DIRS.INFO The most relevant business & tech news

☆ Tourist spend and China helps Burberry beat sales forecasts
▼ + stars: | 2022-11-17 | by ( Paul Sandle | ) www.reuters.com time to read: +2 min

Under the creative direction of its new designer Daniel Lee, Burberry would "refocus on Britishness", it said. It had targeted high-single digit revenue growth and a margin of around 20%. Comparable store sales in mainland China, Burberry's biggest single market, stabilised in the second quarter after falling 35% in the first, it said, despite some local COVID lockdowns in September. Europe continued to perform strongly, it said, with sales up 25% in the second quarter, boosted by a rise in tourists from the United States, the Middle East and locations in Asia outside mainland China. The Americas continued to be a weak spot, however, with sales in second quarter down 3%, reflecting some pressure in the entry level items and U.S. customers spending more in Europe rather than at home.

☆ Jobless rate rises as UK prepares to tighten belts again
▼ + stars: | 2022-11-16 | by ( William Schomberg | ) www.reuters.com time to read: +3 min

With finance minister Jeremy Hunt set to raise taxes and cut spending on Thursday to fix the public finances, potentially deepening an expected recession, the jobless rate rose to 3.6%, pushed up by a rate of 3.8% in September alone. Economists polled by Reuters had expected the unemployment rate to remain at 3.5%. The number of job vacancies in the August-to-October period fell to 1.23 million, its lowest since late 2021. Wages excluding bonuses rose by 5.7%, their highest annual growth rate excluding the coronavirus pandemic period. Hunt has said he will address the problems of worker shortages in his budget statement on Thursday.

☆ UK MI5 chief says expulsion of Russian spies has delivered significant blow
▼ + stars: | 2022-11-16 | by ( Michael Holden | ) www.reuters.com time to read: +4 min

Summary UK spy chief says Russian aggression will last yearsMore than 400 Russian spies expelled from Europe, he saysChina playing 'long game' to influence future UK assetsLONDON, Nov 16 (Reuters) - The expulsion of more than 400 suspected Russian spies from across Europe this year has struck the "most significant strategic blow" against Moscow in recent history and taken Vladimir Putin by surprise, Britain's domestic spy chief said. McCallum said Britain had refused more than 100 Russian diplomatic visa applications on national security grounds since then. "The serious point is that the UK must be ready for Russian aggression for years to come," he said. The spy chief also said Chinese authorities were monitoring and intimidating the Chinese diaspora, with action ranging from forcible repatriation to assault. "To intimidate and harass UK nationals or those who have made the UK their home cannot be tolerated," McCallum said.

☆ UK says Sunak, China's Xi cancel G20 meeting due to scheduling issues
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 16 (Reuters) - A planned G20 meeting between British Prime Minister Rishi Sunak and President Xi Jinping of China has been cancelled due to "scheduling issues", a Downing Street spokesperson said on Wednesday. Sunak and Xi had been due to hold the first meeting between British and Chinese leaders for almost five years, with Sunak's office saying beforehand that the prime minister would seek to establish a "frank and constructive relationship". In a statement released before the planned meeting, Downing Street said the challenges posed by China were "systemic" and "long-term". Chinese foreign ministry spokesperson Mao Ning said she had no information to offer on the cancellation of the meeting between Xi and Sunak. Reporting by Sarah Young and Kate Holton; editing by John StonestreetOur Standards: The Thomson Reuters Trust Principles.

☆ Actor Kevin Spacey faces more sexual assault charges in Britain
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 16 (Reuters) - Britain's Crown Prosecution Service (CPS) has authorised seven additional charges against Oscar-winning actor Kevin Spacey for a number of sexual assaults against one man between 2001 and 2004, it said on Wednesday. The new CPS charges include one of causing a person to engage in sexual activity without consent and others of indecent and sexual assault. Spacey, 63, was previously accused of five offences in Britain - four counts of sexual assault by touching, and a more serious charge of causing a person to engage in penetrative sexual activity without consent. 71st Tony Awards – Arrivals – New York City, U.S., 11/06/2017 - Actor Kevin Spacey. Spacey's defence lawyer in Britain, Patrick Gibbs, did not immediately respond to an email seeking comment on the latest charges.

