Kraft Heinz shares tumbled after the packaged food giant reported a fall in pre-tax profits of over 50%. The struggling business was forced to write-down over $1bn of assets as consumers shun its brands. After closing down 8.6% on Thursday, the stock has lost 34% since the beginning of the year. (The Financial Times £).
Uber is expanding its food delivery business, which will include everything from groceries to cinema popcorn to compete with rivals Amazon and Deliveroo. (The Financial Times £) The news comes as the ride-hailing app reported disappointing second-quarter results with its net loss widening to $5.2bn from $878m as IPO costs hit the bottom line. (The Financial Times £) Shares in Uber fell around 6% as the business revenues rose 14% to $3.2bn, still below investors’ expectations. Revenues from its main business – ride-hailing – rose just 2% while Uber Eats turnover grew 72%. (Sky News)
German discounter Aldi will create more than 850 jobs in Warwickshire after the local council approved plans for the creation of new offices and a new warehouse at its current headquarters in Atherstone. (The Daily Mail)
Investment banks and hedge funds are betting of the struggles of UK retailers building short positions of the stock of shopping centre owner Intu Properties. Short interest on Intu’s largest bond has more than quadrupled in a month. (The Financial Times £)
The Government will announce a one-year spending review next month to allow for Brexit preparations. (The Guardian) The one-year spending settlement will ensure Government departments can lay plans for Brexit and its immediate aftermath, meeting commitments on health, education and police recruitment. (The Financial Times £)
Garry White at The Daily Telegraph asks if vegan investing is a marketing fad or a real investment trend amid growing plant-based interest following the IPO of Beyond Meat earlier in the year. (Daily Telegraph)
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