Voice of Commonwealth

Business

From deficits to profits

UK (Commonwealth) _ After three years of deficits, the owner of Waitrose and John Lewis has made a profit, abandoning plans to collect nearly half of its revenue from sources other than retail by 2030.The group will focus "unashamedly" on its retail offering, opening more Waitrose stores and renovating those that already existed, as well as revitalizing John Lewis's product line, according to departing chair Dame Sharon White. The group has abandoned specific targets for its financial services and build-to-rent divisions, which was a fundamental component of her previous vision.In 2020, White came from the media regulator Ofcom, where...

End of recession

UK (Commonwealth) _The economy of Britain recovered in the beginning of the year, based on data that points to the potential end of the recession.The Office for National Statistics reported that the gross domestic product increased by 0.2% in January, driven by a rebound in sales for builders and merchants. It follows a 0.1% contraction of the economy in December. Surveyors' separate data indicates that the home market has...

Dirty Clean Food Sale

Australia (Commonwealth) _ An agreement has been reached by Wide Open Agriculture (WOA) to sell its Dirty Clean Food brand to Jay Albany, the CEO of the Australian agri-food major. The trademark will be offered for A$1.5 million (US$990,000), as per the agreement signed by both business partners.Accordingly, Dirty Clean Food and "all assets" associated with the brand will be acquired by DCF Global Pty Ltd, Albany's parent company....

South West – Hotspot for Entrepreneurship

UK (Commonwealth) _ According to the British Business Bank's Start Up Loans initiative, the South West has emerged as a hotspot for UK entrepreneurs over 50. Since the project began in 2012, the bank claims to have given out loans totaling more than £140 million to people over the age of 50 who wish to establish a business across the country.More than £14.78 million has been allocated to particular...

Banking and Finnce

Ireland houses soarUK (Commonwealth) _New house completions are expected to reach 35,000 this year and then grow again in 2025 and 2026, according to Irish Central Bank economists. Although that would not meet the demand as many experts believe it should, it would put delivery in line with existing government expectations.Today's publication of the Central Bank's most recent Quarterly Bulletin of economic statistics and predictions indicates that the economy...

Vain Vines

Australia (Commonwealth) _ Tens of millions of vines need to be torn up to control overproduction, which has smashed grape prices and jeopardized the livelihoods of winemakers and producers. In Australia, millions of vines are being destroyed.Global wine consumption is down, but Australia has been hurt hardest as demand for its main product—cheaper red wines—is declining the fastest. Its greatest market is China, where it has depended on declining...

Economies of middle-income nations set to sky-rocket

Global (Commonwealth) _The 2024 World Development Report focuses on the problems of growth in the economy in middle-income nations. According to the globe Bank's income categorization, the globe now consists of 26 low-income, 108 middle-income, and 83 high-income countries. Middle-income nations currently account for around 40 percent of worldwide economic activity, 50 percent of the world's severely poor people, and 60 percent of global CO2 emissions.Between 1990 and 2019,...