Tag Archives: green

Philip Green’s Arcadia UK fashion group falls into administration | Instant News


LONDON (Reuters) – British tycoon Arcadia fashion group Philip Green has collapsed into administration, putting more than 13,000 jobs at risk and falling victim to the country’s biggest employer from the COVID-19 pandemic so far.

Pedestrians walk past the Topshop shop, owned by the Arcadia group on Oxford Street in London, England, November 30, 2020. REUTERS / Simon Dawson

Deloitte said Monday night that they have been appointed as administrators of Arcadia and will seek buyers for the group’s brands: Topshop, Topman, Dorothy Perkins, Wallis, Miss Selfridge, Evans, Burton and Outfit.

The group trades from 444 sites rented in the UK and 22 abroad.

Deloitte said the Arcadia store will continue to trade, its online platform will continue to operate and supply to concession partners will continue.

It said no redundancy would be announced immediately.

“We will immediately seek expressions of interest and hope to identify one or more buyers to ensure future business success,” said Matt Smith, Deloitte co-administrator.

Green, pictured over a weekend in Monaco where his 100 million pound ($ 133.26 million) super yacht Lionheart was docked, acquired Arcadia for 850 million pounds in 2002.

He did not immediately comment but his CEO blamed Arcadia’s death emphatically on the pandemic.

“In the face of the most difficult trading conditions we have experienced, the obstacles we face are too formidable,” said Ian Grabiner.

British Business Minister, Alok Sharma, said his administration was “very sad news” and the British government would support those affected.

While the COVID-19 lockdown pushed Arcadia to the edge, it has struggled in recent years, underinvesting and failing to keep up with competitors in the growing online retail sector.

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Its brands lie between the likes of Zara, H&M, and Primark Inditex and online-only players ASOS and Boohoo.

The restructuring deal was approved by creditors last year, cutting leases and closing shops, but proved to be only a temporary hiatus.

SALES PROCESS

Mike Ashley’s Fraser Group said Monday that they are interested in participating in any Arcadia sales process.

Topshop, once a top destination for teenagers and fashion lovers, is considered by analysts to be Arcadia’s most attractive asset.

Media reports have also identified Marks & Spencer, Next and Boohoo, as well as private equity players, as potential bidders for individual brands. The three companies declined to comment.

The collapse of Arcadia could have a major impact on the future of the Debenhams department store chain, which is already in administration and employs 12,000 people.

Arcadia is one of Debenhams’ largest concessionaires.

JD Sports Fashion shares, which have been linked with the Debenhams takeover, closed up 5.9%, indicating a loss of interest. Frasers shares closed down 5.7%.

PENSION FUND DEFICIT

Arcadia’s workforce also faces uncertainty over the company’s pension fund deficit, which analysts estimate to be around 350 million pounds.

As part of last year’s restructuring, Arcadia agreed to guarantee 210 million pounds of property assets for the pension scheme, while Tina Green, Philip’s wife and Arcadia’s final owner, agreed to contribute 100 million pounds to the scheme over three years.

“Philip Green must do the right thing and fill the Arcadia pension deficit,” said opposition Labor leader Keir Starmer.

If he doesn’t pay, the 10,000 members of the Arcadia pension scheme will still have to receive most of their entitlements through the government’s lifeboat scheme, the Pension Protection Fund.

Sharma said administrators have three months to file a report on Arcadia director’s behavior with The Insolvency Service that will determine whether a full investigation is needed.

“I will continue to monitor this process,” he said.

Even before the pandemic, brick and mortar clothing retailers in Britain faced major structural challenges with the economy of operating traditional rental stores proving increasingly difficult as more trade migrated online.

This year Oasis, Warehouse, Laura Ashley, Peacocks and Jaeger have fallen into administration.

Reporting by James Davey in London; Edited by Estelle Shirbon, Rosalba O’Brien and Matthew Lewis

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GO NZ: An interesting alternative to popular attractions in New Zealand | Instant News


Stonehenge Aotearoa is a full-scale adaptation of Stonehenge – and a stargazer’s paradise. Photo / Stonehenge Aotearoa.

