Today AD is welcomed to Atlanta, Georgia by actor and musician Tyrese Gibson for a tour of his six-story dream mansion. Despite its grandeur, the 25,000 square foot French Chateau-style mansion radiates an inviting warmth – an effect Tyrese created with intention. “I wanted guests to feel the regal energy, the regal vibe,” says the man behind the character Roman Pearce from The Fast and the Furious. “But it’s very livable. No one comes into my house and, I’m like, I’m sorry, you can’t sit here.”
(qlmbusinessnews.com via bbc.co.uk – – Mon, 21st June 2021) London, Uk – –
Morrisons' share price has jumped by more than 30% after a US private equity firm made an offer to buy the supermarket group for £5.5bn.
Shares in Morrisons rose to 234.73p on Monday, just above the price proposed by Clayton Dubilier & Rice.
Morrisons' board has rejected the offer, saying it “significantly undervalued” the business “and its future prospects”.
However, there is speculation the move may prompt others to bid for the group.
Morrisons – the UK's fourth-largest supermarket chain – has nearly 500 shops and employs about 118,000 people.
George McDonald, executive editor of the publication Retail Week, said CD&R's proposal “could flush out more bidders”.
He pointed to private equity firms Apollo Global Management and Lone Star Funds, which had been interested in buying Asda.
“But one of the interesting things about Morrisons is the closeness of its relationship with Amazon,” he told the BBC's Today programme.
Morrisons has had a relationship with Amazon since 2016, under which the supermarket sells fresh produce and food through Amazon's website.
Mr McDonald said: “Amazon hasn't, so far, really become a force to be reckoned with in food but it would like to be. You wonder whether this situation might flush out interest from them although, it also has to be said, they traditionally don't like to get involved in auctions.”
Amazon owns the US supermarket chain Whole Foods, which also has seven outlets in the London.
Under UK takeover rules, CD&R has until 17 July to announce a firm intention to bid or walk away.
In addition to the cash offer, CD&R would take on Morrisons' £3.2bn of debt, taking the total value of any deal to almost £9bn.
A successful bid by CD&R for Morrisons would mark the second time this year that a private equity firm has been involved in the takeover of a UK supermarket.
Earlier this year, TDR Capital and the Blackburn-based Issa brothers bought a majority stake in Asda from US parent Walmart, valuing the supermarket at £6.8bn.
Seema Malhotra, Labour's shadow minister for business, expressed caution about what a potential takeover of Morrisons could mean for the workforce.
“Our supermarkets that play a role at the heart of our communities need owners that put the long-term interests of the business and its employees first,” she said.
“When Debenhams went bust we saw private equity firms walk away while employees lost their jobs and staff who have paid into the pension scheme were left out of pocket. Too often dodgy private equity firms load the companies with debt and leave while pocketing the dividends. This has to end.”
CR&R has made investments in UK retail in the past – it banked £1bn from selling its stake in discount chain B&M – and it counts Sir Terry Leahy, the former chief executive of Tesco, as a senior adviser.
Morrisons' entire executive board is made up of former Tesco executives, including chief executive David Potts, chief operating officer Trevor Strain and chief financial officer Michael Gleeson. Morrisons' chairman Andrew Higginson was also a long-time executive at Tesco.
Shares across retail-related companies rose on Monday following the emergence of the proposed offer.
Ocado, the grocery delivery and distribution platform, saw its share price rise 5%, Sainsbury's increased by 3.6% and Tesco's shares added 1.3%.
Despite being one of the retail sectors allowed to stay open throughout the entirety of Covid, some supermarkets have seen their share prices underperform.
Michael Hewson, chief market analyst at CMC Markets, said this underperformance was “surprising” given “the resilience shown by all, in their stepping up to the challenges of the pandemic”.
“All three – Morrisons, Sainsbury's and Tesco – have seen costs rise as a result of Covid, and while in the case of Morrisons profits halved last year, like-for-like sales growth remained resilient in its first quarter, rising 2.7%, despite the tough comparatives of last year, when sales surged for all three as people stockpiled all manner of staples.”
For the year to the end of January, Morrisons reported a 50.7% drop in annual pre-tax profit before exceptional items to £201.1m.
The supermarket paid back £230m of business rates relief that the government had granted to businesses to help them through Covid.
Earlier this month, Morrisons faced a significant backlash over bonuses from investors at its annual general meeting
The company's board had stripped out the cost of the pandemic when calculating bonuses for senior staff.
