Fears of a trade war have increased after Donald Trump said he will impose heavy tariffs on imports of steel and aluminium "for a long period of time". The US president announced that he will sign an order imposing global tariffs of 25% on steel and 10 per cent on aluminium. The move is likely to trigger retaliation from the EU and China.
National Grid's first "gas deficit warning" for eight years has been withdrawn. Factories in the UK had been warned they could be forced to halt production amid concern the country had only enough gas to ensure household supplies in the current freezing weather. The 'Beast from the East' weather has caused sub-zero temperatures and snowy conditions leading to a spike in demand for gas from consumers and businesses.
Investors were gobsmacked when Carpetright issued its third profit warning in three months. Shares were down more than a quarter in early trade to 57p after Britain’s biggest flooring retailer said it was asking its banks for help to ride out the financial storm. The company said it continued to face "difficult" trading conditions in recent weeks due to "weak consumer confidence".
Sales of music, video and games overtook those of magazines, books and newspapers for the first time in the UK last year. According to data from the Entertainment Retailers Association, punters splashed a record £7.2bn on all forms of music, video and games, surpassing the £7.1bn spent by consumers on books, magazines and newspapers. A spokesman said the milestone was an "extraordinary testament" to the sector's popularity.
Casual Dining Group, which owns Cafe Rouge and Bella Italia, will focus on its off high-street presence to offset a flurry of rising costs such as business rates and food price inflation. The group will now concentrate on concession sites at airports and franchise deals with restaurant operators in overseas territories such as the Middle East, Ireland and South Africa.
"Shake-outs are good, they clear out inefficient businesses and provide opportunities for more nimble players. Very often existing firms return in a slimmer form and go on to thrive under different owners." Ben Marlow of the Daily Telegraph says "it’s not all doom" as more high street retailers tumble, threatening thousands of livelihoods.
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