DIY chain Homebase has confirmed that it has acquired Bathstore, after it went into administration in June. The company will take 44 branches over, however 124 stores in its estate face closure. The move places hundreds of jobs on the line - with the changes expected to happen in the next 18 months. Homebase said during this period, it plans to open a "significant" number of Bathstore concessions in its own stores - which will strengthen it against the likes of rival B&Q. Damian McGloughlin, CEO of Homebase, said: "We are absolutely delighted to welcome Bathstore into the Homebase family. "With a reputation for quality service and excellent products, Bathstore complements Homebase's reinvigorated range." Homebase, which has been plagued by its own profit warnings in the past few years, was founded by Sainsbury's forty years ago. In 2016, it was sold to Australian brand Wesfarmers, who splurged £340million into the company in efforts to save it. Dozens of stores were … [Read more...] about Bathstore saved as Homebase agrees to buy 44 stores
Sterling dives as markets ramp up bets on no-deal Brexit
LONDON (Reuters) - Sterling fell nearly half a percent on Monday with the outlook turning bleak as traders increased their bets on a no-deal Brexit before the result of the Conservative party’s leadership election. FILE PHOTO: Pound coins are seen in this photo illustration taken in Manchester, Britain September 6, 2017. REUTERS/Phil Noble The pound’s weakness was in sharp contrast to the general calm in the developed market currency space and signalled growing unease among investors over the likelihood of Eurosceptic former foreign minister Boris Johnson becoming the next prime minister. “The market will look to price in the chance of a no-deal Brexit at 50/50,” said Neil Jones, head of European hedge-fund sales at Mizuho. Morgan Stanley said it now sees a 30% chance of Britain leaving the EU without a deal compared to 25% earlier. The last votes to choose a new Conservative party leader are expected to be handed in late Monday, followed by an … [Read more...] about Sterling dives as markets ramp up bets on no-deal Brexit
Stalling UK economy risks recession as Brexit nears: NIESR
LONDON (Reuters) - Economic growth in Britain has stalled and chances are one-in-four that the Brexit crisis has already tipped the country into a recession, a leading think tank said on Monday. FILE PHOTO: Construction cranes are seen above a refurbished Mill building in the city centre of Manchester, Britain, February 23, 2019. REUTERS/Phil Noble The National Institute of Economic and Social Research (NIESR) said risks to growth were “heavily weighted to the downside” given that the chances Britain would leave the European Union without a deal were now roughly 40%. Boris Johnson, the front-runner to become prime minister this week, has said he will ramp up preparations for a no-deal exit to try to force the EU to make changes to the agreement Prime Minister Theresa May made with the bloc but which British lawmakers have voted down three times. NIESR has previously estimated that Britain’s economy contracted in the April-June quarter. If Britain’s … [Read more...] about Stalling UK economy risks recession as Brexit nears: NIESR
Equifax will pay $700 million to settle data breach lawsuits
Equifax will pay up to $700 million to settle with the Federal Trade Commission and others over the massive 2017 data breach that exposed the private data of nearly 150 million people. Consumers are eligible to claim as much as $20,000 in cash payments, the FTC said. The proposed settlement with the Consumer Financial Protection Bureau, if approved by the federal district court Northern District of Georgia, will provide up to $425 million in monetary relief to consumers, a $100 million civil money penalty, and other relief. The bureau coordinated its investigation with the Federal Trade Commission and attorneys general from across the U.S.Equifax's data breach underscored the depth of detail the company keeps on individuals, and prompted calls for greater government oversight of credit-reporting bureaus. The big three credit-reporting bureaus -- Equifax, TransUnion and Experian -- gather data on the credit histories of consumers, which they sell to lenders and other businesses that … [Read more...] about Equifax will pay $700 million to settle data breach lawsuits
Posting a negative review online can get you sued
Posting reviews has become second nature for many consumers nowadays – 82 percent of adults say they read online reviews at least some of the time, according to a Pew Research Center Study – so when they have a bad experience with a business, up goes a review, to share it with others. But for one man in Florida, what he thought was a simple review turned into a year-long battle in court. "I never thought I'd be sued over anything that I write. There's no reason to say anything but the truth," said Tom Lloyd, of DeLand, Florida. But Lloyd said telling the truth got him in trouble. His ordeal began when his 10-year-old poodle Rembrandt suddenly fell ill last year. Lloyd rushed him to nearby DeLand Animal Hospital, where he says he was told the dog needed immediate surgery for what was probably a ruptured spleen. "I said, 'You're going to do this right now?' And he said, 'Yeah,'" Lloyd recalled. But six hours later, he says, the clinic told him to come pick … [Read more...] about Posting a negative review online can get you sued