(qlmbusinessnews.com via news.sky.com– Fri, 11th June 2021) London, Uk – –
The company said it had benefited as consumers found comfort returning to hobbies that they had enjoyed in the past.
Model train maker Hornby has emerged as a lockdown winner after a boost for stay-at-home hobbies helped it return to profit.
Chief executive Lyndon Davies said the business was now “firing on all cylinders” after sales rose 28% to £48.5m for the year to the end of March.
The group was in the black for the first time in nine years, reporting a profit of £345,000 after a loss of £3.4m in 2019/20.
Mr Davies said: “Our online sales increased as much of the population returned to hobbies they had enjoyed in the past, where they found comfort.
“We also found new people who discovered what we had to offer.
“Despite the easing of lockdowns the demand continues.”
Mr Davies added that the group was reaping the benefits of efforts to turn around its fortunes with “spectacular new products and technology”.
Meanwhile, worries about Brexit red tape prompted Hornby to stop shipments to EU countries late last year but it said that in recent weeks these have resumed.
However there were “still delays in certain countries whose procedures are unnecessarily rigid”.
Chairman John Stansfield said: “Despite the many challenges to the company caused by COVID-19 the old adage that people turn to hobbies in times of recession proved correct.”
Mr Stansfield said that sales increased “across almost all channels and brands” except concessions that were closed due to lockdowns for most of the year.
He said Hornby was already selling a proportion of its products online and it was able to strengthen that offering, keeping its logistics centre in operation under social distancing rules.
Meanwhile the third-party retailers, via which it also sells model trains, had put in place e-commerce systems and were better able to trade in later lockdowns.
Mr Stansfield added that while supplies from its manufacturers in the Far East had been “greatly affected” by the pandemic and shipping container shortages, they had “managed to satisfy the majority of our requirements”.
(qlmbusinessnews.com via news.sky.com– Fri, 21st May 2021) London, Uk – –
Tens of thousands lost their jobs over the last year – but many of the UK's richest people have added billions to their fortunes.
The UK's richest person is Sir Len Blavantnik – with his wealth increasing by £7.2bn this year to £23bn, according to The Sunday Times Rich List.
Footballer Marcus Rashford, meanwhile, tops the paper's Giving List having raised or donated more than 125% of his own wealth.
Sir Len, a dual UK-US citizen, was born in Ukraine and his company owns most of Warner Music as well as interests in real estate, chemicals and telecoms. He also has his own philanthropic foundation.
He moves up from fourth, replacing British inventor Sir James Dyson – who relinquished the top spot despite gaining £100m this year (£16.3bn).
Others to have made billions more against the backdrop of the pandemic include familiar Rich List names David and Simon Reuben, and Lakshmi Mittal and family.
The Reuben brothers came from humble beginnings in London to build a property empire that's now worth more than £21bn (up £5.465bn), and stand second on the list.
Indian steel magnate Lakshmi Mittal and family have also raked in another £7.9bn, leaping to fifth with an estimated £14.68bn fortune.
It's been a lucrative year too for Chelsea owner Roman Abramovich.
The Russian made another £1.945bn to move from 12th to eighth in the table (£12.1bn).
Despite being a year in which tens of thousands lost jobs due to the COVID downturn, a record 24 new billionaires appear in the Sunday Times Rich List – 171 in total.
The combined wealth of all the billionaires is £597.269 billion, up £106.582 billion, or 21.7%.
Rich List Top 10
1. Sir Leonard Blavatnik – Investment, music and media – £23bn, up £7.219bn
2. David and Simon Reuben – Property and internet – £21.465bn, up £5.465bn
3. Sri and Gopi Hinduja and family – Industry and finance – £17bn, up £1bn
4. Sir James Dyson and family – Household goods and technology – £16.3bn, up £100m
5. Lakshmi Mittal and family – Steel – £14.68bn, up £7.899bn
6. Alisher Usmanov – Mining and investment – £13.406bn, up £1.726bn
7. Kirsten and Jorn Rausing – Inheritance and investment – £13bn, up £900m
8. Roman Abramovich – Oil and industry – £12.101bn, up £1.945bn
9. Charlene de Carvalho-Heineken and Michel de Carvalho – Inheritance, brewing and banking – £12.013bn, up £1.713bn
10. Guy, George, Alannah and Galen Weston and family – Retailing – £11bn, up £470m
It's not all about making money – Manchester United star Rashford is top of the Giving List after his high-profile campaign on free school meals and food poverty.
