Tube strikes, time, employment & energy costs, BrewDog, Pepsi & other:

A DAY IN THE LIFE:

I can’t remember the context but, looking back through some old emails, I noted that I had said something was a ‘reappraisal event’.

And what I meant, of course, was that once I thought something (or somebody) was decent, honest and reliable and now, at the time of writing, I didn’t.

Maybe the subtlety was lost at the time.

As mentioned, I can’t remember the exact context but, with the above wording in mind, I can’t help thinking that 2026 has been full of ‘reappraisal events’ and the year’s but a quarter of the way through.

But worrying about something that I can’t do much about is a very low payback venture so, with the weekend almost upon us and the sun set to shine, it just remains to wish readers a pleasant break and to move on to the news:

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PUBS & RESTAURANTS:

Tube strikes:

The first two of six tube strikes by RMT members are due to take place next week with the network disrupted for two 24-hour periods – from midday Tuesday to Wednesday – and then from midday Thursday into Friday. Transport for London says that the strikes are unnecessary and has called on the RMT to ‘engage with us’ in discussion…

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The money value of time:

Whilst both are linked to the concept of ‘opportunity costs’, i.e. what else could you be doing with your time or money if you weren’t doing this, we hear a lot more about the Time Value of Money than we do the Money Value of Time. That is to say, it is often worth forgoing cash in order to create more time during which you can do something else…

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Employment:

The OECD has reported that unemployment in the UK, particularly across younger demographics, rose more rapidly over recent months than it did elsewhere in the G7…

Food shortages:

A worst case scenario drawn up by government officials suggests that the UK could face shortages of some foods including chicken and pork by the summer if the Iran war continues….

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Electricity costs:

The government has announced that electricity bills will be cut by as much as 25% for around 10,000 businesses but breweries will not be included in the measures. The chancellor says the ‘announcement will cut energy bills for over 10,000 manufacturers, helping businesses to compete, win, and create good jobs across the country, and to deliver our modern Industrial Strategy’ but the BBPA says the decision to exclude brewers is ‘deeply disappointing…’

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COMPANY NEWS:

BrewDog. New owner Tilray has said that BrewDog, under its management, could once again be a £1bn brand. The company says it expects BrewDog to be cash flow positive next year…

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Brown Forman. Spirits company Sazerac has offered $32 per share for Brown-Forman, valuing the target at some $15bn. Pernod has already expressed an interest and it has declined to comment on the Sazerac approach.

PepsiCo yesterday reported Q1 earnings ahead of Wall Street’s expectations. The company reported that the global economy, however, had become more ‘volatile and uncertain’ due to the war in the Middle East….

Pernod reports that it performed ahead of expectations in its financial Q3 but it expects full-year sales to decline by 3-4% due to the negative impact on travel retail of the war in the Gulf….

HOLIDAYS & LEISURE TRAVEL:

The International Energy Agency has cautioned that Europe has ‘maybe six weeks of jet fuel left’. This, unless it changes, could cause problems over the summer.

Flight cancellations: Lufthansa and KLM have announced hundreds of flight cancellations between them in response to rising fuel costs in the wake of the Iran war. UK chancellor Rachel Reeves says re the supply of aviation fuel that there are ‘no issues with supply at the moment’.

Reuters reports that Uber has agreed to buy an additional 4.5% stake in Delivery Hero. It is set to buy around €270 million worth of stock at €20 each from ‌the ⁠German multinational’s largest shareholder, Prosus.

CoStar reports that, in the week to 11 April, the US hotel market saw occupancy drop by 1.1% but it raised ADR by 1.5% on average. REVPAR was up by some 0.4%^.

OTHER LEISURE:

Netflix reported Q1 numbers yesterday ahead of Wall Street expectations, partly due to a termination fee related to its proposed Warner Bros. Discovery deal. The shares fell by 9% in extended trading yesterday despite the beat…

Sky News reports that the legal battle over the decision to hand Allwyn the licence to operate the National Lottery will end today. It speculates that the loser could face a legal bill estimated at well over £60m.

The FT reports that Premier League clubs made a combined loss of almost £800mn last season, highlighting the challenges facing investors who have spent billions of pounds buying teams in the world’s most popular football league. Chelsea reported the largest loss last year at £262m.

FINANCE & MARKETS:

Sterling lower at $1.3521 and €1.1478. Oil up around $3 at $98.08. UK 10 year gilt yield up 7 basis points at 4.87%. World markets better yesterday but lower in the Far East today. London set to open around 16 points higher as at 6.30am.

RETAIL WITH NICK BUBB:

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