Category: Business

From festivals in Florida to touring Dracula’s digs in Romania, we round up the best destinations to visit this October. As summer abandons Europe again this October, eke out the last of the rays and raves in Ibiza, where nightclubs will be going out with a bang for the winter break. When the party finally stops head to the island’s north.

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Business

Andy Burnham says flights from Manchester to Jamaica are cheaper than the train to London Business News

Greater Manchester Mayor Andy Burnham sparked a furious backlash from rail industry supporters after he posted a tweet comparing Manchester’s most expensive ticket to London with a range of long-haul airfares.

He tweeted: “Return tickets from Manchester:

  • India: £343
  • Jamaica: £345
  • Brazil: £325
  • Ivory Coast: £319
  • London (train): £369″

The highest Anytime return fare on Avanti West Coast between the two cities is £369.40 and applies during the morning rush hour, as well as the afternoon rush hour from London, Monday to Thursday. At other times the off-peak fare of £98.10 covers the journey.

Some people have responded to Mr Burnham by claiming even higher rates. Helen (@hjmac41) tweeted: “I paid £450 for the weekend and it was standing room only.”

The dates for which the airfares quoted by the mayor were obtained are unclear. Unlike the train ticket, they are not completely flexible and do not allow unlimited stopovers.

The Independent asked Mr. Burnham for more details. In the meantime, we’ve priced the cheapest flights to selected countries, as well as the most expensive Advance train tickets for Monday, April 25.

The cheapest return fares from Manchester are:

  • India: Mumbai via Abu Dhabi £607
  • Jamaica: Montego Bay via Atlanta £1,080
  • Brazil: Rio via Lisbon: £1,599
  • Ivory Coast: Abidjan via Brussels: £901
  • London: £334, although rail pass holders would pay £220

Mark Smith, the international rail travel guru known as The Man In Seat 61, said: “Sigh. The usual story. These are all cheap advance purchase fares with limited availability, with the exception of the rail fare which is of course the fully flexible and refundable business fare, with unlimited availability, valid for any train for business people when business pays.

Another Twitter user replied Mr. Burnham saying: “The prime minister and the government use misleading statements almost every day, the mayor should do better.”

A much cheaper and fully flexible fare is available at any time for people who are willing to change trains at Crewe and combine an Avanti West Coast train with a slower North West London service. The highest possible fare is £155.

The Independent asked for answers from the Department for Transport (DfT), which sets many ticket prices, and the Rail Delivery Group, which represents rail operators.

British Airways’ cheapest return fare from Manchester to London Heathrow on Monday is £398, hand luggage only.

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Source: www.independent.co.uk
This notice was published: 2022-04-22 10:30:44

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Retail sales plummet across the UK as the cost of living crisis takes hold Business News

Online sales were hit hard last month, with shoppers curbing unnecessary purchases as the cost of living crisis began to bite, official figures showed.

The Office for National Statistics (ONS) said sales volumes fell 1.4% in March – faster than the 0.5% fall in February – although they remained 2.2% above above February 2020 pre-Covid levels.

Online sales were the hardest hit, dropping 7.9% in the month, after falling 6.9% in February.

The ONS also revealed a fall in fuel sales volumes of 3.8% as soaring petrol and diesel prices deterred motorists from making unnecessary journeys, the ONS added.

The only part of the retail landscape to see an increase in sales was at non-food stores, which rose 1.3%, led by a 2.6% rise at housewares retailers , including garden centers and DIY stores.

ONS Director of Economic Statistics Darren Morgan said: “Retail sales fell notably in March as the rising cost of living hit consumer spending.

“Online sales were particularly hard hit due to lower discretionary spending.

“Fuel sales also fell significantly, with evidence suggesting some people reduced non-essential travel, following record petrol prices, while food sales continued to fall, falling for a fifth. consecutive month.”

The ONS suggested the drop in online sales could be due to the end of lockdown restrictions and shoppers feeling confident to return to stores, compared to December and January when the Omicron variant of the coronavirus raged.

He also warned that “part of the fall in February and March 2022 could also be linked to affordability issues” and pointed out that recent surveys found that 54% of adults said they were spending less on non-food items. essential due to an increase in the cost of living. .

Grocery store sales volume fell 1.1% in the month as households cut back on excessive food purchases amid cost-of-living concerns.

The ONS added that the decrease was also due to more shoppers preferring to spend their money on dining out and socializing due to the end of Covid-19 restrictions.

Economists and analysts have suggested further falls could be on the way as consumer confidence takes a hit.

Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said: “The substantial fall in retail sales volumes in March looks like the start of a period of weak consumer spending, rather than just a blow. stop.”

He added that this likely means that a future Bank of England base rate hike is likely to be lower than initially thought.


We are already seeing consumers adopt coping mechanisms to deal with income compression

Lisa Hooker, PwC

Lisa Hooker, head of consumer markets at PwC, said: “While we believe there will continue to be pent-up demand for certain categories as we anticipate the summer and a return to the holidays, the squeeze on revenues will have an impact on expenses.

“We are already seeing consumers adopt coping mechanisms to deal with income compression, such as seeking value and lowering prices.”

She added: “We also saw greater spending resilience in older age groups, perhaps reflecting that they have been less impacted by the lockdown in terms of finances, but are also likely to help their families.”

Oliver Vernon-Harcourt, head of retail at Deloitte, said: “The coming months will see further supply chain disruptions and cost pressures.

“Consumers will also feel the pinch, particularly when it comes to discretionary spending, with April seeing the introduction of energy price cap hikes and National Insurance increases. The retail industry will need to find a balance between increasing costs and keeping customers engaged. »


Consumers face even more challenges as energy price cap hits record high this month

Helen Dickinson, British Retail Consortium

And Helen Dickinson, chief executive of the British Retail Consortium, said: “The squeeze on the cost of living is causing many consumers to think twice about major purchases, while their expectations about the future financial situation have dropped to unprecedented lows. seen since the financial crisis.

“Consumers face even more challenges as the energy price cap hit an all-time high this month.”

She added: “Retailers themselves are stuck between rising operating costs, exacerbated by the situation in Ukraine, and weaker customer demand.

“Rising global commodity prices, rising energy and transport costs and a tight labor market are taking their toll. As a result, retail prices are likely to continue to increase during 2022.”

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Source: www.independent.co.uk
This notice was published: 2022-04-22 11:49:05

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Shoppers stay home as consumer confidence drops to lowest since 2008 Business

ggood morning.

There is more evidence of the cost of living crisis this morning, with two sets of data indicating severe pressure on household finances.

The latest figures from the ONS showed retail sales fell 1.4% in March. This is much worse than the 0.3 pc drop that economists were expecting.

Meanwhile, a GfK survey showed consumer confidence fell for the fifth month in a row to -38. This is the lowest since the height of the financial crisis in 2008.

5 things to start your day

1) Disney stripped of special tax status in Florida for ‘Don’t Say Gay’ bill Republican Governor Ron DeSantis is waging war on Sunshine State’s largest private employer

2) The Issa brothers plan to open more Leon and Cooplands branches at gas stations Asda’s billionaire owners to create 22,700 cafe and bakery jobs

3) CNN shuts down its streaming service after just a month CNN+ was used by less than 10,000 people at any given time

4) Bankers traumatized by their boss’ “emotional terrorism” BNP Paribas fires manager accused of verbal ‘waterboarding’ after dressing up

5) Hackers for Hire Try to Destroy the Reputation of a Hedge Fund Manager More: Reign of terror as hackers for hire step up corporate espionage

What happened overnight

Asian markets fell sharply at the open on Friday, lagging Wall Street’s losses after the head of the US Federal Reserve said an interest rate hike was likely.

coming today

  • Business : No major corporate announcements planned
  • Economy: Retail sales (UK)consumer confidence (UK)PMI services (UK, US, EU)Manufacturing PMI (UK, US, EU)Compound PMI (US, EU)

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Source: www.telegraph.co.uk
This notice was published: 2022-04-22 06:33:50

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Disney stripped of special tax status in Florida for ‘Don’t Say Gay’ bill Business

Disney has been stripped of its longstanding special status as a self-governing area of ​​Florida, after Republican Gov. Ron DeSantis punished the company for refusing to support its culture war on “woke” LGBT policies.

The Florida House of Representatives on Thursday gave final passage to a bill that would dissolve the private government of Walt Disney World.

The swift push by Florida Republicans was widely seen as brazen retaliation after Disney, the Sunshine State’s largest private employer, suspended political donations in the state and condemned a new education law that opponents call “Don’t Say Gay”.

The law, known as Parental Rights in Education, among other things prohibits discussion of sexual orientation and gender identity at the elementary school level in Florida classrooms and limits for students older.

“Disney and other woke corporations will no longer get away with peddling their unchecked pressure campaigns,” DeSantis, who will have to sign the bill, said ahead of the vote.