The footballer helped raise an estimated £20m, 125% of his personal wealth of £16m.
Liverpool captain Jordan Henderson is sixth on the list after his #PlayersTogether initiative raised £4m for the NHS. That amounts to 16% of his £25m personal fortune.
Charities also received hundreds of millions thanks to a few wealthy individuals such as Lord Sainsbury, Sir Chris Hohn and Alan Parker.
A total of £4.305bn was gifted by people on the list over the past 12 months – a 36.1% rise on the £3.164bn given last year.
The Rich List's authors say changes in lifestyle brought about by the pandemic also helped create big wealth gains for internet entrepreneurs and online fashion companies.
Jose Neves, founder of luxury internet fashion company Farfetch, debuts with a £2bn fortune, ranking 82nd.
Alex Chesterman, the founder of Cazoo, the online car dealing service, is also on the list for the first time – in 215th position – but still with £750m.
“The global pandemic created lucrative opportunities for many online retailers, social networking apps and computer games tycoons,” said Robert Watts, who compiled the Rich List.
“The fact many of the super-rich grew so much wealthier at a time when thousands of us have buried loved ones and millions of us worried for our livelihoods makes this a very unsettling boom.”
The Sunday Times says its list is based on identifiable wealth, including land, property, other assets such as art and racehorses, or significant shares in publicly quoted companies. It excludes bank accounts.
Today AD is welcomed by tennis legend and 23-time Grand Slam singles title winner Serena Williams for a tour of her stunning new home north of Miami. After living with her sister Venus on and off for over 20 years, Serena and husband Alexis Ohanian have made a stylish new home for their family. From the eclectic artwork (including her own painting) to the world-beating trophy room, Serena’s home could only belong to someone as multifaceted and accomplished as her. “I was moving away from Venus for the first time in my life, so I wanted it to be really meaningful,” Serena says. While mixing family with business can be risky, the secret to their success as siblings and creative collaborators is simple: “You have to know your lane. I’m really good at playing tennis; I’m not as good at interiors. But I was able to learn through just watching Venus.”
Everyone has seen those oversize vending machines that sell headphones and phone chargers. Dawn Dickson-Akpoghene, 42, makes those–but fancier. Her “high IQ” kiosks use AI, biometrics and computer vision to enable retailers to retain customers through data stored on the blockchain. With $3.8 million in funding, Popcom's $20,000 unit is in Polaris Fashion Place in Columbus' soon to come additional shopping malls and beyond. “We are in a new world of retail,” she says. Small businesses account for 99.9% of all U.S. businesses and some two-thirds of net new American jobs.
The vast majority of these enterprises are bootstrapped via savings and credit cards. While venture-backed startups generally skew white, male and coastal, these Main Street enterprises actually look like—and drive—America. To shine a light on this new class of entrepreneurial hero, Forbes has created the Next 1000.
This year-round initiative showcases the ambitious sole proprietors, self-funded shops and pre-revenue startups in every region of the country—all with under $10 million in revenue or funding but infinite drive and hustle.
Fueled by your nominations and screened by top business minds and entrepreneurial superstars, at the year’s end, we’ll culminate with 1,000 new faces. Let’s get started with the first installment of 250 standouts who embody the best of the American dream right now.
(qlmbusinessnews.com via uk.reuters.com — Sat, 27th March 2021) London, UK —
By Brenna Hughes Neghaiwi, Simon Jessop
ZURICH/LONDON (Reuters) – In 2020, as the world convulsed under COVID-19 and the global economy faced its worst recession since World War II, billionaires saw their riches reach new heights.
Now some are talking to their wealth managers about how to keep a hold of and consolidate their fortunes amid the global debris of the pandemic. Others are discussing how to preempt and navigate demands from governments, and the wider public, to pick up their share of the recovery costs.
“The stock market crashed a year ago, by July or so my portfolio was back where it was before, at the beginning of the year, and now it’s far higher,” said Morris Pearl, a former managing director at BlackRock who chairs Patriotic Millionaires, a group that believes the high net worth should do more to close the wealth gap.
“The fundamental problem is this gross inequality that’s getting worse.”
