Business Live: Hamleys sold – BBC News

Got a TV Licence?You need one to watch live TV on any channel or device, and BBC programmes on iPlayer. It’s the law.Find out moreSummaryGet in touch: raises tariffs on Chinese goodsHamleys sold to Reliance IndustriesHipgnosis Songs buys Eurythmics catalogueLive ReportingBy Jill Treanor and Ben MorrisAll times stated are UKPosted at 7:507:50What to expect from GDPChief economist at Panmure Gordon tweets:Posted at 7:387:38Language barrierToday ProgrammeBBC Radio 4Samantha Ireland, head of business change at the Gangmasters and Labour Abuse Authority spoke to BBC Radio 4’s Today Programme about trying to tackle poor working conditions for textile workers in Leicester – and other parts of the UK.”The language barrier is a big challenge for us. How do they even know to communicate with us? They wouldn’t necessarily know what support is out there… In some factories there are really strong family ties… so how do you, then, if you’re worker there,how do you go and report on your nephew, your uncle or your brothers? It’s very difficult situation for us to tackle,” she said.Posted at 7:097:09FTSE 100 starts higherThe FTSE 100 has started with decent gains up 31 points at 7,238.Shares in IAG, the owner of British Airways and Iberia, is up more than 4% after a trading update.Posted at 7:057:05M&C hit by hotel refurbishmentM&CCopyright: M&CMillennium & Copthorne Hotels, 65% owned by Singaporean billionaire chairman Kwek Leng Beng’s City Developments, says profits fell to £11m last year from £26m the year before.It said that the refurbishment of hotels had hit performance. The Mayfair London was partially closed in November 2017 and then fully closed in July 2018. The Orchard Hotel in Singapore has been under phased refurbishment since middle 201, it said.”The group is prioritising the refurbishment of our key gateway city properties to reposition our hotels, whilst seeking to minimise the short-term negative impact on our trading results. Operationally, we must successfully manage the refurbishment process and re-focus our sales efforts so as to improve yields,” the chairman said.In September, Jennifer Fox left as chief executive after just three months.Posted at 6:596:59Upbeat indicator for German economyPosted at 6:486:48Bad timing for UberToday ProgrammeBBC Radio 4Posted at 6:356:35Can China retaliate?BBC Economics Correspondent tweetsPosted at 6:336:33Are sweet dreams made of this?Getty ImagesCopyright: Getty ImagesHipgnosis Songs Fund Ltd has bought the music catalogue from David A. Stewart who co-wrote and produced all of the Eurythmics’ albums.The deal includes the number 1 singles Sweet Dreams (Are Made of This) and There Must Be An Angel and many other hits.Mr Stewart, pictured above with Annie Lennox, has also written and produced songs for other artists including Tom Petty, Mick Jagger, Bono, Gwen Stefani and Katy Perry.In total the deal covers 1,068 songs.Merck Mercuriadis, founder of Hipgnosis Songs Fund said: “I have been lucky enough to know Dave since the summer of 1983 and I have spent most of those 35 years marvelling at his incredible work. I consider him to be one of the most important songwriters, artists and producers of all time. The work he and Annie did together as Eurythmics defines the 1980s and 1990s but still remains timeless today. I’m not generally one for puns but sweet dreams are literally made of this.” Posted at 6:266:26No growth in IAG profitGetty ImagesCopyright: Getty ImagesIAG, the owner of British Airways, has also issued an outlook statement for the rest of the year.It says: “At current fuel prices and exchange rates, IAG expects its 2019 operating profit before exceptional items to be in line with 2018 pro forma.”Passenger unit revenue is expected to be flat at constant currency and non-fuel unit cost is expected to improve at constant currency.”We expect passenger unit revenue at constant currency to improve for the remainder of the year”.Posted at 6:116:11IAG hit by fuel costsGetty ImagesCopyright: Getty ImagesPre-tax profits at IAG – owner of British Airways – in the first three months of the year have fallen 61% to €86m (£74m).Willie Walsh, IAG chief executive, said: “In a quarter when European airlines were significantly affected by fuel and foreign exchange headwinds, market capacity impacting yield and the timing of Easter, we remained profitable and are reporting