The city that wants to get rid of shop signs
Energy and sandwiches.
Hello,
June is upon us and I’m getting married in two weeks. The planning process has been an educational journey, I didn’t know paper came in so many varieties or that the peony season ends in mid-June. I will, at some point, write a long-form piece about The Business of Weddings, but it would be a bit curmudgeonly at this particular juncture.
Anyway, the reason I tell you this is because it feels like a good moment to take a bit of time off from my weekly missives to bask in the glow of marital bliss. I’ve got poems to read and boats to row, or whatever it is newlyweds do. I have no doubt there will be some content over the next couple of months when I accidentally open the FT app instead of an anthology of poems and inspiration strikes. But, for the most part, I’m taking the summer off. See you in September!
I do,
Hugo
Chief Groom
The Business of Stuff
The Stuff
Food companies are scrambling to use less ingredients 🧐 - it seems largely thanks to Chris Van Tulleken’s book Ultra Processed People but said people are demanding less scary-sounding ingredients in their food, which is forcing manufacturers to rethink how they put their products together. M&S has been leading the way with its ‘Only’ range. Cornflakes with only one ingredient, would you believe it?
Lululemon shares are taking a hit from the tariffs 📉 - they’ve got it coming at them from all angles, with lower consumer confidence meaning people are buying less fancy leggings and the trade war making their largely China and Vietnam-based supply chain look a bit vulnerable.
Wise plans to have its primary listing in the US 🚶 - regulators, the London Stock Exchange and the government are trying really hard to up the appeal of the UK market, but it’s just very hard to compete with the size of the capital markets on the other side of the pond. This news came in the same month Cobalt Holdings scrapped plans to list in London and Indivior decided to delist in favour of focussing on the Nasdaq.
High energy costs are making life difficult for industry in the UK 🪫 - Make UK has warned that the government’s industrial strategy is under threat as the energy bills for manufacturers are 46% higher than the global average. This is due, in part, to government levies which are being used to fund a variety of initiatives. Trade bodies say these should be scrapped.
The Financial Conduct Authority is cutting down on finfluencers 🚨 - three arrests have been made as the regulator attempts to get a handle on the thousands of IG accounts with some bloke standing next to a supercar they don’t own and giving financial advice. There are strict rules in place around advertising or promoting financial products, which is what many of these individuals are falling fowl of.
Tech execs won’t stop talking about ‘abundance’ 📈 - there are basically two views of AI. It’s either that it’s the end of the world as we know it or it’s the start of a period where everyone can have everything all the time. The Industrial Revolution x 1000. Unsurprisingly, those in Silicon Valley have convinced themselves - and are trying to convince the rest of us - that it’s the latter.
Pret A Manger owner is thinking about an IPO 🥪 - JAB Holding Company, which is headquartered in Luxembourg and also owns Krispy Kreme is considering bringing new investors as it looks to move away from consumer businesses to insurance and asset management. Pret lost a huge amount of money during the pandemic, but its finances have begun to recover.
Proctor and Gamble is restructuring 🧴 - the Fast-Moving Consumer Goods (FMCG) company that owns brands like Tide and Pampers is cutting 7,000 roles and divesting some of its assets. This is part of a wider restructuring which is seeing P&G automate and digitise a lot of its processes, reducing the number of people it requires in its workforce.
Gloucester is thinking about getting rid of modern shop signs - the council is asking residents whether shops within the city’s conservation area should have to reflect the area’s heritage, i.e. more old worldy and wooden. Personally I’m all for this sort of thing. Glasgow Central Station looks far better for it. Research has shown it also increases the overall economic prosperity of cities.
It’s tax not AI causing tech layoffs 💰 - a recent article in Quartz claims that it is a massive reduction in the R&D subsidies tech companies receive that has led to half a million workers being laid off since the start of 2023. In one sense changing the subsidies seems fair as Big Tech has more than enough money, but clearly it is not the companies that are paying the price.
Quote of the week
“Life is a mystery” - Madonna