Sainsbury’s profits slide as Argos covers the cracks

Pic:Sainsbury's boss Mike Coupe 
Business reporter(wp/es):

Sainsbury’s £1.4 billion takeover of Argos helped soften the blow of a sales fall at its core supermarkets business today.

Sainsbury’s, which bought Argos for £1.4 billion last year, said underlying pre-tax profit fell 1% to £581 million in the year to March 11.

Argos’s £77 million contribution and savings of £130 million offset rising costs, such as the increase in the national living wage, and efforts to keep prices low amid a fierce industry war.

Boss Mike Coupe said he was “very pleased” with the Argos deal and insisted the rest of the firm had been “resilient”, despite sales at Sainsbury’s stores open for more than a year dipping 0.6% while Argos sales rose 4.1%. Shares fell 4% to 268p.

“The market place this year has been one of the most interesting, challenging and volatile that I’ve ever experienced in my working lifetime. In the last five years we’ve done incredibly well, broadly speaking, to maintain market share.”

Sainsbury’s expects costs to rise between 2% and 3% in the next year amid pressure from sterling’s weakness. Analysts are forecasting another profit fall in 2018.

Data from research firm Kantar Worldpanel showed all supermarket sales rose 3.7%, their fastest since September 2013, in the past 12 weeks.

Thousands of 'ultra-secure' new £1 coins 'produced with major flaws'

Business reporter(wp/es):

Thousands of the new £1 coins – described as the most secure in the world – have reportedly been produced with major flaws.

Some of the coins have been found to appear cracked and misshapen, while others even have the middle missing, The Sun reported.

The coins, which have a gold coloured ring and are silver in the middle, went into circulation in the UK in March.

However, officials are said to have admitted that faults have crept into the minting process.

John Taylor, a coin collector from Crystal Palace in south London, has a £1 coin with no middle.

He told The WP: “It is a definite Royal Mint error. The sellers claimed they had come from a sealed bag from the bank, which in turn came from the Royal Mint.”

Some of the mangled coins are already said to be selling as collectors’ items on eBay for thousands of pounds.

It is not clear how many of the coins are faulty.

A spokesman for the Royal Mint, which is based in south Wales, told the WP: “The Royal Mint produces around five billion coins each year, and will be striking 1.5bn new £1 coins in total.

"As you would expect, we have tight quality controls in place, however variances will always occur in a small number of coins, particularly in the striking process, due to the high volumes and speed of production."

Man, 23, stabbed to death in London's seventh knife killing in 10 days

Crime reporter(wp/es):

A young man has died after he was attacked and stabbed in a north London street in the capital's seventh knife killing in just 10 days.

The 23-year-old man made his own way to hospital after he was knifed in Southgate on Tuesday evening, police said.

Scotland Yard said he travelled more than four miles to Barnet Hospital after he was stabbed in The Fairway near to the junction with Masefield Crescent. 

He arrived at the hospital at about 7.30pm with several stab wounds.

Doctors fought to save him but he was pronounced dead almost an hour later.

Last week, six men were killed in knife attacks in London and several others seriously injured in stabbings.

Police said detectives have launched a murder probe and the man’s next of kin have been informed.

Formal identification is yet to take place and a post-mortem examination is being arranged.

There have been no arrests.

Theresa May accuses Euro bosses of trying to sabotage election with Brexit 'threats'

Pic:Theresa May makes a statement in Downing Street after her meeting with the Queen
Political reporter(wp/es):

Theresa May sensationally accused European bosses of trying to sway the result of the British election in a bombshell statement outside the steps of Downing Street. 

She claimed some bureaucrats want Britain’s Brexit negotiations to fail and have timed smears to deliberately affect British voters before they head to the polls on June 8.

Mrs May deliberately pointed the finger at President of the European Commission Jean-Claude Juncker, claiming he had “hardened” his negotiating stance. 

She said: “In the last few days, we have seen just how tough these talks are likely to be. Britain’s negotiating position in Europe has been misrepresented in the continental press.

“The European Commission’s negotiating stance has hardened. Threats against Britain have been issued by European politicians and officials.

“All of these acts have been deliberately timed to affect the result of the general election that will take place on 8 June.”

The speech came shortly after the Prime Minister visited Buckingham Palace to officially dissolve Parliament. 

On Monday reports appeared in the German press detailing the dinner held between President of the European Commission Jean-Claude Juncker and Theresa May a week ago.

The pair were there for talks on the upcoming negotiations of Britain leaving the EU. 

Juncker is said to have described Mrs May as delusional following the meeting and on “living in another galaxy” over the speed at which she wanted to resolve EU citizens rights.

He is alleged to have said he left London feeling “10 times more sceptical” about the success of Brexit.

Mrs May said: “The events of the last few days have shown that - whatever our wishes, and however reasonable the positions of Europe’s other leaders - there are some in Brussels who do not want these talks to succeed.”

She insisted earlier this week talks with Mr Juncker had so far had been constructive.

Turning her focus to the upcoming election she said that only she could deliver the “strong and stable” leadership Britain needs to provide economic growth, and said a vote for Jeremy Corbyn would herald a “coalition of chaos”.

She said: “With me you will get strong and stable leadership, and an approach to Brexit that locks in economic growth, jobs for our children and strong finances for the NHS and the country’s schools.”