Connect with us

Business

“COST OF CASH FOR RETAILERS WILL INCREASE BY 50% IN THE NEXT THREE-TO-FIVE YEARS,” SAYS PAYMENTS EXPERTS CMSPI

Published

on

“Cost of cash for retailers will increase by 50% in the next three-to-five years,” says payments experts CMSpi

CMSpi’s Polymer Planning Summit, which brought together many of the UK’s biggest retailers, highlighted that the new living wage, rising interest rates and the transition to polymer banknotes will all force up the cost of cash.

Retailers are facing huge disruption and cost implications over the next three-to-five years as a series of developments in the cash industry impacts business operations. Though consumer cash transactions are in decline, the cost of cash will begin to increase for retailers, driven by rising interest rates, the living wage and changes to sterling, such as polymer banknotes and the new £1 coin.

“Retailers are being hit with a double-whammy: falling consumer usage of cash and rising costs of accepting, holding and transporting it,” says Brendan Doyle, CEO of CMSpi. “As the cash volumes retailers receive begin to decline, so too will the efficiency of the processes they currently have in place. The Bank of England has indicated that interest rates of 2.5% to 3% will likely become the ‘new normal’, so with cash taking on average 4.5 days to get from a retailer’s till to their bank, the cost of holding cash – in tills, safes and in transit – increases significantly.”

“Retailers may think the alternative would be to have more collections and get cash into the bank quicker, however increasing the frequency of cash collection services only increases costs further,” explains Doyle. “Add to this increased employee costs due to the living wage and we calculate this will result in the cost of cash going up from around 0.20% to 0.30% (of transaction value) for most major retailers.”

Certainly, these extra costs will only add to the headache retailers are about to face to ensure they become “polymer banknote ready”.

“The developments expected over the next few years could be described as somewhat of a ‘perfect storm’,” says Mark Trevor, Commercial Director of Vaultex, the largest cash processor in the UK. “Retailers will have to traverse the staggered introduction of the £5, £10 and £20 polymer notes, the new £1 coin and the Scottish notes. Factoring in the potential interest rate rise and the living wage as well and you have a lot of pressure coming up on costs.”

With the cash landscape becoming increasingly challenging, retailers will need to think carefully about their cash strategies and consider how their payments operations are – and will be – managed to mitigate rising costs.

“The future will see a greater emphasis on efficiency and technology-based solutions,” adds Doyle.“Meaning that for most major retailers the accepting, processing and depositing of cash takings will look very different than it does today.”

CMSpi’s Polymer Planning Summit, held in London’s Churchill War Rooms, brought together representatives from the Bank of England, The Royal Mint and some of the country’s top retailers, including Tesco, John Lewis, Shell, Ladbrokes, Travelodge and Virgin Trains.

About CMSpi

CMSpi is a dedicated, independent team of expert consultants and analysts with over 20 years’ experience advising merchants on how to optimise and reduce their payment acceptance costs. It works across all areas of consumer payments with the objective of securing the best end-to-end solution for its clients.

CMSpi is able to break down complex supply chains, provide transparency, negotiate the best rates and implement a payments structure that is right clients – typically achieving six or seven figure annual savings.

CMSpi’s international payments expertise has enabled it to work with world-leading organisations, such as McDonald’s Restaurants, ExxonMobil, Pizza Hut, Aldi, Enterprise Rent-a-Car, H&M and Marriott Hotels.

For more information visit www.cmspaymentsintelligence.com

Contacts:

Anna Sharrock, Moorgate Communications, Manchester: +44 161 817 5048

Thomas Morris, Moorgate Communications, London: +44 20 7377 4998

Business

Thomson Reuters fourth-quarter revenue, adjusted earnings rise

Published

on

Thomson Reuters fourth-quarter revenue, adjusted earnings rise 1

NEW YORK (Reuters) – Thomson Reuters Corp reported higher fourth-quarter revenue on Tuesday and said it would start a two-year program that will change it from a holding company to an operating company.

The news and information company, which owns Reuters News, said revenues rose 2% to $1.62 billion, while its operating profit jumped more than 300% to $956 million, reflecting the sale of an investment, a gain from an amendment to pension plan and lower costs.

Its three main divisions, Legal Professionals, Tax & Accounting Professionals and Corporates, all showed higher organic quarterly sales and adjusted profit.

It was not immediately clear if adjusted earnings per share of 54 cents were directly comparable to the 46 cents expected.

Thomson Reuters’ markets are healthy and evolving, making this a good time to transition the company from a content provider to a “content-driven technology company,” Chief Executive Steve Hasker said in a statement.

Workplaces have been transformed by the COVID-19 pandemic and artificial intelligence has a larger role in professional markets, he said.