While previously redundant tourist destinations are becoming more attractive and accessible to the average Kiwi with international borders closed, that doesn’t mean we won’t be competing for space in the busy summer months. Everyone has the same agenda, which means it’s also time to consider alternatives. Of course, there are some experiences – like traversing the volcanic landscape of Tongariro Crossing, or having a cool drink at Hobbiton’s Green Dragon Inn – that just can’t be duplicated.

But others can. If you do a little research, you’ll find that many of New Zealand’s popular attractions have lesser-known partners and are often cheaper. Here are six close siblings of some must-do activities in the country.

Explore shallow hot pools on the fine black volcanic sand at Kawhia hot springs.  Photo / Sally Jackson.
Explore shallow hot pools on the fine black volcanic sand at Kawhia hot springs. Photo / Sally Jackson.

Dig your private spa in the sand

An hour south of Raglan, Kawhia is a quiet seaside village with a harbor full of peas, oysters and mussels. It’s also where you’ll find one of the lesser known hot spring beaches. (Yes, there is more than one.)

The drill is exactly the same as in the Coromandel. At low tide, drive to the end of Ocean Beach Rd, where you’ll find a black, soulless beach above. You have to bring your own shovel. Watch for signs of steam rising from the sand and start digging. Once you reach the hot springs of Te Puia Springs, soak in the knowledge that somewhere across the island, lots of people are screaming for the same thing.

Try one of the world’s best burgers

Oh, Fergburger. Even if you’ve never seen the queues for this Queenstown institution, you’ve probably read blog posts or articles all about the burgers: how juicy the meat is, how tender the bread is and how amazing it is. it’s open for almost 21 hours a day.

What they don’t get romantic about, however, is how long you have to wait in line. If you are too hungry to wait in line, all you need to do is head over to the Devil Burger. Offering a similar product, at the same price, that is what the locals are for.

Seeing kiwis anywhere is special, but conditions on Kapiti Island increase your chances.  Photo / Provided.
Seeing kiwis anywhere is special, but conditions on Kapiti Island increase your chances. Photo / Provided.

Find kiwi in the wild

Thanks to its remote location and difficult sea crossings to get there, Rakiura (Stewart Island) remains relatively flawless compared to other popular tourist destinations. However, it is still struggling under the load of attractive visitors; pre-pandemic, about 44,000 people were visited per year. That’s about 111 tourists for each resident.

The island’s main attraction is the rare opportunity to see kiwis in the wild. It’s home to around 13,000 of New Zealand’s 68,000 kiwi, and the subspecies that live here can sometimes even be seen during the day for insects by the beach.

The catch? If seeing kiwi is your only goal, travel long distances without the guarantee you’ll see it.

Alternatively, there are a number of fenced predator-free shelters on the North Island and South Island that offer nighttime kiwi tours, including Wellington’s Zealandia and Waikato’s Sanctuary Mountain Maungatautari. But the two hour tour presents a very limited window of time for viewing elusive birds, which is why it is so worthwhile to spend a night on Kāpiti Island.

This predator-free island is home to around 1,400 tiny looking kiwis, presenting one of the most reliable opportunities to spot them. Starting at $ 395 per adult ($ 230 per child), Kāpiti Island Nature Tours kiwi-sightseeing packages include transportation, accommodation in a glamping tent or cabin, and guided night tours.

Mount Aspiring National Park offers some of the most impressive walks in the country.  Photo / Provided
Mount Aspiring National Park offers some of the most impressive walks in the country. Photo / Provided

Hike one of New Zealand’s iconic walks

When Lonely Planet released its Ultimate Travel List earlier this month, 13 Kiwi destinations qualified, with Fiordland National Park topping the 29th position.Most visitors opt to take a boat tour through Milford Sound, but that area came first. undeniably the Milford Track. One of New Zealand’s 10 Great Walks, dubbed “the world’s best walk,” takes hikers through valleys carved by glaciers, past ancient rainforests and cascading waterfalls.

However, its reputation means it’s expensive (the hut costs $ 70 per person per night alone) and very difficult to book. Earlier this year, spots on track for the 2020-2021 season were almost sold out within 10 minutes of opening the booking system.

