Sainsbury’s and Asda may be forced to sell 460 stores, Uber drivers earn less than we thought, and more top news
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Sainsbury’s and Asda could be forced to offload more than 460 stores in order to pursue a ￡12bn merger. The Competition and Markets Authority (CMA) said it had identified 463 locations where the businesses overlap, creating “a realistic prospect of a substantial lessening of competition,” on a local and national level. The two supermarkets made waves in April when they announced plans to merge, creating a network of 2,800 stores and total revenues of ￡51bn.
Uber drivers are earning less than the company has previously claimed, according to new research. Oxford University found Uber drivers are taking home ￡11 an hour after costs such as fuel and licencing, while working an average of 30 hours per week – ￡4 less than the company previously estimated. Uber is one of several gig economy firms set to front a parliamentary inquiry into workers rights. Last week, Uber Eats couriers blocked roads in central London demanding a minimum ￡5 per delivery.
Meanwhile in the U.S....Uber has agreed to pay ￡112m following a 2016 data breach that exposed the personal information of 57 million riders and drivers, which the company covered up for more than a year.
Halfords is heading back-to-basics, after unveiling a turnaround plan that will see the company focus on motoring and cycling. The UK’s biggest bike retailer will scale back camping products and power tools, after electric bikes proved Halfords’ “standout performer” in the 20 weeks to 17 August. However, plans to invest in its online activities while opening more garages and specialist cycle shops will mean flat profits in 2020. Yesterday, it emerged Halfords is among several bidders to approach troubled rival Evans Cycles with a takeover offer.
Millennials are earning significantly less than they expected, according to official data. The Office for National Statistics found half of 16 to 17-year-olds in 2011/12 expected to earn ￡35,000 by the age of 30 if they’d achieved a degree and ￡25,000 if they did not. In reality, the average salary of a 30-year-old last year was ￡23,700. Pay growth for British workers rose 2.9% in the three months to the end of July – its strongest rate for three years.
Things are looking good for the owner of Peppa Pig, as the company raised the value of its library of TV shows and films. London-listed Entertainment One reported its library of content grew to ￡1.5bn from ￡1.3bn, despite taking a ￡64 million impairment charge at one of its distribution businesses. The company is on track to launch Peppa Pig: My First Movie Experience in Chinese cinemas early next year with Chinese e-commerce giant Alibaba, in time for the Chinese year of the pig.
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6 年Sorry but as a long time Asda fan I’m devastated that Sainsbury’s is joining them. Prices up and service down! I shopped at their very first store ‘Gem’ in Dundonald street Preston, and have shopped Asda ever since - even when Walmart became involved. I now shop at their Walmart superstore near Portsmouth excellent service, great prices. It’s no coincidence that Asda have just withdrawn its price guarantee offer- just watch those prices creep up.
Planning / Procurement / Invoice Query Administrator
6 年Uber doesn’t earn much in UK due to stupid Taxi regulations in UK, in other countries anyone can be Uber or Lyft driver. Yes, it’s a shared service, but then it should be regulated in different way than it is now
Entrepreneur
6 年We are buyer, please contact
Managing Director at Curtis Instruments (UK) Ltd
6 年I do not support Uber or any gig economy as I believe it's used to push down wages by removing quality and standards of living. Fully support black cab drivers. I understand that many like Uber as its cheap. Question why that is and who suffers long term.