More UK retailers in dire financial straits; As soon as the fashion brand quiz happens, you will need additional funds | business

closing post

time to wrap up

Shoppers are returning to city centers today in greater numbers than last year after a weak Boxing Day in the UK.

New data from MRI Software shows footfall in retail stores across the UK increased by +8% as of 12pm compared to 27 December 2023.

According to the report, this could help the sector, which saw the number of UK retailers on the brink of collapse rise by a quarter in the last three months of the year due to rising business costs and falling consumer confidence.

The proportion of retailers classified as experiencing serious financial difficulties rose 25% in the fourth quarter to 2,124 compared to the previous three months, according to insolvency specialist Begbies Traynor.

The general retail sector is under the most pressure, with a 29% quarter-on-quarter increase in the number of businesses experiencing severe financial difficulties, rising from 1,127 to 1,457 in the third quarter.

Stocks on Wall Street fell in morning trading in New York.

Japan's rally pushed the Nikkei index to its highest level in five months.

South Korea's winning percentage fell to its lowest in 16 years after lawmakers voted to impeach the acting president.

Thousands of Land Registry workers have voted to strike in a dispute over office issues.

share

Updated on 10.38 EST

main event

Show only major events

Please enable JavaScript to use this feature.

Fashion Brand Quiz Needs Additional Funding By Early 2025

BREAKING LATE NEWS: British fashion brand Quiz has warned shareholders it will need additional funding by early next year after a disappointing Christmas.

Quiz told the city it lost $4.7 million in the six months ended Sept. 30, compared with a loss of $1.5 million the year before.

Since then, it has admitted to seeing a noticeable drop in traffic both online and in stores in November.

And while online revenue was generally stable in December compared to the previous year, brick-and-mortar revenue declined again.

According to the quiz, as of yesterday, net borrowings were $3.5 million, leaving $500,000 of room to spare within $4 million of bank facilities.

WARNING:

As announced on 6 December 2024, given the disappointing profit levels in the key Christmas trading period, there is less cash available for the business than previously expected.

As a result, the Board expects the Group to require additional funding in early 2025.

share

Updated on 10.37 EST

closing post

time to wrap up

Shoppers are returning to city centers today in greater numbers than last year after a weak Boxing Day in the UK.

New data from MRI Software shows footfall in retail stores across the UK increased by +8% as of 12pm compared to 27 December 2023.

According to the report, this could help the sector, which saw the number of UK retailers on the brink of collapse rise by a quarter in the last three months of the year due to rising business costs and falling consumer confidence.

The proportion of retailers classified as experiencing serious financial difficulties rose 25% in the fourth quarter to 2,124 compared to the previous three months, according to insolvency specialist Begbies Traynor.

The general retail sector is under the most pressure, with a 29% quarter-on-quarter increase in the number of businesses experiencing severe financial difficulties, rising from 1,127 to 1,457 in the third quarter.

Stocks on Wall Street fell in morning trading in New York.

Japan's rally pushed the Nikkei index to its highest level in five months.

South Korea's winning percentage fell to its lowest in 16 years after lawmakers voted to impeach the acting president.

Thousands of Land Registry workers have voted to strike in a dispute over office issues.

share

Updated on 10.38 EST

Katie Wyle, managing director of UK shopping centers at Unibail-Rodamco-Westfield, said shopper numbers at its two locations in London were similar to last year.

More than 320,000 shoppers flocked to Westfield London and Stratford City on Boxing Day this year, the same level as in 2024 and taking the total number of visitors since the festival began to over 10 million.

Many people were seen dining out with friends and family, enjoying leisure activities like go-karting, ice skating, bowling at Gravity, or shopping for discounted prices.

share

The sell-off in New York is gathering pace, with the Nasdaq Composite Index now down 1.25% to 19,771 points.

ShareWall Street opens in red. A Christmas tree displayed outside the New York Stock Exchange. Photo: Charly Triballeau/AFP/Getty Images

There is no sign of a festive Santa rally on Wall Street, where the U.S. stock market fell as soon as trading began.

The Dow Jones Industrial Average fell 270 points, or 0.6%, to 43,055 at the opening bell.

The S&P 500 index and the tech-heavy Nasdaq index both fell 0.6%.

ShareLand registry office workers vote for strike action over office demands

Thousands of Land Registry workers who have been ordered to return to the office three days a week have voted to strike.

The Public and Commercial Services (PCS) union said 3,800 workers across 14 offices across England and Wales have voted to strike, raising concerns about employers using their personal data inappropriately and forcing them to take on additional responsibilities without additional pay. He said there was.

