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Bank of England weighs into election with Brexit deal forecast

Bank of England weighs into election with Brexit deal forecast

Business
The Bank of England has risked accusations of intervening in the election campaign as it published its first formal forecast of the impact of Boris Johnson's Brexit deal.In its Monetary Policy Report, the Bank forecast that during the course of the next three years the Conservative government's deal could leave the economy slightly weaker than it previously forecast. However, the Bank added that there would be a near-term boost as uncertainty lifted and companies and households invested more.The Bank had previously stopped short of incorporating Theresa May's deal into its economic forecasts, choosing instead to forecast on the basis of a range of probabilities over a Brexit deal.But on Thursday it said it was now forecasting on the basis of Mr Johnson's recently-negotiated deal with Bruss...
Sports Direct shares slip as House of Fraser weighs on results

Sports Direct shares slip as House of Fraser weighs on results

Business
Shares in Mike Ashley's Sports Direct have dived more than 10% after the retailer said it had delayed the publication of its annual results.The company, whose shares trade on the FTSE 250, blamed problems integrating its purchase of House of Fraser (HoF) stores last summer and increased scrutiny of its accounts. It added that this could affect its financial forecasts. Image: House of Fraser was bought by Mr Ashley in August last year Sports Direct had been due to publish results for the year to 28 April on Thursday but said it now expected to release them between 26 July and 23 August.Its statement said: "The reasons for the delay are the complexities of the integration into the company of the House of Fraser business, and the current...
Karen Millen’s Icelandic owner weighs sale

Karen Millen’s Icelandic owner weighs sale

Business
By Mark Kleinman, City editor The owner of Karen Millen, one of the high street's best-known fashion chains, is to explore a sale after receiving ‎a string of takeover approaches.Sky News has learnt that Kaupthing, one of the ‎Icelandic banks which collapsed during the financial crisis a decade ago, has drafted in Deloitte to conduct a review of its options for the retailer. Sources said the review and any potential sale process were likely to take several months to conclude.The value that might be attributed to the business in a solvent transaction‎ was unclear this weekend.The move by Kaupthing makes Karen Millen the latest in a lengthy line of fashion retailers to weigh a change of owner amid tortuous high street trading conditions.
TUI losses widen to £261m as Brexit weighs on demand

TUI losses widen to £261m as Brexit weighs on demand

Business
By John-Paul Ford Rojas, business reporter Travel operator TUI has reported widening half-year losses and a fall in summer bookings as it counts the cost of weak consumer confidence and Brexit uncertainty.The group reported an underlying loss of €301m (£261m) for the six months to the end of March, up from €170m (£148m) in the same period a year ago. It has also been knocked by the grounding of Boeing's 737 MAX aircraft, which it has previously warned could cost up to €300m (£261m) as it leases more aircraft to cover its routes.TUI said the decline in its first-half performance was partly due to the knock-on impact of last summer's heatwave holding back bookings and because it had too much capacity in Spain as holidaymakers opted for cheaper destinations such