City Snapshot: Tesco website back online after weekend cyber attack
25 October 2021
Report criticises ‘health halo effect’ used to market HFSS products to teens
25 October 2021

Tesco has been hit by hackers, leaving thousands of frustrated shoppers unable to buy groceries online at Britain’s biggest supermarket (The Guardian). Tesco’s online store has been hit by an attempted hack, leaving thousands of frustrated customers unable to access the website and app of Britain’s biggest supermarket (The Financial Times £). Tesco has been targeted by hackers, crashing its website and app and causing frustration for thousands of customers (The Telegraph). Tesco’s website and app are running as normal again after a suspected hack (Sky News, The BBC).

Beyond Meat has warned of a larger than expected decline in third-quarter revenues due to the Delta coronavirus variant in the US and labour shortages in the retail sector (The Financial Times £). Beyond Meat has cut its third-quarter revenue forecast, blaming factors including a drop in demand from grocery shops and a staff shortage that led to delays in restocking shelves and sending its shares sharply lower (The Times £).

Talks on selling Sainsbury’s bank have ended after the supermarkets group failed to attract a high enough price (The Times £). Sainsbury’s has stopped pursuing a sale of its banking arm after concluding that a deal would be of no benefit to shareholders (The Financial Times £). Sainsbury’s has called off the potential sale of its banking operation after concluding that talks with suitors had failed to result in an offer that would be good value for shareholders (The Guardian). Almost 12 months after first confirming it had received interest in a possible takeover, Sainsbury’s has said it will not sell its banking arm (The Daily Mail)

Retail sales fell unexpectedly last month in another sign that the economic recovery is slowing (The Times £). Retail sales volumes took a surprise dip last month to achieve their longest losing streak on record, according to official figures released as a measure of consumer confidence showed a slump to levels last seen in February (Sky News). Retail sales dipped for the fifth consecutive month in September as spending patterns continued to normalise and the rising cost of living put pressure on people’s finances, new official figures show (The Daily Mail).

Retailers fear ghosts of lockdowns past will ruin Christmas sales. Rising profit warnings and the end of government support threaten to take the shine off sector’s ‘golden quarter’ for a second year running. (The Telegraph)

It may not be a white Christmas but it is already on ice as more shoppers fill their freezers with party food, turkey and other festive specialities amid fears of another disrupted end to the year. (The Guardian)

Retailers have warned the Treasury not to impose a “double-hit” on the industry by introducing an online sales tax without reducing the business rates burden on the high street. (The Times £)

Concerns have increased that Philip Morris International will use its £1 billion takeover of Vectura to legitimise the tobacco industry’s participation in public health after its chief executive was accused of lobbying the government over the deal. (The Times £)

Marks & Spencer is luring customers away from nearly all its major supermarket rivals. The retail giant is understood to have taken market share from most of the other leading grocers with the exception of its delivery partner Ocado and German chain Lidl, according to closely guarded industry data. (The Daily Mail)

Is it time for Unilever to be broken up, asks The Times? Britain’s second-biggest company makes everything from Domestos to Magnum ice-cream, but its share price is languishing. The City is asking whether boss Alan Jope should cleave the business in two. (The Times £)

The UK could run out of warehouse space within a year, as supply chain disruption and a boom in online shopping propel demand to record levels, according to property agent Cushman & Wakefield. (The Financial Times £)

Deliveroo share plunge triggers hunt for new broker – after its share price fall the inquest quickly began into which of its army of banks, including Goldman Sachs and JP Morgan, was to blame for the dreadful flotation. (The Times £)

Shopping and technology giant THG has been slated in reviews by its staff, giving it a worse workplace rating than any of its peers. (The Daily Mail)

Giggling Squid is laughing all the way to the bank after a switch to takeaway and delivery enabled the Thai restaurant chain to remain profitable throughout the pandemic. (The Times £)

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