Zegna boss: The suit is not dead – but the tie is May 19, 2022 “Let me be clear – the suit is not dead. But the tie is!” That’s the view of Ermenegildo Zegna, CEO and chairman of the Italian luxury fashion house Zegna. Speaking at the Financial Times’ business of luxury conference on Thursday, Zegna said knitwear was the “new tie” and demand for luxury leisurewear continues to [...]
Klarna looks for fresh funding at slashed valuation of $30bn May 19, 2022 Buy-now pay-later giant Klarna is looking to raise fresh funding at less than a third of its most recent valuation, as the rout in global tech stocks begins to spread onto private markets.
Policing minister and BRC say ignore call for ‘discretion’ prosecuting shoplifters May 19, 2022 The policing minister has urged officers not to let people off the hook if they steal food in order to feed their families amid a cost of living crisis. Kit Malthouse hit out at the “old-fashioned” thinking put forward by Andy Cooke, the new chief of HM Inspector of Constabulary, who said police should use [...]
Young’s to swap salmon and chicken for cheaper alternatives May 19, 2022 Pub chain Young’s has said it is prepared to switch pricier menu staples for cheaper alternatives as inflation stands at a 40-year high. Speaking to CityA.M., Young’s CEO Patrick Dardis said the company had switched salmon for fresh trout after steep price increases. “Pork is cheaper than chicken and so we have the ability to [...]
Global markets drop as US interest rates set for further rises May 19, 2022 The price of Bitcoin (BTC) is down by nearly three per cent this morning, from a high of $30,600 yesterday to around $29k.
Invest more to help ease cost of living crunch, Sunak tells business chiefs May 19, 2022 The chancellor Rishi Sunak has called on businesses to ramp up investment in training and innovation to help alleviate a cost of living squeeze, in a speech to the country’s top business chiefs last night.
Explainer-in-brief: Where the world was the last time inflation was this high May 19, 2022 Yesterday the Office for National Statistics (ONS) announced that UK inflation had hit 9 per cent, reaching the highest level since 1982. This year we have slowly emerged from the pandemic, witnessed the Kremlin’s ongoing war in Ukraine, and we’re facing a dire cost of living crisis. But what was going on last time that [...]
1 Minute Market Rundown – 19th May 2022 May 19, 2022 Trade the ExtremesUSD on the Front Foot AgainCrypto Slides We won’t lie…yesterday caught us rather off guard. Risk, for lack of a better word, capitulated. US shares plunged 4%, their biggest daily drop in almost 2 years. Earnings reports from US consumer titans (Walmart, Costco, Target) disappointed and fuelled concerns that high inflation is squeezing [...]
GPE boss warns London’s office rebound could hit a wall amid runaway inflation May 19, 2022 The boss of GPE, formerly known as Great Portland Estates, has warned that London’s office leasing rebound could hit a wall as inflation shrinks the appetite for new developments. The capital’s post-pandemic recovery for offices has seen some of the UK’s largest developers – as well as GPE – hail record leasing activity and surging [...]
Petrol retailers could face fines if they fail to pass on fuel duty cuts to consumers May 19, 2022 Petrol retailers could be fined if they fail to pass on fuel duty cuts to customers, warned the Competition and Markets Authority.