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Tuesday newspaper round-up: Trump indictment, Harvey Nichols, Plus500, Wilko, B&M
Published Aug 15, 2023 08:29
Tuesday newspaper round-up: Trump indictment, Harvey Nichols, Plus500, Wilko, B&M
Sharecast - The chief executive of Harvey Nichols has quit abruptly following a clash with the luxury retailer’s Chinese owner over her plans for the business. Manju Malhotra is to step down after just over three years in the role and will be replaced by the son of Sir Dickson Poon, the tycoon who has owned Harvey Nichols through his company Dickson Concepts since 1991. - Telegraph
The government’s levelling up plans for England are being hampered by a funding system that is “not fit for purpose” and deprives the poorest areas of the financial support to match their needs, a leading think tank has said. The Institute for Fiscal Studies said that the method for allocating money to pay for public services is out of date, based on inadequate data and skewed in favour of the better-off south-east. - Guardian
Two more big London-listed companies have joined the roll call of those considering a listing in New York, a trend that threatens to undermine Britain’s standing as a financial centre. Plus500 (LON:PLUSP), the financial trading platform whose headquarters are in the UK, said it was looking at the possibility of securing a dual listing, while YouGov (LON:YOU), the polling firm, said it was thinking about moving its listing from the Aim market to Wall Street. - The Times
The collapse of Wilko is bad news for staff, customers and Britain’s high streets – but not everyone will be commiserating. For the billionaire brothers behind rival B&M Value Retail, the collapse of their 93 year-old rival is an opportunity. “The Wilko administration offers further opportunity for B&M to take market share,” analysts at Deutsche Bank (ETR:DBKGn) predicted this week, forecasting a £200m sales boost. The note helped B&M end the Monday at the top of the FTSE 100. - Telegraph
The daily usage of Threads, Meta’s answer to Twitter, continues to slump after a strong start in its first weeks of existence. Engagement with the social media app is down 79% from a high of 2.3 million active users in early July to 576,000 as of 7 August, according to Similarweb, a digital intelligence platform. - Guardian
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