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☆ UK economy posts 0.1% growth in February in further sign of recession rebound
▼ + stars: | 2024-04-12 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

LONDON — U.K. gross domestic product rose 0.1% in February, the Office for National Statistics said on Friday, providing another sign of a return to sluggish economic growth this year. The economy contracted in the third and fourth corners of 2023, putting the U.K. in a technical recession. Construction output, which boosted growth at the start of the year, fell 1.9% in February. The reading "all-but confirms the recession ended" last year, Paul Dales, chief U.K. economist at Capital Economics, said in a note. British inflation fell more than expected in March, to a nearly two-and-a-half year low of 3.4%.

Persons: Paul Dales Organizations: Street, LONDON, National Statistics, Capital Economics Locations: London, England, U.S

☆ H&M shares tumble 8% after weaker sales and surprise CEO exit
▼ + stars: | 2024-01-31 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Shares of Swedish retailer H&M were down 8% at 09:05 a.m. London time on Wednesday, after the company announced weaker sales and the surprise departure of its chief executive. H&M sales were 1% lower for 2023 in local currencies, and 4% lower year-on-year in the fourth quarter. In an unexpected leadership shake-up at the H&M group, Helena Helmersson, who has been in the CEO role for four years, will be replaced by Daniel Ervér. "The H&M group is in a strong position, with a positive profitability trend and good conditions to make further improvements in 2024," group chair Karl-Johan Persson said. "Daniel is a competent, experienced and respected leader and has the qualities needed to continue to develop the H&M group."

Persons: Helena Helmersson, Daniel Ervér, Helmersson, Ervér, Karl, Johan Persson, Daniel Organizations: Oxford Street, Regent Locations: London, United Kingdom, Zara

☆ Grim retail sales suggest possible recession for Britain
▼ + stars: | 2024-01-19 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Shoppers walk past shops on Regent Street on the final weekday before Christmas in London on December 22, 2023. Britain's economy unexpectedly shrank in the third quarter and flatlined in the previous three months, official data showed Friday, raising fears of a recession before an election due next year. The Office for National Statistics said sales volumes fell by 3.2% during the key trading month, after a 1.4% rise in November. Volumes were 0.9% lower in the three months to December 2023, compared with the previous quarter. Trade body British Retail Consortium said that the figures "capped a difficult year for retailers" and showed that Black Friday sales ate into Christmas spending.

Persons: HENRY NICHOLLS, Alex Kerr, Kerr Organizations: Getty Images, National Statistics, Reuters, ONS, Capital Economics, Trade, British Retail Consortium Locations: London, AFP

☆ Watches of Switzerland shares plunge 30% after guidance cut
▼ + stars: | 2024-01-18 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

An employee arranges a display of Omega SA watches in the window of a Watches of Switzerland Group Plc store on Regent Street in London, UK, on Wednesday, Aug. 30, 2023. One of Watches of Switzerland Group Plc's biggest investors cut its stake in the UK-listed timepiece retailer less than 24 hours after Rolex SA decided to buy a rival, Bucherer AG. Photographer: Jose Sarmento Matos/Bloomberg via Getty ImagesWatches of Switzerland shares plummeted 30% on Thursday at 08:46 a.m. London time, after the luxury watch retailer cut its guidance for the 2024 fiscal year. Despite the market panic, analysts at both Jefferies and Investec reiterated their "buy" ratings on Watches of Switzerland stock in flash notes on Thursday. "However, the extent of the adjustments to the guidance range will be painful to navigate in the near term."

Persons: Jose Sarmento Matos, WOSG, —, Brian Duffy, Duffy, Investec Organizations: Omega SA, Switzerland Group, Switzerland Group Plc's, Rolex SA, Bucherer AG, Bloomberg, Getty, Switzerland, U.S, Rolex, Jefferies Locations: London, U.S, Switzerland

☆ Apple overtakes Samsung as top seller of smartphones
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: +1 min

The new Apple iPhone 15 on display inside the tech giant's flagship store in Regent Street, central London. A slower-than-expected recovery in China, the world's largest smartphone market, also weighed on overall phone sales. Apple and Transsion were the only brands in the top five to record growth in shipments last year, when the market declined 3.2% to 1.17 billion units and hit a decade low. Apple, however, is facing pressure in China from a resurgent Huawei as well as from budget Chinese brands. The iPhone-maker is offering rare discounts of as much as 5% on some models in the country to attract customers.

