A new wave of smoking products including e-cigarettes and “heat-not-burn” devices will generate more than £1bn in revenues for British American Tobacco next year, twice that predicted for this year, The Times reports. In a shareholder update at its latest capital markets day, the world’s biggest international tobacco group said that revenues from its “next generation products” would double from more than £500m, which it expects to make this year. It comes on the day UK lawmakers launch an inquiry into the regulation and sale of the products, The Financial Times says. Lombard in The Financial Times says that BAT is taking time to expand on next generation of nicotine comforters. The Tempus shares tip column in The Times adds tobacco is still in the habit of generating cash.
MPs investigating the scandal at 2 Sisters Food Group have accused food safety organisations of being “culpable” for poor standards exposed at one of the firm’s chicken processing plants and told them they must come up with a plan to force through improvements, The Guardian reports.
Poundland has been forced to redesign its copycat Toblerone bar after Mondelēz won a legal dispute, The Telegraph writes. The Guardian adds that the discount chain can still sell half a million of the lookalike chocolate this Christmas after reaching a “sweet deal” with the Swiss original’s owners. The bars are currently in production and will go on sale in December in “distinctive packaging” different from the light-gold wrapper originally planned.
Coca-Cola shares were flat in premarket trade as the company reported sales dropped less than feared in its latest quarter, The Financial Times reports. The world’s largest maker of fizzy drinks said sales fell 15% to $9.1bn in the three months to the end of September. Analysts were expecting $8.72bn.
French private equity group PAI Partners has concluded a six-month courtship of Refresco, agreeing a €1.62bn cash takeover of Europe’s largest soft drinks bottler together with British Columbia Investment Management (The Financial Times).
British gin makers have warned that another rise in spirit duty at the upcoming Budget will stifle the tipple’s renaissance, spearheaded by independent distilleries, The Mail reports.
The Guardian takes a look at a potential croissant crisis in France and asks “could French bakers crumble amid butter shortage?”. Pastry makers in France fear they can’t go on for much longer, as consumers face empty butter fridges in supermarkets, the paper writes.
Marks & Spencer’s clothing recovery has been dealt a fresh blow after one of its senior directors quit, while John Lewis’s boardroom is facing a reshuffle with the departure of a senior director, The Telegraph says. Tom Athron is leaving John Lewis having lost out to Paula Nickolds earlier this year in the race to replace Andy Street as MD. Jo Jenkins has left M&S less than a month after starting a new role, and as the retailer prepares for the crucial Christmas period, The Financial Times notes. Jenkins is leaving to take the top job at privately owned clothing retailer White Stuff (The Times).
Retail jobs are declining at the fastest rate in a decade, the British Retail Consortium has warned (The Times).
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