
Allegra Stratton: Strawberries and Cream for Labour
You'll remember our tracker on how this government is doing, first published in March. Put to one side the dismal diet of rebellions, climbdowns and tears we've watched open-mouthed this week: our team tells us that having combed through as much data as they can get their hands on, things are actually looking slightly up for this government.
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37 minutes ago
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Is India committing a blunder by siding with Russia?
-- In a note this week, analysts at Bernstein questioned whether India is 'committing a blunder by siding with Russia,' warning that shifting geopolitical alignments could have 'a significant impact on the India story.' The firm stated that while the recently imposed 50% U.S. tariff on Indian goods 'is in our view the least of the country's worries,' the 'sudden shift in tone and engagement' between Washington and New Delhi is seen as more concerning. The firm stated that U.S. President Donald Trump has 'singled out India for Russian oil purchases,' prompting India to respond firmly, calling U.S. actions 'unjust and unreasonable' and openly defending its trade with Russia. Bernstein highlighted that trade talks now appear 'suspended' and that India seems 'unfazed,' even as reports circulate about Prime Minister Narendra Modi's planned visit to China and a potential visit by Russian President Vladimir Putin. Recalling recent optimism, Bernstein said that as recently as February, talk of doubling U.S.-India trade to $500 billion and reaching a deal by fall 2025 had cheered investors. But instead of reduced tariffs, India now faces '25% (then 50%) tariffs.' The analysts stressed that 'India's merchandise exports to U.S. are 18x that of Russia,' while Russian exports to India are 'fragmented' and largely energy-related. Oil discounts from Russia, they noted, are modest given the extra refining required, asking: 'Are these extra $2-3 really worth the diplomatic shift?' Bernstein concluded with a pointed question: 'Is it worth the risk to protect some industries while closing doors for all others to sell? Or it makes more sense to open up to a developed country, where export opportunities will always trump the incoming imports?' Related articles Is India committing a blunder by siding with Russia? Victoria's Secret Exposed: The Warning Sign Behind the Stock's 52% Collapse These Under-the-Radar Stocks Offer Better Risk-Reward Ratio Than Nvidia 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
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43 minutes ago
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BrewDog beers axed by almost 2,000 pubs
BrewDog's beers have been axed by almost 2,000 pubs across Britain in a major blow to the embattled brewer. The company's range of draught beers have disappeared entirely from approximately 1,860 pubs in the last two years – cutting its UK distribution by more than a third, according to confidential pub industry data. These figures also show that BrewDog's best-known beer, Punk IPA, has suffered the worst loss after being removed from 1,980 pubs over the same period – a 52.3pc decline in distribution. An industry source said BrewDog was 'losing taps in the [pub and bar trade] like you wouldn't believe' as pubs opt for rival beers such as Camden Town and Beavertown instead. Most of the pubs scrapping BrewDog beers are part of chains and owned by large pub companies, removing a key source of revenue for the brewer at the same time as it struggles to revive its fortunes. The collapse in BrewDog's UK distribution comes following a turbulent period that saw the one-time darling of the craft beer scene post massive losses and face allegations of a 'toxic' workplace culture. Last month, the company was forced to close 10 of its own branded bars across the UK including its flagship site in Aberdeen after deciding they were not 'commercially viable'. It highlights the pressure on James Taylor, BrewDog's chief executive, to reverse the company's declining fortunes. BrewDog has recorded losses of £59m in 2023 and £30.5m in 2022. Mr Taylor admitted in a recent interview with The Telegraph that the company would again be in the red this year. According to the industry insider, the pub retrenchment is likely to make BrewDog ever more reliant on JD Wetherspoon, whose 794 pubs now make up a significant chunk of its remaining distribution, 'If they ever lost the JD Wetherspoon deal, then that's Punk IPA done as a [pub trade] product,' they said. Lauren Caroll, BrewDog's chief operating officer, said: 'Independent brewers across the board have felt the squeeze from the economic pressures hitting the pub trade. With costs rising and consumers watching their spend, pub groups have been narrowing their ranges, and brewery-owned pubs are putting more emphasis on their own brands. 