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  • Today's business and finance round up 9th August 2022

Today's business and finance round up 9th August 2022

Cash makes a comeback

August 09, 2022

9th August 2022

Bite-sized business news from the UK and beyond

Good morning After nearly two weeks of competition, the 22nd Commonwealth Games officially closed last night with a surprise performance by Ozzy Osbourne. The jam-packed sporting schedule saw over 5,000 athletes from over 70 different countries coming together in Birmingham to compete in 19 different sports. Well done to team Australia, who had a golden games and managed to snag the top spot of the medals table with a total of 178 medals (67 gold), while England celebrated second place with a record haul of 176 (57 gold) and Canada took the bronze with 92 (26 gold). The baton now passes to this year’s winning nation and 2026 hosts, Australia.

Today's stories

  • Cash makes a comeback 

  • Next in talks for stake in struggling retailer

ECONOMYCash makes a comeback

Other stories to keep you in the loop

  • Boris Johnson rejects pleas to act on cost of living crisis 

  • US Senate passes $739bn healthcare and climate bill after months of wrangling

  • PwC fined nearly £1.8m over BT fraud audit failures

  • Qantas asks executives to volunteer to fill in as baggage handlers

  • Zara loses name-change bid against owner of small fashion firm House of Zana

  • SoundCloud is firing 20% of its global workforce

  • SoftBank CEO ‘ashamed’ of pride in past profits as record losses prompt cost cuts

  • Olive oil prices to rise as heatwave hits production

RETAILNext in talks for stake in struggling retailer

What happened?Shares in fashion retailer Joules surged as much as 58% yesterday after it confirmed it was in talks with Next to take a 25% stake worth £15m.How did we get here?Founded in 1989 at a country show in Leicestershire selling clothes, Joules has become known for its upmarket outdoor wear and grown to 130 stores employing more than 1,000 people. The company has had a difficult year repeatedly slashing sales and profit targets. It’s battled with rising costs and a slowdown in consumer confidence in recent months as the UK high street struggles with 40-year-high inflation. It said consumers feeling the squeeze amid a rising cost of living had become more cautious on making high end purchases putting pressure on its profits. As a result of the weaker trading performance Joules’ shares have slumped by nearly 90% the start of 2022.Last month, the struggling retailer hired Big4 accountant KPMG to help it improve profitability and cash generation.Next has track record of buying into smaller retailersIn recent years the high street giant has taken advantage of the string of high street collapses to add to its stable of brands. Next has taken stakes in fashion retailer Reiss, lingerie brand Victoria's Secret and maternity retailer JoJo Maman Bebe.

Stat of the day

The average UK adult only eats 3.25 portions of fruit and veg a day

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