BUSINESS LIVE: Retail price inflation eases; Sainsbury’s sales grow; Shoe Zone cuts profit forecast

(PA) – Former chancellor Sir Sajid Javid has been appointed partner at asset manager Centricus after ending his career as a Conservative MP.

The London-based firm, where Sir Sajid already serves as a senior adviser, announced that he will become a partner on July 8.

Sir Sajid said earlier this year that he would not stand for re-election on July 4, having been MP for Bromsgrove in Worcestershire since 2010.

He is one of more than 130 people who served in the 2019-2024 parliament who have chosen not to stand in the general election. Of these, 75 are former Conservative MPs, a record number after the war.

Sir Sajid, who served as Chancellor under Boris Johnson, was knighted in the New Year Honours list.

Before being elected to Congress, he worked in investment banking and became a vice president at Chase Manhattan Bank at age 25.

Marks & Spencer announced plans to open new flagship stores in Bath and Bristol at its annual general meeting on Tuesday.

The retailer is investing £38m in the two new stores to strengthen and consolidate its presence in the South West.

It is the West’s worst nightmare.

After weeks of military buildup and rising international tensions, Communist China launches a full-scale invasion of Taiwan.

One of the advantages of an electric car is that it is often cheaper to charge than to fill up the tank.

And even if you’re already saving money with an electric car, it’s always good to maximize those savings and take advantage of cheaper charging deals.

Low-cost carrier Ryanair experienced its busiest month ever in June, carrying more than 19 million people for the first time.

The Irish airline carried 19.3 million passengers across Europe, North Africa and the Middle East in June 2024, compared to 17.4 million in June 2023.

Shares in Shoe Zone fell sharply on Tuesday after the group issued a profit warning, citing rising shipping costs and bad weather as the reasons.

The footwear retailer, whose average selling price for a pair of shoes is £13, now expects adjusted pre-tax profit for the year to October 2 to be “not less than” £10m.

New industry figures show that UK retail prices rose at the slowest rate in almost three years last month.

According to the British Retail Consortium-NielsenIQ Shop Price Index, retail prices rose just 0.2 percent in the year to June, compared with 0.6 percent in May.

The election campaign is almost over, so what should investors make of the likely outcome – a Labour majority if the polls are correct?

We start with Stephen Yiu, manager of global equity fund Blue Whale Growth, who explains what investors can do to limit the potential risks.

Sainsbury’s saw sales of its Argos brand fall in the first quarter, while sales of clothing and general merchandise also fell, it said this morning.

The supermarket giant said sales of general merchandise and clothing fell by 4.3 percent, while sales at Argos fell by 6.2 percent, due to poor weather at the start of the summer and strong sales figures in the same period last year.

Capita has extended its contract with the Cabinet Office to manage the Royal Mail Statutory Pension Scheme (RMSPS) for six years, commencing in 2026 with a possible two-year extension.

In a deal worth £48m over eight years, Capita said it would continue to serve RMSPS’s more than 350,000 members while migrating services to a single platform using Microsoft Dynamics and other technologies.

The creeping rise of mobile phone contracts with longer terms is costing consumers a lot of money. Often the contracts are much more expensive than expected.

Anyone who has taken out a new phone contract in recent years will have noticed that there are more and more contracts with a term longer than the traditional 24 months. Sometimes even with a term of 36 months or longer.

Air France has warned it will suffer a £150m loss as tourists avoid Paris for the Olympics.

The airline said the French capital was “lagging behind other major European cities” this summer despite being the host city of the Games.

Homebuilders were on the rise in what analysts described as a “key week” for the sector ahead of the general election.

Galliford Try rose 2.1 percent, or 5p, to 244p, Crest Nicholson rose 2 percent, or 4.8p, ​​to 245p, Persimmon rose 1.5 percent, or 20p, to 1,372p, Barratt Developments rose 1.2 percent, or 5.6p, to 477.8p and Taylor Wimpey rose 1.2 percent, or 1.65p, to 143.8p.

Revolut today reports bumper financial results as its battle for a banking license continues.

The fintech company expects revenue to exceed £1.6bn last year and profits to top £276m.

The couple behind data group Preqin are set to become among the richest people in Britain after agreeing to sell their company to Blackrock for £2.55 billion.

Mark and Lindy O’Hare, who own 80 percent of the company through a family office, will reap a windfall of £2 billion when the deal completes.

Notorious meme stock investor Roaring Kitty has been charged after allegedly orchestrating a “pump and dump” scheme involving a US video game retailer.

In a proposed class action filed late last week, GameStop shareholder Martin Radev alleged that Keith Gill attempted to manipulate the stock for his own gain.

Boeing has agreed to buy an aerospace supplier in a deal worth £3.7 billion in a bid to stem an ongoing security crisis.

The airline at the heart of the scandal said the acquisition of Spirit AeroSystems was in the “best interests” of its passengers.

Borrowing costs across Europe soared yesterday after Marine Le Pen crushed Emmanuel Macron in the first round of France’s parliamentary elections.

The yield on French 10-year government bonds – a key measure of how much it costs the government to borrow – hit 3.35 percent for the first time since November last year.