'It's not just us – every independent brewer has been affected. We saw the trend coming, which is why we've shifted focus to high-impact channels like festivals, stadiums, and independent [pubs].' Founded in 2007 by James Watt and Martin Dickie, BrewDog rose to prominence in the 2010s amid a boom in demand for independent beers and hoppy IPAs. Led by Mr Watt as chief executive, the company became known for marketing stunts such as driving a tank through London and brewing what it claimed was the world's strongest beer to be served from a taxidermy squirrel. However, in recent years it has been dogged by controversies including high-profile allegations of a 'culture of fear' that emerged in an open letter from former employees and people working there at the time. Mr Watt was also accused of acting inappropriately with female staff following a BBC investigation, which he stringently denied. He stepped down as chief executive in 2024, handing over control to James Arrow, then its chief operating officer. Mr Arrow left BrewDog after less than a year in post and was replaced by Mr Taylor, a former fashion industry executive, who has overseen a major rebrand of the company's beers and hopes to restore faith in the company. Further criticism has been heaped on the decision to sell a stake to the American private equity firm TSG Consumer Partners in 2017, which minted Mr Watt and Mr Dickie as millionaires. The unorthodox deal forced BrewDog to deliver an 18pc compounding return to TSG, which rapidly increases the interest on TSG's shares on an annual basis This is believed to threaten the shareholdings of thousands of 'Equity Punk' retail investors who plied their savings into the brewer as it grew. Asked about this last month, Mr Taylor said: 'I will try and create shareholder value for everybody and what happens in the future in terms of the value of that? Well, quite frankly, it's an academic conversation for the moment.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
43 minutes ago
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Losses balloon at Ovo tycoon's luxury private members club
A luxury private members' club owned by the millionaire founder of Ovo Energy has been hit by ballooning losses since reopening. Stephen Fitzpatrick's Kensington Roof Gardens plunged £26m into the red in the 12 months to December, according to new filings, up from losses of just £6.6m the year prior. The scale of the losses reflects the challenge facing Mr Fitzpatrick in making a success of the exclusive club, which he reopened in July last year. Owned by Sir Richard Branson until 2018, Kensington Roof Gardens has an illustrious history as a west London party venue and was once home to a flock of pink flamingos. To safeguard the company's balance sheet, Mr Fitzpatrick, a Belfast-born City trader, recently secured a £15m loan from a Tel Aviv-based investment fund that is subject to a punishing 17.5pc interest rate. This is expected to see the company through to May 2026. It has already sparked more than £3m in debt interest costs. Total revenues hit £4.3m in 2024, bolstered by charging customers an annual membership fee of £2,500 a year. This falls to £700 for under-32s. As well as securing a £15m loan, Mr Fitzpatrick also extended £29m to Kensington Roof Gardens through his own investment vehicle, Imagination Industries. Similar loans had previously sparked scrutiny because they were made when Imagination Industries was also the owner of Ovo, Britain's fourth biggest energy supplier. This led to Mr Fitzpatrick being hauled before MPs in 2022, as they urged him to 'open the books' after grilling him over £40m worth of intercompany loans. Ovo, which is currently said to be in merger talks with Scottish Power, has since cut ties with its former parent group. However, Mr Fitzpatrick is the ultimate owner of each of these businesses, which form part of his sprawling business empire. He was also formerly the largest shareholder in Bristol-based flying taxi business Vertical Aerospace but lost control late last year as part of an emergency refinancing deal. He also owned the Formula 1 Manor Racing Team before it collapsed in 2017. The roof gardens were built in 1938 and were bought by Sir Richard in 1981. During his tenure, the private club was a celebrity hotspot frequented by the likes of Freddie Mercury, Kate Moss and Madonna. Kensington Roof Gardens was contacted for comment. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data