Tag Archives: Retailer (TRBC level 2)

Percy Pig faces tariffs entering the EU market, M&S UK warned | Instant News


LONDON, Jan 8 (Reuters) – British retailer Marks & Spencer warned on Friday its popular Percy Pig candy could be subject to tariffs if it re-exported the product to European Union countries, including Ireland.

Chief Executive Steve Rowe said the pink candy, along with about a third of the product in the M&S food business, was subject to the very complex “rules of origin” regulations that are part of the UK trade deal with the EU which takes effect on Christmas Eve.

The rules relate to the composition of individual products and how much they have been changed in the United Kingdom.

Any product manufactured in Europe, imported into the UK and then redistributed to EU countries will be subject to a tariff.

“The best example I can give you is Percy Pig,” Rowe told reporters, as M&S updated on the Christmas trade.

“Percy Pig is actually produced in Germany. “If we come to England and then we send it to Ireland, in theory there will be a tax on it,” he said.

M&S warned on Friday that the tariff issue would have a significant impact on its businesses in Ireland, the Czech Republic and franchises in France.

He said he was working to reduce the problem.

Reporting by James Davey; Edited by Kate Holton

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The Italian Ministry of Industry gave the green light for the acquisition of OVS Stefanel | Instant News


VENICE (Reuters) – Italy’s Ministry of Industry on Thursday gave the green light for the acquisition of street fashion brand Stefanel by clothing retailer OVS, a union member said.

The retailer is in exclusive talks to buy Stefanel, which is under a special administration, for a total of 3.2 million euros.

OVS will buy the brand and 23 stores from a total of 27 stores, but will not acquire Stefanel’s headquarters, Margherita Grigolato, of the FILCAMS-CGIL union told Reuters.

Reporting by Riccardo Bastianello, written by Giulia Segreti, editing by Francesca Landini

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Breakingviews – The duty-free golden swan from England will become a sea eagle | Instant News


Buyers are seen holding bags in Bicester Village, amidst the spread of the coronavirus disease (COVID-19), in Bicester, England, June 18, 2020.

LONDON (Reuters Breakingviews) – In Samuel Taylor Coleridge’s “The Rime of the Ancient Mariner,” the protagonist mysteriously shoots an albatross which until now has acted as his ship’s lucky charm. In 2021, a similar fate will befall one of Britain’s golden geese: duty-free allowances for foreign tourists. The government’s decision to change benefits that may have provided a useful post-pandemic boost could become a symbol of its disorganized division from the European Union.

Bicester Village is not one of the UK’s most famous tourist attractions. But thanks to discounted Gucci bags and practical duty-free refunds, Chinese tourists in 2019 visit the small town of Oxfordshire as often as Buckingham Palace. To make it even more bizarre, the British government decided in September to abolish the tax cuts that fueled the phenomenon.

The UK’s obvious reason is to punish European tourists, thereby helping to pressure the EU for a more lucrative trade deal. UK bean counters argue that over 90% of visitors to the UK are not on a duty-free scheme, so few will miss it. And the UK’s Office of Budget Responsibility reckons it could raise around 500 million pounds in new tax revenue.

Yet nearly two-thirds of non-EU tourists are less likely to visit the UK without a rebate, the Global Blue survey shows. Tourists can still purchase tax-free items in the UK, but they have to pay to have them shipped back to their home countries, and insurance costs for luxury items like watches are high. The result, according to the Center for Economic and Business Research, is that arriving tourists can reduce expenses by up to 6 billion pounds.

It will be difficult to recoup these lost tax revenues. China has been trying to encourage duty-free spending at home, due to initiatives like the joint venture between Alibaba and Dufry. France, home to Hermès International and LVMH’s Louis Vuitton, has cut the minimum value of items that can be claimed VAT.

