Marks & Spencer reports sharp drop in annual profits

Marks & Spencer has reported a sharp fall in annual profits as it revealed a deterioration in clothing sales and extensive store closure costs. Pretax profits at the retail giant slumped 62% to £66.8m after a £514.1m bill for restructuring that included £321m to pay for the first phase of its store closure plan One in three of its core clothing and home stores is scheduled to disappear from the high street within four years and the group warned that a further £150m of closure costs would follow. (The Guardian)

Turkish lira rallies after emergency rate hike

The Turkish lira has pared its heavy losses against the dollar following an emergency interest rate hike by the central bank.  The currency climbed 2% higher having fallen 5% earlier to hit a record low.  The lira has lost more than a fifth of its value this year as fears grow that the government might undermine the powers of Turkey’s central bank. Many investors have been calling for higher interest rates to bring down inflation, which is in double figures. Following an emergency meeting, the Turkish central bank steeply raised a benchmark lending rate from 13.5% to 16.5% on Wednesday. “Current elevated levels of inflation and inflation expectations continue to pose risks on the pricing behaviour,” the central bank said. “Accordingly, the committee decided to implement a strong monetary tightening to support price stability”.  (BBC News)

Jaguar Land Rover profits fall as sales slow

Jaguar Land Rover has reported a drop in profits after slower sales growth and rising business investment. Annual pre-tax profits fell to £1.5bn from £1.6bn the year before, and fourth quarter profits almost halved from £676m to £364m. Annual sales grew 1.7%, helped by strong demand in China. But it blamed a sharp fall in UK sales on “consumer uncertainty surrounding diesel models, Brexit and vehicle taxation”. UK sales dropped 12.8% to 108,759 cars, while European sales also fell. However, overall car sales in the year to 31 March increased 1.7% to 614,309 cars compared with the previous year. That is a sharp slowdown in growth from 2016/17 when overall sales grew 15.8%. China was a bright spot last year. Sales there jumped 19.9%, while North American and sales grew 4.7%. Jaguar Land Rover chief executive Ralf Speth said: “Strong demand in our key overseas markets has offset the challenging conditions in the UK and other parts of Europe”. (BBC News)

Croatian Chocolate ”Taman” Wins Awards in London

There has been some international success for handmade Croatian chocolate producers Taman. Taman Artisan Chocolates has picked up nine awards at the 2018 Academy of Chocolate Awards in London. A record-breaking 1,200 entries were judged at awards this year from chocolate producers in 45 countries with the Croatian brand winning one silver medal and five bronze medals. Taman Artisan Chocolates won silver for its Whiskey and Coffee filled chocolate pralina, whilst it was awarded bronze for its Rum, Mint and Lime, Lavender and Carob truffle, Lemon and Thyme, Mango and Coriander, and Strawberry and Mint truffle flavours. They also picked up bronze medals for their Dark 62% chocolate with orange, pepper and thyme, Dark 60% chocolate with coffee and cardomom, and Milk 41% chocolate with with roasted sesame and curry. “For us as a small producer, this is a big thing. The quality of chocolate products is growing day by day as awarness of chocolate increases. There are more and more producers in the world, especially small ones who are raising the criteria on a daily basis. Confirmation from renowned experts that we can compete in such comapny is an immense pleasure and motivation,” Stiv Kahlina from Taman Artisan Chocolates said. (Croatia Week)

 

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„Manager“ je međunarodni studentski poslovni list osnovan početkom svibnja 1995. godine kao jedan od glavnih projekata Hrvatske studentske asocijacije (HSA). Već više od 20 godina dokaz je odlične suradnje s interesnim skupinama i širenje mreže mladih, ambicioznih ljudi.

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