Britains Ocado says priority is to turn cash flow positive in 2025/26
The group runs an online supermarket through a joint venture with Marks & Spencer, though its market value is mainly driven by the sale of its cutting-edge robotic warehouse technology to retailers around the world.
It said its core priority was to turn cash-flow positive during its 2025/26 year - which starts in December - by reducing costs, and to be full-year cash positive in the following year.
Finance chief Stephen Daintith told Reuters Ocado was "well on target" to achieve this, highlighting 93 million pound lower cash outflows in its first half to June 1 versus the previous corresponding period, a falling cost base, and a 15% increase in revenue in the key technology division.
Shares in Ocado were up 13%, paring 2025 losses to 12% that reflect market anxiety at the pace of new site openings for its grocery retail partners and a lack of new technology deals.
Ocado's most important partner, Kroger in the United States, has slowed its roll-out of automated warehouses, or customer fulfilment centres (CFCs) as Ocado calls them, while last year its Canadian partner Sobeys paused the opening of a fourth warehouse.
Last month, Ocado did, however, expand its partnership with Spanish supermarket group Bon Preu.
Ocado has a further eight CFCs due to go live over the next three years.
CEO Tim Steiner said he expected to sign up new grocery clients as exclusivity terms with existing partners end in multiple markets towards the end of this year.
Bernstein analyst William Woods said this "may not be helpful to some of the long-term relationships or could be seen as a sign that the partnerships have deteriorated to a point where there is little chance of improvement".
Ocado made first half adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of 91.8 million pounds, up from 52.0 million. Revenue rose 13.2% to 674 million pounds.
It swung to a statutory first half-profit of 611.8 million pounds versus a loss of 153.3 million pounds a year earlier, reflecting changes to the way it accounts for its stake in the Ocado Retail joint venture with M&S.
The group said its expectations for the full year were unchanged.
(Reporting by James Davey. Editing by Paul Sandle, Mark Potter, Philippa Fletcher)
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Business Standard
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India likely to forego ₹4,060 crore in first year of UK trade pact: GTRI
India is expected to forego customs revenue of ₹4,060 crore in the first year of the free trade agreement with the UK, as tariffs are reduced or eliminated on a wide range of goods, think tank Global Trade Research Initiative (GTRI) said on Monday. The calculation is based on the current import figures from the UK. By the tenth year, it said, as tariff elimination phases-in more broadly, the annual loss is projected to rise to Rs 6,345 crore or around British Pound 574 million, based on FY2025 trade volumes. The India-UK free trade agreement, which was signed on July 24, will lead to a loss of customs revenue for both the countries, as tariffs are reduced or eliminated on a wide range of goods, GTRI added. India imported USD 8.6 billion worth of goods from the UK in 2024-25. Industrial products make up the bulk of these imports and face a weighted average tariff of 9.2 per cent. Most agricultural products, subject to much higher average tariffs of 64.3 per cent, were excluded from tariff cuts, except for items like whisky and gin. It said that India has committed to eliminating tariffs on 64 per cent of the value of imports from the UK immediately as the implantation starts. Overall, India will eliminate tariffs on 85 per cent of tariff lines and reduce tariff on 5 per cent of tariff lines or product categories. "Based on these factors, India's revenue foregone in the first year of the agreement is estimated at Rs 4,060 crore," GTRI Founder Ajay Srivastava said. He added that the UK imported USD 14.5 billion worth of goods from India in the last fiscal year, with a weighted average import tariff of 3.3 per cent. Under the comprehensive economic and trade agreement (CETA), the UK has agreed to eliminate tariffs on 99 per cent of Indian imports. "This translates to an estimated annual revenue loss of British Pound 375 million (or USD 474 million or Rs 3,884 crore) for the UK, again based on FY2025 trade data. As Indian exports to the UK expand, the fiscal impact is likely to grow over time," it said. The implementation of the pact may take about a year as it requires approval from the UK parliament.
