldi and Lidl sales growth slows as discounters struggle to compete with Big Four’s online capabilities March 2, 2021 The growth of the discount supermarkets Lidl and Aldi has slowed as the Big Four UK grocers benefitted from their more established online presence during the pandemic. German budget grocers Lidl and Aldi reported that sales were up 10.9 per cent and 5.6 per cent respectively in the 12 weeks to 21 February. However, three [...]
Ocado opens hub in Bristol as it plans to boost UK capacity by 40 per cent March 1, 2021 Online supermarket retailer Ocado has opened a new mini customer fulfilment centre (CFC) in a bid to expand its reach across the country after a strong 2020. Supporting up to 815 jobs, the Bristol-based centre has the capacity for over 30,000 orders a week and will hep the retailer with its increased demand over lockdown. [...]
Easy does it for travel and leisure as they underpin the FTSE 100 today February 23, 2021 After a promising start European markets struggled to maintain their early market optimism today. However, some decent gains continue in the likes of travel and leisure stocks, with multi-month highs in a lot of cases. Over the last three days this renewed buoyancy has been evident in anticipation of a possible reopening, and with a [...]
FTSE 100 tumbles as inflation concerns mount February 22, 2021 London’s FTSE 100 tumbled 0.68 per cent today by midday, as higher commodity prices sparked fears of a spike in inflation. The fall was led by declines in consumer staples and industrials stocks, as investors awaited Boris Johnson’s plan for a phased easing of business restrictions. The prime minister will plot a path out of [...]