Vertical drinking, inflation, WFH, Nichols, DGE, Wendy’s & other:

A DAY IN THE LIFE:

Holiday cottages are great, aren’t they but, when you’re faced with working out the controls on an unfamiliar smart TV or, horror of horrors, just having an old-fashioned box the size of fridge with a postage stamp screen, everything takes a bit of a step back in time.

It’s the 1990s all over again and ours was an inbetweener.

Small but smart, a bit like, well, pick somebody small and smart but who can remember their Netflix password?

Meaning that, if the previous people haven’t left themselves signed in, you might be thrown back on terrestrial TV or catchup and I can’t remember it being quite so frustrating.

Because, a bit like a bad-tempered conversation, the ads just cut in halfway through a sentence leaving scenes unfinished while you watch whatever’s being promoted, usually gambling, and completely lose the plot.

Anyway, another August five-dayer coming up. On to the news:

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PUBS & RESTAURANTS:

Vertical drinking:

Westminster Council’s proposed ban on vertical drinking has continued to attract criticism in what is increasingly looking like a pile-on. London mayor Sadiq Khan has effectively ordered Westminster council to drop its proposals following widespread anger at the plans. And the PM, Andy Burnham, has called on the council to ‘work with’ the hospitality industry rather, presumably, than try to nanny it…

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Inflation:

Concerns that what will be a ‘Super El Nino’ could raise temperatures across Europe, limit crop production and lead to additional inflation…

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Zero hours contracts:

UKH has cautioned that proposed changes to the rules regarding zero-hours contracts could lead to a further reluctance to employ staff…

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Other news:

Work from home: Off the front pages for some time, the drift back to the office looks to be continuing although perhaps at a slower pace. Financial services firm, Hargreaves Lansdown, is reported to be ordering employees back to the office from the start of next year and other office-based employers seem to be making similar moves….

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COMPANY NEWS:

Nichols plc has this morning announced that it has acquired 100% of the issued share capital of VITHIT Limited for €75m. It reports that ‘VITHIT is an excellent strategic fit for Nichols given its leading market positions in a structurally attractive soft drinks sub-category, complementary asset-light operating model, established profitability and significant growth opportunities’ and it adds that ‘the Acquisition is expected to be immediately earnings enhancing…’

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Moody’s has updated on Diageo following the latter’s full year results and capital markets day last week saying that the company has announced ‘and set out a deeper cost-reduction programme led by its new chief executive, Sir Dave Lewis.’ It says that ‘the expanded cost-cutting programme is credit positive because savings are directed at balance-sheet repair rather than margin protection alone, reinforcing the company’s deleveraging path even as trading stays soft….’

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Wendy’s in the US last week reported Q2 numbers. It cut its dividend in order to support its planned turnaround, saying that it generated revenue of $571 million in the quarter and global systemwide sales of approximately $3.4 billion. The company adds that it earned net income of $32.6 million and adjusted EBITDA of $124.1 million…

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Yum! Brands on Friday announced the completion of the sale of Pizza Hut in Mainland China to Yum China Holdings Inc. Yum reminds us that ‘the transaction with Yum China represents one of two previously announced definitive agreements to sell Pizza Hut for $2.7 billion in the aggregate…’

FINANCE & MARKETS:

The US Bureau of Labour Statistics on Friday reported that the US cut some 23,000 jobs last month despite an expectation of an increase. It also cut its estimate for the number of jobs added in May and June by 103,000.

Economy. The ONS will update on UK GDP growth on Thursday with some economists suggesting that growth in Q2 could come in as high as 0.4%.

Sterling slightly higher at €1.1674 and $1.3485. Oil price little changed at $83.94. UK 10 year gilt yield down 2 basis points at 4.94%. World markets mostly better on Friday but London set to open down around 36 points as at 6.30am.

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