Shares in US retailer GameStop have fallen 44% to lose some of the extraordinary gains fuelled by Reddit users – only to recover again in after-hours trading. Thousands of investors have been buying the shares to try to reap quick gains and impose losses on hedge funds who have “shorted” the company – betting billions
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A fourth COVID-19 vaccine could be approved for use in the UK within weeks after late-stage trials suggested it was 89% effective in preventing coronavirus. The prime minister has said the Novavax jab is now going to be assessed by the Medicines and Healthcare products Regulatory Agency (MHRA). If approved, the vaccine would start to
US financial market regulators are to review the extraordinary rallies in the shares of struggling gaming retailer Gamestop, part-driven by participants of an investor forum on Reddit. The Securities and Exchange Commission said it was working with fellow regulators to “assess the situation and review the activities of regulated entities, financial intermediaries, and other market
UK car production slumped to its lowest level since 1984 last year as the coronavirus pandemic disrupted factories and depressed demand, industry figures show. Brexit uncertainty was also partly to blame as the number of vehicles manufactured in Britain fell by 29.3% to 920,928, according to the Society of Motor Manufacturers and Traders (SMMT). SMMT
The 737 MAX has been cleared to resume passenger flights in Europe in a boost for Boeing as it prepares to reveal, what is expected to be, a record annual loss for the company. The US plane maker has been locked in crisis mode since the flagship of its fleet of planes was grounded globally
A surge in demand for new Xbox consoles as well as further growth in cloud computing has helped Microsoft deliver better than expected results over the Christmas quarter. Shares climbed 4% in after-hours trading adding to big gains over the last year for the US tech giant seen as one of the winners from the
The UK’s unemployment rate has hit 5% for the first time in over four years, according to official figures which suggest over 200,000 people lost their jobs in the three months to November. The Office for National Statistics (ONS) also said 828,000 fewer people were on company payrolls through December compared to the pre-COVID-19 crisis
ASOS has said it is in pole position to snap up the most valuable brands, including TopShop, within Sir Philip Green’s collapsed Arcadia empire. The online fashion retailer issued a short statement to the City on Monday morning to announce it was in “exclusive” talks with administrators after Sky News revealed details on Saturday. The
Online fashion retailer Boohoo Group is set to acquire troubled department store chain Debenhams. The cut-price deal will result in the closure of Debenhams’ remaining stores, according to a report in the Financial Times which has been confirmed by Sky News. The purchase price is expected to be about £50m, the newspaper said. Both companies
Fashion retailer Boohoo has paid £55m to acquire the brand of collapsed rival Debenhams – with the intention of relaunching it online. The cut-price deal for the brand name and intellectual property is expected to result in the closure of Debenhams’ remaining stores, according to a report in the Financial Times which was later confirmed
Asos, the online fashion retailer, has emerged as the surprise frontrunner to buy TopShop from the administrators to Sir Philip Green’s former high street empire. Sky News has learnt that Asos has moved into pole position to buy the brand for more than £250m, days after a consortium led by Next withdrew from the race.
The London Stock Exchange is hatching plans to create a £300m listed vehicle aimed at bolstering the survival chances of companies hit hard by the coronavirus pandemic. Sky News has learnt that David Schwimmer, the London Stock Exchange Group (LSEG) chief executive, has been spearheading talks with top City figures and the Treasury about establishing
French authorities have said they are ready to give financial support to the struggling Eurostar. The country’s junior transport minister, Jean-Baptiste Djebbari, told a parliamentary hearing in Paris he was talking with the UK government about ensuring the cross-Channel train operator survives the coronavirus pandemic. He said the French state would be “at Eurostar’s side
The government is working to persuade Vauxhall’s parent company to commit to future production at its Ellesmere Port plant, Business Secretary Kwasi Kwarteng has said. Stellantis says it will decide the fate of the Cheshire plant, which employs around 1,000 people directly, “in the coming weeks”. Ellesmere Port currently makes the Astra, a model which
Retail sales in 2020 saw the largest annual fall since records began in 1996, as retailers continued to suffer from the effects of the coronavirus pandemic. Despite a 0.3% rise in sales volumes during December, the figure for 2020 as a whole saw sales down 1.9%, with clothing sales slumping by more than a quarter.
Next has pulled out of the bidding for TopShop as the auction of Sir Philip Green’s former high street empire enters its closing stages. Sky News has learnt that a consortium comprising Next and Davidson Kempner Capital Management, a US investment firm, have withdrawn from a process being run by Arcadia Group’s administrator. The surprise