The profitability of non-financial companies in Britain edged slightly higher in the first three months of this year, running counter to claims that “greedflation” is fuelling price rises (The Times £). Official figures from the Office for National Statistics showed that profitability is lower than its pre-pandemic level.
Howeverm Unite general secretary Sharon Graham argues in The Guardian that “Britain’s profiteering crisis is worse than ever”. She highlights Unite research showing that corporate profits, not workers’ wages, are at the heart of the cost of living crisis, and she flags Tesco as an example.
The government has been criticised for binning food waste legislation that campaigners say could have reduced food prices and helped tackle the climate crisis (The Guardian).
The future for Wilko’s 12,500 staff is hanging in the balance as they wait to hear whether a serious bidder for the budget retail chain has emerged (The Guardian).
The fate of high street discounter Wilko is set to be decided within days, as administrators weigh up bids for the collapsed retailer (Telegraph £).
The Telegraph (£) looks at why Marks & Spencer’s revival is worrying for London’s Oxford Street. “Retailer’s willingness to abandon its flagship store highlights broader issue for high streets,” the paper writes.
A dip in sales to the US and India has contributed to a fall in Scotch whisky exports in the first half of this year (The Times £).
Producers of parmesan cheese are fighting fraudsters who try to copy their protected product by embedding microchips into the thick wax covering (The Times £).
The move is the latest innovation from the Parmigiano Reggiano Consortium, the association which oversees production, which has been trying for a century to fight off cheaper imitations that do not follow the exacting requirements to make the real deal (The Guardian).
Walmart said easing price pressures in the US and a strong labour market were supporting American shoppers, but warned that rising fuel prices and high borrowing costs would mean household budgets remain under pressure (Financial Times £).
Walmart raised its annual revenue forecast as a result of Americans seeking cheaper groceries and its online business continuing to expand (The Times £).
Doctors should advise patients to avoid salads and raw vegetables when taking antibiotics because it increases the risk of creating drug-resistant superbugs, scientists have said (The Times £).
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