business news articles

Sales down at Nestle after price hikes | BusinessNews

by Taufan

Nestle, the world’s biggest packaged food company, has reported a fall in sales after increasing its prices. The KitKat and Nescafe maker missed first-quarter sales estimates, the company revealed on Thursday, with business particularly hit in North America. Total reported sales dropped by 5.9% internationally to 22.1bn Swiss Francs (£19.4bn) in the first three months of 2024, compared to the same period the year before. Prices were up 3.4% globally and 4.6% in Europe. Nestle said its Purina PetCare range was a strong driver of growth during the quarter, while there was an overall fall in beverage sales, including its…

Ultimate Performance strikes deal with buyout firm Inflexion | BusinessNews

by Taufan

Ultimate Performance, an upmarket health and fitness platform, has struck a deal to fuel its expansion by selling a stake to Inflexion, the private equity firm. Sky News understands that the Manchester-based personal wellbeing business, which was founded in 2009, has agreed a transaction after weeks of talks. Ultimate Performance delivers personalized training and nutrition programs to its clients across 24 sites. Founded by Nick Mitchell, it employs 450 people, including 350 personal trainers, in the UK, US, Middle East, Asia and Australia. Money latest: My employer wants to pay me by the minute – what can I do? Inflexion,…

Telecom Tariffs In India At “Absurdly Low Level”: Airtel Top Boss

by Taufan

New Delhi: Tariffs in the Indian telecom industry are at an “absurdly low level” compared to other parts of the world, Bharti Airtel Managing Director Gopal Vittal said on Wednesday as he strongly advocated “tariff improvements” to lift return ratios. Mr Vittal, during Q4 earnings call of Airtel, further said he was glad to see Vodafone Idea’s recent capital raise, and asserted that India will be well served with three private players operating in the market. “The return that the industry really needs is predicated on tariff repair, this is really the heart of the problem that we have today,…

Business is starting to think more about ROI than DEI

by Taufan

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favorite stories in this weekly newsletter. Several days ago, over the Martin Luther King Jr holiday weekend in the US, the big four accounting firm PwC announced that it would be dropping some of its diversity targets in the US. Race-based criteria would no longer be used for awarding scholarships or places on an internship program. It was odd timing for the announcement, perhaps, but it reflected a broader American trend. Since the Supreme Court’s decision last June to reverse affirmative action, many companies are rethinking…

FTX investors to get their money back – plus interest | BusinessNews

by Taufan

People who lost their money in FTX, once one of the biggest cryptocurrency exchanges in the world, are to be paid back, with interest. Billions were lost when the cryptocurrency exchange headed by convicted fraudster Sam Bankman Fried went bust in November 2022, with an estimated one million customers losing funds. Money latest: Struggling iconic tea brand spends £12m on ad But now the company has recovered more than enough to repay those customers and its creditors, it says. Paying people back If plans are approved by a US bankruptcy court, people who held cryptocurrency, such as Bitcoins, with the…