Boohoo ‘aware of poor working practices’ in Leicester since 2018, MPs say July 16, 2020 Boohoo was aware of poor working practices at clothing factories in Leicester as early as 2018, MPs have said in a letter to the fast fashion firm. The e-commerce retailer last week launched an independent review of its UK supply chain following allegations of poor conditions and underpayment of workers at the Jaswal Fashions factory [...]
Markets live: FTSE 100 and US stocks soar as vaccine optimism builds July 15, 2020 The FTSE 100 doubled its gains on Wednesday as investor optimism about a coronavirus vaccine grew stronger, also fuelling US and European stocks. London’s blue-chip index climbed as high as 6,241 as it opened trading this morning, following positive trial results of a Moderna vaccine. By 1.30pm the FTSE 100 was up 2.07 per cent [...]
Is the office an analogue product in a digital world? July 15, 2020 Reports of the death of the office are premature, but change is coming as Covid-19 means more of us will work from home in the future. The Covid-19 pandemic has acted as a catalyst, accelerating a number of global trends. One of the most significant of these is working from home, a trend which is [...]
Apple wins appeal against EU’s €13bn Irish tax fine July 15, 2020 Apple has won an appeal against the European Commission over €13.1bn in back taxes it was ordered to pay the Irish government in 2016. The tech firm was fighting alongside Ireland to challenge the EU’s ruling, which said the pair violated state aid rules in a tax deal that permitted Apple to record its sales [...]
Burberry shares sink as it warns of ‘continued coronavirus impact’ July 15, 2020 Burberry shares sank more than seven per cent this morning as sales slumped 45 per cent during lockdown and the group warned that it will “take time” to recover from the severe impact of coronavirus. The British fashion staple said it sees no immediate end in sight to dented sales, as the pandemic continues to [...]
Dixons Carphone kills dividend as mobile pushes it to loss July 15, 2020 Dixons Carphone has cancelled its dividend as poor mobile sales during lockdown pushed it to another annual loss, prompting its share price to sink today. Shares sank 7.8 per cent in early trading as a jump in online sales failed to offset a 20 per cent plunge in mobile sales during lockdown. The figures Dixons [...]
Furnishings retailer Dunelm predicts £21m fall in profit July 15, 2020 Dunelm said profit for this year could drop by as much as £21m, as the home furnishings retailer assesses the impact of coronavirus on sales. The company, which sells furnishings ranging from cushions and bedding to kitchen equipment, was forced to close its store network for several months under lockdown rules — relying on its [...]
Asos sales soar during lockdown as fashion firm looks set to smash forecasts July 15, 2020 Asos has said it expects to smash growth forecasts for the year after group sales hiked 10 per cent during lockdown as customers around the world were forced to shop online. The British retailer said costs cuts and “rigorous” business management helped offset the slump in demand for outerwear and party gear, as customers stayed [...]
UK inflation beats expectations but stays well below Bank target July 15, 2020 UK inflation increased for the first time this year in June as non-essential shops reopened from coronavirus lockdown, official figures have shown, although it was still well below the Bank of England’s target. UK inflation as measured by the consumer price index came in at 0.6 per cent in June, the Office for National Statistics [...]
McDonald’s to cut prices following government VAT break July 14, 2020 McDonald’s has announced it will slash prices after the government announced a VAT cut, as the fast food giant gears up to open for dine-in customers for the first time since March. McDonald’s said it had recommended that franchisees reduce prices on meal deals and classic products such as the Big Mac, Quarter Pounder with [...]