‘In my fifty years, I’ve never faced a challenge as devastating as this’

Laveta Brigham

Paul Smith Fashion - Getty Images
Paul Smith Fashion – Getty Images

Sir Paul Smith has warned that the effects of the Covid-19 crisis are having a “devastating” impact on the fashion industry. 

“It’s been a very difficult few months not just for fashion but for many industries,” the veteran British designer tells The Telegraph, “the strong likelihood of a second wave will quite rightly make people even more nervous.”

Coats, handbags and dresses may not have been the first things people worried about when Boris Johnson nudged England back in the direction of lockdown on Tuesday evening. But while 10pm restaurant closures and a return to working from home will hit hospitality harder than most, it is still a devastating blow for the fashion industry – particularly since retailers and designers were just beginning to find their feet again after a rocky summer.

Oxford Street - Getty Images
Oxford Street – Getty Images

“Footfall in cities across the world is

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Surprising Ways Older Americans Spend Their Money Now

Laveta Brigham

These days, millennial spending and consumer trends tend to make or break a company, with that generation driving the boom in online shopping that has left some retailers shuttering locations for good. However, it seems as if the headlines might be sleeping on baby boomers, who will continue to drive U.S. spending for the next five to 10 years. According to Visa, consumers over 50 currently account for more than half of all U.S. spending, and they also controlled spending growth within the past decade. There are more consumers over 60 now than ever before, with baby boomers holding off on retirement and spending their earnings. But what do those expenditures look like?

To find out what older Americans are spending their money on, GOBankingRates analyzed data from the Bureau of Labor Statistics’ 2018 Consumer Expenditure Survey. This study compares recent spending by Americans 65 and older to that of

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Banks Halt U.K. Office Return; India Deaths Climb: Virus Update

Laveta Brigham

(Bloomberg) — HSBC Holdings Plc and Goldman Sachs Group Inc. paused plans to return workers to their London offices after British Prime Minister Boris Johnson announced new restrictions and urged residents to work from home where possible.

The U.S. death toll from the novel coronavirus exceeded 200,000, a grim milestone that comes eight months after the pathogen was first confirmed on American soil. India’s fatalities topped 90,000.

France’s new infections jumped above 10,000 after a weekend lull, while South Korea’s daily cases climbed above 100 for the first time in four days.

Key Developments:

Global Tracker: Cases top 31.6 million; deaths exceed 970,000CDC urges changes to holiday celebrations to curb virusMany of Covid’s biggest retail winners don’t even sell onlinePubs warn that Johnson’s Covid curfew will crush industryHow do people catch Covid-19? Here’s what experts say: QuickTake

Subscribe to a daily update on the virus from Bloomberg’s Prognosis team here.

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Boris is in danger of losing business

Boris Johnson addresses the nation: REUTERS
Boris Johnson addresses the nation: REUTERS

Has Boris lost business? Perhaps not yet, but that is his direction of travel.

The business community is typically, naturally, supportive of Conservative governments since it assumes the same goals, such as freedom to make a profit, get rich, pay less tax.

What it craves most of all is some sort of certainty.

At its best British business is innovative, nimble and in fierce competition.

We saw that best in the early and ongoing responses to Covid-19. Business leaders from the guy who runs the pub at the end of my street to the chief executive of Next saw a crisis emerging, but also a chance to show what they are made of.

They flipped all sorts of old certainties into the bin and cracked on.

The publican sold his excellent food online and offered takeaway beer.

Simon Wolfson, the Next boss, noted in

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Tesla’s value dropped by $50bn after Musk said cheaper batteries three years away

Tesla CEO Elon Musk, at the construction site of the new Tesla Gigafactory near Berlin. Photo: Patrick Pleul/picture alliance via Getty Images
Tesla CEO Elon Musk, at the construction site of the new Tesla Gigafactory near Berlin. Photo: Patrick Pleul/picture alliance via Getty Images

The market value of electric car company Tesla (TSLA) plunged on Tuesday after chief executive Elon Musk announced that the company would make a radically cheaper new electric car battery — but that it would not be ready for three years.

Investors appeared unimpressed with the time frame of Musk’s innovations, and the company’s shares closed down 5.6% and then fell by another 6.9% after hours.

Tesla's market value plunged on Tuesday. Chart: Yahoo Finance UK
Tesla’s market value plunged on Tuesday. Chart: Yahoo Finance UK

At Musk’s so-called “Battery Day” event, the electric-vehicle pioneer told the 270,000 online audience that he promised to cut battery costs in half in the next couple of years, which would make e-cars significantly cheaper.

