BUSINESS LIVE: Cooperative profits are falling; Vodafone-Three merger set for in-depth investigation; Move over chair to finish

Ocado and Marks & Spencer have been named the country’s fastest-growing supermarkets as they win back middle-class shoppers.

According to industry group Nielsen, sales at Ocado were 13 percent higher in the 12 weeks to March 23 than a year earlier, while M&S rose 11.2 percent.

The chairman of gambling giant Entain plans to step down later this year after overseeing four years of transformation at the company.

Barry Gibson originally joined the board of owners Ladbrokes and Coral in November 2019, before becoming chairman the following February.

The head of the US central bank said last night that reducing inflation is ‘not done yet’, amid growing speculation about the interest rate outlook on both sides of the Atlantic.

Federal Reserve Chairman Jerome Powell said inflation has fallen significantly but remains above the 2 percent target, as in Britain and Europe.

London-listed shares have risen, supported by a rise in the number of precious metals miners, as caution prevails ahead of a slew of domestic and global economic data for clues to the path of interest rates.

Precious metals miners are up 0.7 percent as gold prices hit a new record high.

Investors are turning cautiously optimistic after a report showed U.S. services sector growth slowed further in March, while Fed Chairman Jerome Powell reaffirmed that rate cuts are on the way if the data comes out as the central bank expects.

UK services PMI data for March will be released later today.

Cab Payments has gained 11.6 percent after the fintech company received a license for payment services in the Netherlands.

Disney and CEO Bob Iger emerged victorious last night after a lengthy battle with activist investors.

In a major vote of confidence, shareholders elected all twelve of the company’s nominees to the board of directors, including Iger himself.

Ocado chairman Rick Haythornthwaite will not stand for re-election at the group’s annual general meeting next year due to his ‘increasing commitment’ as the newly appointed chairman of NatWest.

‘Since announcing my appointment as NatWest group leader, I have given extensive thought to my workload. It has become clear that pressure on my time is likely to increase in the medium term,” Haythornthwaite said in a statement.

Virgin Atlantic said it is on course to make its first profit since the pandemic after strong demand for winter breaks in the Caribbean boosted business.

The airline – which is co-owned by Richard Branson’s Virgin Group and US carrier Delta Airlines – yesterday reported a loss of £139m for 2023, following a loss of £206m last year.

Barry Gibson, chairman of sports betting and gaming group Entain, will leave his position at the end of September, Coral’s owner told shareholders this morning.

Gibson could leave even earlier if a CEO for the group is appointed, it added.

Stella David, Interim CEO, said: “Barry has been a great mentor and source of wise counsel to so many people during his time as Chairman of Entain, and I would like to personally thank him for his continued support.

“The fact that we now have a solid platform and a clear plan for future growth is in no small part due to his efforts. I am fully focused on my role as interim CEO as we work to accelerate our operational strategy, and I look forward to taking over from Barry in due course.”

The Competition and Markets Authority will launch an in-depth investigation into the merger between Vodafone’s UK operations and Hutchison’s Three UK, after the parties failed to offer solutions to address the regulator’s competition concerns.

The $19 billion commitment, announced last year, will reduce the number of networks from four to three, challenging the age-old principle that four helps keep prices low.

A Chinese state-owned car company is hoping to secure subsidies from Britain to build an assembly plant, which is likely to raise new safety concerns.

Chery is considering where to build a European factory, with Britain a possible option, along with Spain, Hungary and the Czech Republic.

It comes amid warnings about the threat posed by China, with Britain and the US recently identifying the country as the source of a wave of cyber attacks.

Co-op profits fell sharply last year as Britain’s seventh-largest supermarket group faced fierce competition from discounters and record levels of shoplifting that drove up costs.

The 180-year-old group, which is owned by more than five million members, faces fierce competition from discounters Aldi and Lidl, and market leaders Tesco and Sainsbury’s.

According to researcher Kantar, the year 2023 ended with a market share in the supermarket sector of 5.4 percent, a decrease of 20 basis points compared to the previous year.

Co-op also pledged to invest millions of pounds to prevent price rises at the expense of profitability.

The company, which also has funeral, insurance and legal businesses, reported pre-tax profits of £28 million, compared with £268 million in the previous year.

The group’s turnover fell by £200 million to £11.3 billion, due to the divestment of its petrol stations in the second half of 2022.