The plans being discussed by the ultra-rich range from philanthropy, to shifting money and businesses into trust funds, and relocating to other countries or states with favourable tax regimes, according to Reuters interviews with seven millionaires and billionaires and more than 20 advisers to the wealthy.
“It’s quite evident that the bill is coming for everybody,” said Rob Weeber, CEO at Swiss wealth manager Tiedemann Constantia, who said some clients were also considering selling major assets like businesses before tax rates rise.
In the United States, the election of Joe Biden as president, and anticipated higher taxes for the rich, have in particular triggered a sharp increase in demand from clients to set up trusts, according to wealth managers.
This would allow them to pass along money to children or other relatives under the current $11.7 million tax-free threshold per person. During his campaign, Biden proposed to return to 2009 levels, when the exemption stood at $3.5 million.
“We saw a surge of trusts created and funded in Q4 of last year,” said Alvina Lo, chief wealth strategist at Wilmington Trust. “The vast majority of our clients adopted a wait-and-see approach until the election in November, and then it just kicked up into high gear.”
Nearly two-thirds of the world’s billionaire class amassed greater fortunes in 2020, according to Forbes, with the biggest gainers reaching unprecedented levels of wealth, helped by the trillions of dollars in recovery money from policymakers.
Forbes, which tracks publicly known fortunes, estimated billionaires had gotten 20% richer in 2020 by mid-December.
Many enjoyed investment opportunities off-limits to ordinary retail investors, capitalising on market volatility with short-term derivative trades, according to Maximilian Kunkel, UBS’s chief investment officer for wealthy family offices.
When asset prices tumbled, he said, many of the bank’s biggest private clients sold put options or opted for more complex trades known as risk reversals, helping them capitalise on their bet that prices would eventually rise.
“Some of our clients were extraordinarily agile in taking advantage of the biggest market dislocations,” Kunkel added.
Now, as governments globally grapple with ballooning debt and growing social unrest, billionaires know the spotlight on their wealth will get stronger, according to the interviews.
Many of the wealthy are mindful of looming demands from tax authorities, and are speeding up plans to pour money into trust funds for their children.
Wealth strategist Jason Cain said many ultra-rich families had also sought to move other assets including businesses into trust funds, capitalising on the “unique” situation presented by the pandemic of low interest rates and depressed valuations to make potentially windfall tax savings in years to come.
Inquiries in such strategies tripled during the first seven to eight months of the pandemic, according to Cain, who works for U.S.-based wealth advisory Boston Private.
“75-80% of the families that we talk to were convinced that that was an opportunistic time and they needed to do something.”
THE HAMPTONS, OR SINGAPORE?
Others across the globe are also taking more drastic action, by relocating to countries and areas where the tax regimes and societies are more benign for the mega-rich.
Henley & Partners, a global citizenship and residence advisory firm based in London, said inquiries from high-net-worth individuals seeking to relocate had jumped during the pandemic. The number of calls from U.S.-based clients surged 206% in 2020 from the prior year, for example, while calls from Brazil rose 156%.
For many in emerging countries, fears that strains on public services could lead to civil unrest have prompted younger generations of wealthy families particularly to seek opportunities abroad.
“COVID just basically took the clothes off the Emperor, and all of a sudden, people started to realize: our healthcare system is not strong, our social safety net is really not available,” said Beatriz Sanchez, head of Latin America at global wealth manager Julius Baer.
Switzerland, Luxembourg and Singapore have become popular targets as wealthy individuals consider where they want to be based in the long term, said Babak Dastmaltschi, Credit Suisse’s head of strategic clients in its international wealth management division.
“They are actually saying: look, we see the world inevitably going towards more and more transparency. And there’s no point fighting a trend,” Dastmaltschi said.
“Let’s just find suitable jurisdictions which are transparent, open, respected, and internationally recognised, and establish our structures there,” he said.
Cindy Ostrager, tax director at Clarfeld Citizens Private Wealth, said she also saw many ultra-wealthy clients moving out of New York City into their vacation getaways in the likes of the Hamptons, initially to escape the worst of the pandemic, and subsequently staying to pay lower taxes.
Moves to low-tax states, including Texas, Florida and Washington, have also become more popular, said Kristi Hanson, director of taxable research at investment consulting firm NEPC’s Private Wealth group.
FOCUS ON PHILANTHROPY
As countries continue to grapple with the pandemic’s fallout, economists point to a larger looming issue: the decoupling of extreme wealth from overall economic prosperity.