However, even though there are only 10 “Great Streets” in New Zealand, there are dozens of “great roads.”

The closest connection to the Milford Track is the Gillespie Pass Circuit, a 58 km loop best suited for experienced hikers with river crossing skills. Located near Mount Aspiring National Park, it also takes four days, reaches an altitude of 1,600 meters, and has serviced lodges along the way. And on publication, reservations are still available for the hut (only $ 20) during the holiday period.

On a Lake District Adventures nighttime kayaking tour, you'll paddle along the shores of Lake Karapiro to see glowworms.  Photo / Provided.
On a Lake District Adventures nighttime kayaking tour, you’ll paddle along the shores of Lake Karapiro to see glowworms. Photo / Provided.

Experience the magic of collecting glowworms

Waitomo is not the only place where large numbers of glowworms gather. For a cheap and fun version of the same, you can head to the DOC-run Waipū Caves in Northland, which are completely free to access.

If you don’t want to stray far from Waitomo and be in it for glowworms (not caves) sign up for the Lake District Adventures night kayaking tour ($ 109). On a four hour sunset excursion, you will paddle along the shores of Lake Karapiro. As dark falls, you’ll drift silently on the Pokaiwhenua Stream, your path only lighted by glow worms. The effect is very subtle, and with fewer people, your oar hitting the water is the only sound you’ll hear.

Stargazing in the Dark Sky Nature Reserve

Aoraki Mackenzie Dark Sky Reserve is an area known for its low levels of light pollution and many nights with bright stars. Currently, it may be the only one of its kind in the Southern Hemisphere – but it won’t last long. Wairarapa is currently preparing to become the world’s largest Dark Sky Reserve, a designation which is expected to come later this year.

This is where you can experience some of the most unique and personalized astronomy tours in the country. For example, Becky Bateman of the local Under the Stars will bring her telescope straight to your accommodation. Then there’s Stonehenge Aotearoa, a full-scale adaptation of Stonehenge. If you show up on Friday or Saturday at 8:30 p.m., you’ll have the opportunity to look through the telescope and learn how the structure works. General admission is $ 15.

For more New Zealand travel ideas and inspiration, visit newzealand.com

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The governor regretted the reduced green cover in the city | Instant News



Sindh governor Imran Ismail said the uncontrolled planning had given the shape of a concrete jungle to Karachi as beautiful birds had migrated from the city due to reduced green cover and unsupervised municipal garbage piles.

He made this point on Saturday while attending a tree planting campaign at the United Medical and Dental College (UMDC) under the government’s Clean and Green Karachi initiative.

Ismail said the fruit trees were almost extinct in the city. He said, apart from having socio-economic benefits, tree planting must be environmentally friendly to reverse the climate change phenomenon. The government could have planted trees, but in the end it was the responsibility of the community to protect the plantations, he added.

The governor appealed to other city-based institutions to actively take part in efforts to improve the city’s environment. Khyber Pakhtunkhwa is the first province to start the drive as the current government has worked to implement Prime Minister Imran Khan’s vision of planting trees and keeping the environment clean and healthy.

Ismail also planted trees as part of a plantation campaign at the university. Previously, the Dean of UMDC, Dr. Bilal Faiz, welcomed the governor’s arrival. Parliament Secretary for Climate Change Rukhsana Naveed was also present at the occasion.

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23 Year Old Sues Australia For Climate Risk in Bonds | Instant News


Photographer: Carla Gottgens / Bloomberg

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The Australian government defended the class action lawsuit claiming it was misleading investors by failing to disclose the impact of climate risk in bonds.

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Amid a growing wave of climate litigation around the world, 23-year-old law student Kathleen O’Donnell said the Australian Office of Financial Management and Treasury is deceiving investors by not disclosing climate change along with other financial risks in her exchange-traded debt. He wants all marketing to stop until its disclosure is made.

In its first hearing in Federal Court in Melbourne on Tuesday, the case was adjourned after the Court Bernard Murphy ordered O’Donnell’s attorney to detail the damage caused and fix the technical issues related to the representative suit. The case will return to court in mid-2021.

