The City roundup video: Supermarket's Sainsbury's and Tesco receive bad news, but minimum wage earners see incomes rise
|
Version 0 of 1. Don't miss out on the goings on in the business world, with our daily roundup of the biggest news from the City. The supermarket price wars have continued today with Sainsbury's announcing that sales have fallen by 2.8 per cent across all stores over the last quarter. Sainsbury's boss Mike Coupe, who only took the role in July, talked of a 'perfect storm' in explaining the sales fall. He said shoppers were eating out more, buying fewer items more regularly and the increase in popularity of cheaper supermarket's was hitting Sainsbury's hard. Tesco boss Dave Lewis is another supermarket CEO under pressure. According to City watchdog, The Financial Conduct Authority, an investigation is now being conducted to understand how a £250million hole emerged into its profit forecasts. And finally, a bit of good news for the country's lower earners. Over the next few weeks the minimum wage will rise by19p for adults to £6.50. This will be a boost to those currently receiving minimum wage, a number that has more than doubled since it was introduced in 1999. |