IWD18, energy bills, alco-Coke, New Look, John Lewis, Next: your commercial news round-up
updated on 08 March 2018
Today is International Women’s Day, undoubtedly a time to celebrate the achievements and fortitude of women everywhere. However, it is also a time to reflect on women’s place in the world of business and law – for example, the number of female CEOs is still woefully low (just six in the FTSE 100 in 2017). Female partners in law firms remain underrepresented (around 30% of all partners). And dare we mention gender pay parity – not yet a reality, despite legislation requiring it. #PressforProgress? We should say so. Gender politics aside, read on for this collection of interesting business news from the past week:
- As of May, there is to be a ban on exorbitant retrospective energy bills, where energy companies have charged for under-read estimated meter readings or internal errors. They will no longer be able to present residential customers with huge and unexpected “catch-up” bills.
- Coca-Cola intends to take its first step into the alcoholic drinks market, with a canned alcopop style drink in Japan. The drink will include local spirit shochu, and is unlikely to be sold outside Japan.
- New Look has plans to close 60 stores around the country, putting nearly 1,000 jobs at risk. The retailer’s executive chairman said: “Given our challenged trading performance and over-rented UK store estate, we are having to take tough but necessary actions.”
- More gloomy retail news, with revelation that John Lewis staff will - for the fifth year in a row – face a reduced annual bonus, this year down from 6% to 5% (and hovering very close to its lowest ever rate of 4% in 1954).
- Rounding things off with a timely story, Next is facing a £30 million equal-pay claim from its shop floor staff – mainly women – on the basis that they are being paid less than their warehouse-based colleagues – mostly men – who earn £2 more per hour.
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