The lawsuit emerged as a global debt investor wrestle by assessing the long-term effects of rising global temperatures and how much economic growth must be sacrificed in order for countries to adapt. Sweden’s central bank last year canceled its holdings of debt issued by Western Australia and Queensland – the states responsible for most of Australia’s fossil fuel exports – amid growing concerns about threats posed by climate change.

“The concept that every debt issue must consider and disclose a series of material financial risks is not new,” he said Sarah Barker, head of climate risk governance at law firm Minter Ellison. “What’s new about the claim is that this is the first time a lawsuit has been made in a climate risk context.”

The Australian Treasury and Financial Management Office declined to comment on the lawsuit.

This case appears in the middle a spike in litigation from Europe to Mexico over the past five years as activists have used the courts to pressure governments, companies and investors to act against global warming. Last week, a $ 57 billion ($ 41 billion) pension fund sued in Australia for disclosing climate change risks settled the lawsuit with commitments for net zero-emissions in its portfolio by 2050.

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Racing: That copy sends a bold signal to New Zealand’s Cup rivals | Instant News


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It only took 75 years but Pukekohe coach Ray Green had a New Zealand Cup starter, and is now a favorite.

The popular north coach had one of his greatest days in office yesterday when Copy That knocked out his opponents at the Ashburton Flying Stakes just an hour after American Dealer beat the southerners in the heat of the Sires’ Stakes.

The latest win was Green’s 400th training success in New Zealand but the 401 victory was all the more meaningful as Copy That raced through one of the fastest last 400m sections ever recorded in this part of the world.

After working for the lead by a mile from the 2400m stand, Flying Stakes started to leave, Copy That unleashed the final 400m 25.2 seconds, not much slower than any decent race would have raced for the same piece.

That meant the previous NZ Cup favorite Self Assured couldn’t make the ground after sitting in the park while Spankem, who was sitting on the sole clawing his way to third.

The fact that the three favorites settled in the last three places and still dominated suggests one of them should win the $ 540,000 Cup in Addington on November 10, which now Copy That and Self Assured share $ 2.80 of favoritism.

The copy was so fast that, if he could achieve another Cup lead, it would take something better than what we saw yesterday to beat him, with Green not worried about the extra 800m of the Cup even though the Copy was just a four year old who didn’t. ever race for the last ride.

“I don’t think it will bother him, not the way he will stop after this,” said Green.

“You won’t even know he’s been racing, he’s just jogging.

So I think he’s going to tackle the 3200m and I’ll take him to the Cup trials (Addington next week) now just to keep it ticking.

Green has accomplished much in his harness racing career, training and riding horses in Wales and Ireland and has had consistent group-level success with horses such as Sir Lincoln and King Of Swing since taking over as trainer for Lincoln Farms.

But he never even started in the New Zealand Cup, a race every New Zealand rope coach wants to win.

“It’s a tough race to get a horse, let alone win. So I think I’ll be really excited over the next week or two as we get closer,” said Green, who was usually curt.

While the All Stars stables tend to hold a grip on New Zealand Cup favoritism and punters’ hearts, Copy That suggested yesterday if he could take the lead in the Cup he would take an awful lot of run down, especially since this Cup may not have many good enough horses to attack, or hold him to take the lead in this.

So, the draw of the barrier on Wednesday next week will be of great importance, especially as Self Assured looks set to start off on a roll and therefore could give The Copy a great start if the latter draws the front lines.

Green also expects a useful draw and marker run on Cup Day for American Dealers, who beat It’s All About Faith and Krug in the Heat Stakes Sires.

Against the marker, whether leading or trailing, the American dealer can beat the south star but if a horse like Krug, who was brave third after sitting parked yesterday, is in front of him the Sires bet may be over.

However, Green’s brace yesterday revived the Day Cup, which has so dominated the South Island over the past decade.

Another feature of Sunday also goes to another leader in Majestic Man, who used gate speed and high cruising tempo to escape the Flying Mile Trotter at 1: 54.1, just outside of Marcoola’s national mile record.

There’s some good runs behind it but not much that will scare Sundees’ favorite Dominion for what’s ahead in the iconic trot in Addington in two weeks.

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