Britain's IAG to order around 30 Airbus jets, sources say
The order, which includes A330neo and A350 models, is expected to be announced with the airline group's earnings on Friday, the sources added.
Airbus declined comment and IAG was not immediately available for comment.
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BBC News
19 minutes ago
- BBC News
Why is River Island in trouble?
The future of River Island is in the balance ahead of a crucial court ruling on the fashion chain's restructuring British chain - which once collaborated with Rhianna - revealed in June that it intends to close 33 shops in the UK, putting hundreds of jobs at risk, and also wants its landlords to cut rents at a further 71 said more people shopping online and higher costs to run stores had contributed to heavy financial losses. Reports have suggested it could collapse if its plans are not accepted by the High Court next month, although the firm said it was "confident" they will what has gone wrong for the High Street stalwart? Catherine Shuttleworth from Savvy Marketing said River Island's challenges were "significant" but they were shared by the wider retail believed the fashion chain had been affected by several factors including having its stores in the wrong place and facing rising costs."River Island has maintained an expensive portfolio of stores at a time when costs are rising and footfall is falling," she told the BBC."Many older stores find themselves in parts of town which may have been busy 20 years ago but now find themselves on the periphery."Known for affordable and stylish fashion, brands such as River Island and Topshop dominated High Street fashion from the early 2000s to the mid first River Island store opened in 1988, after being originally founded in 1948 under the Lewis and Chelsea Girl brand before being family-owned retailer currently has 230 shops, employs about 5,500 people and was one of the first big UK High Street names to launch online in the late recent years have proved tough. Ben Lewis, chief executive of River Island, said last month that a sharp rise in "the cost of doing business" over the past few years had "only added to the financial burden".Intense competition in fashion retail, not only from the likes of Boohoo, but also from Chinese giants such as Shein and Temu, have also added to its most recent set of accounts revealed a £33.2m loss, with sales down 19%. Creditors will start to vote on River Island's restructuring plan on 4 August, and the High Court will decide whether to approve it on 7 the plans are rejected, then it is understood the retailer will revise its Island says the plan is a "proactive measure" to place it on "a firm footing"."We have been having positive conversations with key stakeholders and are confident that we will achieve approval of the plan in the next few weeks," a spokesperson for the retailer Sherrard, managing director of Label Sessions, said River Island was in trouble now because of actions not taken years ago."What's very apparent here is that from landlords and suppliers, to investors, no one believes in River Island enough to do it some favours," he told the Sherrard also said River Island was missing the mark when it comes to keeping loyal customers."Customers know it, but they don't know why they should care about the brand," he added. Can it make a comeback? Mr Sherrard said River Island may need more time to turn its fortunes around."River Island's leadership team clearly think that if they can just get a few more months, they can turn the ship around, but the best businesses know that you always have a lot less time than you think before change hits the market," he Farrell, fashion editor at the Who What Wear website, told the BBC that River Island's fate depends on how it chooses to rebrand."Times are tough for High Street brands that need to feel premium to stay afloat." she current best performing brands are those that "don't rely on buzzy microtrends", she added, but provide "interchangeable pieces rather than seasonally targeted drops"."As we wait with baited breath for the return of Topshop to see just how well the nostalgia factor will support an affordably-priced, younger-skewing brand in the years to come, the concern here for River Islands longevity is who its key market is." Additonal reporting by Connie Bowker
The Independent
21 minutes ago
- The Independent
Reeves will have to ditch key party manifesto pledge, IMF warns
The International Monetary Fund (IMF) commended Rachel Reeves' overall economic strategy but issued a warning regarding the UK's limited fiscal headroom. The IMF indicated that this lack of financial flexibility might compel the Chancellor to abandon key manifesto pledges. Suggested measures from the IMF included potentially increasing taxes on working people, replacing the state pension triple lock, or introducing charges for NHS services for higher-income users. The IMF also identified the ongoing impact of Donald Trump's tariffs as a challenge for the UK economy. Rachel Reeves responded by asserting that the government's decisions are fostering economic recovery and that their plans are designed to tackle inherited economic challenges.
The Independent
21 minutes ago
- The Independent
Consumer confidence weakens among Britons amid tax rise fears
Consumer confidence weakened slightly in July amid concerns from shoppers that they could face potential future tax rises, according to new figures. GfK's long-running Consumer Confidence Index dropped one point to remain in firmly negative territory at -19 points. Researchers suggested the figures showed that consumers are currently 'sensing stormy conditions ahead' amid wider uncertainty in the economy. The drop was shallower than expected by economists, who had predicted a reading of -20 for the month. The research found that its measure from consumers' view of the general economic situation for the country over the past year dropped one point to -44. Expectations for the general economic situation over the next 12 months also decreased by one point for the month. Meanwhile, the index for consumers' views on their personal finances remained steady but was still in negative territory. Nevertheless, there was a rise in the study's savings measure and people continued to seek to benefit from elevated interest rates. Neil Bellamy, consumer insights director at GfK, said: 'The key measures on personal finances, the economy and purchase intentions are flat in July, and many will conclude that consumers are in a cautious wait-and-see mood. 'But the data suggests that some people may be sensing stormy conditions ahead. 'With speculation growing over possible tax rises in the autumn budget, and price pressure contributing not just to higher inflation already but also to the likelihood of worse inflation to come, the news is worrying.' It came as figures from the Office for National Statistics (ONS) showed that retail sales bounced back 0.9% last month as record hot weather boosted sales of food and drink.
