Ocado is facing criticism as it seeks shareholder approval today for a potential bonus worth up to £14.8m for its chief executive, Tim Steiner (The Guardian). Ocado investors have been urged to vote against the £15m pay policy by advisory groups Glass Lewis and Institutional Shareholder Services, who say a new scheme may cause ‘excessive pay’ (The Daily Mail).
UK harvests of important crops could be down by nearly a fifth this year due to the unprecedented wet weather farmers have faced, increasing the likelihood that the prices of bread, beer and biscuits will rise. (The Guardian)
As supermarkets hunt for new sources of revenues in an age of rising costs and ever-narrowing margins, they have stumbled on one of their most valuable assets: data. A new form of advertisers has sprung up, and turned supermarkets into the new media behemoths in the process. (The Telegraph £)
Britons are choosing to spend less money in pubs and bars than at any time since lockdown ended, according to research by Deloitte, as cost of living pressures weigh on people’s leisure habits. (The Financial Times £)
The small indulgence of chocolate is becoming a more costly one. Soaring prices for cocoa beans recently hit a record $12,000 a tonne: roughly four times last year’s price. Many think they will go higher. Yet it is bringing little reward to struggling growers. (The Guardian)
The FT’s sister publication Investors’ Chronicle advises buying Associated British Foods shares. “The shares trade at 13 times forward consensus earnings, undemanding in the context of solid results and attractive growth prospects. The company is well-placed to deliver further progress.” (The Financial Times £)
Blackpool rock maker leads crusade to protect British seaside staple. Stanton & Novelty is one of 10 Blackpool businesses that handmakes UK rock, but cheap imports and MP scandals are frustrating attempts to gain geographical protection. (The Guardian)
A Waitrose billboard erected in a wonky fashion as a marketing stunt was fenced off by council staff amid public safety fears. (The Guardian)
John Lewis and Waitrose job applicants can now see interview questions beforehand in an attempt to make the process fairer. (The BBC)
Falling prices for Bordeaux’s top wines have left a sour taste for collectors. Over the past two years an index of these from different vintages, the Liv-ex Bordeaux Fine Wine 500, is down 11% (before any storage costs). (The Financial Times £)
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