Latest Developments in the UK Business Sector

  • Amazon’s UK division resumes paying corporation tax after a period of tax credits
  • Morrisons reports a 2.1% increase in Q3 sales, reaching £3.9bn
  • Tesco expands partnership with The Trade Desk for targeted advertising campaigns
  • Castore announces new store at Braehead Shopping Centre
  • Bravissimo acquired by Wacoal Europe while retaining independence

Amazon’s UK division has resumed paying corporation tax for the first time since 2020, ending a period of tax credits due to the conclusion of a government tax break. The company paid £18.7m in ‘current tax’ on sales totaling £27bn last year. This move follows criticism over Amazon’s tax contributions compared to its UK operations’ scale, with high street retailers claiming unfair competition due to differing tax burdens. Morrisons reported a 2.1% increase in Q3 sales excluding fuel, reaching £3.9bn. Like-for-like sales, excluding fuel and VAT, rose 2.9%, driven by increased volume and strategic product expansions. The supermarket chain also boosted staff pay to £12 per hour starting October 2024, marking an annual investment of £151m. Tesco expanded its partnership with The Trade Desk, granting advertisers access to its Clubcard data for targeted campaigns across multiple channels. This move aims to enhance advertising precision by leveraging customer shopping behaviours without relying solely on third-party cookies. Castore announced plans to open a new store at Braehead Shopping Centre, expanding its retail footprint. Founded in 2015, Castore has seen significant growth, doubling its revenue to £115m last year. The new store aims to broaden its audience reach and enhance customer engagement with its premium sportswear range. Bravissimo has been acquired by Wacoal Europe. Despite the acquisition, Bravissimo will continue operating independently, retaining its UK stores and leadership under CEO Leanne Cahill.

Factuality Level: 8
Factuality Justification: The article provides accurate information about various companies’ financial performance, tax contributions, and business decisions without any sensationalism or misleading content. It also includes relevant details about the companies mentioned.
Noise Level: 3
Noise Justification: The article provides relevant information about various companies’ financial performance and business decisions, including Amazon resuming tax payments, Morrisons’ sales increase, Tesco’s advertising partnership, Castore’s store expansion, and Bravissimo’s acquisition. It also mentions a positive development for employees with increased pay at Morrisons. The article stays on topic and supports its claims with data where applicable.
Financial Relevance: Yes
Financial Markets Impacted: Amazon’s tax payments impact UK financial markets and retail sector, Tesco’s partnership impacts advertising market
Financial Rating Justification: The article discusses Amazon resuming corporation tax payments in the UK, which affects its financial contribution to the country. Additionally, Tesco’s partnership with The Trade Desk has implications for the advertising market. Both of these events impact their respective industries and markets.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There are no extreme events mentioned in the article.

Reported publicly: www.retailsector.co.uk