Staff at UK fast food chain Greggs are among the beneficiaries of a stellar earnings report, and are set to share a £17.6m ($22.3m) bonus later this month among 25,000 of them, as its annual profits soared 27% in 2023.
The chain reported a pretax profit of £188.3m for last year, up from £148.3m in 2022. Like-for-like sales were up 13.7%.
The company shares out 10% of its profits each year to staff who’ve been working there for at least six months.
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Shares were up 4.3% by late-morning in London.
Bitcoin (BTC-USD)
Bitcoin continued its rally on Tuesday, skirting all-time highs against the dollar as positive sentiment buoyed the market.
Over the last 24 hours the cryptocurrency was up 3%, to trade at around $67,000.
The bump has been attributed to market confidence following the approval of a spot bitcoin ETF in the US earlier this year and the upcoming halving event.
Read more: Crypto live prices
Halving drives miners to optimise energy consumption and increase hash power. Its meant to optimise the network for the long-term.
Tesla (TSLA)
Shares of Tesla (TSLA) fell on Monday and in premarket trading on Tuesday following news that the EV maker’s shipments fell in February as it announced price cuts in China.
The company reported 60,365 vehicle shipments from its Giga Shanghai factory in February, according to preliminary data from China’s PCA (Passenger Car Association) via Bloomberg. The February shipments represent a 16% drop from a month ago, a 19% drop from a year ago, and the lowest shipment total since December 2022.
Tesla shares closed down 7.16%, its lowest close since 13 February, and looked set to fall a further 2.2% when markets open in the US later on.
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Shares of Ford (F) have risen as US sales for the company rose 10.5% year-over-year for the month of February.
Apple received its first ever fine from antitrust regulators in the EU on Monday, to the tune of €1.8bn ($2bn). The smackdown is for preventing Spotify (SPOT) and other music streamers from touting payment options outside of its app store.
The decision has been in the works since 2019, when Spotify argued against Apple’s 30% App Store fees and the payments restriction.
“For a decade, Apple abused its dominant position in the market for the distribution of music streaming apps through the App Store,” European Commission competition chief Margrethe Vestager said in a statement.
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“They did so by restricting developers from informing consumers about alternative, cheaper music services available outside of the Apple ecosystem. This is illegal under EU antitrust rules.”
Stock fell 2.4% on Monday and continued its descent in premarket trading on Tuesday.
Watch: Apple’s China iPhone sales plunge as Huawei gains
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