Inflation Jumps on Food, Air Fares and School Fees

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GENERAL

Inflation jumps on food, air fares and?school fees - UK inflation jumped sharply in the year to January, driven by rising food prices, air fares and an increase in private school fees. The higher-than-expected jump to 3% from 2.5% in December, means prices rose at the fastest pace for 10 months. Food staples such as meat, eggs, butter and cereals were all more expensive than a year ago and comes as many households prepare for higher energy and water bills later this year. Following?the latest figures, the government warned that the road back to low inflation would be "bumpy", but the Conservatives and Liberal Democrats argued Labour's tax rises and spending plans had caused the latest spike.

Wall St dips as markets assess Trump's tariff threats - Wall Street's main indexes opened lower on Thursday as investors avoided risky bets after another bout of tariff threats from President Donald Trump on Wednesday, adding lumber and forest products to previously announced plans for imported cars, semiconductors and pharmaceuticals. Since returning to office four weeks ago, Trump has imposed an additional 10% tariff on all imports from China and announced, then delayed, 25% tariffs on goods from Mexico and non-energy imports from Canada for a month. Separately, minutes from the U.S. Federal Government Reserve 's January policy meeting showed on Wednesday that Trump's initial policy proposals raised inflationary concerns at the central bank.

ON?THE?UP?

Crocs, Inc. delivers ‘record year’ as revenues rise - Footwear brand?Crocs has reported record sales for the year ended December 31, with revenues increasing 3.5% year on year to $4.1bn (￡3.2bn). Crocs also posted a 20% year-on-year increase in net income to $950m (￡754m).

Holiday Inn owner IHG buys Ruby’s Hotel as profits rise - Holiday Inn owner InterContinental Hotels Group (IHG) has snapped up another hotel brand as it reported stronger profits. The FTSE 100 firm said it has acquired Ruby Hotels for an initial 110.5m euros (￡87.6m). The business was founded in 2013 and currently has 20 hotels, including three in the UK – in London.

Arla Foods sees revenue and profit grow in ‘strong’ year - In 2024, Arla Foods experienced?a strong year, with revenue increasing to €13.8bn and strong profit levels enabling the highest dividend payout to farmer-owners in the company's history. In 2024, Arla Group's total revenue reached €13.8bn and the company achieved a net profit of €401m.

Club L London almost triples in size as it targets international expansion - Fashion retailer Club L London is targeting international expansion after almost tripling its sales and headcount over a two-year period. The Manchester-headquartered company achieved a turnover of ￡44.4m for the 14 months to 31 March, 2024, newly-filed accounts with Companies House have revealed. The latest sales figure comes after Club L London’s turnover stood at ￡29.5m in the prior year and ￡15.7m in the 12 months before that.

The The Perfume Shop sees Valentine’s sales spike with 240,000 bottles sold - The Perfume Shop enjoyed “strong” sales in the run-up to Valentine’s Day, with over 240,000 bottles of perfume sold between 1 February and 14 February. The UK’s largest specialist perfume retailer saw a 34% increase in retail sales across both classic and new perfumes, alongside a 50% rise in gift set sales compared to the same period in 2024.

IN THE DOLDRUMS

QUIZ Clothing UK calls in administrators, 200 jobs lost - Quiz has entered administration, resulting in the closure of 23 stores and the loss of approximately 200 jobs. The embattled fashion retailer, which delisted from the London stock exchange earlier this year, appointed Teneo as administrator after ongoing financial struggles. A pre-pack administration deal is set to see the remaining assets acquired by ORION Retail, a subsidiary controlled by the founding Ramzan family.

Ann Summers has tough year as sales fall and losses widen - Despite facing "significant external pressure, we have made strategic decisions to position our business for future growth and resilience," it added. Turnover for the full year was ￡93m, which was down from ￡104.5m in the previous financial year. It saw an adjusted EBITDA loss of ￡5.7m.

Trainline shares tumble as further rail ticketing plans unveiled - Trainline shares tumbled almost 9% as the government unveiled more details on how sweeping railway reforms will impact the ticketing sector. Great British Railways (GBR), the arms-length body that will oversee the UK’s railway system, is set to bring?together individual train operator’s onto a single website. The Department for Transport (DfT), United Kingdom (DfT) said that GBR would be able to reform the fares and ticketing system without operators’ agreement.

Tesla rival once valued at $30bn collapses amid electric car downturn - An electric truck-maker that sought to rival Elon Musk’s Tesla has filed for bankruptcy in the US after its founder was sent to prison for fraud. Nikola, which developed hydrogen fuel and battery-powered trucks, was once valued at more than $30bn (￡24bn), but its share price collapsed just months after it went public in 2020 amid claims it was misleading investors.

Forever 21 to close nearly 200 stores amid second bankruptcy - The U.S.-based operator of Forever 21 prepares to close at least 200 more locations as part of a bankruptcy process expected to begin next month, citing sources familiar with the matter. The potential bankruptcy is also looking for a buyer for the retailer's remaining stores. However, the report added that Forever 21 would likely liquidate its entire chain of about 350 stores if no qualified buyer emerges.

ONES TO WATCH

Thames Water Trust Fund secures ￡3bn lifeline after court ruling - Thames Water has won a crucial High Court battle to secure?a ￡3bn rescue loan, staving off the prospect of the debt-laden company coming under government control. The UK's largest water and waste company was set to run out of cash by the end of March and would have likely been placed into temporary nationalisation to keep services running.

Nigeria sues crypto giant Binance for $81.5bn in economic losses and back tax - Nigeria has filed?a lawsuit?seeking to compel Binance to pay $79.5bn for economic losses the country’s government says were caused by the cryptocurrency exchange’s operations there and $2bn in back taxes, court documents showed. Authorities blame Binance, the world’s largest crypto exchange, for Nigeria’s currency woes and detained two of its executives in 2024 after crypto websites emerged as platforms of choice for trading the local naira currency.

MELROSE founders target $2bn bid for US industrial group ECI - The industrial veterans who turned Melrose Industries into one of Britain's most prominent public companies are targeting a $2bn (￡1.59bn) takeover of a US-based manufacturer of wire harnesses. Rosebank Industries, which floated on the London stock market last summer, has identified Electrical Components International (ECI) as its first major acquisition.

汇丰 to slash jobs across Britain as new boss deepens China ties - HSBC is preparing to axe thousands of jobs across Britain as it increases its focus in China. The 160-year-old lender, which mainly operates in Hong Kong and Britain, is cutting roles as part of its most radical revamp in decades. Georges Elhedery , the chief executive, said $1.8bn (￡1.4bn) of redundancy costs would be incurred over the next two years to reduce its total wage bill by 8pc.

Lloyds Banking Group sets aside ￡1.2bn for car finance saga as profits slide by a fifth - Lloyds has revealed it has set aside ￡1.2bn to cover potential compensation costs for motor finance commission arrangements, as the bank’s annual profit slid by a fifth. An additional ￡700m provision taken in the final three months of the year adds to the ￡450m already confirmed last year.

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