Finance news – Page 185
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NewsCity Snapshot: SSP Group loses £426m amid COVID sales collapse
Travel specialist SSP Group has reported a near-50% plunge in annual revenues and a £426m pre-tax loss due to the coronavirus. Plus, Cranswick withdraws from IPN race, Sainsbury’s Bank names new chair and all the rest of the latest news from the City.
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NewsMedia Bites 17 December: Asda, Brexit, sherry
The Issa brothers have drafted in advisers to prepare a £1.2bn sale and leaseback of Asda’s distribution centres ahead of their £6.8bn takeover of the supermarket chain.
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NewsCranswick plots return to petfood market with IPN acquisition
Pork and meat supplier Cranswick is mulling a move into the fast-growing premium petfood sector with the potential acquisition of Inspired Pet Nutrition
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NewsCity snapshot: Falling food prices push inflation back in November
A drop in food and non-alcoholic drinks prices as England went into a second lockdown has contributed to a significant fall in the UK inflation rate in November, according to official figures. Plus, British American Tobacco is ready to test its Covid vaccine on humans.
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NewsMedia Bites 16 December: Pay gap, Ocado, Brexit
Online grocer Ocado paid its chief executive about 2,600 times its average worker last year, according to new research that shows the yawning gap in wages between the boardroom and the shopfloor across British industries.
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NewsCity snapshot: Ocado completes $262m Kindred Systems robotics acquisition
Ocado has announced it has completed the deal for US piece picking robotics company Kindred Systems.
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NewsMedia Bites 15 December: Brexit, Unilever, EG Group
Supermarkets are poised to implement rationing within 24 hours of a run on essential goods being detected, amid growing fears panic buying will erupt if the UK confirms a no-deal Brexit.
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NewsEG Group grows German estate with €485m acquisition
EG today announced it had entered into a binding agreement to acquire a network of 285 petrol station forecourts in Southern Germany from OMV Deutschland.
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NewsNo need for no deal panic-buying, retail chiefs warn shoppers
BRC chief executive Helen Dickinson said retailers were preparing for all outcomes and stockpiling extra products to ensure a continued supply of essentials
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NewsMedia Bites 14 Dec: Brexit stockpiling, Asda, Unilever
Supermarkets are stockpiling food and other goods after being told by ministers that a no-deal Brexit is on the cards
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NewsCity News: Ocado shares drop despite profits upgrade
It’s not often a profits upgrade is accompanied by a share price plunge
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NewsPlant-based demand balances Covid losses for Authentic Food Co
Growing demand for plant-based foods in supermarkets has helped Beyond Meat’s UK distribuer The Authentic Food Company steer through Covid-related declines
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NewsSupermarket prices move into deflation ahead of possible Brexit cost shocks
Supermarket prices have fallen back into deflation for the first time in over a year, just as the industry prepares for a potential price shock from the UK’s exit from the EU
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NewsAsda paid Walmart £1.15bn dividend despite profits drop
Asda paid a £1.15bn dividend to US owner Walmart last year, even as its profits slumped by more than a quarter
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NewsChallenger brand data startup Elm secures seed funding
The company will use the funding to build out its engineering team and further develop its product
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NewsSupermarket prices fall into deflation for first time fourteen months
Supermarket prices have fallen back into deflation for the first time in over a year ahead of EU exit
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NewsMedia Bites 11 Dec: Brexit/Food industry, Ocado, Scotch eggs
Supermarkets and their shoppers could be hit with a £3.1bn annual bill on food and drink if there is no post-Brexit trade deal
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NewsYeo Valley bounces back after restructure leads to 72% profit hit
The supplier saw pre-tax profits rise by 31.6% to just under £4m for the year to 31 May 2020
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NewsCity snapshot: Ocado hikes profits forecast on retail sales surge
Ocado has hiked its full year profits forecast as its UK retail sales continue to boom as grocery shoppers stay at home. Founders and Blackstone bid for Applegreen. Plus, trading updates from McColl’s, Marston’s and DS Smith and all the rest of the latest news from the City.
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NewsMedia Bites 10 December:Tesco/Brexit, Asda, Just Eat
Shoppers face temporary shortages of some fresh foods and higher prices if the UK fails to strike a Brexit deal with the EU, the chairman of Tesco has warned.