Author: Scott Dylan

Analysts forecast a significant drop in oil prices to £60 a barrel by late 2025, promising lower petrol costs and airfares, while creating challenges for North Sea fossil fuel producers amid potential tax hikes.The anticipation of reduced petrol prices follows predictions of a global oil oversupply by 2030. Citigroup experts foresee a glut in supply forcing companies to lower prices, with crude oil expected to fall to £60 a barrel from the current £80. This anticipated drop will not only make it cheaper to fill up at petrol stations but also potentially lower airfares as aviation fuel costs decline.The International…

Tesco has reported a significant growth in its clothing sales, marking a pivotal moment for its non-food division.In the recent quarter, Tesco’s non-food division saw a robust performance, particularly driven by its clothing line.The UK and Ireland sales figures for Tesco reached £14.3bn, reflecting a notable year-on-year increase of 4.1%.Forecasting a strong financial year, Tesco anticipates a retail adjusted operating profit of at least £2.8bn.CEO Ken Murphy highlights the company’s competitive standing as a key driver of this growth.Tesco has announced a substantial enhancement in its non-food sales, underlined by notable clothing sales growth that has fortified its position in…

The latest forecast from Capital Economics anticipates negligible growth in UK house prices in 2024, with a projected rise of just 0.5%. This adjustment follows a survey from the Royal Institution of Chartered Surveyors (RICS), highlighting a decline in buyer enquiries, fewer agreed sales, and a rise in price reductions.Estate agents have linked this downturn to the recent increase in mortgage rates, noting that the average five-year fixed-rate mortgage has exceeded 5% for the first time since January. Crest Nicholson, a housebuilder, reported a ‘softening’ in demand since Easter, attributing this to the ‘volatility in mortgage rates’. Andrew Wishart, senior…

In a move that reinforces Elon Musk’s leadership amidst ongoing challenges, Tesla shareholders have ratified an unprecedented £44 billion pay deal. Furthermore, they have approved the relocation of the company’s legal headquarters to Texas, signalling a significant vote of confidence.Tesla confirmed that the proposals to ratify Musk’s substantial compensation package and relocate the company’s legal headquarters were overwhelmingly endorsed by shareholders. The atmosphere at the annual meeting in Austin, Texas, was electric, with enthusiastic chants of “Elon Musk, Elon Musk” resonating as the preliminary results were disclosed.Wall Street has viewed the vote as a gauge of confidence in Musk’s stewardship…

Pitti Uomo remains a pivotal event in the menswear fashion industry, drawing international attention.The 106th edition of the trade show showcased a mix of Italian and international brands amidst evolving market trends.British exhibitors were outnumbered by French counterparts, highlighting post-Brexit dynamics.Buyers showed cautious optimism against a backdrop of economic challenges and shifting consumer behaviour.Pitti Uomo continues to adapt with selective exhibitor invitations and technological advancements.Pitti Uomo continues to be a cornerstone in the landscape of menswear trade events. The 106th edition, held from 11-14 June at the Fortezza da Basso in Florence, reaffirmed its place as a must-visit show for…

A pivotal leadership transition is occurring at Austrian lingerie brand Wolford as Regis Rimbert steps in as the new CEO.Regis Rimbert, with extensive experience in the fashion retail industry, returns to Wolford after 11 years.He succeeds Silvia Azzali, who is stepping down due to personal reasons after serving as CEO since July 2023.Rimbert’s previous roles include senior positions at Prada, Christian Dior Couture, and Lanvin Group.The appointment is supported by top officials at Lanvin Group, Wolford’s majority owner.A significant change is taking place within the leadership structure of Wolford, a renowned Austrian lingerie brand, as Regis Rimbert assumes the role…

The Labour Party unveils a forward-thinking manifesto addressing key issues in the retail industry.A comprehensive approach to replace the existing business rates system is proposed to encourage investment.The party aims to safeguard retail workers by introducing stricter penalties against retail crime.Labour pledges guaranteed access to training and apprenticeships for young people.Trade agreements and international relations remain a focal point, with specific decisions highlighted.The Labour Party has released a detailed manifesto that reflects a commitment to revitalising the retail sector. The manifesto proposes an overhaul of the current business rates system, aiming to replace it with a framework that levels the…

A significant development occurred in the ongoing NCA investigation into PPE Medpro, with the arrest of a 46-year-old man.The individual was apprehended at his home in Barnet, North London, on suspicion of conspiracy to commit fraud and attempting to pervert the course of justice.PPE Medpro, which secured £203 million in government contracts during the pandemic, bypassed normal tendering regulations due to the urgent need for medical supplies.Conservative peer Michelle Mone and her husband, Douglas Barrowman, have previously been interviewed under caution by NCA investigators.The NCA has been investigating PPE Medpro since May 2021, with numerous search warrants executed at related…

Revolut has signed a significant 10-year lease at Canary Wharf’s newly refurbished YY London, reinforcing its deep-rooted commitment to the heart of London’s financial district. This move is set to bolster the firm’s presence in the capital while providing enhanced flexibility and a creative workspace for its employees.The agreement includes the top four floors of 30 South Colonnade, with a scheduled move-in date of May 2025. This strategic expansion aligns with Revolut’s global growth ambitions, signalling a robust confidence in London’s role as a leading financial hub.A New Home in Canary WharfRevolut’s new headquarters will occupy a prominent position at…

Dr Martens has announced a change in its ownership structure, designed to streamline operations within its parent company, Permira.Guernsey-based IngreGrsy has acquired a substantial 38.46% stake in the British footwear brand, Dr Martens.This acquisition resulted in IngreGrsy replacing IngreLux as the majority shareholder in the Permira V fund.Despite this shift, the overall structure of Permira’s ownership remains consistent, maintaining control under Permira V GP Limited.The change comes amidst financial changes within Dr Martens, with a significant drop in share price and leadership changes.The British footwear brand, Dr Martens, has witnessed a major shift in its ownership with Guernsey-based IngreGrsy acquiring…