Poundland up for sale as budget tax changes drive up costs

Poundland is to be put up for sale after the owner of the UK cut-price retail chain said it faced tough competition and increased wage costs from next month under Labour’s tax-raising plans.The Poland-based Pepco Group said it was considering “all strategic options” to spin out the struggling 825-store chain from the wider group, including a potential sale, as it focused on its more profitable Pepco brand.The move comes as WH Smith is expected to whittle down bids for its high street chain from suitors including the restructuring specialists Hilco and Alteri as well as HMV’s owner, Doug Putman. Retailers have warned of thousands of job cuts as they face higher costs from national insurance contributions (NICs) increases and slow sales growth, with UK households keeping a tight rein on spending amid rising costs of energy bills, groceries, rent and mortgages.Budget chains such as Poundland are having a particularly tough time due to rising competition from supermarkets, including Tesco, Aldi, Lidl, as well as the expansion of groups such as Savers, The Range and Home Bargains

HMV puts UK expansion on hold because of budget tax rises

HMV has put its UK expansion on hold and is to open stores in Ireland and Belgium instead, because of rising wage costs announced in last autumn’s budget that begin next month.Phil Halliday, the managing director of the entertainment retailer, said it had hoped to open up to 10 more stores in the UK in the coming year but had put that plan on hold as it was “peddling pretty hard” to maintain profits despite strong sales growth.Sales rose 6.5% to £189.6m in the year to 30 May 2024, as the group reopened its Oxford Street store in London and grew online sales amid a resurgence in traditional formats including vinyl and CDs, but pre-tax profit fell more than 6% to £4

Treat weapons investments as ‘ethical’ to help arm Ukraine and UK, MPs urge

Banks, investors and pension funds should treat weapons manufacturers as “ethical” investments so that more money goes to the industry to arm Ukraine and the UK, according to a group of more than 100 Labour MPs and peers.Ninety-six MPs and six peers have signed an open letter calling for financial businesses to “sweep away ill-considered anti-defence rules which are acting as a barrier to doing what is right”, in another sign of the backlash against environmental, social and governance (ESG) policies.Donald Trump’s talks with Russia and denial of US military aid and intelligence to Ukraine this week have prompted a scramble by European countries to boost defence spending. Keir Starmer has said the UK will increase spending to 2.5% of GDP, up from 2

ITV profits more than double as production arm reports record earnings

ITV’s profits jumped in 2024 thanks to record earnings at the British broadcaster’s production arm, ITV Studios, as it benefited from hits including Mr Bates vs The Post Office, the Jilly Cooper adaptation Rivals and Fool Me Once.The FTSE 250 company said revenues were down 3% to £4.1bn in 2024 compared with the previous year, but its measure of adjusted profits was up 11% at £542m. Profit before tax more than doubled to £521m, up from £193m a year earlier.The company refused to comment on reports that it could consider a deal to merge or sell off ITV Studios

Teenager overpowered by plane passengers after allegedly boarding Jetstar flight with ‘large gun’ at Avalon airport

Police are investigating after a 17-year-old allegedly boarded a Jetstar flight with a shotgun and ammunition, frightening passengers who described a dramatic citizen’s arrest.Victoria police were called to Avalon airport outside Melbourne at 2.50pm on Thursday.An image from inside the plane allegedly showed the teen, who is now in custody, pinned to the floor of the cabin by a fellow passenger. No injuries were reported

The Reserve Bank should be looking at these numbers and wondering why it waited until February to act | Greg Jericho

And so the corner has been turned. No longer is population the only thing keeping the economy growing. But the still-weak GDP figures of the last three months of 2024 highlight that the Reserve Bank took too long to cut rates and more cuts are needed.First things first: let’s bid adieu to the crappiness that was 2024. It was not a year that will bring many fond memories, especially on the economic front here in Australia