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International distribution specialist Bunzl (LON:BNZL) said it expected annual revenue and operating margin to be slightly ahead of forecasts as it reported a rise in first-quarter sales of 8.4%. The company on Wednesday said underlying revenue growth benefited from continued inflation support but was impacted by the expected decline in COVID-19-related sales.
Standard Chartered (LON:STAN) posted better-than-expected profits driven by higher interest rates and forecast annual earnings at the top end of guidance. The Asia-focused bank said pre-tax profit reached $1.81bn, up 21% and better than the $1.43bn average of 14 analyst estimates compiled by the bank. It now expects income this year to grow around 10%, the top of a previously guided range.
Newspaper round-up
Energy suppliers are hoarding nearly £7bn of customers’ money despite a cost of living crisis that has left some households forced to choose between heating and eating. More than 16m UK households are collectively in credit by £6.7bn to their suppliers, with half of those holding balances of more than £200, research from comparison site Uswitch.com has shown. – Guardian
Allowing Silicon Valley Bank UK to fail would have caused a domino effect across the City, putting a number of regulated firms at risk of collapse, the boss of the Financial Conduct Authority has said. The FCA’s chief executive, Nikhil Rathi, outlined the watchdog’s assessments in a letter to MPs on the Treasury committee, as he detailed the hectic weekend of 10 March that started with a bank run on SVB UK’s deposits and ended with authorities facilitating HSBC’s takeover of the bank for just £1. – Guardian
Google managed to beat a downturn in the wider tech sector thanks to an increase in demand for its cloud services, as rival Microsoft (NASDAQ:MSFT) enjoyed a 7pc boost to revenues. Alphabet (NASDAQ:GOOGL), the search giant's parent company, reported revenues grew to $69.8bn (£56.2bn) in the first three months of 2023, beating analyst expectations, but only improving by 3pc compared to the previous year. – Telegraph
The business department has “lost” billions of pounds of taxpayers’ funds by failing to pursue fraud and error in pandemic finance schemes, MPs have said. In a highly critical report, the public accounts committee found the Department for Business, Energy & Industrial Strategy was showing “no real signs of making the improvements that would prevent the big mistakes it has made over many years, especially during the pandemic, happening all over again”. – The Times
Inflation has struck at Pret A Manger. The sandwich chain has increased the price of its coffee subscription from £25 to £30 and changed the name of the loyalty scheme to Club Pret. Customers who use the scheme only for the five barista-prepared drinks a day they are entitled to will be annoyed at having to pay an extra £5, but if you also buy food then Club Pret membership gives 10 percent off. – The Times
US close
Stocks closed in the red on Wall Street on Tuesday, with the Dow Jones Industrial Average down 1.02% at 33,530.83.
The S&P 500 was off 1.58% at 4,071.63, and the Nasdaq Composite lost 1.98% at 11,799.16.