☆ British spy chief: Iran tried 10 times to kidnap or kill UK-linked individuals
▼ + stars: | 2022-11-16 | by ( Michael Holden | ) www.reuters.com time to read: +3 min

LONDON, Nov 16 (Reuters) - Iran's intelligence services have made at least 10 attempts to kidnap or even kill British nationals or individuals based in the United Kingdom regarded by Tehran as a threat, the head of Britain's domestic spy agency said on Wednesday. "At its sharpest this includes ambitions to kidnap or even kill British or UK-based individuals perceived as enemies of the regime," McCallum said in a speech at MI5's headquarters. McCallum said the Iranian intelligence services were "a sophisticated adversary" who sometimes operated using their own staff or courted others to work on their behalf, and sometimes they were prepared to take "reckless action". Iran said on Wednesday several French intelligence agents had been arrested in connection with the protests. "The current wave of protests in Iran is asking fundamental questions of the totalitarian regime," McCallum said.

☆ In Burnley, Britain's cost of living crisis hits home
▼ + stars: | 2022-11-15 | by ( Natalie Thomas | ) www.reuters.com time to read: +6 min

[1/6] Keelie Topping shops in the parish of the Church of St Matthew the Apostle in Burnley, England, Britain November 10, 2022. While millions in Britain face a difficult winter, the Centre for Cities think tank says the nearly 95,000 residents of Burnley are most exposed to the shockwaves ripping through the economy. Consumers in Burnley saw prices rise 11.7% in the year to September, the think tank estimates, compared with 10.1% nationally, and 9.1% in London. Britain's exit from the European Union has so far failed to yield economic dividends for places like Burnley. Adrian Pabst, at the National Institute of Economic and Social Research think tank, said the cost of supporting the poorest households did not have to be big.

☆ UK jobless rate rises, vacancies fall again
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 15 (Reuters) - Britain's unemployment rate unexpectedly rose in the three months to September and vacancies fell for a fifth report in a row as employers worried about the outlook for the economy, official data showed on Tuesday. With finance minister Jeremy Hunt set to raise taxes and cut spending on Thursday to fix the public finances, potentially deepening an expected recession, the jobless rate rose to 3.6%, pushed up by a rate of 3.8% in September alone. Economists polled by Reuters had expected the unemployment rate to remain at 3.5%. Wages excluding bonuses rose by 5.7%, their highest annual growth rate since the three months to August 2021. Including bonuses, wages rose by 6.0%, compared with the poll forecast of 5.9%.

☆ UK and France sign $74 mln agreement to tackle illegal migration
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: 1 min

LONDON, Nov 14 (Reuters) - Britain and France have signed an agreement worth 72.2 million euros ($74.50 million) in 2022/23 to tackle the problem of illegal immigrants crossing the English Channel in small boats, the British government said on Monday. Britain's interior ministry said the deal would see a 40% increase in the number of UK-funded officers patrolling French beaches, with British officers embedded in French-led control rooms for the first time to improve coordination. ($1 = 0.9691 euros)Reporting by Kylie MacLellan and Muvija M; Editing by Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

☆ Britain, France sign deal to boost cooperation on illegal migration
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

[1/3] French Interior Minister Gerald Darmanin greets Britain's Home Secretary Suella Braverman as she arrives for a meeting and joint declaration signature at the Hotel Beauvau Interior Ministry in Paris, France November 14, 2022. So far this year more than 40,000 people have crossed the Channel in small boats, up from 28,526 last year, putting pressure on new British Prime Minister Rishi Sunak and interior minister Suella Braverman to do more to stem the flow. "It is in the interests of both the UK and French governments to work together to solve this complex problem," Braverman said in a statement, after meeting with French interior minister Gerald Darmanin in Paris on Monday morning. The British government said the multi-year deal would see a 40% increase in the number of UK-funded officers patrolling French beaches in the coming months. ($1 = 0.9693 euros)Reporting by Paris Newsroom, Kylie MacLellan and Muvija M in London; Editing by Susan Fenton and Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