Persons: Jonathan Brady, Apple, China's Xiaomi Organizations: Apple, Samsung Electronics, International Data Corp, Samsung, IDC's, Huawei Locations: Regent Street, London, China

☆ Fact Check: Video showing policing of Pro-Palestinian protest misrepresented
▼ + stars: | 2023-11-24 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

A video of London police officers flanking a column of pro-Palestinian protesters has been falsely claimed online to show police participating in the rally. The claim appeared on social media after more than 140 people were arrested at a large pro-Palestinian demonstration and a far-right counter protest in Britain’s capital on Nov. 11. A spokesperson for the Metropolitan Police said in an email to Reuters that the officers were not participating in the protest but policing it. There are no reliable reports about the Metropolitan Police participating in pro-Palestinian rallies. The video shows officers policing a pro-Palestinian protest in London, not taking part in it.

Persons: israel ”, Read Organizations: London, Police, British Police, Facebook, Reuters, Metropolitan Police, Thomson Locations: Central London, Hyde, Israel, Palestine …, israel, London

Vacuum maker Dyson has in recent years tied up with eBay UK to sell officially refurbished products at a hefty discount to the price of new ones. Some 23% of consumers globally say they are buying more second-hand products, according to the EY Future Consumer Index, a survey of 22,000 consumers published earlier this month. "I found a waistcoat for my dad in a charity shop in Peckham the other day – I saw it and I thought I have to get it, he's going to love it," Baker said as she browsed in a Crisis charity shop in Camberwell, south-east London. In the fourth quarter of last year, sales in UK charity shops grew by 8.6% compared the previous year, according to the Charity Retail Association. Lesley Wright, a volunteer at an Oxfam shop in Brighton, England, is gearing up for her "busiest-ever" holiday season.

Persons: Eve Williams, Dyson, Lorna Fallon, Lucy Baker, Baker, Lesley Wright, Wright, Richa Naidu, Helen Reid, Matt Scuffham, Elaine Hardcastle Organizations: eBay Inc, Oxfam, Apple, eBay, Dyson, Regent, Sustainability, Charity Retail Association, Reuters, Thomson Locations: British, London, Peckham, Camberwell, Brighton , England

☆ Watches of Switzerland shares up 9.7% as retailer reiterates plan to double profit by 2028
▼ + stars: | 2023-11-07 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

An employee arranges a display of Omega SA watches in the window of a Watches of Switzerland Group Plc store on Regent Street in London, UK, on Wednesday, Aug. 30, 2023. One of Watches of Switzerland Group Plc's biggest investors cut its stake in the UK-listed timepiece retailer less than 24 hours after Rolex SA decided to buy a rival, Bucherer AG. The firm on Tuesday reported a tick up in revenue to £379 million ($467 million) from £374 million in the most recent quarter. Sales of watches rose, while jewellery declined. The stock took a particular hit in August, after rival Rolex announced a deal to buy watch retailer Bucherer, fueling fears of an industry juggernaut taking more market share.

Persons: Jose Sarmento Matos, Brian Duffy Organizations: Omega SA, Switzerland Group, Switzerland Group Plc's, Rolex SA, Bucherer AG, Bloomberg, Getty, Investors, Rolex Locations: London, Switzerland, U.S, Europe

☆ New exhibition shines a light on the forgotten Black voices of fashion
▼ + stars: | 2023-10-05 | by ( Funmi Fetto | ) edition.cnn.com time to read: +6 min

“The Missing Thread, Untold Stories of Black Fashion” is filled with photos like this, as the showcase dives deep into the history of Black British culture from the 1970s to the present day — specifically, how it has been a forgotten influence on the fashion industry. British Jamaican photographer Vanley Burke has spent over 50 years documenting Black British communities in Birmingham. London-born photographer Jennie Baptiste is another artist getting her dues in "The Missing Thread." At the center of the exhibition is the work of Black British designer Joe Casely-Hayford, who died in 2019. Casely-Hayford was nominated for Womenswear British Designer of the Year in 1989 and also Innovative Designer of the Year in 1991.

Persons: London CNN —, Neil Kenlock, ”, Andrew Ibi, Jason Jules, Harris Elliot —, Jules, Black creatives, Law Roach, Chioma Nnadi, Ibi, Elliot, Vanley Burke, “, Wayne Pinnock, Pinnock’s, Suzy Menkes, Pinnock, Jennie Baptiste, Pinky, Chinyere Eze, Brenda Cuffy, Charlie Allen, Joe Casely, Hayford, Kevin Davies, White, Bruce Oldfield, Queen, Ozwald Boateng, Savile, Bono, Charlie, Harris Organizations: London CNN, London’s Somerset House, Development Agency, CNN, Somerset House, Royal College of Art, New York Times, Moschino, Vogue, British Empire, Victoria & Abert Museum, FIT Locations: British, Birmingham, Handsworth Park, Somerset, Milan, London, Casely, New York City

☆ H&M to sell second-hand clothes at London flagship
▼ + stars: | 2023-09-13 | by ( ) www.cnbc.com time to read: +2 min

People passing a large scale sign for the high street clothes and clothing brand H&M outside their flagship store on the corner of Oxford Street and Regent Street. H&M plans to sell second-hand clothes and accessories at its flagship store in London from Oct. 5, as pressure increases on fast fashion companies to curb their environmental impact by encouraging the reuse and recycling of garments. It will be the second H&M store to offer second-hand clothes, after Barcelona which opened earlier this year. H&M launched a clothing rental service at its Regent Street store in November last year. Zara last week launched its online second-hand service in France, having trialed it in Britain since November last year.

