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  • Today's business and finance round up 29th April 2022

Today's business and finance round up 29th April 2022

Consumer giants feel the cost of living squeeze

29th April 2022

Bite-sized business news from the UK and beyond

Good morning And just like that we've reached another long week! If you’re stuck for what to do, check out this list of 100 ideas.See you on Tuesday!

Today's stories

  • Consumer giants feel the cost of living squeeze

  • UK vegan chain bags Hollywood investment

CONSUMERConsumer giants feel the cost of living squeeze

What’s going on?

Why is this important?

Sainsbury’s doubled profits for the past 12 months to £730m, but said that this coming year that could drop by as much as £100m as it faces higher cost inflation. The UK’s second largest supermarket, behind Tesco, says it will forfeit profits in a bid to keep a lid on the price of consumer basics to help poorer households during the cost of living crisis. Industry data shows that German discount chains Aldi and Lidl have gained market share this year but Sainsbury’s argues that is because their prices are going up. So people might be spending less money at Sainsbury’s, but they are buying more actual items there.Unilever, the maker of dozens of consumer goods including Marmite, Dove soap and PG Tips, warned that the supply chain disruption caused by the war in Ukraine will mean the cost of raw materials will rise further. It said its profits would be partly protected by passing on the costs to consumers. Unilever said it raised its prices by 8% over the last three months, from 5% in the final three months of 2021. It says that so far the price increases aren’t deterring consumers from buying their products, which is either evidence of strong brand loyalty or the fact that prices of products everywhere are going up. 

Zooming out

Other stories to keep you in the loop

  • US economy contracts for first time since mid-2020

  • Amazon sees first loss since 2015 as shares tumble 10%

  • UK kickstarts work on new trade deal with Switzerland

  • Daily Facebook users up again after first-ever decline

  • Barclays warns inflation and cost of living crisis is hurting customers

  • Indian billionaire planning Boots takeover bid with US private equity firm

  • Twitter admits it overstated users for years ahead of Elon Musk takeover

  • Elon Musk sells almost $4bn worth of Tesla shares

FOODUK vegan chain bags Hollywood investment 

Stat of the day

Nelly Furtado has struck a deal to sell her music back catalogue of a reported $50m

Interesting links from around the web

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