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First Post
24 minutes ago
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Sex scandal, illegitimate children and more: Why head monk of China's famous Shaolin Temple is under investigation
Shaolin Temple's abbot, Shi Yongxin, known as the 'CEO monk', is under investigation for alleged embezzlement, misuse of temple funds and violating Buddhist vows by having 'improper relationships' and 'fathering illegitimate children'. Authorities have revoked the ordination certificate of the monk who turned the 1,500-year-old temple into a global cultural and commercial brand read more Buddhist abbot Shi Yongxin talks to reporters at the Shaolin Temple in Dengfeng City in China's central eastern province of Henan, May 11, 2006. File Image/Reuters The Shaolin Temple is one of the most iconic religious and cultural landmarks in China. Now, its abbot, Shi Yongxin, has been placed under formal investigation over allegations of embezzlement, financial impropriety and breaches of Buddhist discipline. The case has put a spotlight on years of controversy surrounding Shi, often referred to as the 'CEO monk,' for his role in transforming the 1,500-year-old monastery into a global commercial brand. What are the allegations against Shi Yongxin? A statement released on the temple's official WeChat account confirmed that Shi is suspected of diverting and misusing project funds, as well as temple-owned assets. Beyond financial wrongdoing, he has been accused of long-term 'improper relationships' with multiple women and fathering at least one child — accusations that go against the Buddhist vow of celibacy. STORY CONTINUES BELOW THIS AD The statement noted that the 59-year-old abbot is currently under a 'joint investigation by multiple departments,' adding that more details will be made public as the inquiry progresses. In a move highlighting the seriousness of the accusations, the Buddhist Association of China announced on Monday that it had revoked Shi's ordination certificate — a document that grants official recognition of monastic status. The association condemned his alleged actions, stating: 'Shi Yongxin's actions are of an extremely egregious nature, severely tarnishing the reputation of the Buddhist community and damaging the image of monastics.' Shi has not made any public statement responding to the charges, and attempts by international media to contact him have so far received no reply. Who is Shi Yongxin? Born in 1965 in Yingshang, Anhui province, Shi Yongxin — originally named Liu Yingcheng — first arrived at the Shaolin Temple in 1981. He became a disciple of the 29th-generation abbot, Shi Xingzheng, and later assumed responsibility for temple management after his teacher's death in 1987. By 1999, he was formally appointed abbot, a position that placed him at the helm of one of China's most renowned religious sites. Shaolin Temple, located in Henan province's Songshan Mountains, is not only a place of worship but also the birthplace of Chan (Zen) Buddhism and Shaolin kung fu. President of the International Olympic Committee (IOC) Jacques Rogge (L) and Buddhist abbot Shi Yongxin watch martial arts performance at Shaolin Temple in Songshan, central China's Henan province, August 9, 2007. File Image/Reuters The temple is a UNESCO World Heritage Site, revered both for its spiritual legacy and its martial arts traditions that have been celebrated in films, literature and pop culture — including the landmark 1982 movie The Shaolin Temple starring Jet Li. STORY CONTINUES BELOW THIS AD A remake was made in 2011 starring Jackie Chan. Hong Kong actor Jackie Chan (L) holds a giant incense stick with Buddhist abbot Shi Yongxin, while actor Andy Lau (C) looks on, at the Shaolin Temple in Dengfeng, Henan province, October 22, 2009. File Image/Reuters Shi became known as the first Chinese abbot to earn a Master of Business Administration degree, a qualification that would later shape his approach to temple management. Under his leadership, Shaolin transitioned from a historic monastery into a sprawling brand. He licensed the Shaolin name for use in films, cartoons and video games, and built a network of businesses that spanned real estate, publishing, traditional medicine and global tourism. This drive to modernise made him a high-profile figure — but also drew criticism from those who accused him of commercialising the temple's sacred heritage. His frequent appearances abroad, often with an iPhone in hand and photographed alongside figures such as Queen Elizabeth II, Nelson Mandela, Henry Kissinger and Apple CEO Tim Cook, only heightened his reputation as the 'CEO monk.' Russian President Vladimir Putin (2nd R) accompanied by Yongxin (R), head monk of Shaolin Temple, which is famous for martial arts or Kungfu, visits Shaolin Temple in central China's Henan province, March 22, 2006. File Image/China Daily via Reuters In defending his approach, Shi argued that promoting Shaolin culture globally was essential for its preservation. When questioned about his initiatives, he once remarked: 'Cultural promotion is a very dignified undertaking.' STORY CONTINUES BELOW THIS AD After signing a $3 million deal to create a Shaolin branch in Australia, he famously asked: 'If China can import Disney resorts, why can't other countries import the Shaolin Monastery?' What does Shi's tenure at Shaolin tell us? As far back as 2006, Shi faced public anger for accepting a 1 million yuan ($140,000) luxury car from local authorities as a reward for boosting tourism. Responding to the uproar, Shi defended himself, saying: 'Monks are also citizens. We have fulfilled our duties and made contributions to society, so it is only right that we receive rewards.' In 2015, accusations against Shi escalated dramatically when an individual claiming to have insider knowledge posted allegations on Chinese social media. The claims painted him as an embezzler and a womaniser with multiple illegitimate children. The posts included documents dating to the late 1980s, including