Organizations: Oxford Street, Regent, European Union, M's Locations: London, United Kingdom, Cos, Monki, Barcelona, Sweden, Germany, Europe, United States, Zara, France, Britain

☆ H&M to sell second-hand clothes at London store
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

LONDON, Sept 13 (Reuters) - H&M (HMb.ST) plans to sell second-hand clothes and accessories at its flagship store in London from Oct. 5, as pressure increases on fast fashion companies to curb their environmental impact by encouraging the reuse and recycling of garments. It will be the second H&M store to offer second-hand clothes, after Barcelona which opened earlier this year. H&M also has an online second-hand offering in Sweden and Germany. H&M launched a clothing rental service at its Regent Street store in November last year. Zara (ITX.MC) last week launched its online second-hand service in France, having trialled it in Britain since November last year.

Persons: Helen Reid, Alison Williams Organizations: European Union, M's, Regent, Thomson Locations: London, Cos, Monki, Barcelona, Sweden, Germany, Europe, United States, Zara, ITX.MC, France, Britain

☆ Fact Check-London Ramadan lights organised privately, not by London Mayor
▼ + stars: | 2023-04-18 | by ( Reuters Fact Check | ) www.reuters.com time to read: +3 min

Tousi says: “Somehow, the Mayor of London and local authorities decided to focus on Ramadan… and nothing about Easter. What happened to Easter?”The Ramadan display was organised by a group called Ramadan Lights, not the London mayor, according to group founder Aisha Desai, who spoke to Reuters (ramadanlights.co.uk/). No taxpayers’ or local authorities’ money was used to fund Ramadan Lights, she said. The Ramadan Lights were also erected by Piccadilly Circus Underground station, not on Oxford Street or Regent Street, according to the initiative (ramadanlights.co.uk/ and here). The Mayor of London was not involved in organising Ramadan Lights, a privately funded, community-led initiative.

☆ Twitter faces lawsuits over unpaid rent for U.S. HQ, U.K. office
▼ + stars: | 2023-01-24 | by ( Associated Press | ) www.nbcnews.com time to read: +3 min

Twitter is facing a lawsuit over allegations it failed to pay rent for its head office, according to California court documents. The owner of its premises in central London, meanwhile, said it’s taking the company to court over rental debt. Twitter has already been taken to court this month for falling behind on rent at another San Francisco office. The company, Sri Nine Market Square LLC, said Twitter “breached the Lease by failing to pay monthly rent and additional rent” for January amounting to $3.4 million. After using those funds, the landlord says Twitter still owes $3.16 million in unpaid rent and is seeking late fees and interest plus attorneys’ fees.

☆ UK inflation drops to 3-month low of 10.5% in December
▼ + stars: | 2023-01-18 | by ( David Milliken | ) www.reuters.com time to read: +2 min

[1/2] People carry shopping bags as they walk past Christmas themed shop displays on Regent Street in London, December 4, 2022. The drop in the headline rate of inflation from 10.7% in November was in line with economists' forecasts in a Reuters poll, and moves CPI further away from the 41-year high of 11.1% struck in October. "Food costs continue to spike with prices also rising in shops, cafes and restaurants," ONS chief economist Grant Fitzner said. Core CPI - which excludes energy, food, alcohol and tobacco, and which some economists view as a better guide to underlying inflation trends - was unchanged at 6.3% in December. Finance minister Jeremy Hunt said after the figures were released that high inflation was a "nightmare for family budgets", hurt business investment and led to strike action.

☆ King Charles' III property empire includes 7 McDonald's, a Victoria's Secret, and an Apple store
▼ + stars: | 2022-12-23 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

The Crown Estate owns properties worth $17.6 billion, including farmland and seabeds. It also owns retail parks with stores including McDonald's, Starbucks, KFC, and Victoria's Secret. The Crown Estate, which generates profits for the UK Treasury, is owned by the reigning monarch and control was passed down from Queen Elizabeth II to King Charles III upon her death in September. Lingerie and sex-toy shop Ann Summers also has a store at the Westgate shopping mall in Oxford, as does Victoria's Secret. Regent Street in central London, which is owned by the Crown Estate.

