[ad_1] The Sunday Times’s Lucy Tobin told her readers to book their profits in Centrica and ‘sell’. Yes, the energy outfit had benefitted tremendously from the disruptions brought on by the war in Ukraine. Indeed, it had shifted from net debt of £3bn in 2021 to £2.7bn of net cash. But the company’s prospects looked…
[ad_1] The heads of the Communication Workers Union have acquiesced to Royal Mail’s demand to end six-day-a-week letter deliveries, paving the way for historic cuts to postal services. Royal Mail wants to amend its universal service obligation so that it must only deliver second-class post every other day. Nonetheless, first-class mail would continue to be…
[ad_1] Asset manager Redwheel told regulators they should reduce the UK postal service’s legal obligations. The move followed a failed buyout attempt by Daniel Kretinsky for International Distributions Services, its parent company. The billionaire investor was said to be evaluating a possible improved bid. The company meanwhile has petitioned Ofcom to let it cut the…
[ad_1] Tesco‘s pension fund lost £9bn in value and fell into a deficit after multiple safe investments went sour. In particular, the fund is heavily exposed to so-called Liability Driven Investments. Those LDIs came unstuck in 2022 following a sharp rise in interest rates that left pension funds nursing heavy losses. Yet the grocer had…
[ad_1] The Financial Mail on Sunday‘s Midas column touted shares of steel group Billington Holdings. The tipster highlighted the company’s move into multiple high-growth fields, ranging from movie studios to renewable energies, data centres or online warehouses. Among its green projects was the recent construction of energy-from-waste plants, including that at Newhurst, which was expected…
[ad_1] Long-running talks between Royal Mail and the Communication Workers Union are on the brink of collapse, with the company’s board thought to have threatened to put the loss-making postal service – the regulated UK entity that delivers to every address in the country – into a form of administration if a deal cannot be…
[ad_1] The UK’s impending recession could be twice as bad as previously thought, according to leading economic forecasters at the business consultancy EY. Reduced government support, higher taxes and an overall worsening outlook have all led the firm’s analysts to conclude that the next three years could be worse than they anticipated three months ago….
[ad_1] UK farmers are receiving negligible profits for many items as food prices rise and supermarkets boast record takings. An average block of cheese or loaf of bread produces less than a penny for farmers, and fruit producers do not fare much better, making just 3p from each kilo of apples. – Guardian French oil…
[ad_1] The Glazer family has announced it is “commencing a process to explore strategic alternatives” for Manchester United, potentially bringing an end to its 17-year ownership of the club. On the day it was also confirmed that Cristiano Ronaldo had left Old Trafford by mutual consent, a statement from United on Tuesday night revealed plans…
[ad_1] Royal Mail owner International Distributions Systems swung to a half-year loss, blaming weak parcel volumes and strikes at the UK postal carrier, and also axed its interim dividend. Reported pre-tax losses came in at £127m, compared with a profit of £315m a year earlier. The company also said it would stop talks with the…