Finance news – Page 210
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NewsCity snapshot: European Commission objections delay UK trade credit rescue package
The government’s multibillion-pound trade credit insurance rescue package is being delayed by EU state aid rules, causing a cash flow crisis for food and drink wholesalers. Plus, trading updates from ABF, DS Smith, Mitchells & Butlers and Total Produce, and the rest of the latest news from the City.
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NewsTrade credit insurance rescue package delayed by EU state aid rules
Hospitality restart threatened by EU’s delay to government trade credit insurance scheme
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NewsLosses mount at scotch whisky producer Loch Lomond Distillers
For the 12 months to September 2019, the Loch Lomond Single Malt and Glen Scotia producer generated losses of £17.1m compared with £10.1m a year ago
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NewsCity snapshot: Sainsbury’s sales jump but coronavirus profit hit to exceed £500m
Sainsbury’s has reported a double digit grocery sales increase in the first quarter of the year, but warned it expects a profit hit of more than £500m from the coronavirus crisis. Plus, SSP Group plans to cut 5,000 jobs, B&M continues strong COVID trading and all the rest of the latest news from the City.
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NewsMedia Bites 1 July: Deliveroo/Lloyds Pharmacy, Retail admins, UK economy
Plasters and paracetamol will be delivered to households within 30 minutes of being ordered in a tie-up between Lloyds Pharmacy and Deliveroo.
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NewsGood Club hits £600k crowdfunding target to roll out closed-loop packaging system
The business will use the funds for a quicker rollout of its closed-loop system, after having successfully held trials last year across 30 SKUs
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NewsTails.com launches in six more countries across Europe
It is now live in Ireland, Sweden, the Netherlands, Denmark, Belgium and Austria
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NewsCoty buys into $1bn Kim Kardiashian West beauty empire
US consumer group Coty has bought a stake in the cosmetics company of Kim Kardiashian West, valuing the business at US$1bn.
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NewsMedia Bites 30 Jun: UK agriculture, Government borrowing, Waitrose
The UK creates an independent commission to advise on post-Brexit agriculture trade policy, UK borrowing rises by further £50bn and Waitrose opens third London warehouse ahead of Ocado partnership end
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NewsAlkaline water brand Actiph sees sales and exports soar in Covid health boost
The London-based startup reported revenues up 1,000% on Amazon, 800% on Ocado and 300% in smaller online retailers
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NewsGovernment agrees to trade commission to monitor food standards
Farmers claim a trade and standards commission will help ensure the UK’s food standards are upheld post-Brexit
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NewsCity snapshot: Distil sees annual sales and profits rise ahead of coronavirus pandemic
The owner of premium drink brands - such as Blackwoods Gin and Vodka, RedLeg Spiced Rum and Blavod Black Vodka - saw sales up 2% to £2.4m in the year ended 31 March 2020
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NewsMedia Bites 29 June: Supermarket exec pay, Intu, Farmdrop
Tesco suffered one of the biggest ever shareholder revolts over executive pay, casting a shadow over a strong sales performance during the coronavirus lockdown
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NewsLandlords ‘relieved’ as retail pays 22% of rent bill
Many would have been worried the sum would be lower, according to agent Colliers
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NewsFood price inflation hits its highest level since June 2012
The highest food price inflation for eight years helped drive sales growth in the UK grocery industry back up again last month, data shows.
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NewsShopping centre giant Intu falls into administration
The owner of the Trafford Centre and Lakeside shopping centres has filed for administration after being unable to reach a refinancing deal with its lenders.
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NewsTesco investors vote down exec pay policy that gave CEO £6.4m package
Tesco shareholders have voted against its executive pay policies that saw the supermarket give CEO Dave Lewis a £6.4m pay package
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NewsCallaly smashes first crowdfunding campaign to drive international expansion
During the coronavirus pandemic Callaly has reported ‘positive growth’, with new UK subscribers rising over 160% between March and May
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NewsMedia Bites 26 Jun: Rent payments, Pret a Manger, Intu
Retailers pay less than 15% of the rents owed, Pret warns it is in the “eye of the storm” and shopping centre owner Intu is likely to call in administrators
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NewsCity snapshot: Online sales surge boosts Tesco’s first quarter
Tesco has reported first-quarter UK like for like sales growth of 8.7%, including a forecast £2bn rise in online sales which have nearly doubled since the COVID crisis began.