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Shock retail fall could delay rates rise
There is new pressure on the Mark Carney to delay an expected rise in interest rates next month after a surprise fall in retail sales in June. Clothing outlets and other non-food shops suffered from reduced footfall during the hot weather and football celebrations. The surprise news triggered a sell-off of the pound, which fell against the dollar to a 10-month low of just below $1.30.
Royal Mail shareholders in historic pay revolt
One of the largest remuneration revolts at a UK blue chip company has taken place as more than 70% of Royal Mail shareholders voted against the pay of its new chief executive and his predecessor. The Times reports that anger erupted after Rico Back joined the board with a £6m “golden hello”, and Dame Moya Greene left with a near-£1m “golden goodbye”. However, the board is expected to ignore the rebellion.
Profits at Sports Direct take spectacular nosedive
Profits at Mike Ashley’s Sports Direct have plummeted by nearly three-quarters after the retailer took an £85m hit on its investment in Debenhams. Pre-tax profits fell 72.5% to £78m in the year to 29 April, from £282m the previous year. Shares in Sports Direct fell 7% after the news was released, making the controversial chain one of the biggest fallers on the FTSE 250.
Poundworld to disappear from the high street
Poundworld will disappear from the high street, reports the BBC, after the discount retailer announced the closure of its remaining 190 stores with the loss of 2,339 jobs. The stores will close by 10 August. The chain went into administration last month after struggling with …read more
Source:: The Week – All news