a supposed birth certificate for one of the abbot's alleged children and photographs of the mother and child. Shi strongly denied the allegations at the time. In an interview with BBC Chinese, he responded: 'If there were a problem, it would have surfaced long ago.' Authorities launched an investigation into the claims but, by 2017, concluded there was insufficient evidence to pursue charges. STORY CONTINUES BELOW THIS AD Despite this, Shi continued to hold prominent positions within China's religious hierarchy. He was re-elected as deputy head of the Buddhist Association of China in 2020, a role he had held since 2002. He also served as president of the Henan Provincial Buddhist Association since 1998 and represented his region in China's National People's Congress from 1998 to 2018. Where is Shi Yongxin now? The present investigation appears to have begun late last week, with the Chinese newspaper Economic Observer reporting that Shi was taken into custody by police in Xinxiang, a city in northern Henan. Social media rumours about his whereabouts increased over the weekend, some even falsely claiming he had attempted to flee to the United States with multiple mistresses and children — a story that authorities quickly dismissed as fabricated. Despite being one of China's most recognisable monks, Shi's public communications have ceased since the news broke. His Weibo account, where he has amassed more than 870,000 followers and typically posts daily, has been inactive since last Thursday. On Monday, his removal as an ordained monk by the Buddhist Association of China added further weight to the unfolding events. The association stated that it 'firmly supports and endorses the decision to handle Shi Yongxin's case in accordance with the law.' STORY CONTINUES BELOW THIS AD What about the Shaolin Temple? Founded more than 1,500 years ago, Shaolin Temple is more than just a religious site; it is an enduring symbol of Chinese culture and martial arts. Under Shi, the temple expanded worldwide, creating over 50 Shaolin cultural centres abroad and staging kung fu performances that reached audiences across continents. Shaolin martial arts students perform at Shaolin Temple in Dengfeng, Henan province, October 13, 2013. File Image/Reuters Critics claim that Shaolin's spiritual values were diluted by aggressive branding and business ventures, while supporters argue Shi helped ensure the temple's relevance in the modern world. With inputs from agencies
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39 minutes ago
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India's revenue foregone in first year of trade pact with UK estimated at Rs 4,060 cr: GTRI
India is expected to forego customs revenue of Rs 4,060 crore in the first year of the free trade agreement with the UK, as tariffs are reduced or eliminated on a wide range of goods, think tank Global Trade Research Initiative ( GTRI ) said on Monday. The calculation is based on the current import figures from the UK. Explore courses from Top Institutes in Please select course: Select a Course Category MBA Public Policy Operations Management Digital Marketing Product Management Artificial Intelligence Management Data Science CXO Finance healthcare Data Science Design Thinking Project Management Cybersecurity MCA Degree Data Analytics Others Healthcare Leadership PGDM Skills you'll gain: Analytical Skills Financial Literacy Leadership and Management Skills Strategic Thinking Analytical Skills Financial Literacy Leadership and Management Skills Strategic Thinking Duration: 24 Months Vellore Institute of Technology VIT Online MBA Starts on Aug 14, 2024 Get Details Skills you'll gain: Analytical Skills Financial Literacy Leadership and Management Skills Strategic Thinking Duration: 24 Months Vellore Institute of Technology VIT Online MBA Starts on Aug 14, 2024 Get Details Skills you'll gain: Financial Management Team Leadership & Collaboration Financial Reporting & Analysis Advocacy Strategies for Leadership Duration: 18 Months UMass Global Master of Business Administration (MBA) Starts on May 13, 2024 Get Details By the tenth year, it said, as tariff elimination phases-in more broadly, the annual loss is projected to rise to Rs 6,345 crore or around British Pound 574 million, based on FY2025 trade volumes. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If you have a mouse, play this game for 1 minute Navy Quest Undo The India-UK free trade agreement , which was signed on July 24, will lead to a loss of customs revenue for both the countries, as tariffs are reduced or eliminated on a wide range of goods, GTRI added. India imported USD 8.6 billion worth of goods from the UK in 2024-25. Live Events Industrial products make up the bulk of these imports and face a weighted average tariff of 9.2 per cent. Most agricultural products, subject to much higher average tariffs of 64.3 per cent, were excluded from tariff cuts, except for items like whisky and gin. It said that India has committed to eliminating tariffs on 64 per cent of the value of imports from the UK immediately as the implantation starts. Overall, India will eliminate tariffs on 85 per cent of tariff lines and reduce tariff on 5 per cent of tariff lines or product categories. "Based on these factors, India's revenue foregone in the first year of the agreement is estimated at Rs 4,060 crore," GTRI Founder Ajay Srivastava said. He added that the UK imported USD 14.5 billion worth of goods from India in the last fiscal year, with a weighted average import tariff of 3.3 per cent. Under the comprehensive economic and trade agreement (CETA), the UK has agreed to eliminate tariffs on 99 per cent of Indian imports. "This translates to an estimated annual revenue loss of British Pound 375 million (or USD 474 million or Rs 3,884 crore) for the UK, again based on FY2025 trade data. As Indian exports to the UK expand, the fiscal impact is likely to grow over time," it said. The implementation of the pact may take about a year as it requires approval from the UK parliament.
