Press pieces October 21: Nestlé, Asda / EG, THG, Deliveroo | New



Nestlé improved its full-year sales forecast for the second time after the world’s largest food manufacturer raised prices for products ranging from animal feed to ice cream (The Financial Times £).

The Lex column in The Financial Times (£) said that “the focus on premium products should help Nestlé cope with rising inflation and the intense competition disrupting its industry.”

Asda told investors that the collapse in sales of its gas stations, one in a complex series of deals to fund the retailer’s £ 6.8 billion acquisition, was triggered by the refusal of fuel suppliers to maintain the same conditions (The Financial Times £). The Lex column in The Financial Times (£) also examines the fallout from the cancellation of the forecourt agreement.

Ministers sealed what is only the second tailor-made Brexit trade deal after agreeing with New Zealand on terms that will allow cheaper wine imports but open up UK farmers to competition (The time £).

Britain has struck a trade deal with New Zealand, a key ally, as ministers hope to stem the country’s dependence on China – but the deal is unlikely to add any value to gross domestic product from the United Kingdom (The Guardian).

THG chief executive Matthew Molding has unwound a stock pledge as security for a personal loan as the e-commerce group struggles to restore confidence after a sharp drop in stock prices (The Financial Times £).

The THG boss has repaid his family’s use of the company’s shares as collateral against a £ 100million personal loan in his latest attempt to mend relations with the city (The time £).

The deal with Barclays saw Molding put up 28 million THG shares as collateral for the loan while his wife Jodie pledged 9.8 million and his holding company FIC Shareco Ltd 144 million (The mail).

Deliveroo founder and CEO Will Shu is under pressure to give up his “golden stake” in the company. Investors want food delivery boss to give up the benefit that gives him 20 times more voting power than common stocks, source says The mail.

Deliveroo saw a 59% increase in UK and Ireland orders between July and September despite the return of on-site catering, as a partnership with Amazon more than doubled the membership of its premium subscription service (The Guardian).

The more relaxed Covid-19 restrictions barely dented Deliveroo’s sales, as the company took nearly 30 million more orders in the three months to September compared to the same period last year (The mail).

The food delivery platform recorded £ 1.6bn orders in the third quarter, up from £ 1bn last year, and raised its growth forecast for the full year (The time £).

An opinion piece in The Financial Times (£) examines why Deliveroo’s IPO might not have been the dud it seemed.

Jamie Oliver has pledged to cut or eliminate meat in two-thirds of his new recipes as part of an effort to make his business carbon neutral over the next two decades (The telegraph).

A government research paper recommending that people “change their eating habits” to plant-based foods was hastily deleted (BBC News).

UK buyers should be hit with higher prices on meat to help the environment, according to suggestions of a ‘high carbon food’ tax being crafted for the government (The telegraph).

A business editorial in The telegraph shouts that ‘if BrewDog is to be taken seriously, he has to grow up’. “The bogus claims about the solid gold beer cans are just the latest in a series of teenage stunts undermining brewers’ stock market dreams. “

Inflation unexpectedly slowed down last month, but price pressure is expected to accelerate throughout the year, official figures show (The time £).

The Guardian examines why the fall in UK inflation in September could be a false dawn.

A feature in FT magazine take a look “inside John Lewis’ nightmare”. “Millennials don’t feel it. The center of England does its shopping. Can the trader shake himself up?

E-commerce sites in the United States have become contributors to the rise in inflation, opposing a multi-year trend and heralding the prospect of higher prices and lesser discounts on a wide range of products this season. festivals (The Financial Times £).


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