CITY AM – Out of fashion
The London business newspaper CITY AM leads on Burberry fashion house. The paper says Burberry shares have nosedived in early deals this morning after the luxury retailer cancelled its dividend for the rest of the year and announced the departure of its chief executive. The company announced the changes alongside a miserable trading update, which said the group expected to report an overall revenue decline of 25 per cent for the first half of the year. Burberry shares opened down 12 per cent in early deals and had fallen by over 15 per cent by late morning. The stock has lost 46 per cent year-to-date and 64 per cent over the past 12 months.
Elsewhere, Labour’s new City minister has told the paper that the new Labour government will bolster London’s international standing. The front page also features a report on a Bank of England rate-setting panel member calling for interest rate cuts to ease the strain on households. There’s also a report on Gareth Southgate and England.