Tiered coronavirus restrictions hit UK high street shopper numbers October 19, 2020 The UK’s new tiered coronavirus restrictions contributed to a drop in footfall at retail sites across the country last week, in a worrying sign for the shaky economy. Visits to high street shops and malls fell 3.1 per cent in the week ending 17 October, according to data company Springboard. It was the fourth consecutive [...]
French buyers top London prime property purchases as Chinese investment slips October 19, 2020 French buyers have jumped to the top of the rankings for property purchases in prime central London as international investors cash in on the weak pound. Property purchasers from France made up the largest group of buyers for prime spots in the capital in the first nine months of the year accounting for 11 per [...]
Retail giants urge Sunak to U-turn on abolishing VAT refund for tourists October 19, 2020 A group of 16 UK retail giants has urged Rishi Sunak to U-turn on his plan to abolish the VAT refund for international visitors from next year. The group – which includes the heads of Paul Smith, Ted Baker, The White Company, Fortnum and Mason and Charles Tyrwhitt – said abolishing the VAT refund would [...]
FTSE 100 and US stocks climb as investor fears ease October 16, 2020 The FTSE 100 rebounded as investors returned to risk assets, having dumped them yesterday amid worries over new coronavirus restrictions, while US stocks rose on vaccine hopes and upbeat retail sales data. London’s main stock index climbed 1.7 per cent in afternoon trading to stand at 5,929 points. That followed a 1.7 per cent tumble [...]
London lockdown: 200,000 hospitality workers to lose jobs this weekend, industry body warns October 16, 2020 About 200,000 hospitality workers in central London will lose their jobs this weekend as tier 2 coronavirus lockdown restrictions are imposed, the industry body’s chief executive has warned. UK Hospitality chief executive Kate Nicholls said the tier 2 lockdown, which prohibits people from separate households from mixing, is a “maximum squeeze on revenue with no [...]
John Lewis unveils five-year plan to return to profit October 16, 2020 John Lewis Partnership has set out plans to return to profit, with a £1bn investment in boosting its online business and a focus on expanding its non-retail offering. The firm this morning said it is aiming to report £400m in profit by the end of the five-year transformation plan. The department store chain, which also [...]
Screenshot – City A.M.’s new weekly TMT column October 16, 2020 This new weekly column brings you all the biggest stories and trends in technology, media and telecoms This week: ** Media Moment of the Week: Piers Morgan makes a confession ** The OECD, Amazon and a terrible week for tech tax ** All streamed up: What’s next for Netflix? Media Moment of the Week “I [...]
Introducing MiCA: Europe’s proposed cryptoasset laws, explained October 16, 2020 As the European Commission launched its long-awaited Digital Finance Strategy in late September, a senior official announced: “The future of finance is digital”. The Commission sees digital finance as a weapon in its arsenal as it seeks to relaunch and modernise the European economy to recover from the Covid-19 pandemic, and the Strategy sets out [...]
We’re heading from London lockdown to national breakdown October 16, 2020 While London entering Tier 2 lockdown at midnight tomorrow is nowhere near as drastic as the Tier 3 lockdown imposed on the Liverpool City Region, it’s the size and symbolism of the capital that counts. With each day that passes, businesses in the capital, like those around the rest of the country, can feel the [...]
West End extends festive period in bid to win back shoppers October 16, 2020 The West End is set to extend the festive shopping season as ailing retailers look to lure Londoners back into shops. The Christmas lights switch-on will take place on Oxford Street and Bond Street on Monday 2 November and Thursday 12 November respectively, marking the earliest ever start to the festive season for the district. [...]