Sainsbury's CEO Simon Roberts stated that UK grocery inflation has been lower than initially feared, despite ongoing "pressure in the system" and concerns over the Middle East conflict. The supermarket chain saw sales rise 2.7% to £9.1bn, gaining market share as shoppers sought value, though non-food sales were subdued.
English wines have secured a record number of gold medals at the International Wine Challenge, winning more gold medals per entry than any other country. Experts attribute this remarkable improvement to older vines, longer maturation periods, and a better understanding of vineyard management, with climate change also playing a role.
Rolling coverage of the latest economic and financial newsStarmer faces fight to survive as Streeting and Rayner eye leadership bidsGovernment bond yields are rising across the board this morning, although UK debt is leading the losses.US and eurozone borrowing costs have also pushed higher, on concerns that the lack of progress towards ending the Iran war will lead to higher oil prices, more inflation, and higher interest rates.Inflationary headwinds as a consequence of the conflict in the Middle East are weighing on a number of UK businesses. We have already heard from companies like Next, Asos, Sainsbury’s and WH Smith which have warned of higher costs. Now shares in Victrex have shed almost 6% today on the back of a profit warning. It anticipates weaker annual profit before tax of between £42m and £44m for fiscal 2026, falling short of estimates for £46.6m. First half underlying pre-tax also profit dropped by 18% to £19m.The UK mid-cap polymer maker says the Iran war will push up energy and raw material inflation. The company is responding by reducing headcount by 10% to cut costs elsewhere. Continue reading...
Sainsbury's CEO Simon Roberts has called on the UK government to help ease rising energy costs for farmers, food producers and retailers caused by the Middle East conflict, warning this is the single biggest factor that could keep food prices from rising further. The supermarket group reported a 1.1% increase in annual underlying profits to £1.03bn but warned that profits could fall this year due to the conflict's impact on customer budgets and business costs. Shares slid almost 5% on Thursday, with the company predicting underlying profit of £975m to £1.08bn for the current year.
Sainsbury's has warned that profits could fall this year as the Middle East conflict squeezes customer budgets and pushes up business costs. The supermarket group reported a 1.1% increase in annual profits to £1.03bn for the year to 28 February, but uncertainty over the war means profits could be marginally higher or lower than last year. The company predicted underlying profit of £975m to £1.03bn and gained its highest market share in a decade.
The author argues that while money may not buy superficial happiness, financial stability and disposable income are crucial for reducing stress, enabling experiences, and ultimately finding meaning and lasting happiness, especially for those struggling financially.
