Monday newspaper round-up: John Lewis, heat pumps, THG
By Michele Maatouk
Date: Monday 24 Jun 2024
(Sharecast News) - The outgoing chair of John Lewis has insisted that the retail group is "back on track" and "more fit for the future" with an improving financial position enabling it to spend money refurbishing Waitrose supermarkets and opening convenience stores. Sharon White, who will retire as chair of the John Lewis Partnership in September, said the upmarket Waitrose brand was "underrepresented in convenience" as it sought new avenues of growth. - Guardian
The UK's drive to replace gas boilers with heat pumps is being stymied by a lack of consumer demand and a shortage of skilled installers to fit heat pumps where they are wanted, according to an industry survey. The most comprehensive poll of heat pump installers to date found that the biggest barrier was the low number of households choosing to get one fitted. - Guardian
Rishi Sunak's Covid start-up fund has pushed dozens of companies into liquidation in an attempt to recover taxpayer loans. The Future Fund has issued winding up petitions to 32 companies that it backed during the pandemic, according to court records. In many cases it has resulted in the business being ordered to cease trading by courts and the company wound up without the fund recouping its investment. - Telegraph
The EU has clinched last-ditch talks with Beijing over plans to impose higher tariffs on Chinese imports of electric cars amid fears of a looming tit-for-tat trade war. Trade ministers from China and the European Commission agreed to start negotiations to settle a dispute over EU plans to raise tariffs on electric vehicle imports from China to up to 48pc. - Telegraph
Burnout, toxic management and a lack of meaningful work are three of the main reasons that workers "quietly quit", according to an expert who has studied the phenomenon. Employees dubbed "quiet quitters" are so-called because they do the minimum work required in their job and do not go above and beyond in their efforts. Research from Gallup found this month that the UK's employees were among the least motivated by their work in Europe, with only 10 per cent saying that they were engaged in their job. The lack of engagement in work is estimated to cost the UK economy 11 per cent of GDP, or £257 billion annually. - The Times
The chairman of THG is on course to avoid an investor revolt at the health and beauty retail group's annual meeting against his reappointment after criticism from an activist investor. Shareholders are due to support the re-election of Lord Allen of Kensington at the company's annual meeting despite calls from Kelso Group, a small shareholder, for a "debate" about his future. - The Times
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