BUSINESS LIVE: Superdry to delist; B&M expects high profits; Dr Martens boss to step down

Superdry will delist from the London Stock Exchange as part of a restructuring plan to save the company.

The embattled retailer told investors on Tuesday the plan will also include rent reductions on 39 UK sites.

Brits have been offered some much-needed relief as figures showed wages outstripping inflation by the biggest margin in two and a half years.

Regular pay rose by 2.1 per cent year-on-year in real terms in the three months to February. That was the highest rate since September 2021, reflecting easing prices.

Capital gains tax is levied on profits from assets ranging from shares to second homes, buy-to-let properties and personal possessions.

It is traditionally applied at lower rates than income tax because the assets in question tend to be those on which people are taking a risk – whether an entrepreneurial one, or via investments held outside Isas and pensions.

Just as the post-lockdown global supply chain crunch seemed to be in the rearview mirror, troubles re-emerged with a set of crises involving two of the world’s most important waterways.

Extremely low rainfall since last year, exacerbated by the El Nino phenomenon, has forced Panama Canal authorities to limit daily crossings and how much cargo ships can carry via the Atlantic-Pacific shortcut.

When it comes to the International Monetary Fund (IMF), Europe continues to dominate the choice of who is in the top job.

The re-selection of Kristalina Georgieva, 70, to another five-year term is not a surprise.

The abandoned site of a once-planned £3.8billion gigafactory has been sold – delivering a blow to the UK’s electric car industry.

US private equity giant Blackstone has agreed to buy the 235-acre location in Northumberland, whch it plans to turn it into one of Europe’s largest data centres.

Danni Hewson, AJ Bell head of financial analysis, comments on the latest UK jobs statistics, which showed unemployment tipped up to 4.2 per cent in the three months ending February:

“For months we’ve been watching cracks begin to form in the UK jobs market as the post pandemic boom faded and the cost-of-living crisis forced businesses to retrench.

“Vacancy numbers have fallen again and again, and though they’re still above where they were before Covid lockdowns the fact that unemployment has also been rising suggests a huge disconnect between the jobs available and workers free to fill them.

The skills gap is nothing new and there never has been a quick fix, but with economic inactivity also surging over 22% it is a problem that’s becoming increasingly important.

“How can the UK economy grow if its businesses are held back because they can’t find the workers they need to expand and fulfil their potential? Without that growth the current economic torpor will become endemic and the growing pressure on the public purse will leave few options other than tax hikes to balance the books.

The number of Footsie firms pushing for pay rises for their chief executives has jumped even after the average salary hit £4.5million, a study has revealed.

As the debate about boardroom excess intensifies, the analysis by Deloitte showed that 16 FTSE 100 companies are looking to revamp pay policies this year.

Fintech firms including Revolut and Monzo are calling for the Government to scrap stamp duty on share trading to help revive stock markets.

They are among a group of companies who have signed up to a list of policy demands aimed at ensuring Britain maintains its ‘leading global position’ in the sector.

CVC has revived plans to list in Amsterdam in a deal worth up to £13billion in a fresh setback for London.

The private equity giant abandoned an initial public offering (IPO) in 2022 and again in 2023 due to market uncertainty.

Profits at Goldman Sachs surged to a better than expected £3.3billion in the first quarter of the year – thanks to a revival of its investment banking arm.

The 28 per cent rise compared to the same period last year was helped by a revival in deal- making fees as well as a strong period for bond trading.

Tesla is axing more than 10 per cent of its global workforce as it grapples with falling sales.

The US car maker, which is led by billionaire Elon Musk, has been hit by subdued demand for electric vehicles (EVs) and a price war with Chinese rivals.