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Source: www.telegraph.co.uk
This notice was published: 2022-04-21 19:39:27

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CNN shuts down its streaming service after just a month Business

A streaming service meant to revitalize CNN is shutting down just weeks after launching.

CNN+ will cease operations on April 30 and customers will receive refunds for subscribing to the online news channel, which was available in the United States.

The service surpassed 100,000 subscribers in the first week after launching on March 29. However, it was used by less than 10,000 people at any given time. It costs $5.99 (£4.60) per month, the same as competitor Fox News’ paid streaming service.

CNN+ offered a mix of lifestyle and mainstream news programming, including a daily interview program from Chris Wallace and a food and travel series from actress Eva Longoria.

Warner Bros. Discovery, its parent company, said CNN content will be a key part of its streaming offerings going forward. The group plans to combine online offerings, which include HBO Max and Discovery+, into a single subscription for viewers.

The company will now reassess its online strategy and cut costs following the $43 billion merger between Discovery and AT&T spinoff WarnerBros, completed earlier this month. The combination is expected to generate $3 billion in savings.

Andrew Morse, who ran CNN+, will leave after a transition period. CNN+ was defended internally by Jeff Zucker, the longtime media executive who resigned in February.

The fiasco comes amid a tumultuous few years for CNN after it was repeatedly accused of anti-Republican bias by former US President Donald Trump.

When owned by AT&T, CNN spent hundreds of millions of dollars programming and marketing the product.

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Source: www.telegraph.co.uk
This notice was published: 2022-04-21 20:28:12

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The Issa brothers plan to open more Leon and Cooplands branches at gas stations Business

The billionaire Issa brothers plan to open more Leon cafes and Cooplands bakeries at Asda sites and service stations, creating 22,700 jobs.

Blackburn-based contractors will also accelerate openings of brands such as KFC and Starbucks across hundreds of Asda forecourts and car parks.

The brothers have expanded their business at breakneck speed over the years through a series of acquisitions. They are now looking to combine their various offerings.

The openings are a combination of outdoor and indoor locations at Asda petrol stations and supermarkets.

The Issas bought Asda with private equity firm TDR in 2020, followed closely by the acquisition of Leon and Cooplands last year. They also own EG Group, the gas station empire that spans 6,300 locations worldwide.

Cooplands, the UK’s second largest bakery chain, will launch 30 outlets, and Leon at least 50 locations a year over the next five years.

The move is expected to create 32,000 jobs in total, including sites outside the UK. EG Group has also raised wages to £10.05 for UK staff.

The Issas have added Asda stores to their petrol stations and plan to have around 300 in the coming years as they seek to stop shoppers going elsewhere.

Mohsin and Zuber Issa said, “As EG continues to grow stronger, we will create many new jobs over the next few years, particularly in our successful restaurant business, which remains a significant growth opportunity in the future. global scale.

“We are proud to be a UK-based company that invests in creating jobs around the world, whilst focusing strongly on the training and development of colleagues.

EG Group reported a 16.3 per cent rise in underlying profit to $1.4bn (£1bn) in 2021, driven mainly by the sale of its restaurant services.

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Source: www.telegraph.co.uk
This notice was published: 2022-04-21 19:55:15

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Bankers traumatized by their boss’ “emotional terrorism” Business

Most workers who cost their company hundreds of thousands of pounds are likely to expect a sharp rebuke from the boss – especially in the tense atmosphere of a trading floor.

But a BNP Paribas worker was so traumatized after his manager’s outburst over an apparent mistake that he called it “emotional terrorism” that left him feeling “waterboarded”.

In a sign that even some of the most pressured workplaces are being forced to abandon the old-fashioned disguise, the BNP has fired the director, Omar Alami, and he is now suing for wrongful dismissal.

The banker, who earned around £1million a year heading a dealing desk at BNP, reportedly described his hapless subordinate as ‘useless’ and ‘incompetent’ in front of his colleagues over a potential mistake by €800,000 (£666,000) which turned out to be a false alarm.

Mr. Alami denies the charges and is seeking $4 million in compensation for wrongful dismissal.

He told the Paris labor court that his response to his colleague who made the mistake was simply “lively”, and that the claims of others were anonymous and therefore difficult to counter.

He said: “I was never humiliating, I was never insulting or aggressive.”

The Paris-based financier found a new job within a year of being fired, but said he was earning 60% less than before and had to spend 60% less time with his family because the work was in Switzerland rather than France.