☆ Sorrell's S4 Capital defies tech turmoil to maintain momentum
▼ + stars: | 2022-11-14 | by ( Paul Sandle | ) www.reuters.com time to read: +2 min

SummarySummary Companies Digital ad group says it maintained momentum in Q3Reiterates full-year earnings forecastShares rise as much as 9%LONDON, Nov 14 (Reuters) - Martin Sorrell said his digital ad group S4 Capital (SFOR.L) had maintained momentum in a third quarter marked by disappointing results from major platforms including Alphabet's Google (GOOGL.O) and Facebook's Meta (META.O). Shares in S4 rose 9% to 229 pence in early deals, the highest level since the downgrade in the summer. Sorrell said Twitter and Snap, which each account for around 1% of the digital ad market, were not a good indicator for the sector. He said advertisers were pausing spending on Twitter pending clarity on how new owner Elon Musk would moderate content. "At the moment most clients are suspending their activities because they're worried about extreme content and content moderation on the site."

☆ UK economy shrinks less than feared as recession risk looms
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 11 (Reuters) - Britain's economy shrank by a less severe than expected 0.2% in the three months to September, according to official data which is likely to represent the start a lengthy recession. A Reuters poll of economists had pointed to a bigger contraction of 0.5% in gross domestic product in the third quarter. The Bank of England said last week that Britain's economy was set to go into a two-year recession if interest rates rose as much as investors had been pricing. Even without further rate hikes, the economy would shrink in five of the six quarters until the end of 2023, it said. The weak economic outlook provides a tough backdrop for next week's budget statement by finance minister Jeremy Hunt.

Economic output shrank by 0.2% in the third quarter, less than the 0.5% contraction analysts had forecast in a Reuters poll, Friday's official data showed. The Bank of England said last week that Britain's economy was set to go into a recession that would last two years if interest rates were to rise as much as investors had been pricing. Even without further rate hikes, the economy would shrink in five of the six quarters until the end of 2023, it said. "Fears of a recession are turning into reality," Suren Thiru, economics director for the Institute of Chartered Accountants in England and Wales, said. In September alone, when the funeral of Queen Elizabeth was marked with a one-off public holiday that shut many businesses, Britain's economy shrank by 0.6%, the Office for National Statistics said.

☆ Vodafone sells slice of Vantage Towers to KKR, other investors
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermidLONDON, Nov 9 (Reuters) - Vodafone (VOD.L) said it would sell a portion of its majority stake in wireless towers unit Vantage (VTWRn.DE) to private equity firms GIP and KKR (KKR.N), and use the minimum proceeds of 3.2 billion euros to pay down its debt. The British telecoms group said its would create a new joint venture with the investors, which would result in the deconsolidation of its 81.7% stake. The joint venture would also buy out the minority shareholders in Frankfurt-listed Vantage, it said on Wednesday. Shares in Vantage jumped 7.8%, while Vodafone was broadly flat.

☆ ITV sees lower ad revenue despite World Cup, 'I'm a Celebrity' boosts
▼ + stars: | 2022-11-09 | by ( Sarah Young | ) www.reuters.com time to read: +2 min

SummarySummary Companies Sees 2022 ad revenue down between 1% and 1.5%9-month ad revenue falls 2% vs guidance for 'broadly flat'Shares down 6%LONDON, Nov 9 (Reuters) - British broadcaster ITV (ITV.L) forecast slightly lower ad revenue for 2022 after a weaker-than-expected third quarter, though hits like "I'm a Celebrity... Get Me Out of Here" and the soccer World Cup should help it in the run-up to Christmas. ITV said on Wednesday 2022 ad revenue was expected to fall between 1% and 1.5% from 2021, a record year, after the first nine months came in just behind its guidance, hurting its shares. Ad revenue for the nine months to the end of September fell 2%, a slowdown from the half-year, reflecting weaker advertising in the summer compared to 2021 when the Euro Football Championship was delivering record audiences. For November, ad revenue is seen up 3% and it is expected to be between 5-10% higher in December. ITV also warned inflation would impact its cost base in 2023 but it said it would try to find ways to mitigate this.