Covid-19 has hit retailers and airports that depend on tourism spending. Tax deduction prohibition of twisting knives. Some airports can lose up to 40% of their revenue, York Aviation research estimates. British trade agency Walpole said luxury retailers such as Burberry and Mulberry would be hit the hardest, as tax-free shopping accounts for as much as 60% of their sales. Overall, this is a story of avoidable economic losses – unlike Brexit in general.

– This is the Breakingview predictions for 2021. To see more of our predictions, click here

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Reuters Breakingviews is the world’s leading source of agenda setting financial insights. As the Reuters brand for financial commentary, we dissect the big business and economic stories that are scattered around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.

Register for our full service free trial at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and on www.breakingviews.com. All opinions expressed are those of the authors.

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Apple has temporarily closed California stores due to a surge in the virus, some in the UK after new restrictions | Instant News


(Reuters) – Apple Inc has temporarily closed all 53 of its stores in California due to the coronavirus outbreak and 16 stores in the UK following government restrictions imposed in London, a spokesman said Saturday.

The company said on Friday that it was temporarily closing several stores in California following a spike in COVID-19 cases, sending the iPhone maker shares in trading after the bell. The announcement includes at least 12 stores.

“Due to the current COVID-19 condition in some of the communities we serve, we are temporarily closing shops in this area. We are taking this step very carefully as we are monitoring the situation closely and we hope our team and customers will return as soon as possible, ”the spokesperson said in an emailed statement.

Customers can still pick up existing orders for the next few days, the spokesperson said. The statement did not say when Apple expected the stores to reopen.

Coronavirus cases are rising in the United States and Great Britain, with more than 17.4 million infections in the US and around 314,000 deaths.

British Prime Minister Boris Johnson on Saturday imposed an effective lockdown of more than 16 million people in Britain and scrapped plans to reduce restrictions over Christmas. Other British states, whose response to the pandemic was different from that of Britain at that time, also took action.

Johnson said London and south-east England would now be placed on the new Tier 4 lockdown level and people in those areas would be required to stay home except for important reasons such as work. Non-essential retail will close, as will indoor recreation and entertainment.

Reporting by Kanishka Singh in Bengaluru; Edited by Cynthia Osterman and Grant McCool

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Italy is considering new COVID-19 restrictions for holidays | Instant News


ROME (Reuters) – Italy is considering tighter national coronavirus restrictions over the Christmas and New Year holidays as concerns mount over a possible surge in infections in January.

PHOTO FILE: PHOTO FILE: People wearing protective masks walk along Via dei Condotti street on the day that Italian Health Minister Roberto Speranza presented in parliament the government’s plans for vaccination and curbing of the mass coronavirus disease (COVID-19) over the Christmas period, in Rome , Italy December 2, 2020. REUTERS / Yara Nardi / Photo Files

After several restrictions were imposed last month, crowds of shoppers flocked to many city centers on Sunday, as Italy reported 484 coronavirus-related deaths.

On Saturday, Italy surpassed Britain as the European country with the worst number of deaths.

The government could decide to place the country under so-called “red zone” lockdown rules from December 24 to at least January 2, extending curfews, banning nonessential movement and closing shops, bars and restaurants on weekends and holidays. , with the exception of those selling basic goods, Italian media reported.

The decision is expected after a meeting Monday morning between Prime Minister Giuseppe Conte, the ministers and the scientific committee that has been advising the government since the start of the coronavirus emergency.

That will follow a similar move by Germany, which on Sunday said it would close most shops from Wednesday to at least January 10 after reporting 321 COVID-19 deaths and 20,200 new cases.

“The crowd is unjustified, irrational, irresponsible,” Regional Affairs Minister Francesco Boccia told the Italian daily la Repubblica.

He said “business and health are irreconcilable at this time”, adding that he supported Germany’s decision.

Earlier this month, the government approved rules to avoid a spike in infections during Christmas and New Year, banned midnight mass and halted movement between cities.

It was decided that on Christmas Day, Boxing Day and New Year, Italians would not be able to leave their cities and the current curfew would be extended to 7am on New Year’s.

Reporting by Giulia Segreti; Edited by Giles Elgood

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