Consumer confidence, costs, train strikes, BrewDog, 888, Netflix & other:

A DAY IN THE LIFE:

Unlike a lot of dog owners, I’m not afflicted by the belief that my pooch is the brightest dog in the world.

In fact, quite the opposite.

Because, having been saddled with a line of thick dogs, I have no delusions about ours being able to read, write or crack algebraic problems.

however, as she manages to refrain from barking at 6am at the weekends, a time by which she would ‘normally’ be demanding attention, I have to conclude that she might be able to count to five and therefore must attribute a certain amount of intelligence to her.

However, try as I might, I can’t get the idea of Bank Holidays into her head.

And, with May coming up, that probably means I’ll be up and about – or at least I’ll have been throwing slippers at the dog for some time – from about 5.30am on both Mondays.

Anyway, enough of that. There are problems in the world so, without further ado, let’s move on to the news:

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PUBS & RESTAURANTS:

Consumer confidence:

Accountant Deloitte has reported that consumer confidence rose sharply to its highest level in two years in Q1 this year. It says that the move was particularly evident across younger people….

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Costs:

Speaking with The Caterer, Allen Simpson, deputy CEO of UKHospitality questions why the government exacerbates the already high costs of running a business, particularly in the hospitality sector, which plays a vital role in community cohesion….

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Train strikes:

Rail union the RMT has rejected an improved offer of a 3.5% rise in pay from Network Rail. It says ‘the benchmark measure of inflation used for negotiations is the November RPI figure which was 5.3 per cent.’ RMT general secretary Mick Lynch said that ‘such double standards were unacceptable and an insult to hardworking Network Rail staff….’

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Staffing issues:

UKH has welcomed news that the EU Commission has today proposed to open negotiations to facilitate new youth mobility agreements, allowing young people from the EU and UK to study, work and live in each other’s countries….

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Late night market:

Per MCA, Rick Jones from PwC attributes challenges in the late-night market to the Licencing Act 2003, which increased competition and eroded high-margin revenue streams for incumbent operators, compounded by rising operational costs….

COMPANY NEWS:

BrewDog. The Drinks Business reports that the Lost Forest to be planted by BrewDog has seen £700,000 of public money put into the project. However, CEO James Watt has confirmed that over 90,000 trees have died. He says almost half the pine trees and virtually all of the oak trees planted are now dead. A spokesperson from Scottish Forestry comments ‘the level of loss here is higher than normal…’

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DP Poland has announced that 99.8% of shareholders voting, voted in favour of its previously announced equity issue. The company reports that some 206.65m shares will now be admitted to trading on AIM from first thing this morning.

ChaPanda, a Chinese tea chain, aims to raise HK$2.6bn ($330m) in a Hong Kong Stock Exchange listing, selling c10% of its total shares at HK$17.50 ($2.23) each….

WatchHouse, a boutique coffeehouse chain, launches a crowdfunding campaign to fuel its global expansion, having already opened 17 locations in the UK and recently expanding to New York. Revenue more than doubled to £16.6m in 2024 from £7.8m in 2022, with the company experiencing a significant increase in app users.

HOLIDAYS, HOTELS & LEISURE TRAVEL:

The Home Office initiates the rollout of eVisas, aiming to transition nearly all UK visa holders to digital proof of immigration status by 2025, starting with invitations to BRP holders to create UK Visas and Immigration accounts. The shift to eVisas aims to enhance border security, reduce fraud and document loss, and pave the way for a contactless border through increased automation.

Strong summer bookings mean that easyJet expects H1 loss before tax to fall to £340-360m (six months to 31 March) from £411m in the year prior. …

Travel Weekly reports on a disagreement about the ‘recovery’ in air travel between Iata and Eurocontrol, with the former suggesting there has been a ‘full recovery’ and the latter saying air travel was still 9% behind pre-pandemic levels….

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Hoseasons has added Kielder Waterside in Northumberland and Darwin Forest in Derbyshire to its upmarket ‘Magnificent’ collection….

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CoStar has reported that ‘performance of U.S. hotel metrics increased year over year in the second week of April thanks to a boost from the total solar eclipse.’ It says that ‘for the week ending April 13, occupancy grew 2.8% to 65.8%. Average daily rate grew 2.9% to $160.20. As a result, revenue per available room rose 5.8% to $105.48.’

OTHER LEISURE:

Netflix, which competes strongly for the consumers’ disposable income globally, reported Q1 numbers overnight that were ahead of market expectations. The results were buoyed by the company’s crackdown on password sharing. The company added unexpectedly that it will stop reporting subscriber numbers each quarter. Some took the announcement to signal that the company believed its performance on that measure could tail off over coming years….

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888 Holdings has updated on Q1 trading and announced a name-change saying that its Q1 revenues are slightly ahead of guidance but it is making no change to full year expectations. The company reports revenue of £431m, slightly ahead of the £420-430m guidance range previously outlined at the FY23 Results on 26 March 2024….

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Hipgnosis, a British music royalties investment fund, has agreed to a $1.4bn takeover by Concord Chorus after facing months of turmoil over its structure and leadership. The deal, offering shareholders a 32% premium, could resolve uncertainty over Hipgnosis’s future.

The Telegraph reports research by Compass Lexecon indicates that replacing the BBC’s licence fee funding model with advertising would lead to significant budget cuts, particularly affecting Radio 4, which would face a 50% reduction….

Google is reported to have sacked 28 workers who protested against a deal the company struck with the Israeli government.

FINANCE & MARKETS:

The European Automobile Manufacturers’ Association reports a decline in passenger car sales, with new vehicle registrations dropping by 5.3% across the EU last month, particularly impacting electric vehicles (EVs) which experienced an 11.3% decrease….

US Federal Reserve member Raphael Bostic, President of the Atlanta Fed, has told the BBC that inflation is only coming down “very, very slowly” and “let’s not be in a hurry” on interest rate cuts.

Sterling mixed at $1.2422 and €1.1674. Oil higher at $88.82. UK 109yr gilt yield down 1bp at 4.27%. World markets mixed yesterday but London set to open down around 75 points after overnight reports of an explosion in Iran.

RETAIL WITH NICK BUBB:

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