Author: Sam Allcock

In a significant move, the chief executive of Lidl GB, Ryan McDonnell, has confirmed that the retailer will maintain its strong pricing position despite substantial additional financial burdens from increased National Insurance contributions.Lidl, a prominent discounter in the UK, is facing additional costs running into ‘tens of millions of pounds’ due to changes introduced in Chancellor Rachel Reeves’ Budget. These changes will see the National Insurance contributions for employers increase from 13.8% to 15% on earnings exceeding £175 per week, starting from April 2025. McDonnell articulated the challenges ahead by stating, ‘There is a lot of impact that we will…

Cyberport in Hong Kong has rapidly become a significant centre for blockchain development, housing over 270 firms in a short span of time. This government-backed business hub is not just participating in the blockchain race but actively setting the pace, with substantial investments making it a fertile ground for innovation.In just 16 months, Cyberport has welcomed over 120 new companies into its fold, showcasing the global interest in this dynamic ecosystem. With ample funding and a vision for the future, it is fast becoming a beacon for blockchain enterprises worldwide, exploring diverse applications and building a vibrant Web3 community.Expanding the…

Sky, previously known as Maker, has launched its USDS stablecoin on Solana, marking a significant step in the decentralised finance (DeFi) landscape. This launch is not just another addition to the blockchain; it represents a strategic move to enhance lending and trading opportunities. The introduction of USDS is set to reshape financial interactions on Solana, offering users new avenues.The DeFi protocol’s shift from Maker to Sky is more than a mere rebranding. It’s an evolution that signifies commitment to expanding Solana’s DeFi ecosystem. With USDS, Sky aims to increase liquidity and engage users with enticing incentives. These developments suggest a…

Lidl has experienced a significant financial turnaround, as the discount supermarket chain has returned to profit in its most recent financial year, driven by a substantial increase in shopper visits.In the financial year ending 28 February 2024, Lidl reported pre-tax profits of £43.6 million, a stark contrast to the previous year’s loss of £76 million. This impressive recovery was supported by a notable increase in sales, which climbed by 16.9% to nearly £11 billion. Moreover, the supermarket’s earnings before interest and tax (EBIT) surged from £28.5 million to £220.8 million, marking a seven-fold increase compared to the prior year.The chain…

A significant new workspace is being developed in West London for life sciences and deep tech.Imperial College and Bruntwood SciTech’s partnership aims to build an innovation ecosystem.The project is backed by a substantial £200 million investment from Bruntwood SciTech.The initiative will foster collaboration among startups, scaleups, and global firms with top academics.The innovation centre promises to bolster the UK’s science and technology sector.In a move set to transform West London into a hub for breakthrough technologies, Imperial College London has joined forces with Bruntwood SciTech. This ambitious project aims to establish a major new life sciences and deep tech workspace,…

Retailers across the UK have raised alarms over potential job losses following recent fiscal policy changes, drawing support from the Bank of England’s Governor.Recently, a letter organised by the British Retail Consortium and endorsed by over 70 firms, including major players like Tesco, Sainsbury’s, Asda, and Morrisons, highlighted concerns over the government’s financial measures. These measures, which comprise an increase in National Insurance, a rise in the national minimum wage, and newly introduced packaging levies, could add approximately £7 billion annually to the retail sector’s costs. The letter forecasts that these changes will result in inevitable job cuts and higher…

Retailers across the United Kingdom are justified in their warnings of potential job losses following significant tax increases announced in the recent Budget, according to the Bank of England governor, Andrew Bailey.A letter organised by the British Retail Consortium, signed by over 70 major companies such as Tesco, Sainsbury’s, Asda, and Morrisons, highlighted the potential impact of the increase in National Insurance, alongside rising minimum wages and new packaging levies. These changes, they warned, could increase the retail sector’s costs by up to £7 billion annually, inevitably leading to job losses and higher consumer prices.Governor Bailey, speaking before the cross-party…

Frasers Group has broadened its financial services to include Hornby Hobbies, offering flexible shopping options across popular toy brands.Customers of Hornby, known for Scalextric, Corgi, and Airfix, can now utilise Frasers Plus’ buy-now-pay-later facility.The initiative is timed for the festive season, enhancing shopping flexibility and offering exclusive benefits.The extension follows similar integrations with over 20 retailers, expanding Frasers Group’s financial reach.Hornby Hobbies highlights the increased convenience and deeper customer engagement through this new offering.Frasers Group has officially extended its credit and loyalty platform, Frasers Plus, to encompass the renowned Hornby Hobbies. This strategic move allows customers of Hornby and its…

Experience luxury fashion delivered to your door in 20 minutes with Deliveroo and Hurr’s groundbreaking collaboration.This unique partnership redefines fashion accessibility, offering a selection of over 50 pre-loved designer dresses.Central London shoppers can now enjoy quick and eco-friendly fashion choices through this innovative service.The initiative boosts speed and convenience in the rental fashion market, marking Deliveroo’s first venture into the fashion domain.Leadership from both companies express excitement about transforming how fashion is rented and delivered.Deliveroo, in collaboration with fashion rental platform Hurr, has launched a pioneering service allowing customers to rent luxury designer dresses and have them delivered in just…

As Ann Summers grapples with financial challenges, significant developments are underway.The company is set to cut numerous jobs in a bid to address soaring costs.Vanessa Gold has led a substantial financial drive to support the struggling brand.Ann Summers experienced a substantial financial loss, despite a slight increase in turnover.Efforts to streamline operations include difficult decisions regarding redundancy.Ann Summers, an established name in lingerie and adult retail, is making difficult decisions to remain viable amidst financial pressures. The company is set to reduce its workforce significantly, with reports indicating that between 20 and 30 roles are affected. This move is part…