By early March, the wealth of U.S. billionaires had risen $1.3 trillion, or by nearly a half, since the start of the pandemic, according to research conducted by the Institute for Policy Studies and Americans for Tax Fairness.
That brings their wealth to $4.2 trillion, roughly a fifth of U.S. economic output for 2020 and double the total wealth held by the bottom-half of the 330 million population.
“We’re at a moment, you might say, after four years of celebrating inequality, people are saying that wasn’t exactly the right answer,” said Nobel Laureate and Columbia University economist Joseph Stiglitz, referring to the U.S. Trump administration reducing taxation for the rich.
The pandemic has focused the attention of many super-rich people on social causes, according to UBS’s American head of family advisory and philanthropy services Judy Spalthoff.
“There’s been a massive shift in the conversations we’re witnessing among families, in terms of the consideration of social inequity,” she said. “The younger generation has really been pushing this topic at the board level.
“We see so many conversations in families really gut-checking to say, ‘Yes, we’ve had success. We’ve worked hard for this success. But let’s not be blind to the world around us. And let’s make sure we can step out of our bubble’.”
For many that means philanthropy.
Spalthoff’s team saw a surge in clients partnering with the UBS Optimus Foundation, which channels money to causes such as Action Against Hunger, with donations rising 74% last year versus 2019, to $168 million.
Yet for UK-based millionaire Gary Stevenson, a former trader at Citibank, any plan to tackle inequality must include a wealth tax.
“We live in a situation right now where billionaires often pay lower rates of tax on their income than ordinary workers,” he said. “But I don’t think it will be enough just simply to tax their income … it needs taxes that apply on wealth.”
This Alux video we will be answering the following questions: What are the top 10 Highest Earning YouTubers 2020? What are the 10 Highest Earning YouTubers 2020? Who are the best paid YouTubers in 2020? Who is the highest paid YouTuber in 2020? Who are the highest paid YouTubers in 2020? How much do top YouTubers make? How much money do YouTubers make? What YouTubers earns highest salary in world? Who is the YouTuber with the highest earnings in 2020?
This is the 2020 Ashville vehicle, plant and machinery fleet tour; all the weapons used by Ashville Waste Management, Aggregates, Concrete and Construction on a daily basis.
Take a look at the journey of how Daniel Louisy went from one DAF Grab Lorry (Truck) to a growing fleet of over 35 vehicles and machines in just 7 years!
(qlmbusinessnews.com via news.sky.com– Fri, 27th Nov 2020) London, Uk – –
It comes after a year where many people have relied on the company, which runs a global retail operation and a streaming service.
Amazon staff in the UK are set to see a Christmas boost in their pay packet, after the firm announced $500m (£374m) in global bonuses.
The company, which is run by the world's richest man Jeff Bezos, will hand out £300 to full-time workers who are employed from 1 to 31 December, while part-time staff will get £150.
It comes after a year where many people have relied on the company – which runs a global retail operation and streaming service – to send gifts, buy essential items or while away the hours on box sets and films.
In a blog post, the firm's senior vice president of worldwide operations, Dave Clark, said this holiday season would be “unique”, and that he was “grateful to our teams who continue to play a vital role serving their communities”.
He added: “This brings our total spent on special bonuses and incentives for our teams globally to over $2.5bn (£1.84bn) in 2020, including a $500m (£374m) thank you bonus earlier this year.
“Our teams are doing amazing work serving customers' essential needs, while also helping to bring some much-needed holiday cheer for socially distanced families around the world. I've never been more grateful for, or proud of, our teams.”
Despite paying two rounds of bonuses this year, the firm has had to answer questions about its safety protocols amid the coronavirus pandemic after US politicians scrutinised Amazon's working practices.
Amazon joins major US retailers such as Walmart and Home Depot in spreading the wealth, after sales during coronavirus lockdowns surged.
Bezos also grew his personal wealth exponentially in 2020 and is estimated to be worth almost $186bn (£136bn) – almost $60bn (£44bn) ahead of the next richest person in the world, Elon Musk.
To pump out its famous flavors like Half Baked and Cherry Garcia, Ben & Jerry's Vermont plants run 24-7, operated by hundreds of workers and flavor gurus. Business Insider visited the St. Albans factory back in 2019 to see how these iconic pints flip their way to our freezers.