The Land Registry is the government agency that handles the registration of land and property ownership in England and Wales.

PCS general secretary Fran Heathcote said:

The government seems unaware that applying arbitrary targets to attendance does not increase productivity and is unpopular with employees.

If they want a motivated and hard-working workforce, ministers need to believe that their staff can have some say in their working conditions, rather than acting like Victorian bosses.

It is not too late for management to end this dispute and avoid a strike.

A Land Registry spokesperson said the agency would respond as necessary to maintain essential services, as we have done during previous periods of industrial action.

share

The pound has been enjoying a slight bounce since Christmas.

Sterling rose 0.35% against the US dollar today to $1.257, hitting its highest since Monday.

Share Retail traffic increased by 8% this morning

After yesterday's drop in footfall, shoppers are returning to the high street in greater numbers today than last year.

New data from MRI Software shows footfall at retail stores across the UK increased by +8% as of 12pm compared to 27 December 2023.

They reported that the number of shoppers on the high street was up 8.7% year-on-year, while footfall at retail parks was up 7.3% and shopping centers were up 7.2%.

This suggests consumers are looking for post-Christmas bargains or restocking their fridges and cupboards after a festive feast.

Jenni Matthews, director of marketing and insights at MRI Software, added that shoppers were shaking off their post-Christmas slumber.

The uptick is promising for retailers and destinations after a slow start to Boxing Day sales.

Footfall is expected to continue to increase as the day progresses and into the weekend as consumers restock groceries, prepare for New Year's celebrations and hunt for Boxing Day deals.

share

In a sign of how quiet things are in the city these days, the most read article on the London Stock Exchange's Regulated News Service (RNS) is a test message put out at 5am to show they are working.

share

The Russian ruble fell sharply against the US dollar today.

The ruble is currently down 3.7% at 103.7 rubles per dollar, having hit a two-week low of nearly 107/$ earlier today.

The weakness comes after Reuters reported yesterday that Russia's central bank will withdraw some support for the currency in the first business week of 2025 after the New Year holidays.

This would reverse some of the recent steps taken to prop up the ruble by postponing some foreign currency purchases after the ruble weakened in November.

ShareMark Sweney

London-listed mining company Gemfields said it had temporarily suspended its ruby ​​mine operations in Mozambique, taking advantage of the political unrest. Afterwards, several groups took advantage of the political unrest to set fire to the area and attempt to invade, resulting in two deaths.

Gemfields, one of the world's largest colored gemstone miners, said more than 200 people involved in illegal ruby ​​mining attempted to invade a residential village the company had built next to its Montepuez Ruby Mining (MRM) operations in northern Mozambique on Christmas Eve. .

The company, which is incorporated in Guernsey and listed on the London and Johannesburg stock exchanges, said the groups were trying to take advantage of widespread civil unrest following the recent general election and the disputed election.

share

Oil prices rose today on expectations of a recovery in demand from China.

Brent crude rose 0.8% to $73.83 a barrel yesterday after the World Bank upgraded its forecast for China's economic growth.

share

Shares in some UK retailers fell today as traders digested yesterday's drop in Boxing Day footfall.

Next, the online and catalog shopping company fell 1.4%, joining the FTSE 100 decliners this morning. Marks & Spencer fell 0.1%.

In the smaller FTSE 250 index, online electronics retailer AO World was the biggest decliner, down almost 3%.

ShareThames Water remains on 'shaky footing' after debt restructuringAnna Isaac

Analysts have warned that Thames Waters' financial position is precarious even if it wins investor and court approval to restructure its debt.

The company's woes come against a challenging outlook for the rest of England and Wales' water sector, according to financial services and research firm Morningstar.

Although regulator Ofwat has approved significant bill rises for an average of 31 consumers a year by 2030, businesses may still face an uphill climb to secure the investment needed to meet increasingly stringent standards.

Morningstar said in a research note:

We believe that the UK's water utilities will still face significant challenges during this period, given rising environmental concerns and the need for large-scale financing of capital programmes.

Water companies have two months to lodge an appeal with the UK Competition and Markets Authority if they believe the increase in legislation approved by Ofwat before Christmas is unfair.

But even as other companies face higher borrowing costs and greater investment demands, Thames stands out as a problematic example. It said it was fighting to secure court approval for a $3 billion credit lifeline and would need to raise an additional $3.25 billion in equity funding.

But while equity investors are concerned about the utility's viability and the industry's investability, a small number of Class B debtors face the possibility that an emergency cash payout could wipe out their investments, leaving both financing plans in limbo. Morningstar said a restructuring scenario was needed.

share

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos