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Sir Philip Green’s Arcadia Group faces collapse within days putting 15,000 jobs at risk

Sir Philip Green’s retail empire is facing collapse within days, putting 15,000 jobs at risk and bringing the curtain down on the high street career of one of Britain’s most controversial businessmen.

It is understood that Arcadia Group – which owns TopShop, Burton and Dorothy Perkins – is preparing to appoint administrators from Deloitte as soon as next week.

One retail industry figure said Arcadia’s collapse had become inevitable after talks with a number of lenders about an emergency £30m loan ended without success.

The appointment of administrators could happen as early as Monday, although one person close to the situation said the plan had yet to be finalised and that it could yet be delayed.

If the insolvency is confirmed, it is expected to trigger a scramble among creditors to get their hands on the company’s assets.

It would involve Arcadia’s online operations and the stores which are … Read the rest

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Tolentino reelected as POC president

By Michael Angelo S. Murillo

Philippine Olympic Committee president Abraham “Bambol” Tolentino got a fresh mandate as head of the sports body after being reelected on Friday in elections held at the East Ocean Palace Restaurant in Paranaque City.

Looked to serve a full four-year term after assuming office only last year in special elections, Mr. Tolentino, head of the Integrated Cycling Federation of the Philippines (PhilCycling), got his wish after beating lone challenger Jesus “Clint” Aranas of the archery federation, 30-22.

A total of 53 eligible voters got to cast their votes, broken down to representatives from 50 national sports associations, two representatives from the Athletes Commission (Hidilyn Diaz and Jhessie Lacuna), and International Olympic Committee (IOC) representative to the Philippines Mikee Cojuangco-Jaworski.

The proceedings were done under strict compliance with health and safety protocols to guard against the spread of the coronavirus.

Also winning were handball’s Steve Hontiveros, … Read the rest

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Jobs Numbers Due Out Next Week

Monday

U.S.

Economic Lookahead

Chicago Purchasing Managers Index (Nov.)

Pending Home Sales Index (Oct.)

Featured Earnings

Adient (NYSE: ADNT) (Q4) EPS projected for 96 cents, compared to 63 cents in the prior-year quarter.

Zoom Video Communications, Inc. (NASDAQ: ZM) (Q3) EPS projected for 57 cents, compared to one cent in the prior-year quarter.

New Jersey Resources (NYSE: NJR) (Q4) EPS projected for 57 cents, compared to 29 cents in the prior-year quarter.

Canada

Economic Lookahead

Industrial Product Price Index (Oct.) The index edged down 0.1% in September, led by lower prices for energy and petroleum products.

Raw Materials Price Index (Oct.) The index fell 2.2%, pulled downward mainly by lower prices for crude energy products.

Building Permits (Sept.) The total value of building permits rose 1.7% to $8.1 billion in August, driven by an increase in the residential sector in Ontario and Quebec.

Featured Earnings

1933 Industries Inc. (C.TGIF) (Q4) Read the rest

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Tony Hsieh, retired Zappos CEO, dies at 46

Tony Hsieh, the retired CEO of Las Vegas-based online shoe retailer Zappos.com who spent years working to transform the city’s downtown area, has died. He was 46.

Hsieh was with family when he died Friday, according to a statement from DTP Companies, which he founded. Downtown Partnership spokesperson Megan Fazio said Hsieh passed away in Connecticut, KLAS-TV reported.

Puoy Premsrirut, a lawyer for Hsieh, told news outlets that Hsieh had been injured in a house fire while visiting Connecticut. Additional details weren’t immediately released. An official cause of death wasn’t announced.

“Tony’s kindness and generosity touched the lives of everyone around him, and forever brightened the world,” a DTP Companies statement said. “Delivering happiness was always his mantra, so instead of mourning his transition, we ask you to join us in celebrating his life.”

Hsieh recently retired from Zappos after 20 years leading the company. The online shoe retailer shared … Read the rest

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TSB future in doubt after merger collapses

Spanish lender Banco Sabadell has said it will consider options for its UK bank TSB after it called off a planned merger with rival BBVA.

Sabadell and BBVA said they were in merger talks less than two weeks ago, but they failed to agree a price.

Sabadell said it would now seek “strategic alternatives for creating value with regard to the group’s international assets, including TSB”.

It did not specify if that would mean selling TSB, which it bought in 2015.

Separately, TSB said it had “good momentum” in its business growth as well as progress in “taking full control of our IT, delivering a right-sized modern branch network and reducing overall operating costs”.