(Writing by Nick Zieminski in New York, editing by Louise Heavens and Jane Merriman)

Continue Reading

Business

Tesla shares set to skid into the red for the year

Published

on

Tesla shares set to skid into the red for the year 2

LONDON (Reuters) – Shares in Tesla were set to plunge into the red for the year on Tuesday, hit by a broad selloff of high-flying technology stocks and the fall of bitcoin, in which the electric carmaker recently invested $1.5 billion.

By 1029 GMT, Tesla was down over 8% in U.S. premarket deals after a similar drop during the previous session. The firm led by Elon Musk has had a stellar ride since 2020, which it began at about $85 per share, before reaching the $900 mark on January 25.

Currently trading at about $657 in pre market transactions, the stock has lost 27% from its peak, which is above the 20% level which technically defines a bear market.

Bitcoin has also swung into a bear market, falling from a peak of $58,354 on February 21 to a low of $45,000 earlier on Tuesday.

A Germany-based trader said he was “taking chips off the table” on Tesla as its 1.5 billion investment in the cryptocurrency could “backfire now”.

Analysts at Barclays noted that there has been a drop of conversations about the electric car makers in the Reddit’s WallStreetBets forum, which could explain some of the loss of appetite for the stock.

“With only 2-3 total submissions on each of the past several days, we remain below the trend in attention that has come along with big returns jumps in the past”, the analysts said in note.

Other analysts have also cautioned against investing in the stock which remains one of the most expensive on the S&P 500 index at 163 times its 12 month forward earnings.

Graphic: Tesla shares selloff after multi-fold gains

Tesla shares set to skid into the red for the year 3

(Reporting by Julien Ponthus and Thyagaraju Adinarayan)

Continue Reading

Business

H&M, IKEA and Stora Enso backed TreeToTextile builds sustainable fibre demo plant

Published

on

H&M, IKEA and Stora Enso backed TreeToTextile builds sustainable fibre demo plant 4

STOCKHOLM (Reuters) – A venture part-owned by Finnish forestry group Stora Enso, Sweden’s H&M and IKEA said on Tuesday it was set to build a demonstration plant in Sweden for a new, more sustainable wood-based textile fibre after years of research.

To markedly reduce their climate footprint and pollution, large apparel and furniture brands are in dire need of affordable greener alternatives to cotton, traditional viscose and polyester. Several Nordic pulp makers are part of projects developing new clean ways https://www.reuters.com/article/us-nordics-forestry-idCAKCN0WF076 to turn trees into textile fibre.

TreeToTextile said in a statement its plant would have a production capacity of 1,500 tonnes and its owners would fund the bulk of the 35 million euro ($42.6 million) investment.

“The novel process is deliberately designed to have low energy demand and low chemical need. It is engineered to suit large scale production and includes a recovery systemfor reusing chemicals,” it said.

“By investing in a demonstration plant, we are finally on the go. With it we are turning years of R&D into reality to increase the biobased share on the textile market to support climate action.”

TreeToTextile, whose fourth part-owner is innovator Lars Stigsson, said the plant would be located at Stora Enso’s Nymolla mill in Sweden, and its construction would start in the near future.

Viscose is the main existing textile fibre from wood pulp – followed by the newer lyocell which has a cleaner manufacturing method. Production is dominated by Austria’s Lenzing, India’s Aditya Birla and China’s Sateri.

($1 = 0.82 euros)

(Reporting by Anna Ringstrom; Editing by Angus MacSwan)

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Latest Articles

Dry Vacuum Pumps Market is Poised to Exhibit a Moderate 6.2% CAGR Through 2028 – Future Market Insights 5 Dry Vacuum Pumps Market is Poised to Exhibit a Moderate 6.2% CAGR Through 2028 – Future Market Insights 6
Research Reports21 seconds ago

Dry Vacuum Pumps Market is Poised to Exhibit a Moderate 6.2% CAGR Through 2028 – Future Market Insights

Global Dry Vacuum Pumps Market: Overview There is a continuous thrust on renewable power production across the globe, in the wake...

Sodium Metabisulphite Market Anticipated to Grow at a Significant Pace of US$ 266.5 Mn By 2028 7 Sodium Metabisulphite Market Anticipated to Grow at a Significant Pace of US$ 266.5 Mn By 2028 8
Research Reports1 min ago

Sodium Metabisulphite Market Anticipated to Grow at a Significant Pace of US$ 266.5 Mn By 2028

A new decadal study presented by top research firm Future Market Insights studies the demand patterns, trends, and growth scenario...

Eye Tracking Systems Market Driven by Innovations in Augmented and Virtual Reality; Contactless Biometrics to Create Lucrative Opportunities, States Future Market Insights 9 Eye Tracking Systems Market Driven by Innovations in Augmented and Virtual Reality; Contactless Biometrics to Create Lucrative Opportunities, States Future Market Insights 10
Research Reports2 mins ago

Eye Tracking Systems Market Driven by Innovations in Augmented and Virtual Reality; Contactless Biometrics to Create Lucrative Opportunities, States Future Market Insights

The eye tracking systems market is projected to display a exponential 26.6% CAGR for the period of assessment between 2018 and 2028....