“In three years, we can do a $25,000 (£19,691) car that will be basically on par, maybe

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Amazon launches climate-friendly program to help shop for sustainable products

TipRanks

Goldman Sachs: These 3 Stocks Are Poised to Surge by at Least 50%

Is it time for the bears to break out the champagne glasses? Not so fast, says Goldman Sachs. Volatility has ruled the Street for the last few weeks, leading some to conclude that those with a more pessimistic outlook had been vindicated, but the firm believes stocks can still climb higher.According to Goldman Sachs’ head of U.S. equity strategy, David Kostin, the S&P 500 could still hit 3,600 by the end of the year, and 3,800 by mid-2021, on the back of vaccine-related optimism and progress with the economic reopening. This would reflect gains of 10% and 16%, respectively, should the index ultimately reach these targets.“Despite the sharp sell-off in the past week, we remain optimistic about the path of the U.S. equity market in coming months. The Superforecaster probability of a mass-distributed vaccine by Q1

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Facing anxious teachers, Broward public schools pushes back opening of classrooms

Pointing to unresolved details in the plan, Broward County School Board members pushed back Tuesday against Superintendent Robert Runcie’s proposal to start reopening brick-and-mortar schools by early October.

During a special workshop meeting that lasted nearly 12 hours, the Broward school district suggested elementary, K-8 and special needs students from six schools could return to classrooms on Oct. 5, and the remaining middle and high school students could follow a week later, on Oct. 12.

But after firing questions for about eight hours about missing information on the 54-page draft of the reopening plan, the nine elected school board members concluded Runcie and his team still needed to work on it.

Late into the evening, the board settled on the following timeline, although it did not vote on it: Oct. 9 and 12 would be half days for teacher planning, and Oct. 13 would be a full day for teachers

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Joe Biden battles being chronically late

WILMINGTON, Del. (AP) — Joe Biden was running late. Again.

On a recent Friday, he’d already apologized for the delayed start to a speech, then taken more questions than expected at a subsequent press conference. When it was finally over, Biden’s motorcade sped away quickly enough to leave behind one of the journalists traveling with it.

But as the line of armored, black SUVs reached Biden’s home in suburban Wilmington, it suddenly reversed course and headed back out — this time to a nearby M&T bank branch. Biden’s next event was already supposed to be underway, a virtual fundraiser with National Democratic Finance Chair Chris Korge. Instead, he lingered at an ATM.

The former vice president later told the donors gathered online that he was sorry to have been waylaid by a “significant press conference.” He omitted the stop to withdraw pocket money.

With their packed schedules, relish for meeting

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The Ins and Outs of Selling a Fashion or Luxury Business

The global pandemic has not only generated what looks like a prolonged economic crisis, but also shifted people’s sentiment toward consumerism. How the fashion industry will be affected in the long term is a difficult question to answer.

Looking at the medium term, there is one topic that can be immediately discussed: In the current context, is it worth thinking about selling the business you built over the last few years or decades?

In short, the answer is “yes” if you believe you’ve reached the stage where the future of your firm is more likely to benefit from being part of a large group than if it were to remain independent. As you know, a large corporation can easily flex its muscle in such areas as advertising and media buying, customer data and analytics, commercial partnerships, online and brick-and-mortar retail, IT and technology, logistics and finance.

Today, large groups tend

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‘The West Wing’ Cast Will Reunite for a Voting Special on HBO Max

In today’s TV news roundup, the cast and creator of “The West Wing” will reunite for a voting special, and Syfy greenlit “The Pole,” an animated adult comedy show featuring Bobby Moynihan and Jillian Bell, with Nicole Byer and Colin Jost.

DATES

Somebody Feed Phil,” a show where creator and host Phil Rosenthal travels the world and explores different cuisines, will have its Season 4 premiere Oct. 30 on Netflix. The upcoming season will see Rosenthal travel to Rio de Janeiro, San Francisco, Singapore, The Mississippi Delta and Hawaii on his food-tasting mission, which also combines comedy into the mix. Rosenthal also serves as an executive producer for “Somebody Feed Phil” alongside Rich Rosenthal, John Bedolis, Christopher Collins and Lydia Tenaglia.

HBO Max revealed a that its upcoming project starring fashion designer Jenna Lyons, “Stylish with Jenna Lyons,” will premiere on

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