New Look to pull out of China with closure of 120 stores | Business

New Look is to close all its 120 shops in China by the end of the year after disappointing sales, as it continues to battle tough conditions on the UK high street. The fashion chain, which persuaded landlords to back the closure of up to 60 of its 593 UK stores and rent reductions on …

WTO warns trade war threatens ‘millions of jobs’, as China’s stocks slide again – business live | Business

3.16am EDT03:16 China’s stock market hits fresh four-year lows Roberto Azevedo’s warning of the perils of a trade war will have resonated in China’s stock exchanges today. Shares are sliding sharply AGAIN today, as traders fear that the dispute with America will escalate further. The Shanghai composite index has just closed, down 3%, at its …

‘It was like hell’: California hotel workers break their silence on abuse | World news

Just outside of Los Angeles in Ranchos Palos Verdes, the Terranea Resort boasts fine dining, a golf course, scenic beachfront views, and accommodations ranging from luxury guest rooms to private, secluded villas. While it may be a paradise for guests, resort workers claim they are subjected to a culture that has enabled sexual harassment and …

Offshore wealth: loopholes found in EU anti-tax evasion rules | Business

European rules designed to make it harder for wealthy individuals and companies to hide their cash offshore have loopholes that mean foreign accounts can be kept secret from tax collectors, a report has warned. Countries in the EU have exchanged financial information about accounts held by overseas residents since the introduction of the “common reporting …

JP Morgan and Ford bosses pull out of Saudi event as Asian markets fall – business live | Business

Imposing any type of sanctions on Saudi Arabia by the West will cause the kingdom to resort to other options, US President Donald Trump had said a few days ago, and that Russia and China are ready to fulfill Riyadh’s military needs among others. No one can deny that repercussions of these sanctions will include …

Stock markets bounce back after heavy losses – business live | Business

A trader on the floor of the NYSE in New York last night Photograph: Brendan Mcdermid/Reuters Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. After two days of heavy losses, the financial markets are catching their breath and assessing the situation today. Asian markets …

Australian shares down but markets pull back from the brink – business live | Business

“The bank needs to be able to generate capital so we can fulfil our social obligations, but we need to get that balance right and we clearly failed at that in the past, and we are moving away from that. As I said, revenue, and the generic terms for ‘sales’ hasn’t been part of the …

World stock markets dive as Trump attacks ‘crazy’ US rate hikes | Business

A jittery, volatile week on global financial markets has burst into a frenzy of selling, triggered by heavy losses on Wall Street and comments by Donald Trump describing US interest rate hikes as “crazy”. The Nikkei index in Tokyo fell by almost 4% on Thursday, while in Hong Kong the index was down 3.25% and …

Dow Jones slides more than 800 points in worst day for eight months | Business

The Dow Jones industrial average plunged more than 800 points, its worst drop in eight months, led by sharp declines in technology stocks. The sharp sell-off was even starker at the tech-heavy Nasdaq exchange, home to Apple, Alphabet, Amazon and others. The Nasdaq fell over 4%. Wednesday marked the fifth consecutive daily decline for the …

Facebook’s UK tax bill rises to £15.8m – but it is still just 1% of sales | Technology

Facebook paid £15.8m in tax in the UK last year after making a profit of £62.7m on record British sales of £1.27bn. The social media giant’s accounts show that while Facebook increased its UK income by more than 50% in 2017, its pre-tax profits remained similar to 2016. Accounts filed at Companies House show that …