China Forefronts Regional Landscape of Global Plywood Market, Says Future Market Insights 11 China Forefronts Regional Landscape of Global Plywood Market, Says Future Market Insights 12
Research Reports3 mins ago

China Forefronts Regional Landscape of Global Plywood Market, Says Future Market Insights

According to a new market study by Future Market Insights (FMI), the global plywood market is forecasted to witness substantial growth in...

Comprehensive Report on Metallic Stearates Market 2021 | Trends, Growth Demand, Opportunities & Forecast To 2028 | Akrochem Corporation, Valtris Specialty Chemicals, PROMAX Industries ApS, Peter Greven GmbH & Co. KG 13 Comprehensive Report on Metallic Stearates Market 2021 | Trends, Growth Demand, Opportunities & Forecast To 2028 | Akrochem Corporation, Valtris Specialty Chemicals, PROMAX Industries ApS, Peter Greven GmbH & Co. KG 14
Research Reports4 mins ago

Comprehensive Report on Metallic Stearates Market 2021 | Trends, Growth Demand, Opportunities & Forecast To 2028 | Akrochem Corporation, Valtris Specialty Chemicals, PROMAX Industries ApS, Peter Greven GmbH & Co. KG

According to FMI’s recent study, the global metallic stearates market is poised to expand at a 34.1% CAGR during 2018-2028. On account...

Controlled and Slow Release Fertilizers Market is Expected to Reach US$ 10,222.4 Mn By 2028 End – Future Market Insights 15 Controlled and Slow Release Fertilizers Market is Expected to Reach US$ 10,222.4 Mn By 2028 End – Future Market Insights 16
Research Reports5 mins ago

Controlled and Slow Release Fertilizers Market is Expected to Reach US$ 10,222.4 Mn By 2028 End – Future Market Insights

FMI presents detailed analysis and delivers key insights on the global controlled and slow release fertilizers market in its latest...

Demand for Fertilizer Additives Market is Increase at a Moderate 4.2% Annually to US$ 1,445.8 Mn in 2028 17 Demand for Fertilizer Additives Market is Increase at a Moderate 4.2% Annually to US$ 1,445.8 Mn in 2028 18
Research Reports6 mins ago

Demand for Fertilizer Additives Market is Increase at a Moderate 4.2% Annually to US$ 1,445.8 Mn in 2028

Demand for fertilizer additives is forecast to increase at a moderate 4.2% annually to US$ 1,445.8 Mn in 2028. Future Market Insights,...

Insulating Paints And Coatings Market In-Depth Analysis on Size, Cost Structure and Prominent Key Players – AKZO NOBEL, The Sherwin Willams, Asian Paints, Kansai Paints Co Ltd, PPG Industries Inc 19 Insulating Paints And Coatings Market In-Depth Analysis on Size, Cost Structure and Prominent Key Players – AKZO NOBEL, The Sherwin Willams, Asian Paints, Kansai Paints Co Ltd, PPG Industries Inc 20
Research Reports7 mins ago

Insulating Paints And Coatings Market In-Depth Analysis on Size, Cost Structure and Prominent Key Players – AKZO NOBEL, The Sherwin Willams, Asian Paints, Kansai Paints Co Ltd, PPG Industries Inc

The market report envelopes an all-in information of the global Insulating Paints And Coatings market and the nature of the...

Co-polymer Resin Market Size, Share, Industry Analysis, Future Growth, Segmentation, Competitive Landscape, Trends and Forecast 2017-2027 21 Co-polymer Resin Market Size, Share, Industry Analysis, Future Growth, Segmentation, Competitive Landscape, Trends and Forecast 2017-2027 22
Research Reports9 mins ago

Co-polymer Resin Market Size, Share, Industry Analysis, Future Growth, Segmentation, Competitive Landscape, Trends and Forecast 2017-2027

  The market report envelopes an all-in information of the global Co-polymer Resin market and the nature of the market...

Feldspar Market Poised for a Promising 5.5% CAGR During 2019 – 2029; Demand Majorly Buoyed by Application in Glass and Ceramics, Says a New FMI Study 23 Feldspar Market Poised for a Promising 5.5% CAGR During 2019 – 2029; Demand Majorly Buoyed by Application in Glass and Ceramics, Says a New FMI Study 24
Research Reports11 mins ago

Feldspar Market Poised for a Promising 5.5% CAGR During 2019 – 2029; Demand Majorly Buoyed by Application in Glass and Ceramics, Says a New FMI Study

The global feldspar market is expected to grow at CAGR of 5.5% over the forecast period 2019-2029. Increasing demand for glass and...

Newsletters with Secrets & Analysis. Subscribe Now