Published: 16 June 2023
By Suzanne Evans, Director, Political Insight
Tesco CEO Ken Murphy says there are "encouraging early signs" that inflation is starting to slow. He also said he believed the Bank of England (BoE) had been unfair to blame supermarkets for food inflation, which hit 19.1% in the year to April. He was "very conscious" of the cost of living pressures facing shoppers, he said, and denied the supermarket was profiteering. Tesco also said its UK sales were up 9% from a year earlier to £10.8bn in the three months to May.
Sir Richard Branson's space tourism company Virgin Galactic says it will launch its first commercial flight before the end of this month. The launch window for the flight, which is called Galactic 01, is between 27th and 30th June, the firm said, an announcement which saw shares in the firm jump more than 40% in early trading, before they closed nearly 8% down. Galactic 01 will be a scientific research mission, carrying three crew members from the Italian Air Force and the National Research Council of Italy to conduct microgravity research. The 19-year old company expects its second commercial spaceflight to follow in early August, with monthly spaceflights thereafter.
Troubled Odey Asset Management is to be dismantled, it confirmed in a letter to investors explaining the hedge fund was in advanced discussions about "rehousing funds and transferring certain fund management activities and individuals to other asset managers". The Mayfair-based partnership was thrown into crisis after a Financial Times investigation earlier this month detailed allegations of sexual assault or harassment from 13 women against founder Crispin Odey over a 25-year period. Investors withdrew funds, forcing the firm to liquidate one fund and suspend withdrawals at two others. Key banking partners including Goldman Sachs and Morgan Stanley also cut ties, while custodian JP Morgan served notice, leaving the firm increasingly isolated. Custodians have a vital role as they safeguard assets for firms' clients. The Financial Conduct Authority, and the issue has attracted the attention of the Treasury select committee. Odey strenuously denies the claims but was nevertheless ousted at the weekend.
Ryanair has told staff its chief pilot Aidan Murray has been fired for an alleged "pattern of repeated inappropriate and unacceptable behaviour towards a number of female pilots". Murray was appointed in 2020 and had been with the airline for 28 years. According to The Independent, he allegedly harassed eight junior colleagues, including sending text messages to some with comments on their bodies. Thee 58-year old is also accused of altering flight rosters to fly with certain female pilots. The Financial Times reported Murray has seven days to launch an appeal against his dismissal.
ITV has confirmed it is “actively exploring” the possible acquisition of All3Media, the independent production company behind The Traitors, Midsomer Murders and Fleabag. All3Media is jointly owned by Warner Bros Discovery and Liberty Global and is thought to be valued at around £1bn, according to Reuters, which suggests ITV wants to combine the business with its ITV Studios unit, which makes Love Island. Citing unnamed sources familiar with the matter, Reuters added that Liberty Global could retain a stake in the merged entity. Liberty Global is already a long-term shareholder in ITV, with a stake of around 10%.
CAB Payments, which specialises in business-to-business cross-border payments and foreign exchange, is planning to list on the London Stock Exchange. According to an estimate by Mergermarket, the firm could be valued at between £800m and £1bn.
UK pub chain Fuller Smith & Turner says this year’s rail strikes will hit sales by more than £5m.
Electricals retailer Currys is considering putting its Greek business Kotsovolos up for sale as part of a strategic review.
The Lord Chief Justice, the head of the judiciary in England and Wales, will be a woman for the first time in the more than 750-year history of the role, it was announced yesterday. Sue Carr was formally appointed by King Charles and will take up the role following Ian Burnett's retirement in October. The 58-year-old qualified as a lawyer in 1987 and was first appointed as a judge in 2009, before becoming a High Court judge in 2013. The title of Lord Chief Justice, created in 1268, is set down in law, Reuters says, however, the Lord Chancellor Alex Chalk told the BBC this week the title could be changed depending on Carr's wishes.
The US Department of Justice has declared FTX founder Sam Bankman-Fried will face trial on a total of 13 charges including securities fraud, wire fraud, and money laundering.
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