Top 10 billionaires: Jeff Bezos boosts fortune by $13bn in one day July 21, 2020 Amazon founder Jeff Bezos leads a list of the world’s top 10 billionaires after seeing his personal fortune jump $13bn (£10.2bn) yesterday, in what is believed to be the largest single-day individual wealth jump of all time. Bezos’ net worth has swelled $74bn this year to $189.3bn, according to the Bloomberg Billionaire Index. The Amazon [...]
Supermarket growth slows as shoppers return to pre-lockdown habits July 21, 2020 Grocery sales in the the UK rose 14.6 per cent year-on-year in the four weeks to 12 July, but lost the momentum seen at the beginning of lockdown as restaurants, pubs and cafes were allowed to reopen. Supermarket sales slipped from 18.9 per cent growth the previous month, as shoppers tentatively returned to their normal [...]
Ted Baker shares spike as retailer reports Covid resilience July 21, 2020 Ted Baker shares swelled more than 10 per cent this morning, as the British fashion retailer reported a resilient balance sheet in the 11 weeks to 18 July, with strong online sales as shoppers were forced to turn to their screens during lockdown. The lifestyle brand saw a 35 per cent increase in e-commerce sales [...]
Walmart revives talks on sale of Asda stake July 20, 2020 Walmart has revived talks to sell a stake in Asda after pausing plans to focus on the impact of the coronavirus pandemic. The US giant, which is the largest retailer in the world, said it had restarted discussions with potential buyers after it was forced to temporarily abandon the move. “Walmart and Asda have restarted [...]
Klarna restricts lending rules during lockdown July 20, 2020 Fintech lender Klarna said it has tightened its lending criteria during the coronavirus pandemic. Its vice president Luke Griffiths said Klarna is only accepting new customers that it believes will repay on time, and is increasing the frequency with which it reviews its acceptance criteria. “[Klarna’s] default rate is less than one per cent and [...]
Ebay to sell classified ads unit to Adevinta for nearly $9bn July 20, 2020 Norwegian group Adevinta has won the auction to buy US e-commerce firm Ebay’s classified-ads unit for nearly $9bn, a source familiar with the matter told Reuters today. Ebay intends to keep a minority stake in the business following the close of the deal, the source said. Activist investors Elliott Management and Starboard Value had been pushing Ebay to sell [...]
DEBATE: Is Rishi Sunak’s job retention bonus scheme the right strategy for supporting the retail sector? July 20, 2020 Is Rishi Sunak’s job retention bonus scheme the right strategy for supporting the retail sector? Helen Dickinson OBE, chief executive of the British Retail Consortium, says YES. The job retention bonus will provide welcome support as retailers think about future requirements and bring back thousands of staff over the next few months who have been [...]
Fast fashion firms Asos and Missguided call for action on UK worker exploitation July 20, 2020 Fast fashion retailers Asos and Missguided have called for urgent government action over the exploitation at UK clothing factories, after rival e-commerce firm Boohoo was embroiled in a scandal over the treatment of workers in Leicester. In a letter to home secretary Priti Patel, a group of retailers, MPs and investors, including Allianz Global Investors, [...]
US retail sales increase as jobless claims hit 1.3m in June July 16, 2020 US retail sales increased more than expected in June, data showed today, but a sustained high level of jobless claims and fresh infections threatened the budding economic recovery. The Commerce Department said on Thursday retail sales rose 7.5 per cent last month. That was on top of the 18.2 per cent jump in May, which was the biggest gain since [...]
FTSE 100 slips as US-China tensions continue July 16, 2020 The FTSE 100 continued to fall today as US-China tensions and mixed Chinese economic data outweigh optimism over a coronavirus vaccine. Britain’s main stock index stood 0.4 per cent down at 6,267 points just after midday. The FTSE 250 index of smaller companies slipped further, falling 0.6 per cent. Germany’s Dax fell 0.6 per cent, [...]