With more than 500 hours of video uploaded every minute and over 1 billion hours watched every day, Google’s YouTube is the world’s second largest search engine. And its meteoric growth hasn’t subsided, over 2 billion users visit the site every month. CNBC takes a look at how the video platform has changed over the past 15 years and if it can stay on top
(qlmbusinessnews.com via theguardian.com – – Tue, 10th Nov 2020) London, Uk – –
Britons buying more premium food but Kantar says there is no evidence of stockpiling
Sales of scented candles and retailers’ premium food ranges have soared as cold weather and coronavirus restrictions encourage Britons to hunker down for winter.
While the tightening of government rules has not led to a repeat of the stockpiling in the spring, they are still having a big impact on shoppers’ mindsets. Sales of scented candles, potpourri and essential oils for diffusers jumped 29% in October, according to the research group Kantar, while shoppers spent £56m more on premium own-label food and drink brands during the month.
Fraser McKevitt, the Kantar head of retail and consumer insight, said shoppers in Wales had spent an extra £10 a week on groceries during its recent firebreak lockdown but the increased spending “did not provide any evidence of stockpiling”. Initial figures for England also suggest “no sign of panic buying”.
The prospect of spending less time out and about during winter means people are “hunkering down with seasonal comforts and making the best of life at home”, McKevitt said. Spending on premium supermarket own-label products such as wine, chocolate and fresh meat was 18% higher than in October 2019.
The pandemic had an impact on Halloween celebrations with £9m spent on pumpkins, which was the same as in 2019, but sales of sweets for trick-or-treaters were down 2.3% as children were forced to stay home.
The operating restrictions faced by restaurant and pub chains have also a positive impact on sales at Bisto maker Premier Foods. Alex Whitehouse, the chief executive, said: “Britain has got cooking again” as more shoppers bought ingredients such as stock cubes and sauces. Sales at its grocery brands division, which includes store cupboard staples such as Bisto gravy granules and McDougalls flour, were up 13% in the three months to 26 September.
The Kantar data showed UK grocery sales increased by 9.3% during the 12 weeks to 1 November with “no significant spike in demand” in the most recent four weeks, despite a variety of restrictions coming into force across the country.
However, the figures also revealed a huge increase in demand for frozen food with sales up 14% over the period. This surge was good news for Iceland, which was the UK’s fastest-growing supermarket chain with sales up 17.9% and the average shopper spending nearly 50% more per visit than in 2019.
“Frozen food has been a hot ticket since the beginning of the pandemic,” said McKevitt, who pointed to a spike in sales of fridge-freezers over the summer that showed “the desire for long-lasting provisions in the current climate”.
(qlmbusinessnews.com via theguardian.com – – Wed, 30th Sept 2020) London, Uk – –
Delivery-based supermarket’s value rises to £21bn despite selling 1.7% of UK’s groceries
Ocado has overtaken Tesco to become the UK’s most valuable retailer after its stock market value soared to £21.66bn.
Tesco is worth £21.06bn despite controlling nearly 27% of the UK grocery market. By comparison Ocado, which is already worth more than double the combined value of Sainsbury’s and Morrisons, sells just 1.7% of the UK’s groceries.
Former Tesco boss Sir Terry Leahy once famously described Ocado as a “charity” due to its track record of losses during the noughties.
Ocado has eclipsed Tesco just as the supermarket’s new chief executive, Ken Murphy, prepares to take charge on Thursday. He replaces Dave Lewis who has been running the UK’s biggest retailer since 2014.
Murphy faces a baptism of fire as Tesco grapples with recession, running supermarkets during a pandemic and a potential no-deal Brexit. He also needs to get the share price, which has gone sideways under Lewis, moving.https://www.theguardian.com/email/form/plaintone/3887Sign up to the daily Business Today email or follow Guardian Business on Twitter at @BusinessDesk
The Tesco board is painfully aware of the march of the Ocado share price. In the summer the company suffered one of the biggest-ever shareholder revolts over executive pay. Shareholders objected to a late change to part of an executive pay plan, which handed an additional £1.6m to Lewis and £900,000 to finance director Alan Stewart.
The change involved removing online grocer Ocado from a comparator group against which Tesco’s share performance was measured. With Ocado included the two men would not have qualified for the extra payout.
Investors have fallen in love with Ocado on the back of the success of its tech business Ocado Solutions, which sells its grocery-picking expertise to foreign supermarkets. The coronavirus pandemic has also triggered a boom in online shopping. At the height of the pandemic online food sales nearly doubled but, despite the recent slowdown, they now account for 12.5% of total grocery sales versus about 7% pre-crisis.
