Global demand for British goods has suffered its biggest downturn since the height of the pandemic as Donald Trump’s trade war takes its toll. The UK’s beleaguered manufacturing sector has now been shrinking for seven months in a row (Daily Mail). Foreign demand for British manufactured goods fell in the US, Europe and China, S&P Global said on Thursday. The pace of decline for exports was the fastest since May 2020 (Reuters).
Amazon has warned of the impact of Donald Trump’s global trade war and issued weaker-than-expected guidance for the second quarter. The Seattle-based group said it expected operating income of between $13bn and $17.5bn in the current quarter. That compares with $14.7bn a year ago but fell short of Wall Street’s forecast of $17.7bn (Financial Times)
Harrods has been targeted by cyber criminals, making it the latest major UK retailer to fall victim to hackers in a matter of days (Financial Times). A spokesman said: “We recently experienced attempts to gain unauthorised access to some of our systems. Our seasoned IT security team immediately took proactive steps to keep systems safe, and as a result, we have restricted internet access at our sites today.” (Telegraph). Harrods, which is owned by a Qatari sovereign wealth fund, is said to be engaging specialists to help resolve and investigate the issue (Sky News). The retailer’s flagship store remained open and it continued to operate its online sales, it said (BBC).
Marks & Spencer has paused recruitment amid the ongoing fallout of a cyber attack. The company has pulled all online job adverts from its website as it seeks to resolve problems on its platforms (Sky News).
Co-op members compared Israel to Russia as they urged the retailer to boycott Israeli products over the war in Gaza. The group is facing calls from members to cease trading with Israeli companies in a motion put forward ahead of its annual general meeting next month (Telegraph).
Health organisations have urged the government to take immediate action to protect babies from nutritionally poor, sugar-laden food. The Obesity Health Alliance said youngsters “face relentless exposure to unhealthy food” and called for stronger regulation of the babyfood market. It follows an investigation by BBC Panorama that found babyfood pouches from six leading UK brands failed to meet key nutritional needs (BBC).
Moët Hennessy will shrink its workforce by more than 10% as newly installed executives seek to reinvigorate its performance. Chief executive Jean-Jacques Guiony and his deputy Alexandre Arnault told staff this week they planned to cut the workforce back to 2019 levels (Financial Times).
Activist investor Irenic Capital Management is building a stake in SSP Group and plans to push the Upper Crust owner to boost its profitability, setting the stage for a private equity takeover (Financial Times).
Ikea put on a show as it unveiled its three-floor shop in Oxford Street on Thursday morning. Customers were greeted by a DJ blasting dance classics, a saxophonist playing the blues, and drag queen Carrot displaying a Palestine flag badge (Telegraph).
Topshop and Topman are coming back to the high street. The brands are to experience a renaissance after becoming online only in 2021 following an acquisition by Asos (The Standard)
McDonald’s has posted its biggest drop in US sales since the height of the pandemic, as uncertainty caused by Donald Trump’s tariffs weighs heavily on consumer sentiment. Same-store sales in its home market fell 3.6% year on year in the quarter that ended in March (Financial Times). The company warned it was navigating the “toughest of market conditions” (Times).
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