The High Court has recently dismissed a professional negligence lawsuit against a well-known City law firm due to the claimant’s procedural lapses.The case involved Lynda Joseph, who sought to pursue legal action against McFaddens over alleged negligence relating to advice provided in 2017 concerning a facility agreement backed by a second charge on her property. Initially, Joseph brought a claim against the firm in 2019, alleging ‘mis-selling of a financial product and seeking punitive damages for eviction,’ but this was nullified because it lacked legal grounding.In the present claim, the claim form was issued on 28 June 2023 and served…
Author: Dave Antrobus
Key figures in retail urge UK government for business rate overhaul.More than 70 retail executives have united for this cause.They propose introducing a ‘Retail Rates Corrector’.The proposed reform aims to reduce business taxes by 20%.Such change is expected to boost retail sector investment.In a significant move, over 70 leading figures from the retail sector, including executives from major companies, have collectively addressed a letter to Chancellor Rachel Reeves. This coalition seeks to instigate reform in the current business rates system before the forthcoming Autumn Statement.The British Retail Consortium has orchestrated this appeal, calling for a ‘Retail Rates Corrector’—a proposed 20%…
Over 70 retail leaders in the UK demand urgent reform in business rates.Led by the British Retail Consortium, an open letter seeks fairness for the retail sector.Key executives from M&S, Tesco, Ikea, and others are signatories of the letter.The letter proposes a 20% reduction in business rates for retail properties.Reform aims to promote investment and balance tax contributions across industries.In a concerted effort for fiscal reform, over 70 retail leaders in the UK, including senior executives from M&S, Tesco, Ikea, and Primark, have urged the government to revise the business rates system. Through an open letter coordinated by the British…
Despite economic challenges, Bottega Veneta UK’s returns to profitability in 2023.The luxury brand faced an 8.9% drop in sales due to inflation and interest rates.Despite a turnover drop, the UK division posted a pre-tax profit of £336,007.The company saw a significant financial shift from its 2022 pre-tax loss.Kering, Bottega Veneta’s parent company, continues to support the brand.The UK branch of Bottega Veneta, a prominent Italian luxury fashion house, has managed to return to profitability in 2023. This achievement is significant given the prevailing cost-of-living crisis, which has adversely influenced sales figures. The company’s accounts, submitted to Companies House, reveal a…
A new padel club is planned for Prestwich, marking the sport’s growing popularity in Europe.Pure Padel Clubs Ltd is spearheading this development on Brooklands playing fields.The facility will include seven padel courts at the Manchester Maccabi Community and Sports Club.Bury Council has approved the plans, acknowledging the loss of some recreational space.Officials highlight the unmet demand for this sport, with infrastructure crucial for growth.A new facility for padel enthusiasts is set to rise in Prestwich, as a response to the sport’s increasing popularity across Europe. The facility is being developed by Pure Padel Clubs Ltd on the land formerly known…
Amid escalating Middle Eastern conflict, oil prices have surged significantly, marking the largest weekly increase in over a year.Brent crude climbed by 0.8% on Friday, reaching $78.24, close to the $80 mark last touched in August.West Texas Intermediate (WTI) saw a 0.75% increase, contributing to a 9% weekly rise in oil prices.Escalating tensions between Israel and Hezbollah, coupled with Iran’s significant military actions, have intensified market fears.Share prices of major oil companies have risen, while the airline sector suffers from increased fuel costs.Oil prices experienced their largest weekly surge in over a year, spurred by escalating tensions between Israel and…
The EU has decided to implement tariffs on Chinese electric vehicles, citing unfair subsidies as the primary reason.Germany, a significant force within the EU, opposed the tariffs, fearing repercussions for its own car industry.The tariffs, varying from 7.8% to 35%, will be applied for up to five years, potentially triggering a trade conflict.China has indicated possible retaliatory actions, affecting European goods like brandy, pork, and dairy.Further negotiations between the EU and China are anticipated to possibly revise the tariffs.The European Union has voted to impose tariffs on Chinese electric vehicles, addressing concerns over what it perceives as unfair subsidies. Despite…
The UK’s cloud market faces scrutiny as the CMA investigates its complexity, with a potential prolongation of four months.The investigation by the CMA involves major players like AWS and Microsoft, amidst claims of a lopsided narrative favouring larger providers.Concerns arise regarding the dominance of key cloud providers and the potential oversight of smaller competitors in the ecosystem.Submissions suggest anti-competitive practices may be tolerated if companies wield sufficient influence and resources.The debate continues as stakeholders vie to influence the outcome, highlighting the intricacies of cloud market regulation.The UK’s cloud market is under extensive review by the Competition and Markets Authority (CMA),…
Dr Martens, the renowned shoe retailer, is in the process of cutting costs significantly.A total of 150 head office jobs in the UK and US are currently at risk.These proposed job cuts are part of a cost-saving plan targeted at achieving £20-25m in savings.The cuts come as a response to a nearly 43% fall in the company’s pre-tax profits.CEO Kenny Wilson steps down amidst challenging economic conditions.Dr Martens, a brand well-loved for its distinctive footwear, has initiated a cost-reduction strategy that places 150 roles at risk in its UK and US head offices. The planned redundancies affect departments including marketing,…
Ong Beng Seng, a key figure in Mulberry, has been charged in Singapore, sending ripples through the luxury sector.Ong, who controls a significant share in Mulberry, is accused of abetment and obstruction related to an ex-minister’s case.Former transport minister Subramaniam Iswaran, tied to Ong’s charges, admitted receiving significant gifts as a public servant.Prosecutors claim Iswaran accepted over £228,930 in gifts, igniting controversy over ethical governance.Amidst these legal challenges, Ong rejected a takeover bid for Mulberry, underscoring his influence in the luxury market.Ong Beng Seng, a prominent shareholder with a controlling interest in the luxury brand Mulberry, has been formally charged…