Business news in brief
New year sales slump predicted by M&S
Marks & Spencer has warned of a “gathering storm” ahead as it forecast a steep slump in customer demand next year and said more price hikes are on the way. The retailer said while sales were so far proving resilient and customers are “determined” to spend over Christmas, trading will become much tougher in the new year as the cost of living crisis hits hard. Shares fell 6 per cent in morning trading yesterday as it forecast a “material contraction” in market demand over its next financial year and
predicted a raft of retailers will go bust as the pressures take their toll.
M&S said it expects to post full-year pre-tax profits “similar” to the guidance it set out previously, with most analysts expecting a fall in underlying profits to £397m against £523m in 2021-22. PA
Users to gain ‘official’ verification on Twitter if they pay
Twitter’s latest approach to verification – offering grey ticks and an “Official” label to high-profile accounts – has begun rolling out. The platform is preparing to start allowing any user to sign up for its blue-tick verification by paying a monthly fee. In response to concerns this would make it harder to identify authentic accounts, Twitter is adding a second “Official” grey badge to some accounts as a way of distinguishing paid subscribers from those the platform has verified as genuine. Some industry commentators have argued the new doubleverification process will only make the system more confusing.
“Not all previously-verified accounts will get the ‘Official’ label and the label is not available for purchase,” said Twitter’s director of product management, Esther Crawford. PA
Made.com brand bought by Next
Next has bought the brand of furniture seller Made.com after the business filed for administration. Made, which employs around 600 people, said it will sell its brand, websites and intellectual property to the retailer. Administrators PwC said the deal will result in 320 redundancies. A further 79 staff who had resigned and were working through their notice have also been forced to leave the business immediately. It is a sharp downturn for the company, which launched on the London Stock Exchange less than two years ago with a £775m price tag and promises of accelerated growth and leading the online furniture market.
Customers at Barclays to get £1m PPI payout
Barclays will pay out £1m in customer refunds because of mistakes it made over its payment protection insurance (PPI) policies, the UK’s competition watchdog has said. The banking giant will pay an average of £750 to up to 1,306 customers who were affected by the breach between 2014 and 2017. The Competition and Markets Authority said that Barclays failed to send a reminder to mortgage customers with PPI policies letting them know the cost of their policy, the type of cover they had, and reiterating their right to cancel. This meant that a swathe of customers – who were sold PPI along with their mortgage loan – may have held onto the policy for longer than they needed or stopped shopping around for cheaper or better alternatives. PA
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