Author: Dave Antrobus

German prosecutors and customs investigators conducted a raid on Adidas headquarters, signalling intensified scrutiny.The investigation by the European Public Prosecutor’s Office focuses on alleged tax evasion in customs duties and sales tax.Adidas is accused of owing over £906 million (€1.1 billion) in taxes.The company has been aware of the investigation for years and pledged full cooperation.Differences in legal interpretation between German and European laws are the crux of the issue.In a significant development, Adidas’ German headquarters became the focus of a major investigation as prosecutors and customs investigators conducted a raid this week. The operation was in pursuit of a…

Currys reported strong profit growth driven by AI-enabled laptops and a growing mobile sector. However, impending cost increases pose a challenge as recent UK policy changes have a financial impact.Currys experienced a robust first half of the year, marked by increased demand for AI laptops and mobile growth, boosting profits significantly.Recent policy adjustments in the UK may elevate Currys’ costs by up to £32 million, affecting investment and operational strategies.The retailer achieved a 6% sales rise in the UK and Ireland, despite facing declines in Nordic markets, demonstrating strategic resilience.Currys prepares for future trading challenges with a maintained profit guidance…

A panel discussion explored ways to enhance the tech landscape in Norfolk and Suffolk, focusing on local industry potential and challenges.Norfolk and Suffolk have witnessed notable tech successes, yet continued growth demands overcoming political and institutional obstacles.Local universities’ role in fostering tech innovation was debated, with emphasis on the need for academia-business collaborations.The region’s political complexities, including a mix of political control, pose challenges to resource allocation and tech growth support.Experts suggest proactive self-funding strategies for startups amidst limited governmental support.In a recent panel organised to discuss the advancement of the tech sector in Norfolk and Suffolk, experts examined existing…

Gift-giving is a cherished holiday tradition, but for some, it also causes stress. Experts propose shifting focus from material presents to experiences that foster genuine connections.This change could transform the holiday season from a time of stress into one of joy and togetherness, enhancing relationships and personal well-being.Re-Evaluating Gift-Giving TraditionsGift-giving during the holiday season has long been considered a gesture of goodwill and joy. However, many have begun to question whether this tradition truly brings happiness or merely adds stress. Experts suggest a shift from material gifts to shared experiences, as Alex Blumenthaler and his partner have done by choosing…

Emerging research suggests that certain elements in modern diets might inhibit the body’s natural cancer-fighting abilities. Key findings indicate an overconsumption of omega-6 fatty acids is a contributor.Though essential, omega-6 fatty acids, predominantly from ultraprocessed foods, may interfere with the beneficial role of omega-3s. It seems the latter is crucial for reducing inflammation, a key factor in cancer prevention. Proactively adjusting dietary habits may enhance health outcomes, emphasising the need for a balanced intake of these fatty acids.The Impact of Omega-6 Fatty Acids on Cancer DefenceA recent study has brought to light the potential implications of omega-6 fatty acids, commonly…

With inflation decreasing quicker than anticipated, the Bank of England reduced interest rates to 4.75%. However, concerns arise as employer tax hikes may pose challenges to future rate cuts.Governor Andrew Bailey warns these tax increases could negatively impact the labour market. The potential for job losses is a significant factor that might hinder economic progress, calling for cautious strategies.Fiscal Challenges and Monetary PolicyBank of England Governor Andrew Bailey has cautioned that recent employer tax hikes may complicate efforts to reduce interest rates. Despite a faster-than-expected decline in inflation, the Monetary Policy Committee (MPC) has brought rates down to 4.75%. However,…

With the holiday season approaching, Asda experienced a downturn in sales, marking a notable exception in the UK supermarket sector.Asda’s market share decreased by 1.1 percentage points, dropping to 12.1%, as sales fell by 4.2% over a 12-week period.Contrastingly, Ocado saw a 16.2% surge in sales, increasing its market share by 0.2 percentage points to 1.8%.M&S reported a significant 10.6% increase in sales, boosting its market presence to 3.7%.The wider market is expected to exceed £13bn in sales, driven by demand for premium product lines.In the weeks leading up to the critical Christmas period, Asda emerged as the only major…

Shares in Alphawave Semi fell sharply following the announcement of its $150m convertible bond issuance.By issuing convertible bonds, Alphawave aims to support its growth, focusing on research and development, capital expenditures, and other corporate needs.Despite an increase in bookings by 20% over the past year, Alphawave reported significant financial challenges, including a steep decline in sales and increased losses.Revenue predictions were adjusted downward due to changes in the business mix and the consolidation of development programs.The company foresees an uplift in production from its investment in chiplet and connectivity technologies by 2025.Alphawave Semi’s share price experienced a significant drop, losing…

Brendan Mooney has returned to his former position as CEO of Kainos, a decision following his brief departure and the short tenure of Russell Sloan.Mooney’s reinstatement comes as the company’s revenues show a decline, coinciding with the firm’s share drop of more than a quarter since the year’s start.Russell Sloan, who replaced Mooney, has left Kainos after working with the company for 25 years, his departure lacking a public explanation.Mooney, having served as CEO for 22 years, brings back experience that saw Kainos through its float on the London Stock Exchange.The market reacted positively to Mooney’s return, evidenced by a…

Inditex, the parent company of Zara, has reported a 7.1% increase in sales for the first nine months of 2024, reaching €27.4 billion.The company’s impressive autumn/winter collections have been a major contributor to its sales growth across all brands under the Inditex umbrella.Gross profit rose to €16.3 billion, maintaining a stable gross margin of 59.4% despite economic challenges faced by other retailers.Operating expenses increased by 7%, which was offset by a 7.2% rise in EBITDA and an 8.5% increase in net profit to €4.4 billion.Inditex’s online sales continue to be a strong growth driver, contributing to a 10.5% rise in…