In January, it signed a deal with US computing giant IBM to run its online banking, bank systems and cash machines, in an attempt to put a stop to the IT failures that have plagued the … Read the rest

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TNT books a spot in the PBA Philippine Cup finals

By Michael Angelo S. Murillo

The TNT Tropang Giga booked a spot in the finals of the PBA Philippine Cup following their 91-81 victory over the Phoenix Super LPG Fuel Masters in their semifinal rubber match on Friday at the Angeles University Foundation Sports Arena in Pampanga.

The steadier team throughout the match, TNT frustrated Phoenix on its way to barging into the championship of the Philippine Basketball Association All-Filipino Cup, where it was last in seven years ago.

Ray Parks Jr. led the way for the Tropang Giga in the win, churning out all-around numbers of 26 points, 10 rebounds and six assists.

The contest got off to a competitive start, with the teams knotted at 10-all midway into the opening quarter, before TNT sprinted to build a 25-20 lead at the end of the first 12 minutes.

In the second quarter, offense tapered off a bit as defense … Read the rest

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Stocks Set to Win on the Week, Month

Stocks in the U.S. rose on Friday as traders wrapped up a strong week amid decreasing political uncertainty and positive vaccine news.

The Dow Jones Industrials regained 52.47 points to proceed during a shortened session at 29,924.84.

The S&P 500 recovered 11.26 points to 3,640.91,

The NASDAQ raced 121.65 points, or 1%, to 12,216.06.

U.S. markets were closed for the Thanksgiving holiday on Thursday. Friday’s session will close at 1 p.m. EST.

The Dow, S&P 500 and NASDAQ were all up at least 2% for the week entering Friday’s session. Earlier in the week, the Dow jumped to an all-time high, breaking above 30,000 for the first time. The S&P 500 also notched a record closing high this week, and the Russell 2000 rallied to an all-time high.

Retailers led the early gains as investors bet on a strong holiday shopping season. Amazon shares advanced 0.8%. Shopify advanced 0.8%, and … Read the rest

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Gift Guide: How to turn your outdoor space into a year-round living room

Winter came especially early this year to Chicago—the first snowflakes were spotted on October 26th, to be exact. In this part of the country people are already used to braving the elements, but with COVID still running rampant, having an outdoor space that is usable (no matter what the temperature) has become the best way to ensure you can keep socializing with other humans during the darkest and coldest months of the year. Here, we tracked down six essentials for making your outdoor space feel like your favorite indoor space this winter.

Solo Stove Bonfire, $284

You may have thought most of society’s great leaps forward in terms of innovation recently have been in gene editing, or perhaps app design. But don’t underestimate fire pits, particularly the Solo Stove’s “smokeless” model. As the company explains it, “Strategically placed holes in the double-wall structure suck the air from the bottom … Read the rest

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10 reasons to scrap corporation tax

Everyone agrees we need economic growth, but we cannot agree on how it can be achieved. There are two fundamental approaches the government can take.

The first is through more public spending, which would put the country into even more debt. In the short term, while interest rates are low, the problems of this are not so severe, but the long term impacts are a different story.

The other option is to stimulate the private sector with lower taxes and eliminate red tape.  However, deregulation takes time to implement whereas the positive effects of reducing business taxes are immediate. The best and most immediate action the government could take to put a proverbial rocket up our economy is to scrap corporation tax in its entirety.

Lance Forman, Vice Chairman of the Independent Business Network (IBN) sets out 10 reasons why the Government should scrap corporation tax:

Employment

If a company … Read the rest

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Tourism department condemns Boracay Halloween party

THE Department of Tourism (DoT) has condemned the party that took place in Boracay on Oct. 31, saying such irresponsible action compromises efforts to revive the tourism industry. The DoT, which serves as co-vice chair of the Boracay Inter-Agency Task Force for rehabilitation, said in a statement that it also “supports the recommendation of the Boracay Inter-Agency Rehabilitation Management Group to Malay Mayor Frolibar S. Bautista to close down the erring establishment in view of its lacking of business permit and necessary clearances as determined by the authorities.” Tourism Secretary Bernadette Romulo-Puyat also asserted that while the “halloween party” involved an establishment that does not require a DOT-accreditation, all stakeholders must observe guidelines as the industry aims to strike a balance between ensuring health safety and resuming economic activities. “The jobs and livelihoods that were recently restored in these sites will be affected once again if an outbreak occurs in Read the rest