VW, the guys who lied about your emissions, are set to cut 30,000 worldwide, yet the brunt of these will be in their native Germany. VW are still making their way through the debris of the emissions-cheating scandal, as well as trying to develop electric cars and revitalise their core brand. There is an estimated 9,000 jobs to be created by developing new products, and these cuts will save over £3bn on an annual basis.
Tesco CEO Dave Lewis has warned global suppliers not to take advantage of the recent fall in the value of sterling. Admittedly this will have some impact along the supply chain however the supermarket CEO is seemingly standing up for the customer, fending of cheeky price rises that aren’t justified. Yes Dave!
Inevitably though expect more #marmitegate battles in the near future. Oh wait, we already have one. Last week we literally saw how Toblerone, everyone’s second favourite seasonal chocolate (behind Ferrero Rocher, and possibly Lindt) were getting around the EU referendum fiasco. Now Mars are seemingly at it, as they’ve shrank sharing bags by almost 15%. Shrinkflation is now the biggest threat to our stomachs and this is no longer a joking matter. Share bags were barely that to begin with. Now, with the drop from 121g to 103g, we’ll barely have a handful. The worst thing sis shelves have tried to pass the move right under our noses, well thanks to the eagle eyed Malteser shopper who picked up on this. One advantage is it does make a diet easier to stick to.
On the markets today, the FTSE was fairly un-dramatic most of the day and closed modestly lower by 0.28% to end the week at 6,775.77. The rest of Europe’s major indices were very much the same and as the US session progresses, you guessed it, a fairly lacklustre session; with the Dow as we write -0.19% and the S&P 500 sits 0.25% lower. Next week there will be a little more news flow, one major event being the Chancellor’s Autumn statement. And of course don’t forget Black Friday, the day where supposedly anything goes in supermarkets.