Cybertruck Recall

 

Thousands of Tesla Cybertrucks have been recalled in the US due to concerns about part of the electric car's trim falling off in the model's eighth and largest ever recall. The issue affects more than 46,000 trucks made starting in November 2023, which analysts say amounts to nearly all Cybertrucks. It comes as Tesla, which did not respond to a request for comment, grapples with falling sales amid a backlash against the firm and its boss Elon Musk Prior Cybertruck recalls involved failing windshield wipers, trapped accelerator pedals, possible loss of drive power to the wheels, and other issues.Tesla told NHTSA it had received about 150 claims from drivers about the issue but was not aware of any accidents caused by the problem. It estimated that the issue affected about 1% of vehicles involved in the recall. The issue is covered under a warranty for new owners, and the company will replace the piece free-of-charge. Tesla's shares have dropped nearly 40% since January, erasing the jump in value that it enjoyed after the 2024 US election. The fall has been significantly more than the overall drop in the US stock market over that period. The political backlash adds to the challenges the company had already been facing from increased competition and an ageing line-up of offerings. The Cybertruck was supposed to help reignite buzz around the brand and help it break into the lucrative market for pickup trucks in the US. It hit the roads in late 2023 and carries a starting cost of more than $72,000 (£55,500).

Tesla Cybertruck

Santander To Close 95 Stores

Santander has announced it is set to close 95 branches across the UK, putting 750 jobs at risk. The High Street bank said its customers were increasingly shifting to banking online and it aimed to start closing almost a quarter of its branches from June. As part of the changes, Santander will also reduce hours at 36 branches and remove the front counters from 18 others. It is the latest bank to announce branch closures, with Lloyds announcing 136 closures in January. The closures will leave Santander with 349 branches, down from 444. It said the areas to lose branches would be covered by 95 "community bankers" who will visit local communities on a weekly basis in facilities such as libraries. Santander said the changes were due to a "a rapid movement of customers choosing to do their banking digitally". It added digital transactions had increased by just under two thirds since 2019, with a similar drop for transactions in branches. About 750 staff will be at risk of redundancy if the proposals go ahead after consultation with the unions, the Spanish-owned bank said.

Santander Closures

Tesco Wage Rise

Tesco will lift pay for its store staff by 5.2% but will scrap the extra pay for working on Sunday. The UK's biggest supermarket chain said the hourly rate will go up by 43p to £12.45 from 30 March after reaching a deal with unions. It will raise pay again to £12.64 from the end of August - a little above the UK national minimum wage which is set to rise to £12.21 per hour from April. However, Tesco will also drop the current 10% pay bonus for Sunday shifts for all staff, which it had already stopped providing for new starters. Tesco's UK chief executive says the £180m spent on funding the pay increases is a "significant investment". The move comes as many big supermarkets raise pay to attract more staff in a tight labour market. In January, Sainsbury's said it will raise hourly pay by 5%, also in two phases, but said it was cautious about recruiting new staff in 2025 due to rising costs "to help manage a particularly tough cost inflation environment". The German-owned discount chain Lidl will also raise pay, it announced in February, from £12.40 per hour to £12.75. Chancellor Rachel Reeves announced in the October Budget that in April, along with the national minimum wage, employer National Insurance contributions will also rise. Businesses have said the extra costs from these changes will mean higher prices, job cuts, and shop closures, though unions have criticised firms for saying this.