BNP lawyer Aurelie Fournier admitted the bank noticed problems in Mr Alami’s communication style and sent him on coaching courses.

However, she said she didn’t realize the extent of the problem until people complained. The colleague who said he was verbally abused should have been put on sick leave for two weeks and came into the office in tears.

“It is quite rare for people from the prosecution to speak out,” Ms. Fournier told the judges.

The case is the latest legal action over toxic workplace behavior in the financial industry.

In another London case, a UBS trader claimed the Swiss bank had a “toxic” work environment where people yelled at staff across the trading floor. The bank’s lawyers suggested that this kind of pressured atmosphere “is the inescapable reality of the job of a City tradesman”.

A former Swiss ‘banker of the year’ was also jailed last week for claiming nearly 200,000 Swiss francs in expenses to cover his visits to strip clubs.

The 65-year-old told a court earlier this year how a 700-franc dinner he had with a woman he met on the dating app Tinder was justified because he considered her for a job, and that a trip to Australia had taken place because he needed to examine the country’s ATMs.

The court also heard that the bills he disbursed included nearly 4,000 francs for the repair of a hotel room at Zurich’s five-star Park Hyatt that was damaged in a ‘huge row’ that he had had with a strip club dancer he was dating.

It’s not just the banks that are questioning their behavior.

Earlier this year, sources said The telegraph that Lloyd’s of London, the world’s oldest insurance market, was preparing to fine or ban a member for behavior involving a “systematic campaign of intimidation against a junior employee over several years”.

The employee worked for Atrium Underwriters, which was hit with a record £1million fine earlier this year after condoning bullying and an annual ‘boys night out’ involving initiation games, a heavy drinking and harassment of female staff. in the years leading up to 2018.

The disclosure dealt a blow to the London insurance market, which has tried to clean up its image in recent years following sexual harassment allegations that surfaced in 2019.

Lloyd’s only allowed women on its trading floor in 1973.

A BNP Paribas spokesperson said the bank “does not tolerate behavior contrary to the respect and dignity of the individual, at all levels of the organisation” and has systems in place to detect and combat the harassment.

“In this case, the company has taken all measures to protect its employees in accordance with group procedures”.

Mr. Alami could not be reached for comment. A decision is expected on May 17.

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Source: www.telegraph.co.uk
This notice was published: 2022-04-21 18:36:10

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Nestlé expects further price hikes as inflation rises Business News

Nestlé has warned that more price hikes could be on the horizon as it battles high cost inflation.

The maker of KitKat and Shreddies said it had already raised prices by more than 5% in the first three months of 2022, but was considering further increases.

Mark Schneider, chief executive of the Swiss food group, said: “Cost inflation continues to rise sharply, which will require further pricing and mitigation measures during the year.”

Nestlé has seen sustained customer demand despite rising prices, Mr Schneider added.

The group recorded a 7.6% increase in organic sales in the three months to March, driven by a 5.2% increase in prices and a 2.4% increase in volumes.


During these first months of the year, the war in Ukraine has caused untold human suffering. We remain focused on supporting our colleagues there and providing humanitarian assistance, while standing with the international community in the call for peace.

Mark Schneider, Nestle

He revealed that prices jumped the most in North America, which saw an 8.5% increase, while European buyers saw an average increase of 4.1%.

Meanwhile, the owner of Purina revealed that its pet care products saw the biggest price increases, rising an average of 7.7% in the first quarter.

The company said it expects overall sales to increase by 2022 or so this year, despite the potential for further inflationary headwinds amid the war in Ukraine.

Mr. Schneider said: “During these first months of the year, the war in Ukraine has caused untold human suffering.

“We remain focused on supporting our colleagues there and providing humanitarian aid, while standing with the international community in the call for peace.”

Matt Britzman, equity analyst at Hargreaves Lansdown, said: “Rising prices to keep things in the right direction following input cost inflation is certainly not going to be a course management will want to take.

“But that is nonetheless the position Nestlé finds itself in and doesn’t look likely to go away any time soon, adding pressure to the group’s volume-focused strategy.

“So far, volumes have still been able to move in the right direction, helped by the recovery of out-of-home channels which saw demand fall while restrictions were in place last year.”

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Source: www.independent.co.uk
This notice was published: 2022-04-21 13:34:47

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Reduce speed limit by 10mph to beat Putin, says Sir Richard Branson Business

Sir Richard Branson has called for a 10mph reduction in the speed limit to ‘save lives’ in Ukraine and defeat Russia by reducing the country’s energy consumption. The British billionaire has said speed limits on motorways should be reduced from 70mph to 60mph for next year to ‘end this war’.

