Business

Hermes: Where the luxury giant is an industry outsider

[ad_1] Image copyright Joel Von Allmen Image caption Hermes only moved into men's watches seven years ago. It's new Arceau L'Heure de la Lune sells for £20,500-plus Hermes may be a big cheese in the world of luxury goods, but in the world of Swiss watchmaking it is something of an outsider.First, it is French. Second, it's a relative newcomer. Third, the bulk of its watches are aimed at women
Business

Why are the Chinese buying fewer cars?

[ad_1] Image copyright Getty Images Image caption The fact that President Trump's limousine is a Cadillac is said to have helped the US carmaker's sales in China If you're selling Cadillacs in China, it helps that the US president is driven around in one.Cao Chenyi, the boss of a Cadillac dealership near Shanghai, told me that customers know that Donald Trump's presidential limousine is made by the US carmaker. He
Business

Commuters and students ‘short-changed by the government’

[ad_1] Image copyright Getty Images Commuters and students are being short-changed by the government, the Lords Economics Affairs Committee has said.The Retail Prices Index (RPI) inflation measure, used to calculate rises in student loan repayments and some train fares, is flawed, it said.Moreover, the government is using different inflation measures to maximise funds coming in, which "simply is not fair", the committee added.The UK Statistics Authority agreed RPI "has significant
Business

Retailers told to clean up act over fake faux fur

[ad_1] Image copyright ASA Image caption Tests revealed the jumper contained real fur - likely to have come from a rabbit Clothing retailers have been told to take immediate action to ensure items they advertise as containing fake fur are not made from real fur.The UK's advertising watchdog has given them a deadline of 11 February, after which they may face sanctions.Last week the Advertising Standards Authority found online retailer
Business

Housing market outlook worst ‘for 20 years’

[ad_1] Image copyright Getty Images Surveyors and estate agents reckon the housing market outlook over the next three months is the worst for 20 years.A net balance of 28% of Royal Institution of Chartered Surveyors (RICS) members expect sales to fall in the next three months.It's the most downbeat reading since records started in October 1998 and the pessimism is blamed on the lack of clarity around Brexit. Lack of
Business

US ‘probes Huawei for trade secret theft’

[ad_1] Image copyright Reuters Image caption Huawei is one of the world's biggest smartphone-makers The US is reportedly investigating Huawei for "stealing trade secrets" from American business partners in the latest action against the Chinese technology giant.The criminal inquiry was first reported by the Wall Street Journal (WSJ). It comes as the Trump administration is pressing China to take action on questions of technology theft or face additional trade tariffs.
Business

Gillette maker’s boss warns on Brexit price rises

[ad_1] Image copyright Getty Images The boss of Procter and Gamble, maker of Fairy liquid and Gillette razors, says its products could cost more if the UK leaves the EU with no deal.Tariffs the company may have to pay would be added to grocery bills, David S. Taylor told the BBC."If it's a hard exit it can drive cost in the system," he said.Procter and Gamble and many other companies
Business

Patisserie Valerie says accounting scandal worse than thought

[ad_1] Image copyright Getty Images The owner of Patisserie Valerie has said an accounting scandal it revealed in October was worse than it thought.Its probe has found found "extensive" misstatement of its accounts and "very significant manipulation of the balance sheet and profit and loss accounts".This includes thousands of false entries in its ledgers, it said in a statement.Profitability and cash flow had been overstated and were "materially below" figures
Business

Goldman boss apologises for 1MDB scandal

[ad_1] Image copyright Getty Images Goldman Sachs new boss has apologised to Malaysia for the role an ex-partner played in the corruption scandal at one of the country's wealth funds.However, chief executive David Solomon also distanced the bank from the scheme, which saw billions embezzled from the state development fund, 1MDB.He said Goldman, which had helped to raise money for the fund, had been deceived about details of the deals.Malaysia
Business

Clarks ‘robot-assisted’ shoe factory in Street may close

[ad_1] Image caption The company started making shoes in Somerset in 1825 The shoe retailer Clarks has announced its UK factory could close.The firm opened a new manufacturing unit in 2017, featuring "robot-assisted" technology, at its headquarters in Street, Somerset.Up to 300,000 pairs a year of the footwear firm's desert boots were to be made at the facility, creating up to 80 technical and managerial jobs.But the firm is now