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Sunday newspaper round-up: Stanlow, British Construction, Saudi Aramco

Sun, 13th Feb 2022 21:56

(Sharecast News) - US investment firm Bartons Family Capital is thought to have put feelers out to the government regarding a possible bid for Stanlow, one of the UK's largest refineries. The critical piece of UK infrastructure is owned by the Indian billionaire Ruia brothers and struggled during the pandemic, postponing the payment of a £356m tax bill. Bartons' interest is believed to be at an early stage with no approach having yet been made to Essar, which is owned by the Ruia brothers. - The Sunday Times

British construction is set to "gain a new lease of life" in 2022 as the supply chain issues afflicting the sector ease and the warehousing boom continues, consultancy Pantheon Macroeconomics says. It forecasts that construction output will jump by 5% versus the previous year and will be left standing 1.5% above its pre-pandemic level by the end of 2022. - Sunday Telegraph

Saudi has transferred 4% of the government's shares in Saudi Aramco to the country's sovereign wealth fund as part of an attempt to recalibrate the oil-dominated economy. The transfer of the stake, which has a market value of around $80bn, is also meant to rival moves by Norway and Singapore to invest in green projects. Another aim is for that fund to have $1trn in assets by the end of 2025. Nevertheless, at 94% ownership, the Saudi state would continue to be the largest shareholder of Aramco. - Guardian

The private equity owners of Morrisons have moved to dispel fears that the grocer's mounting interest burden might put the legacy of its founding family in danger. Fast-rising inflation and increases in interest rates mean that the bridging loans that need refinancing will strain the company's balance sheet and force its new owner, Clayton, Dubilier & Rice (CD&R), to cut costs. But a spokesman for the US outfit said: "CD&R values Morrisons' distinctive business model and is committed to supporting it." - Sunday Telegraph

There are hopes that the John Lewis Partnership will reinstate its treasured staff bonus after soundly beating its target for £100m in annual profits. A leaked memo attributed the jump in profits to bumper Christmas sales and major cost-cutting. That was despite stores remaining closed for several months in 2021. Its finance chief has indicated that a payout is a "possibility", labelling the partnership's performance over the holidays a "superb achievement". The board is expected to make a decision in early March. - Financial Mail on Sunday

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14 Sep 2021 08:00

UK grocery prices up 1.3% in last month as promotions hit record low -Kantar

LONDON, Sept 14 (Reuters) - British grocery prices rose 1.3% on a like-for-like basis in the four weeks to Sept. 5 year-on-year, with supermarket promotions hitting record lows, market researcher Kantar said on Tuesday.It said that for much of 202...

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14 Sep 2021 07:16

Morrisons bidder CD&R reaches agreement with pension trustees

LONDON, Sept 14 (Reuters) - Morrisons suitor Clayton Dubilier & Rice said it had reached agreement with the pension trustees of the British supermarket chain to provide additional security and support to the schemes, as it seeks to clinch the dea...

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14 Sep 2021 05:59

Morrisons prepares to trial first "zero waste" stores

Morrisons prepares to trial first "zero waste" stores

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13 Sep 2021 12:26

Sainsbury's to shut all stores on Boxing Day as thanks to workers

Sainsbury's to shut all stores on Boxing Day as thanks to workers

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13 Sep 2021 10:00

Britain's Tesco joins refillable revolution with in-store trial

LONDON, Sept 13 (Reuters) - Britain’s biggest supermarket group Tesco launched a trial on Monday that allows customers to buy food, drink, household and beauty products in reusable packaging, part of its strategy to cut plastic waste.Britons have ...

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9 Sep 2021 17:02

LONDON MARKET CLOSE: Stocks fall as China factory gate inflation jumps

LONDON MARKET CLOSE: Stocks fall as China factory gate inflation jumps

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9 Sep 2021 09:54

Morrisons boss forecasts 'biblical' Christmas 2021

LONDON, Sept 9 (Reuters) - The boss of Morrisons, the UK's fourth largest supermarket group, has forecast "biblical" Christmas demand this year as Britons will be keen to meet-up in bigger numbers having been thwarted by COVID restrictions last y...

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9 Sep 2021 09:13

Britain's supply chain is strained 'everywhere' - Morrisons CEO

LONDON, Sept 9 (Reuters) - Britain's supply chain is creaking, causing continuing product availability issues, the boss of the country's fourth largest supermarket group Morrisons said on Thursday."That combination of a dearth of labour, a dearth ...

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9 Sep 2021 09:13

TOP NEWS: Morrisons warns price hikes ahead amid supply chain plight

TOP NEWS: Morrisons warns price hikes ahead amid supply chain plight

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9 Sep 2021 08:42

LONDON MARKET OPEN: FTSE falls as ECB tapering feared; easyJet tumbles

LONDON MARKET OPEN: FTSE falls as ECB tapering feared; easyJet tumbles

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9 Sep 2021 07:48

LONDON MARKET PRE-OPEN: Morrisons profit falls; Genus sees volatility

LONDON MARKET PRE-OPEN: Morrisons profit falls; Genus sees volatility

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9 Sep 2021 07:29

UPDATE 3-Bid target Morrisons warns prices set to rise as profits fall

* H1 profit 105 mln stg vs 167 mln stg* Q2 like-for-like sales down 3.7%* Supply chain disruption impacting availability* CEO forecasts "biblical" Christmas demand* Bids for Morrisons heading for auction process (Recasts with CEO comments, shares)By...

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9 Sep 2021 07:29

UPDATE 2-Profit at bid target Morrisons falls 37% on COVID hit

* H1 profit 105 mln stg vs 167 mln stg* Q2 like-for-like sales down 3.7%* Maintains full-year guidance* Warns retail price inflation is coming* Bids for Morrisons heading for auction process (Adds detail)By James DaveyLONDON, Sept 9 (Reuters) - Brit...

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9 Sep 2021 07:29

UPDATE 1-Profit at bid target Morrisons falls 37% on COVID hit

(Adds detail)LONDON, Sept 9 (Reuters) - British supermarket group Morrisons, at the centre of a bid battle between two U.S. private equity firms, on Thursday reported a 37.1% fall in first-half profit, hurt by COVID-19 costs and lost profit in ca...

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9 Sep 2021 07:12

Profit at bid target Morrisons falls 37% on COVID hit

LONDON, Sept 9 (Reuters) - British supermarket group Morrisons, at the centre of a bid battle between two U.S. private equity firms, on Thursday reported a 37.1% fall in first-half profit, hurt by COVID-19 costs and lost profit in cafés, fuel and...

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