30th May 2022
Bite-sized business news from the UK and beyond
Good morning Congratulations to Nottingham Forest, who yesterday won the Championship play-off final at Wembley, often dubbed the richest match in world football with the winning team receiving a promotion to the Premier League and an estimated £170m.
Today's stories
Fast fashion favourite on the ropes
Investors turn to art in record levels
RETAILFast fashion favourite on the ropes
Other stories to keep you in the loop
Chelsea sale: Todd Boehly consortium set to complete deal on Monday
Help to Buy application deadline brought forward by 2 months
KPMG to hire 3,500 tech workers for new digital products business
Beckham-backer Authentic Brands Group in talks to seal £300m Ted Baker takeover
Japan to reopen to foreign tourists after two-year pandemic closure
Payments start-up Bolt lays off a third of its 900 staff
INVESTINGInvestors turn to art in record levels
Pandemic-era online bidding has allowed new buyers to participate anywhere without using an intermediary, creating a new pool of bidders (particularly from Asia).
A steady stream of new billionaires (one for every 30 hours since the pandemic started) getting in on the action has created a demand for lesser-known artists.
Art is seen as a safe investment in an increasingly uncertain stock market, providing stable long-term returns with gains comparable to those of high-yield bonds.
Big names have been hitting the market, not just Andy Warhol but pieces from renowned artists like Jean-Michel Basquiat and Mark Rothko commanded eight-figure bids.
Stat of the day
More than 16,000 street parties are expected to be thrown over the Queen’s Platinum Jubilee bank holiday weekend
Interesting links from around the web
Advice on how to invest during a recession
Why Gen Z workers are already so burned out
10 uses for baby powder with no baby required