(qlmbusinessnews.com via theguardian.com – – Tue, 8th Sept 2020) London, Uk – –
Blanket approach to ending scheme will mean a wave of closures, says shadow minister
Labour has warned that many pubs and bars will be forced to close unless the government agrees to extend the furlough wage support scheme, which is due to be withdrawn next month.
Night-time hospitality businesses have struggled as punters remain cautious about heading back to their local and Labour warned that the sector would suffer a wave of closures unless it received further help.
“Pubs are a vital part of our high streets and social fabric in communities up and down the country,” said Lucy Powell, the shadow business minister. “They have been hit hard by the pandemic, and Tory indifference and incompetence over many years means that many have gone to the wall.Advertisement
“Ministers’ blanket approach to ending the furlough scheme further threatens the future of many more. The furlough scheme must be extended for hard hit sectors to save jobs now.”
Labour, which reckons 5,500 pubs and bars have closed since the Conservatives came to power in 2010, is also calling for funds leftover from the government’s business grant scheme to be funnelled into a new Hospitality and High Street Fightback Fund to help ailing businesses.
Figures released last month showed that sales at pub, restaurant and bar chains halved in July compared with last summer. Trade in bars was down almost two-thirds (63%) and pubs saw a 45% slump in the first month that businesses were able to reopen after the government eased lockdown restrictions.
Last month, the British Beer and Pub Association said more than a third of pubs failed to break even in July, and a quarter of pubs and bars were uncertain their businesses would still be viable by March next year.
“With our pubs grappling with the ongoing challenge of returning to the trading levels they were at before the lockdown, hundreds of thousands of jobs hang in the balance,” said Emma McClarkin, chief executive of the BBPA. “A sector specific extension of the furlough scheme would be greatly welcomed by our sector.”
While the BBPA threw its weight behind an extension of the furlough scheme, industry figures have also identified other areas where the government could help.
Publicans have expressed bitter complaints about the financial impact of the“beer tie” arrangement that governs the relationship between large pub companies that own thousands of pub premises and the tenants who run the business.
Many publicans also expressed dismay after alcohol was excluded from the government’s six month VAT cut from 20% to 5% designed to stimulate the hospitality industry. More than 60% of the UK’s 47,000 pubs are “wet-led”, meaning they make more money from alcohol than food. Pubs are also facing huge rent bills with nearly all of the major pub companies opting to defer their demands, or offer a discounted rate, instead of cancelling payments as business has dried up during the pandemic.
Pubs, bars and restaurants also no longer enjoy the extra custom the government’s highly successful eat out to help out scheme brought in during August.
Last week, the government revealed that at least 100m meals were eaten by diners taking advantage of the scheme, which gave 50% off the price of a meal up to a maximum of £10 per head on Mondays to Wednesdays. The government has said the success of the scheme meant it would cost more than the £500m Rishi Sunak set aside in the July mini-budget.
A Treasury spokesperson said: “We have stood by pubs and the communities they serve throughout the pandemic, providing targeted support for the sector including business rates holidays and cash grants of up to £25,000.
“The coronavirus job retention scheme will have been open for eight months from start to finish – with the government helping to pay the wages of over 9.6 million jobs so far. And support doesn’t end in October with the furlough bonus paying £1,000 per employee for those brought back to work and kept in employment into 2021.”
NASA astronaut Jeanette Epps will join astronauts Sunita Williams and Josh Cassada as a crew member on the first operational flight of Boeing’s CST-100 Starliner spacecraft to the International Space Station (ISS), announced NASA. The six-month expedition, which is planned to launch in 2021, will make Epps the first Black woman to live and work in space for an extended period of time. Epps responded to her new assignment in a Twitter video, saying she’s “looking forward to the mission” alongside Williams and Cassada. NASA assigned Williams and Cassada to the Starliner-1 mission in August 2018. The spaceflight will be the first for Cassada and third for Williams, who spent long-duration stays aboard the space station on Expeditions 14/15 and 32/33.
Grab a snack and chew on today's lessons from a man who went from writing a play in high school after a classmate was shot and killed to playing Jackie Robinson in movie 42 and being the Black Panther. He's Chadwick Boseman and here's my take on his Top 10 Rules for Success!