Affluent British families may be forced to sit down to beef Wellington or a pork roast this Christmas after the avian flu outbreak left high-end butchers struggling to source hand-reared and organic birds (Financial Times £).
A full English breakfast without eggs may seem unthinkable, but that is the situation many face this week after shortages hit retailers and hospitality (The Times £). Shoppers reported shelves empty of eggs at supermarkets, and Wetherspoons admitted that it was offering alternatives in its breakfast menu.
Imperial Brands, the maker of Gauloises and Davidoff cigarettes, took a £400m-plus hit to its operating profits this year after becoming the only major tobacco company to exit Russia following the invasion of Ukraine (Financial Times £).
Imperial Brands has seen its earnings slump as the tobacco giant took a significant hit from its decision to exit Russia amidst the escalation of the Ukraine war (Daily Mail).
Smokers will not quit until they are satisfied with alternative products, the boss of one of Britain’s big tobacco companies said in response to calls from the government’s chief medical adviser for the industry to be “destroyed” (The Times £).
Affluent consumers are defying the economic gloom and drinking Moët Hennessy’s champagne cellars dry, creating what many would call a decidedly first world problem (The Times £).
The company behind Moët & Chandon, Veuve Clicquot, Krug and Dom Pérignon has said it is “running out of stock on our best champagnes” as the wealthy spend big on luxury goods in a new “roaring 20s” age of decadence (The Guardian).
Shares in Ocado tumbled nearly 17% yesterday as its rollercoaster ride continued (Daily Mail). The online retailer-cum-technology stock slammed into reverse after a strong run that saw it more than double in value in less than five weeks.
The Tempus shares column in The Times (£) says Sainsbury’s is in “healthy shape” giving the stock a ‘hold’ rating. “The shares look cheap, but then investors expect to be compensated for heightened uncertainty.”
Company insolvencies rose sharply last month as businesses were faced with higher inflation and an uptick in winding-up petitions from HM Revenue & Customs (The Times £).
The pound rose above $1.20 for the first time in almost three months yesterday as expectations grow that inflation in the US has peaked (The Times £).
Nissan, Cadbury’s, and Guinness-brewer Diageo have been told to avoid “dangerous” and “toxic” Twitter by their marketing agency, as an advertising boycott of the company under Elon Musk gathers pace (The Telegraph).
Walmart is gaining popularity with richer consumers looking for savings at a time of high inflation, boosting its third-quarter results even as it agreed to pay $3.1bn to states that had sued over its role in the US opioids crisis (Financial Times £).
Walmart has agreed to pay $3.1bn to settle lawsuits over the US opioids crisis after rival retailers also agreed huge payouts (The Times £).
Tyson Foods is facing calls to expand a review into the recent arrest of its chief financial officer as corporate governance experts questioned its independence (The Times £).
Land Securities swung to a loss in the first half of its financial year as soaring interest rates triggered a sharp decline in the value of its multibillion-pound property portfolio (The Times £).
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