A level Business Revision - Free Trade. Hamleys swings to loss after 'challenging year for retail' Image copyright Ben Pruchnie/Getty Images Toy store chain Hamleys reported a loss last year with the firm blaming factors such as Brexit and the threat of terrorism for the downturn.
The retailer reported a £9.2m loss for the year to 31 December, having made a £1.7m profit the previous year. Hamleys, which was founded in 1760 and is the world's oldest toy retailer, said it closed some stores last year and left some low-growth markets. It added that it had the backing of its Chinese owner, C.Banner. "In the UK, 2017 was one of the most challenging years in UK retail history, and Hamleys was not immune to the impact of Brexit uncertainty, terrorist attacks, macroeconomic pressures and a general erosion in UK consumer confidence," the firm said in accounts filed at Companies House. It said the retail environment in 2017 was "difficult", with higher costs, rents and rates, and adverse foreign exchange rates. Uber CEO bows out of Trump advisory council after users boycott.
Uber’s CEO, Travis Kalanick, is stepping down from Donald Trump’s economic advisory council following intense criticism and an online boycott of the company over its ties to the new administration, the company confirmed on Thursday.
“Earlier today I spoke briefly with the president about the immigration executive order and its issues for our community,” Kalanick wrote in an email to Uber staff obtained by the Guardian. “I also let him know that I would not be able to participate on his economic council. Joining the group was not meant to be an endorsement of the president or his agenda but unfortunately it has been misinterpreted to be exactly that.”
How can companies navigate political risk? Delta Vows Not to Pay U.S. Duties on Bombardier's C Series - Bloomberg. Delta Air Lines Inc. pledged not to pay import duties on Bombardier Inc.’s marquee jetliner, which was socked in the last two weeks with 300 percent tariffs by the U.S.
Commerce Department. It’s possible Delta will delay deliveries of the C Series planes, which are scheduled to begin next year, Chief Executive Officer Ed Bastian said Wednesday. The airline is also considering “various other plans” if the preliminary duties are finalized, he said without elaborating. Delta last year agreed to buy at least 75 of the jets at a list price of more than $5 billion.
“We will not pay those tariffs, and that is very clear,” Bastian said on a conference call after reporting third-quarter results. Delta’s determination not to pay the import charges raised the stakes in a dispute pitting Montreal-based Bombardier against Boeing Co., which accused its Canadian rival of selling the C Series at “absurdly low prices.”
Diplomatic Tensions. Uber Would 'Exert More Control' Over Drivers If U.K. Law Changes - Bloomberg. Uber Technologies Inc. said its U.K. drivers would face broad changes if required to be classified as employees with benefits, a sign the company is considering alternatives to its labor model amid tighter scrutiny from regulators.
Uber would become more like a private-hire car service that exerts more control over when and where drivers work, Andrew Byrne, the head of public policy for Uber in the U.K. told a parliamentary hearing Tuesday. The statement was a rare instance in which Uber said how it may adjust if a government implements new labor laws, a threat the company’s business is facing in cities around the world. "It would change the nature of the relationship we would have with drivers," he said, adding that classifying drivers as employees would add "tens of millions" in additional costs, including national health insurance taxes, and paying for covering minimum pay, sick and vacation time, and maternity and paternity leave. Gig Economy Driver Safety. 3.7.4 May rejects EU membership in Brexit speech. Image copyright Reuters The UK will not retain "partial" membership of the EU once it leaves, Theresa May will say in her much-anticipated Brexit speech.
The PM will tell other European countries the UK wants to trade with them "as freely as possible" but will not be "half-in, half-out" of the EU. Her speech is expected to include further hints Britain could leave the EU single market. 3.7.4 Airbnb to lose £325m in London bookings after holiday rental rules tighten. 1/29 Mayor Sadiq Khan axes new Routemaster bus from the streets of London - Friday January 6 London Mayor Sadiq Khan has ended any hopes to purchase new Routemasters bus for the capital's streets as he tries to balance the books on London's transport budget.
Once called 'Boris buses' named after his the previous mayor, every bus would cost around £350,000 each, or around £50,000 more than an ordinary bus. But the new mayor has promised to freeze purchases of the vehicles, which were criticised for being expensive and sauna-like conditions. Getty Images 2/29 FTSE closes 2015 at record high - Friday December 31 Britain’s blue chip FTSE 100 set a new record on the last day of trading of 2016 after climbing to record closing highs for two consecutive days. The blue-chip index gained 22 points or 0.3 per cent, to finish at 7142 points on Friday, its third closing high in as many days and a new intraday high. 3.7.4 Why are Trump opponents deleting their Uber accounts? Political Changes. Image copyright Twitter/@KeeganNYC Protests over Donald Trump's executive order banning nationals of seven countries from the US have engulfed one of Silicon Valley's biggest companies - even though Uber's chief executive has come out against the ban.
As anti-Trump activists gathered at US airports to voice their opposition to travel restrictions, a union representing New York City taxi drivers decided to weigh in. 3.7.4 - The political and legal environment Article. 3.7.4 Is free trade good or bad? Image copyright Reuters Free trade is something of a sacred cow in the economics profession.
Moving towards it, rather slowly, has also been one of the dominant features of the post-World War Two global economy. Now there are new challenges to that development. The UK is leaving the European Union and the single market - though in her speech this week, British Prime Minister Theresa May promised to push for the "freest possible trade" with European countries and to sign new deals with others around the world. Most obviously Donald Trump has raised the possibility of quitting various trade agreements, notably Nafta, the North American Free Trade Agreement with Mexico and Canada. In Europe, trade negotiations with the United States and Canada have run into difficulty, reflecting public concerns about the impact on jobs, the environment and consumer protection.