Aldi is raising the pay of thousands of distribution centre staff by 9% in a move that will increase pressure on rivals as the German discounter continues its UK expansion (The Financial Times £).
The UK’s fifth largest grocer said the majority of its warehouse workers, known as selectors, would now earn a minimum of £12.66 an hour, up from £11.95 at present after an increase from £11.48 in January (The Guardian).
Fragrance and flavouring manufacturer Treatt has slashed its profit forecast blaming deteriorating consumer confidence in the US and cost inflation, sending its shares down nearly a third on Monday (The Financial Times £).
Treatt warned that its profits this year would be nearly a third shy of what City analysts had pencilled in, largely because hard-up Americans are not drinking as much iced tea as anticipated (The Times £).
Analysts have often pointed to the UK-listed firm as a recession-proof stock as it has seen stellar growth over the past decade, having risen by around 700% since August 2012 (The Mail).
Soaring food prices mean shoppers looking for a bargain are at risk of being defrauded and even poisoned by criminal gangs, a fraud expert has warned (The Times £). Professor Chris Elliott, who led the government review into the 2013 horsemeat scandal, said the threat that food is not what it appears is at its worst for three decades.
Gusbourne, the Kent-based sparkling wine producer that is backed by Lord Ashcroft, says that its revenues are set to fizz in the first half, reflecting its recovery from Covid and “increasing demand for English wines” (The Times £).
English wineries are already bursting with homegrown fizz every bit as good as champagne. But because of climate change the country could soon be beating Burgundy at producing world-class reds (The Times £).
The Bank of England will announce another interest rate rise of half a percentage point next month and inflation will peak at 11.4% this year, experts have predicted (The Times £).
The UK’s labour market showed early signs of cooling with a small increase in unemployment over recent months according to the latest official figures, but rising underlying wage growth showed that inflationary pressures are still strong (The Financial Times £).
UK workers suffered falling pay growth in the face of surging inflation, piling pressure on cash-strapped households facing a winter cost of living crisis (The Times £).
The first grain-carrying ship to depart from Ukraine since the Russian invasion has docked in the Syrian port of Tartus after it stopped transmitting its location signal early on Friday, according to satellite photographs (The Financial Times £).
Starbucks has accused federal labour officials of working with union leaders to sway election results and demanded the government halt all further ballots pending an investigation (The Financial Times £).
No comments yet