Business
Co-op expected to reveal financial hit from cyber attack
The Co-operative Group is expected to shed light on the impact of a damaging cyber attack in its first financial update since being targeted by hackers.
Shoppers were faced with empty shelves and issues with payments during the fallout from the cyber incident in April, as a raft of retailers were hit.
On Thursday, the retail and funerals specialist will reveal its results for the first half of 2025, covering the period when it was hit hard by the cyber attack.
The company shut off parts of its IT systems after the attack, in which hackers accessed and extracted members’ personal data.
In July, the company confirmed that all 6.5 million members of the Co-op had their data stolen in the incident.
Chief executive Shirine Khoury-Haq said she was “devastated” by the impact of the incident on workers and members.
She told the BBC that “names, addresses and contact information” for all of its members were accessed.
The boss said the hackers created a copy of one of the firm’s files but were unable to attack its platforms further and install planned ransomware.
However, the company has not yet revealed the full financial impact of the crime, which affected store transactions and product availability.
The cyber attack was one of several against UK retailers, with both Marks & Spencer and Harrods also significantly impacted.
Marks & Spencer, which stopped all online sales for six weeks following its hack, said it faced a £300 million financial hit.
The Co-op’s cyber incident came amid a challenging period for the retailer, which is facing higher costs and pressure on consumer confidence from the rising cost of living.
Last year, the company reported improved profits but warned in April it would face more than £200 million in costs and spending pressures in 2025.
The retail group warned cost hits would include another £80 million from the impact of shoplifting across its retail estate, following a similar bill in 2024, and £50 million from the increase in national insurance contributions.
The group saw revenues grow by 1.5% on a pro-forma 52-week basis to £11.3 billion for last year.
Recent statistics from industry experts at Worldpanel have pointed to weaker sales in recent months.
Figures from earlier this week, indicated that the Co-op saw sales slip by around 2% over the 12 weeks to September 7, compared with the same period a year earlier.
The data also indicated that the retailer has lost market share in the UK grocery sector over the past year as a result.
Nevertheless, the data focuses purely on the group’s grocery business and compares the retailer directly with much larger supermarket stores from rivals including Tesco.
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SEBI proposes stricter base price and band rules for gold, silver ETFs, including cooling-off periods after sharp global price swings to curb volatility.
Amid Global Commodity Volatility, SEBI Plans New Price Band Rules for Gold, Silver ETFs
The market regulator has sought to curb extreme volatility in gold and silver Exchange Traded Funds (ETFs) by proposing changes to the base price and price band framework. Currently, there are no separate price bands for ETFs aligned with their underlying assets, making them vulnerable to sharp price movements.
The proposal comes after sharp volatility in gold and silver ETFs triggered by fluctuations in global commodity prices. On some days, these ETFs fell by over 15%, while on others, they recorded sharp gains.
Stock exchanges currently apply a fixed price band of plus or minus 20% on the base price of ETFs, except for Overnight ETFs investing only in TREPs, which have a price band of plus or minus 5%.
Moreover, the base price for applying price bands to ETFs is taken as the T-2 day closing Net Asset Value (NAV) by exchanges, instead of the T-1 day closing NAV or price, as is the case with indices and individual stocks. This creates a challenge, as the closing NAV of ETFs typically differs between T-1 and T-2 days. Corporate actions such as bonuses and dividends are adjusted manually, increasing the risk of errors.
What Are the Key Proposals?
SEBI has proposed that the base price be determined using either the closing price of the ETF on T-1 day (weighted average price of the last 30 minutes), the closing NAV of T-1 day, or the average indicative NAV (iNAV) of the last 30 minutes of T-1 day.
Further, the regulator has proposed an initial price band of plus or minus 10% for equity and debt ETFs, which can be flexed up to plus or minus 20%. A cooling-off period of 15 minutes will apply, and up to two flexes will be allowed in a day.
For gold and silver ETFs, the regulator has proposed an initial price band of plus or minus 6%, which can be flexed up to plus or minus 20%. This will also include a 15-minute cooling-off period.
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February 14, 2026, 16:08 IST
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Oil and Gas Regulatory Authority (OGRA) forwarded a summary to the federal government suggesting an increase of Rs4.39 per liter in petrol price for the next fortnight.
After approval from the federal government, one liter of petrol will be sold at Rs257.56 instead of Rs253.17 per liter.
The price of high-speed diesel (HSD) will be increased by Rs5.40 per liter.
After approval, the price of one liter of high-speed diesel will increase by Rs268.38 to Rs273.78.
The proposal to increase the price of kerosene by Rs4 per liter is also on the cards.
The OGRA also recommended increasing the price of one liter of light diesel by Rs6.55.
The new prices of petroleum products will be effective from February 16, 2026.
Due to tension between the USA and Iran, petroleum prices are likely to increase further.
The group, based in Solihull and Wolverhampton, says its vet bills are costing them more.
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