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  • Today's business and finance round up 30th May 2022

Today's business and finance round up 30th May 2022

Fast fashion favourite on the ropes

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

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