Baby Formula Price Surge
Baby formula firms are facing a full profiteering investigation by watchdogs as hard-up families struggle with "historically high" prices. The Competition and Markets Authority (CMA) reported a 25% increase in the average price of infant formula over two years.
Price Discrepancy and Struggles
Despite tightly regulated ingredients, there's a £500 difference between the cheapest and most expensive brands. Retailers are banned from offering discounts due to breastfeeding promotion policies, leaving some parents diluting formula to make it last longer, according to NHS figures.
Market Control and Response
Nestlé and Danone control 85% of the market with brands like Aptamil and Cow & Gate. The CMA aims to ensure fairness for new parents, with a report expected in September. Nestlé welcomed the review, stating that price rises are a last resort.
Barclays Plans £2Billion Cost Saving
Barclays revealed a £2billion cost-saving plan that could lead to branch closures and job cuts. Chief executive CS Venkatakrishnan aims to return at least £10billion to shareholders within two years. The bank's shares rose nearly 10% following the announcement.
Chocolate Prices Soar
Chocolate lovers are set to face record price hikes due to a 20% increase in cocoa prices this year. Poor harvests in Ghana and Ivory Coast, along with speculation from hedge fund traders, have contributed to the surge. Top-selling bars have already seen prices rise by up to 50% in a year.
Currys Rejects Takeover Bid
Currys rejected a £553 million takeover bid, drawing attention to issues in the UK equity market. The biggest shareholder in Currys criticized the rejection and highlighted the decline in quoted UK businesses. China’s JD.COM is now considering a bid for the electrical retailer.
AstraZeneca's Pay Bump Proposal
Drug giant AstraZeneca aims to increase boss Pascal Soriot’s pay to a record £18.7 million to retain him. Soriot, already the highest-paid CEO in the FTSE 100, received a £16.9 million package last year.
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