an operating profit of €135m”. “At constant currency, non-fuel unit costs were down 0.6% while passenger unit revenue decreased by 1.4 per cent.”Posted at 6:006:00China has ‘small potential’ to impose tariffsRespected economist George Magnus tweets about the escalation in the trade war between the US and China.Posted at 5:555:55Hope for trade talksToday ProgrammeBBC Radio 4Getty ImagesCopyright: Getty ImagesSophie Kilvert of Seven Investment Management has been speaking to BBC Radio 4’s Today Programme about the tariffs on China that Donald Trump has just imposed.The trade deal between the US and China is further away than markets had been expecting, she said.But she said there was “still a will for something to happen”.”[It’s] interesting the tariffs came on while the talks are still going on. The positive thing is the Chinese haven’t got on the plane… But I think as along as we can keep that dialogue open between the two countries [there is hope of a deal] … Both countries need some sort of deal to happen,” she said.Posted at 5:425:42The cost of fast fashionToday ProgrammeBBC Radio 4Katie Prescott, Today’s business presenter, has been talking to textile companies in Leicester at a time when there are concerns about the pressure from “fast fashion” for cheap clothing and the low wages for the workforce.The programme found some factories in the city are offering £5.50 to £6 an hour.Sir Peter Soulsby, Leicester’s mayor, talked to the programme about a pilot programme put in place to try to tackle the issue.”Some of the big retailers have been very helpful in indeed. They were among the first to come to me and say we’re very keen to source in the UK, we’re very keen to build on Leicester’s strength.. but we are concerned about our reputation and we’re concerned about Leicester’s reputation. It’s in our interest and it’s in your interest to work together …to make sure we get the very highest standards of employment in the city and in this industry”.Posted at 5:255:25Metro in the newsPosted at 5:055:05UK economy may have perked upPACopyright: PAAt 09:30 growth figures for the UK economy in the first three months of the year will be released.Josie Dent, senior economist at the Centre for Economics and Business Research, is expecting quarterly growth to pick-up from the end of last year to 0.4% or 0.5%.In the final three months of last year the economy grew 0.2%.Any pick up will come despite the effects of uncertainty surrounding Brexit.Ms Dent says some of the growth can be attributed to stockpiling, as companies took precautions over Brexit by buying extra stock.However, consumer spending has also been strong, which is partly due to the very strong labour market.Posted at 5:025:02Hamley’s sold to India’s RelianceGetty ImagesCopyright: Getty ImagesHamley’s has been sold to India’s Reliance Industries.Reliance did not say how much it had paid China’s C Banner International for the world’s oldest toy retailer.The Chinese firm bought Hamleys in 2015 for £100m ($130m) from France’s Ludendo.For Reliance Industries, owned by billionaire Mukesh Ambani, it is the first purchase of an overseas retail brand.Hamley’s runs 167 stores in 18 countries – the majority of those stores are in India.Posted at 5:025:02US-China trade war escalateBBC Radio 5 LiveGetty ImagesCopyright: Getty ImagesThe US has more than doubled tariffs on $200bn (£153.7bn) worth of Chinese products, in an escalation of their damaging trade war.Tariffs on those Chinese goods have risen to 25% from 10%, and Beijing has vowed to retaliate.The move comes as high-level officials from both sides are attempting to salvage a trade deal in Washington.China has said it will hit back with “necessary countermeasures”.The BBC’s Robin Brant explains that in the past China has imposed tariffs on goods that have political significance for the US President, including soya beans – an important crop in the midwest of the US.Business has not had much time to prepare for this latest round of tariffs, he points out.Posted at 5:015:01Good morning!Welcome to Friday’s Business Live page.The trade war between the US and China escalates – the US has more than doubled tariffs on $200bn worth of Chinese goods.The world’s oldest toy store Hamleys has been sold again, this time to India’s Reliance.And watch out for the latest UK growth figures due at 09:30.

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