Tesco Wage Rise

Cadburys x Biscoff

Cadbury has teamed up with Lotus Biscoff to launch a co-branded Dairy Milk bar. The milk chocolate tablet, available in 95g (rsp: £1.75), 95g PMPs (£1.69) and 105g (rsp: £2) formats, is studded with pieces of Lotus Biscoff’s famous speculoos biscuits. It would “tap into consumer interest in new flavours and textures, and drive cross-brand excitement”, said Cadbury. “Combining two delicious favourites is a great way to give consumers the best of both,” said Cadbury Dairy Milk brand manager Connor Gould. “As a result, the new Cadbury Dairy Milk Biscoff is sure to utilise consumer demand for unique flavours to help drive category growth,” Gould added. The launch is being supported by “eye-catching” co-branded PoS materials, along with social, influencer and seasonal content. The manufacturer said it would launch a co-branded Cadbury and Biscoff product in the UK, and a co-branded Milka and Biscoff product in Europe. The partnership also aimed to grow the Lotus Biscoff brand in India, by leveraging Mondelez’s extensive distribution network and local market presence in the country. It comes as a swathe of other fmcg brands have been innovating to cash in on the growing popularity of Biscoff.

BBQ - What other brand collaborations would you like to see?

Cadburys Biscoff

No Bonus For John Lewis Staff

Retailer John Lewis has said its staff will not receive a bonus for the third year in a row, despite reporting a jump in annual profits. The employee-owned retail partnership, which also includes the Waitrose supermarket chain, said profits rose by 73% to £97m last year. However, it has not restored the staff bonus, saying it would invest in its business and workers' pay instead. Chairman Jason Tarry said he was "determined to pay a bonus as soon as we possibly can" but that "will depend on where we are at the time". A company source added that John Lewis had no specific thresholds or criteria for reinstating the bonus. The John Lewis Partnership employs about 69,000 people, and earlier this month it said shop workers would receive a 7.4% pay rise this year. But this is the fourth time in five years that John Lewis has not paid a bonus. The string of freezes started in 2020 - the first time it had scrapped them since 1953 - after it was hit by Covid lockdown store closures. John Lewis said that while it expected the economic environment to be "challenging for our customers and our business" in the year ahead, it was still confident it could push up profits. John Lewis has been trying to win back customers with a recovery plan after a tough few years that saw it cut jobs and close several stores.

BBQ - Would workers prefer a bonus or a pay rise? What is the best form of motivation?

John Lewis

Tesco Trial Free Food Giveaway

 

Tesco is to begin a trial giving expiring food to customers for free at the end of the day as it tries to cut food waste. The supermarket will give away some already discounted "yellow sticker" items after 21:30 in some of its smaller Express stores in coming months. Tesco already donates expiring food to charities and foodbanks. It says it is taking this step to try to meet its goal to halve food waste. The company said the expiring food would be offered to charities and shop workers first, before customers could take it. Tesco is Britain's largest supermarket chain, with a 27.8% market share. It has 3,700 UK stores and about 750 more abroad. All major UK supermarket chains have partnerships to send surplus food to charities. The next big four after Tesco - Sainsbury's, Asda, Aldi and Morrisons - have also pledged to halve food waste by 2030. Aldi says it has achieved this already. Many supermarkets also offer steep discounts on expiring food. Tesco's trial, however, appears to be the first direct-to-customer policy in the UK. The firm has a target to cut its food waste by 50% this year, as part of its net-zero emissions push.

BBQ - Could there be any issues with Tesco giving away expiring food?

Tesco Free Food

Pizza Boosts Greggs Sales

Greggs, the UK's bakery powerhouse, is experiencing a notable sales boost, and while the legendary sausage roll still holds its crown, pizza is proving to be a significant driver of growth. The company's strategic expansion into hot food offerings, particularly pizza slices and boxes, has successfully captured a new segment of the market, especially during evening hours. This diversification strategy reflects Greggs' agility in responding to evolving consumer preferences. Notably, Greggs has surpassed £2 billion in annual sales, with a significant contribution from its expanded hot food offerings. Further more Greggs has seen a 13.8% increase in sales for the first half of 2024. Evening trade remained the brand's fastest growing daypart, accounting for 9% of company-managed shop sales in 2024. Beyond the enduring popularity of its classic pastries, the pizza range has demonstrated the company's ability to innovate and expand its appeal. The positive impact on sales underscores Greggs' effective approach to broadening its menu, solidifying its position as a go-to destination for affordable and convenient food, though the sausage roll's iconic status remains unchallenged

Greggs Sales