☆ Elusive artist Banksy tells fans to shoplift from a Guess store after the label 'helped themselves to my artwork'
▼ + stars: | 2022-11-19 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +2 min

Anonymous graffiti artist Banksy encouraged shoplifters to steal from a Guess store in London. Guess said its collection was produced legally in a partnership with licensing company Brandalised. Guess said the collection was created legally through a partnership with Brandalised, "an urban graffiti licensing company whose mission is to offer Banksy fans affordable graffiti collectibles." Shortly after Banksy's post, Guess closed the Regent Street store, and covered up the window display, BBC News reported. Guess, Brandalised and Banksy did not immediately respond to requests for comment from Insider.

☆ Banksy says fashion retailer Guess 'helped themselves' to his work
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +1 min

[1/4] Employees remove lettering from a window display inside a Guess store which included the artwork "Flower Thrower" by street artist Banksy, on Regent Street in London, Britain, November 18, 2022. REUTERS/Henry NichollsLONDON, Nov 18 (Reuters) - Renowned graffiti artist Banksy on Friday criticised fashion retailer Guess, saying it had used his work without permission, and invited shoplifters to pay the London shop a visit. Banksy, whose true identity is a closely guarded secret, posted a photo of Guess' Regent Street store in central London on Instagram, suggesting shoplifters should pay it a visit. Please go to GUESS on Regent Street. After the Banksy post, store staff covered the window display.

☆ Apple will 'take years' to diversify away from China, says Counterpoint Research
▼ + stars: | 2022-11-10 | by ( Sheila Chiang | ) www.cnbc.com time to read: +3 min

A display of iPhone 14 smartphones at the Apple Inc. Regent Street store in London, UK. Bloomberg | Bloomberg | Getty ImagesApple will take years to diversify from its Chinese factories, even as the country presses on with its zero Covid policy which is hurting iPhone production, according to Counterpoint Research's Jeff Fieldhack. "It will take years for Apple to diversify," the research director told CNBC's "Squawk Box Asia" Tuesday, explaining that Apple's latest iPhones will likely continue to be built in China for the next few years. In a statement on Sunday, Apple said that it temporarily reduced iPhone 14 production as its primary iPhone 14 Pro and iPhone 14 Pro Max assembly plant in Zhengzhou, China is operating at "significantly reduced capacity" due to Covid-19 restrictions. Apple has been diversifying its device assembly process away from China and opening factories in countries south of China, such as India and Vietnam.

☆ The $17 billion estate that helps pay for the royal family – from Regent Street to the Windsor Estate
▼ + stars: | 2022-09-18 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +3 min

The Crown Estate's income goes to the UK government, which gives the royal family an annual payment. The assets of the Crown Estate are worth about $17 billion. The Crown Estate is a collection of property and other holdings belonging to, but not managed by, the monarch. While the King technically owns the Crown Estate by virtue of being on the throne, he is not involved in its management. The Crown Estate's portfolio also includes parts of the shoreline and seabed, forests, farms and the Windsor Estate.

☆ Prince William just inherited a 685-year-old estate worth $1 billion
▼ + stars: | 2022-09-13 | by ( Anna Cooban | Cnn Business | ) edition.cnn.com time to read: +5 min

The line of succession makes Prince William, now the first in line to the British throne, a much wealthier man. Created in 1337 by King Edward III, the estate is worth around £1 billion ($1.2 billion), according to its accounts for the last financial year. From that, the UK Treasury paid the Queen a Sovereign Grant of £86 million ($100 million). The Sovereign Grant is usually equivalent to 15% of the estate's profits. Income from its investments cover official costs not met by the Sovereign Grant, and helps support other Royal family members.

☆ Apple set to unveil its new iPhones and Apple Watches
▼ + stars: | 2022-09-07 | by ( Todd Haselton | ) www.cnbc.com time to read: +3 min

AppleApple is set to unveil its new iPhone 14 at a press event Wednesday in Cupertino, California, that starts at 1 p.m. Here's what's on deck:iPhone 14 and iPhone 14 ProAn employee serves a customer in the Apple store on Regent Street in London. In addition to the iPhone 14, an iPhone 14 Max would mark the first time Apple introduces its largest display into a non-Pro model. Apple Watch Series 8 and Apple Watch ProApple Watch Series 7 Todd Haselton | CNBCApple's also set to introduce a new Apple Watch Series 8 to replace last year's Apple Watch Series 7. AirPods Pro 2AirPods, AirPods 3, AirPods Pro Todd Haselton | CNBCBloomberg said over the weekend that Apple is planning to announce the new AirPods Pro 2 on Wednesday.

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