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COMMΞЯCIΛL ΛWΛЯΞNΞSS | 08.04.24

COMMΞЯCIΛL ΛWΛЯΞNΞSS | 08.04.24

A rundown of things that you should know about from last week 08 | 04 | 24

  • Tesco declares soaring profits of £2.3 billion

Tesco has reported a huge boost in profits for the past year.

The UK’s largest supermarket posted £2.3 billion in pre-tax profit last year, up from £882 million in 2022. Sales also rose to £68.2 billion.

This comes in spite of moves by Tesco to cut prices.

Around 4000 products were cheaper at the end of the year than at the start.

Tesco boasts a 27.3% market share and has 330,000 employees.

The supermarket recently lost its battle against Lidl to use its Clubcard Prices logo

  • Barclays launches challenge against car finance mis-selling claim

Barclays is in a bit of a legal tangle.

They’re contesting a ruling about a £1600 commission they paid to a car finance broker without informing a customer.

The court ruled it unfair, saying Barclays didn’t play fair or act reasonably. Now Barclays is feeling the pressure. They’re worried this could open the door to a flood of similar claims.

They’re insisting it was a one-off mistake, but deep down, they’re sweating over the possibility that this could snowball into a bigger compensation mess for the whole industry.

They’re standing on shaky ground, hoping to patch things up before it gets worse.

  • Apple loses bid to throw out £785m UK lawsuit over App Store fees

Apple has failed to have a £785m class action lawsuit thrown out of court, the Competition Appeal Tribunal ruled in favour of UK app developers.

Over 1500 UK app developers are crying foul, claiming Apple’s holds an unfair monopoly over the market. Apple’s hefty 15-30% commission on in-app purchases and othe restrictions constitute, anti-competitive behaviour according to the developers

Apple has faced mounting pressure from regulators in the US and Europe over the fees it charges third-party developers distributing via the App Store.

The Competition Appeal Tribunal considered that the claim had a “realistic prospect” of success.

  • Charlotte Tilbury owner Puig seeks £2.1bn Spanish IPO

Puig, the owner of Charlotte Tilbury, is stepping into the spotlight with a big move – they’re launching their IPO and aiming to raise a hefty €2.5 billion.

Puig isn’t just about Charlotte Tilbury though, they’ve got a whole bouquet of brands under their belt, including big names like Paco Rabanne and Jean Paul Gaultier.

They’re planning to list on several stock exchanges in Spain – Barcelona, Madrid, Bilbao, and Valencia – spreading their wings far and wide.

If all goes well, they could be looking at a jaw-dropping €10 billion valuation, making it one of the biggest beauty IPOs in recent memory.

Puig’s like the belle of the ball, ready to dazzle investors and make waves in the beauty world.

  • Wizz Air-backed biofuels firm to convert human waste into sustainable aviation fuel

Hungarian budget airline Wizz Air has announced plans to run 10% of its flights with sustainable aviation fuel (SAF) by 2030, and it is turning to U.K.-based biofuel company Firefly, which turns sewage sludge into jet fuel, to make it happen.

Wizz Air first announced a £5 million ($6.3 million) equity investment in Firefly last year, as part of its move to reduce its carbon footprint.

Sustainable jet fuel has proved a tough nut to crack, leaving operators in a race to comply with regulators as the EU plots a minimum of 20% of jet fuel to qualify as SAF by 2035, rising to 70% by 2050.

The commercial-scale factory converting human waste to sustainable aviation fuel (Saf) will be built in Essex.Firefly will develop the plant in Harwich and expects to begin supplying the lower carbon fuel from around 2028.

It has reached an agreement with Wizz Air to provide up to 525,000 tonnes of Saf over 15 years. Utility company Anglian Water has committed to providing biosolids – a product of its wastewater treatment process – to Firefly for an initial pilot Saf facility.

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