Sir Richard also urged the West to step up deliveries of military aid to Ukrainian forces to save the “breadbasket of the world”.

By driving more slowly, drivers would reduce fuel consumption and therefore dependence on Russian oil.

Speaking to CNBC, Sir Richard said: “Lives will be saved, you know, in the UK alone by lowering the speed limit.”

Sir Richard, the founder of Virgin Atlantic with an estimated net worth of $5billion (£3.8billion), also called on airlines to consider cutting flights to cut fuel burn and said businesses should refuse air conditioning units to save electricity.

Italy has banned air conditioning units from being set below 25C this summer, warning that anyone breaking the rules faces a €3,000 (£2,493) fine.

Russia collects billions of dollars a day from European Union countries that buy its oil and gas, limiting the impact of sanctions meant to cripple the country’s economy.

Experts have previously said measures such as lowering the thermostat or driving less would help reduce Western dependence on the Kremlin, meaning Putin’s regime would earn less on energy sales and more restrictions may be imposed. This would also apply in Britain, because even though the UK does not use much Russian energy, reducing consumption here would free up fuel which could then be sent to other European countries that do.

Sir Richard said: “Now is not the time for neutrality.

“We say that it is necessary to increase military aid.

“NATO governments should immediately authorize the transfer of weapons that Ukraine has requested.”

The Prime Minister pledged to phase out imports of Russian oil by the end of the year. The UK sources around 8% of its total oil needs from Russia – and 18% of its diesel. Russian gas imports represent only 4% of British consumption.

Continental Europe, however, is much more dependent on Kremlin-controlled energy. Russia is the world’s third-largest energy exporter, sending five billion barrels of crude oil abroad every day – half of which has historically been taken by Europe.

Germany sources up to 55% of its gas and 34% of its oil from Russia and has resisted Western plans to increase military aid to Ukraine.

Sir Richard, 71, who is based on his own Caribbean island, said: “It is really important that we get rid of our dependence on Russian oil, gas and coal. And we must do it immediately. And we can’t keep sending billions of dollars to Russia to fund their war.

“If we can reduce the West’s dependence on fuel by, say, just 10%, that will free up something like 3 billion barrels of fuel. And it will be a lot, to ensure that countries like Germany no longer need to import.

“We suggest you go there [by] to encourage[ing] everyone to reduce the speed at which they drive their car.

“Now if everyone did it at 10 mph in the IEA countries it would reduce enough fuel to sort out the countries importing fuel from Russia, at the same time it would have the beneficial effect of making raise the price of fuel, because everyone is paying way too much for their fuel right now.

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Source: www.telegraph.co.uk
This notice was published: 2022-04-20 18:02:53

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Women are turning away from makeup as lockdowns change beauty habits Business

Kantar analyst Maya Zawislak said: “Manufacturers are going to have a hard time and they’re really going to have to work harder to get our money from us.”

Many celebrities have joined the new trend of posting makeup-free selfies on social media in recent weeks. Michelle Pfeiffer, Tyra Banks and Jennifer Anniston have all posted pictures of themselves without makeup online.

But the pandemic has dramatically changed the way women spend their money.

Sebastian James, managing director of Boots, told the BBC: “During the pandemic we have seen a lot less colored cosmetics in our business, lipsticks etc, and a lot more spending on personal care. , so skin care, hair care, and especially what we call expert skin care.

“Certainly, from year to year, we are well established in [our beauty sales] but people definitely buy different things.”

The pandemic shift to working from home has dealt a heavy blow to the high-end and low-end cosmetics industry. In-store sales were particularly hard hit.

Designer makeup sales at department store counters fell 40%, according to NPD data. The drop was worth nearly £500million. Meanwhile, supermarkets selling cheaper make-up products suffered a £180million drop in revenue from their cosmetics departments.

A report from McKinsey found around 30% of the beauty industry had been shut down during the pandemic and the prolonged wearing of masks in many countries would continue to impact sales as stores reopen .

He said: “Given the realities of working from home, physical distancing and mask-wearing, it has become much less important to wear makeup and perfume.

“When consumers return to work, many will continue to wear masks, further slowing makeup recovery.”

“In contrast, skincare, haircare, and bath & body products seem to benefit from personal care and grooming trends.”

Has confinement changed your beauty habits? Let us know in the comments section below

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Source: www.telegraph.co.uk
This notice was published: 2022-04-21 07:52:31