☆ Britain's M&S warns of 'gathering storm' of higher costs and weak consumer
▼ + stars: | 2022-11-09 | by ( James Davey | ) www.reuters.com time to read: +3 min

SummarySummary Companies H1 profit down 24%Expects profit decline in full yearFacing higher labour, energy, currency costsLONDON, Nov 9 (Reuters) - British retailer Marks & Spencer (MKS.L) warned on Wednesday of a "gathering storm" of higher costs and pressure on household budgets, as it reiterated full-year profits would fall. Profits fell, despite an 8.5% rise in revenue to 5.54 billion pounds, due to higher costs. Prior to Wednesday's update, analysts were on average forecasting a profit before tax and adjusting items of 397 million pounds for the 2022-23 fiscal year, down from 523 million pounds in 2021-22. Marks & Spencer (M&S), whose shares have halved this year, said total food sales increased 5.6% in the first half, while clothing and home sales rose 14%. "Across all M&S markets it is highly likely that conditions will become more challenging in FY24," M&S said.

☆ UK broadcaster ITV forecasts slightly lower ad revenue in 2022
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 9 (Reuters) - British broadcaster ITV (ITV.L) forecast slightly lower ad revenue for 2022 despite a FIFA World Cup boost in the key Christmas quarter, as it warned on the high degree of economic uncertainty. ITV, the home of ratings hit "I'm a Celebrity... Get Me Out of Here", said ad revenue for the full-year 2022 is expected to be down between 1% and 1.5% on 2021, which was a record year. Ad revenue for the nine months to end-Sept fell 2%, a slowdown from the half-year reflecting weaker advertising in the summer compared to 2021 when the Euro Football Championship was delivering record audiences. ITV, which has a Studios production arm as well as its broadcast and digital businesses, said on Wednesday that while the World Cup would help ad revenue in November and December, economic uncertainty could impact corporate ad spend. This year's soccer tournament is unusual as it is taking place in the northern hemisphere's winter, rather than summer.

☆ Britain's Next to buy failed furniture retailer Made.com, jobs at risk
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 9 (Reuters) - British fashion retailer Next (NXT.L) will buy the brand of collapsed online furniture seller Made.com (MADE.L), which entered administration last week after running out of cash. Made, which had a nearly 18-month run as a public company, last week became one of the most high profile British retailers to fail, hurt by supply chain issues and as consumers cut back on discretionary spending. It said on Wednesday that while Next would buy Made.com's brand, domain names and intellectual property, the company's administrators PwC would take control of its remaining assets including payments made to creditors. Made said in September it was cutting jobs and considering a sale, with some reports saying as much as 35% of the workforce was likely being let go. Reporting by Sachin Ravikumar; Editing by Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

Machin also noted a trend of more eating at home as consumers look to save money by cutting down on restaurant visits. Katie Bickerstaffe, joint CEO, told reporters that its customers had already bought about 30% of their clothing and homewares Christmas gifts. "People are planning forward a little bit now," she said, highlighting very high demand for Christmas pyjamas. Similarly, Sainsbury's said last week consumers were buying cakes, mince pies and chocolates in advance of Christmas. ($1 = 0.8747 pounds)Reporting by James Davey and Sarah Young; Editing by Kate Holton and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Summary Williams resigns to comply with inquiryOpposition parties question Sunak's judgementLONDON, Nov 8 (Reuters) - British minister Gavin Williamson resigned on Tuesday from the government over claims that he bullied colleagues, raising questions about Prime Minister Rishi Sunak's judgement just weeks into the job. Sunak became Britain's third prime minister in two months in October, pledging to restore integrity and professionalism to the heart of government following months of turmoil under his predecessors, Liz Truss and Boris Johnson. The opposition Labour Party said Williamson's resignation was a "damning reflection of a weak prime minister". The government and fellow ministers had previously said that Williamson's messages, if true, were not acceptable but that more time was needed to investigate the situation. Reporting by Muvija M and Kate Holton, Editing by Kylie MacLellan and Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

