Sainsbury's CEO, Simon Roberts, announced that the supermarket giant is successfully winning back shoppers from discount rivals Aldi and Lidl. After implementing a competitive pricing strategy three years ago, Sainsbury's has narrowed the price gap with its competitors and has started to gain market share from Aldi and Lidl. Roberts stated that Sainsbury's is now "the most competitive we have ever been on price," and customers are responding by shopping at the store more frequently and purchasing larger baskets. In the past six months, Sainsbury's food sales have increased by ten percent.

Investment in Lower Prices Leads to Flat Profits

Sainsbury's investment in lower prices, including the launch of a personalized version of its Nectar loyalty card scheme and the expansion of its affordable own-brand groceries range, has resulted in flat underlying profits of £340 million. However, the company is confident that its efforts to attract budget-conscious shoppers will pay off in the long run. Statutory pre-tax profits for Sainsbury's dropped by 27 percent last year, largely due to a one-off gain from a legal settlement. The retailer also experienced a 2.6 percent decline in sales of non-food items, such as its Tu clothing range and Argos business, due to poor weather during the summer.

Christmas Expectations and Future Outlook

Sainsbury's CEO, Simon Roberts, expects shoppers to stick to careful budgets this Christmas but predicts they will opt for upmarket ready-meals instead of dining out or ordering takeaways. The supermarket aims to make profits of between £670 million and £700 million this year.

Rick Astley Makes Cheesy Cameo in Sainsbury's Christmas Ad

Eighties pop legend Rick Astley has made a cameo appearance in Sainsbury's Christmas advert. The advert features a little girl asking Santa what he has for Christmas dinner, with Rick suggesting "cheese." Sainsbury's is not the only brand to feature a musical star in its Christmas ad this year, as Asda's advert includes Michael Buble.

Thames Water to Cut 300 Jobs Following Financial Bailout

Thames Water, the UK's largest water and wastewater services company, is cutting 300 jobs just months after receiving a financial bailout. The utility firm, which currently employs 8,200 staff, stated that about half of the roles being cut are already vacant. The majority of the job cuts are in the company's retail and digital divisions. Thames Water faced a £14 billion debt pile and needs to invest in overhauling its pipes and sewage network after years of underinvestment. The company also received a £100 million fine from water regulator OFWAT for sewage spills and water leaks last year.

BT's Outgoing CEO Leaves with Better Than Expected Results

BT's outgoing CEO, Philip Jansen, has reported better than expected results for the telecom firm. Underlying earnings for the three months ending in September rose by 3 percent to £2.06 billion, surpassing predictions. BT's shares rose by 5 percent, although they are still 55 percent lower than when Jansen took over due to the high cost of building its fibre broadband network. Allison Kirkby is set to take over as CEO early next year.

Bank of England's Decision to Keep Interest Rates Unchanged Boosts Markets

London's financial markets showed relief as the Bank of England decided to keep interest rates unchanged. The FTSE 250 jumped by 581.41 points to 17,767.30, and the FTSE 100 also saw gains. Yields on UK government bonds, known as gilts, fell as traders hoped that the era of endless rate hikes might be over. The pound also stabilized against the dollar.

Starbucks Celebrates Record Sales Despite Consumer Pinch

Starbucks has reported record sales, with a 20 percent increase when its autumn menu launched, despite consumers feeling the pinch. Overall, sales for the coffee giant have risen by eight percent in the last quarter.

Shell Returns £2.8 Billion to Shareholders as Profits Rise

Shell has returned £2.8 billion to shareholders as its oil, gas, and trading arm sees a boom in profits. The company posted £5.08 billion in profits for the last three months, up from £4.2 billion in the second quarter. Although this figure is lower than the £7.7 billion reported last year, Shell has now returned a total of £18 billion to investors this year. Shell's valuation remains lower than its US rivals Chevron and Exxon, which has been a source of frustration for the company.