Coronavirus: Topshop owner to cut 500 office roles

Sir Philip Green’s Dorothy Perkins-to-Topshop empire is to cut 500 jobs in a bid to slash costs, blaming damage inflicted on the business by the coronavirus crisis. Arcadia Group said the losses would be felt in its head office functions, which currently employ 2,500 staff. A statement from the company said: “Due to the impact of COVID-19 on our business […]

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Wall Street set for subdued open as virus surge threatens recovery

(Reuters) – Wall Street’s main indexes were set to open near-flat on Wednesday, as a record single-day spike in coronavirus cases in the country heightened fears of another lockdown and threatened to derail a nascent economic recovery. After notching up its biggest three-month gains since 1998 in the previous session, the S&P 500 looked set to begin the third quarter […]

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Macy's posts nearly $4 billion in losses, doesn't expect another shutdown

(Reuters) – Macy’s Inc reported a staggering $3.58 billion loss on Wednesday for its coronavirus-hit first quarter as store shutdowns resulted in the department store chain recording a $3 billion impairment charge. The global health crisis has forced brick-and-mortar retailers to tap credit lines, lay off employees and suspend dividends and buybacks in a bid to stay afloat. “While our […]

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Central Europe's factory decline eases in June

WARSAW/PRAGUE(Reuters) – The downturn in central European manufacturing eased markedly in June as economies reopened after the coronavirus lockdown, surveys showed on Wednesday, but the sector was still some way from returning to growth. Manufacturing output plunged as the pandemic brought many plants to a standstill in March and April. Restrictions started to be eased in May. While economists say […]

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Police raid Wirecard headquarters as administrator kicks off asset sales

FRANKFURT (Reuters) – Police and public prosecutors raided Wirecard’s headquarters in Munich and four properties in German and Austria on Wednesday as they widened their fraud investigation into the payments company that collapsed last week. Prosecutors are now investigating board members Alexander von Knoop and Susanne Steidl, in addition to Wirecard’s former Chief Executive Markus Braun and director Jan Marsalek, […]

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French government, unions tell Airbus, Air France to minimise job cuts

PARIS (Reuters) – France urged Airbus (AIR.PA) and flag carrier Air France on Wednesday to make as few forced layoffs as possible under their plans to cut thousands of jobs, while a union said compulsory cuts at the European planemaker were a “red line”. The aerospace manufacturer said it would cut 15,000 jobs in Europe in a restructuring after a […]

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New York City comptroller tells companies 'to walk the walk' on racial equality

BOSTON (Reuters) – Companies voicing support for racial equality should back up their talk by releasing their workforce diversity data, New York City Comptroller Scott Stringer says in letters being sent to 67 companies in the S&P 100 on Wednesday. “We’re asking companies that condemned racism to walk the walk,” Stringer said in an interview. “It’s not enough to condemn […]

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Police raid Wirecard headquarters as administrator kicks off asset sales

FRANKFURT (Reuters) – Police and public prosecutors raided Wirecard’s headquarters in Munich and four properties in German and Austria on Wednesday as they widened their fraud investigation into the payments company that collapsed last week. Prosecutors are now investigating board members Alexander von Knoop and Susanne Steidl, in addition to Wirecard’s former Chief Executive Markus Braun and director Jan Marsalek, […]

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European shares start new quarter with subdued gains

(Reuters) – European shares inched higher at the start of a new quarter on Wednesday, as improving euro zone data added to hopes of a quicker economic rebound, but surging U.S. coronavirus cases held optimism in check. The pan-European STOXX 600 index rose 0.3% after closing out its best quarterly gains since March 2015 in the previous session. Trading in […]

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Ryanair to cut 3,500 jobs if pay cuts not agreed: CEO

DUBLIN (Reuters) – Ryanair (RYA.I) is planning around 3,500 job losses if it cannot agree pay cuts with its staff, the airline’s boss Michael O’Leary said on Wednesday. Europe’s biggest budget airline had previously said that it had cut more than 250 staff from its office around Europe and was looking at up 3,000 cuts among pilot and cabin crew. […]

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