Source: Sharecast
Allan Leighton returned to Asda in late 2024 promising a revival, but nearly two years into his turnaround plan the supermarket's performance has yet to show signs of a sustained recovery. The Times reported that sales fell 2.4% over the 12 weeks to 11 July, while market share slipped from 11.4% to 10.7% year‑on‑year. The decline came despite a World Cup boost that lifted sales across rival grocers.
Leighton, who previously helped rescue Asda in the 1990s, had pledged to "win the hearts and minds" of staff, but the retailer remains the only major chain not to grow sales over the period, according to NielsenIQ data cited by the paper. - The Times
Wes Streeting was said to be attempting to repair the UK's relationship with Donald Trump by working more closely with Washington on reopening the Strait of Hormuz and modernising Britain's Armed Forces. The Telegraph said the Defence Secretary told his US counterpart, Pete Hegseth, that he wanted to build a global coalition to safeguard shipping through the key trade route.
The paper reported that relations had deteriorated earlier this year during the outbreak of the Iran war, prompting Streeting to pursue a reset. Plans discussed include a London conference bringing together NATO allies, defence ministers and military commanders from up to 40 nations, including Hegseth and US Joint Chiefs chair Gen Dan Caine. - The Telegraph
BP's former chairman Albert Manifold had been preparing a major overhaul of the company's board before his dramatic removal, The Telegraph reported. His proposals included strict six‑year term limits for directors and a reduction in board size from ten to eight members — changes that would have seen senior independent director Dame Amanda Blanc depart.
Instead, Dame Amanda played a key role in Manifold's dismissal in May amid allegations of bullying, which he denies. BP told the paper that no discussion of governance reforms had been scheduled for the day of the ousting. - The Telegraph
Production at the UK's largest undeveloped oil and gasfield could be pushed back by months after equipment from a rig was accidentally dropped into the North Sea, The Guardian revealed. The Rosebank field, located 80 miles north‑west of Shetland, had been expected to begin producing oil before year‑end pending ministerial approval.
Operator Adura now anticipates first oil in 2027, according to the report. The delay comes as Andy Burnham's government faces pressure from industry to approve extraction despite opposition from climate campaigners and some Labour MPs. Rosebank was projected to yield around 300m barrels over 25 years, though critics argue the economic benefit would be limited. - The Guardian
Payments to Reform UK first uncovered by The Guardian were revealed to now be under investigation by the Metropolitan Police, with detectives examining donations routed through a company controlled by deputy leader Richard Tice. The inquiry centres on two £250,000 payments made by Britain Means Business ahead of the 2024 general election.
The paper reported that Fiona Cottrell transferred £1m to the company shortly before the donations, with about half then passed to the party. Both Fiona and her son George - a convicted fraudster with links to Nigel Farage - have been interviewed under criminal caution. Tice criticised the police response after the BBC queried the investigation, while two further £250,000 donations made directly by Cottrell were also being scrutinised. - The Guardian
Reporting by Iain Gilbert at Sharecast.com