Sweden’s Oatly has lost the battle of oat milk names in the UK, as a court dismissed its trademark infringement case against a family farm over its PureOaty drink (The Financial Times £). A family-run farm has won a legal battle against the multimillion-pound makers of plant milk, Oatly, which accused it of trademark infringement (The BBC). Oatly had accused Glebe Farm Foods of Cambridgeshire of taking unfair advantage of its trademarks with a gluten-free drink called PureOaty (The Times £).
The Bank of England has warned inflation will increase further this year to double its target rate, but insisted rising prices will only be temporary as it kept interest rates on hold (Sky News). Inflation is forecast to hit 4% this year as Britain’s robust recovery from the pandemic accelerates at a blistering pace, the Bank of England has said, hinting that a modest increase in interest rates next year might be needed to keep rising prices in check (The Guardian). Unemployment has already peaked at only 1 percentage point above its pre-crisis level and inflation will jump to its highest level in a decade as the economy recovers from the pandemic, the Bank of England has said (The Times £).
The recent surge in consumer prices will be a temporary phenomenon as the UK emerges from the pandemic, the Bank of England’s governor has insisted. (The BBC)
Alex Brummer in The Mail writes: “The big debate among members of the MPC is about whether inflation will be transitory as Britain and the world emerges from the pandemic, or whether something longer-lasting has happened.” (The Daily Mail)
Hammerson plans to reposition its urban shopping centres in future, leaving them with as little as 50 per cent retail space. Department stores will be repurposed and vacant units redeveloped into homes, hotels and workspaces as the landlord recycles cash from the sale of non-core assets to fund upgrades of its city centre properties. (The Times £)
Private equity giant Carlyle has been given more time to consider whether to pursue a deal for Vectura, after its bid was gatecrashed by tobacco company Philip Morris. (The Daily Mail)
The Times interviews Beavertown founder Logan Plant as the brand launches its first lager, called Bones, and rolls out its first public advertising campaign across eight cities in the UK. (The Times £)
New Zealanders are mourning the end of one of the country’s cheapest sparkling wines, a beverage that for many was the defining drink of their youth, the cause of many bad decisions and a familiar presence at parties and weddings. (The Guardian)
AstraZeneca boss Pascal Soriot is urging Emma Walmsley to stand firm and stick with her plans for Glaxosmithkline amid an assault from activist investors. His unusual intervention in defence of a rival is largely based on his own experience and that of his board in repelling a bid from US pharma giant Pfizer in 2014. (The Daily Mail)