Today’s news in brief-14/8/24
Inflation in the UK increased to 2.2% in July 2024, up from 2% the previous month, driven by less significant declines in energy prices compared to a year ago. The Office for National Statistics (ONS) reported that while gas and electricity prices fell by 7.8% and 6.8% respectively from June to July, these drops were less steep than in July 2023. Offsetting these increases, prices in restaurants and hotels decreased, particularly in hotel costs, which saw a significant monthly decline of 6.4%.
Avon Products Inc (API) has filed for Chapter 11 bankruptcy in the US to manage approximately $1bn in debt, which includes liabilities from lawsuits concerning the safety of its talc products. The subsidiary of Natura and Co intends to reorganise its operations, aiming to settle lawsuits more efficiently and continue trading without job cuts in its UK operations.
John Lewis plans to reduce its workforce by 1%, cutting 153 roles as part of a strategy to streamline operations and enhance in-store customer service. The restructuring includes consolidating front and back-of-house roles to optimise staffing during peak hours. A £5m investment in technology, including digital headsets and mobile payment systems, is also planned to improve efficiency and customer satisfaction.
Amazon has inaugurated a new £500m fulfilment centre in Leeds, expected to employ over 2,000 people by November 2024. The facility, equipped with advanced technology and Amazon Robotics, emphasises energy efficiency with solar panels. This investment underscores Amazon’s commitment to West Yorkshire, where it has already invested over £1.5bn since 2010.
Fanatics and The Football Association (FA) have extended their partnership to manage retail, e-commerce, and merchandise, following record sales during Euro 2024. Fanatics will continue to operate the official England Store online and at Wembley Stadium, supporting both Men’s and Women’s teams. The renewed agreement aims to enhance fan engagement and merchandise availability globally.