☆ UK interior minister denounced for asylum seeker 'invasion' comments
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +3 min

Her comments came a day after a man used fire bombs to attack an immigration processing centre in the port town of Dover. Robert Jenrick, an immigration minister in Braverman's interior ministry, said his boss's language reflected the scale of the challenge, after a record number of nearly 40,000 asylum seekers arrived in Britain via small boats so far this year. She has also been accused of failing to listen to legal advice on the prolonged detention of migrants at another processing centre, and failing to secure adequate accommodation, both claims she has denied. "Let's stop pretending they are all refugees in distress, the whole country knows that is not true," Braverman told parliament. "No Home Secretary who was serious about public safety or national security would use highly inflammatory language on the day after a dangerous petrol bomb attack on a Dover initial processing centre," she said.

☆ UK counter-terrorism police lead investigation into Dover bomb incident
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

[1/7] Members of the military and UK Border Force extinguish a fire from a petrol bomb, targeting the Border Force centre in Dover, Britain, October 30, 2022. REUTERS/Peter Nicholls/File PhotoLONDON, Nov 1 (Reuters) - Britain's counter-terrorism police are now leading the investigation into an incident in which petrol bombs were thrown at an immigration centre in the southern English port of Dover, police said on Tuesday. The attack came as British policy towards migrants and asylum seekers remains a heated political issue. Sunak's interior minister Suella Braverman is facing heavy criticism for describing the arrival of asylum seekers as an invasion. Reporting by William Schomberg and Sachin Ravikumar; Editing by Kate Holton and Michael HoldenOur Standards: The Thomson Reuters Trust Principles.

☆ UK house prices fall after 'mini-budget' turmoil - Nationwide
▼ + stars: | 2022-11-01 | by ( David Milliken | ) www.reuters.com time to read: +2 min

[1/3] An estate agent's board is displayed outside a house on a terraced street in Blackburn, Britain, January 17, 2022. REUTERS/Phil NobleLONDON, Nov 1 (Reuters) - British house prices recorded their first monthly fall since July 2021 last month, mortgage lender Nationwide said on Tuesday, after the market was hit by turmoil during Prime Minister Liz Truss's short-lived premiership. Nationwide Building Society said house prices dropped 0.9% in October after being unchanged in September, while they are 7.2% higher than a year earlier, slowing from September's annual increase of 9.5%. "The market has undoubtedly been impacted by the turmoil following the mini-Budget, which led to a sharp rise in market interest rates," Nationwide chief economist Robert Gardner said. The monthly fall in house prices was the largest since June 2020, when the market was crimped by initial COVID-19 pandemic restrictions, while the annual rise was the weakest since April 2021.

New leader of the Britain's Conservative Party Rishi Sunak walks outside the Conservative Campaign Headquarters, in London, Britain October 24, 2022. The 42-year-old former finance minister becomes Britain's third prime minister in less than two months, after infighting and feuding at Westminster that has horrified investors and alarmed international allies. Sunak, Britain's youngest prime minister for more than 200 years and its first leader of colour, will replace Liz Truss who resigned after 44 days following a "mini budget" that sparked turmoil in financial markets. Sunak was blamed by many in the party when he quit as finance minister in the summer, triggering a wider rebellion that brought down the-then leader Boris Johnson. His appointment also marks a first in Britain as Sunak, a Hindu, becomes its first prime minister of Indian origin.

Then, the former finance minister repeatedly described his predecessor's ideas as "fairytale" economics that would spook the markets. He will also be the first person of colour to become Britain's prime minister. "I grew up in the 80s and 90s, and I could not even imagine a non-white prime minister in my lifetime... COVID CHAMPIONSunak rose swiftly up the ranks of the Conservative Party, becoming, in 2020, one of the youngest finance ministers. When the COVID-19 pandemic hit Britain, Sunak dropped the Conservatives' small-state instincts to borrow massively and stave off the risk of an economic depression.

Search resuls for: "Holton"

25 mentions found