ASOS sales pass £1.8 billion as profit jumps 145%

LONDON — Youth fashion retailer ASOS shrugged off mounting signs of a UK consumer slump on Tuesday as it announced a 27% jump in sales to £1.8 billion. The online retailer’s group revenue rose by 27% to £1.9 billion in the year to August 31, while UK sales in the period rose by 16% to £698.2 million. Pre-tax profit leapt by 145% to £80 million as retail profit margins improved by 10 basis points to 48.6%. ASOS’ strong performance comes despite data from Visa earlier this year showing the worst slump in consumer spending in four years, with clothing particularly affected. ASOS is known for its millennial-focused fast-fashion, selling own-brand… Read More

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Real Madrid vs. Tottenham: Harry Kane is the ‘complete player’, says Zinedine Zidane

Description Tottenham Hotspur and England striker Harry Kane Credits Ian Kington/AFP/Getty Images Alt Text Harry Kane Tottenham England Bernabeu boss praises Spurs striker ahead of tonight’s Champions League clash Preview Tuesday, October 17, 2017 – 8:04am Real Madrid coach Zinedine Zidane has described Harry Kane as “the complete player” ahead of their Champions League clash against Tottenham tonight at the Bernabeu. See related Harry Kane is a £177m transfer target for Real Madrid Real to United: you can have Gareth Bale, but we want David De Gea The two clubs are unbeaten in Group H and although the reigning champions are favourites to take the home tie, Zidane knows that… Read More

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Ten Things You Need to Know Today: Tuesday 17 Oct 2017

Storm Ophelia to cause further disruption After causing three deaths in Ireland – and leaving 330,000 premises without power – Storm Ophelia is expected to bring disruption to the UK today. Gusts of up to 70mph are forecast, prompting the Met Office to issue a yellow warning for Northern Ireland, the north of England, central and southern Scotland and northwest Wales. Weinstein to argue he was sacked unlawfully Hollywood producer Harvey Weinstein will argue the board of his own company acted unlawfully when it fired him in response to allegations of sexual harassment, assault and rape. Weinstein has denied the allegations, after admitting he had caused pain to colleagues. He… Read More

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10 things in tech you need to know today (AAPL, NFLX, FB)

Good morning! Here’s the technology news you need to know this Tuesday morning. 1. There’s a massive flaw in a security protocol which protects Wi-Fi, researchers have found. The flaw, which affects most Wi-Fi enabled devices, could allow hackers to thieve information like photos, credit card details, and more. 2. Facebook has acquired an app called tbh which lets teens create polls for themselves and their friends. The app has been downloaded by more than 5 million people. 3. SoftBank’s multi-billion dollar investment in Uber will be finalised next week, according to Uber board member Arianna Huffington. SoftBank is planning to buy a 14% to 20% stake through its $93… Read More

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North Korean official says diplomacy is off the table until it builds a missile that can hit the east coast of the US

North Korea is not interested in diplomacy until it develops a long-range intercontinental ballistic missile (ICBM) capable of hitting the US East coast, a North Korean official said to CNN on Monday. Although the country was not forgoing diplomacy completely, the official said that North Korea was first interested in building an ICBM that is able to reach “all the way to the East coast of the mainland US,” CNN reported. “Before we can engage in diplomacy with the Trump administration, we want to send a clear message that [North Korea] has a reliable defensive and offensive capability to counter any aggression from the United States,” the official said, according… Read More

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Arsenal line up AC Milan striker Andre Silva to replace Alexis Sanchez

Description AC Milan’s Portuguese forward Andre Silva Credits Miguel Medina/AFP/Getty Images Alt Text Andre Silva AC Milan City’s Raheem Sterling didn’t think for ‘one minute’ about joining the Gunners One-Minute Read Tuesday, October 17, 2017 – 7:43am As Saturday’s shocking loss to Watford showed, Arsenal are in desperate need of new blood if they’re to avoid becoming mid-table nonentities, and according to the Daily Mirror they may be lining up an audacious bid for one of Europe’s hottest young strikers. See related Harry Kane is a £177m transfer target for Real Madrid Real to United: you can have Gareth Bale, but we want David De Gea The paper claims that… Read More

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Tuesday 17 October 2017

Company news, markets and financial talking points, available from 8am Monday to Friday One-fifth of UK jobs under threat from automation Automation will affect one in five jobs across the UK, according to a new study from a thinktank. Future Advocacy said the risk of jobs being becoming automated rose to almost 40% in shadow chancellor John McDonnell’s west London constituency of Hayes and Harlington. However, just 2% of people surveyed were very worried that they might be replaced by a machine, with a further 5% fairly worried. New house price data shows ‘stark divide’ House prices in 58% of wards in England and Wales are still lower in real… Read More

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‘A huge risk of contagion’: Everything you need to know about ETFs — the hot investment area that some think will cause the next financial crisis

Exchange traded funds have grown 500% in value since 2008 to $4 trillion. ETFs have never been prevalent during a downturn, so there are fears that once the market turns, things might get messy. Bond market guru Mohamed El-Erian says ETFs pose a “huge risk of contagion.” LONDON — When the American Stock Exchange launched its S&P 500 Depository Receipt fund in 1993, no one could have foreseen the path it would lay for the future. The fund was nicknamed the “spider” because of its ticker symbol, SPDR, and is now considered to be the first successful launch of an exchange-traded fund. Fast forward 25 years, and the global market… Read More

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10 things you need to know before European markets open

Good morning! Here’s what you need to know. 1. The value of a Brexit transition deal is “disappearing by the day,” according to a new report from influential financial lobbying group TheCityUK. “EU and UK negotiators cannot delay discussing a transitional deal any longer if they want it to hold any real value,” Miles Celic, TheCityUK’s CEO, said in a statement on Tuesday. 2. Drugmakers and medical devices companies are drawing up plans to protect supply chains in case of a hard Brexit. MeddiQuest, an eight-person consultancy specializing in medical technology regulations, is in the process of moving from outside Cambridge to Ireland. 3. Older iPhone 7 models are outselling… Read More

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Utah school investigating students’ video with apparent racial slur

SALT LAKE CITY A video posted on Instagram that appears to show five teen girls taking turns shouting an expletive and racial slur has led the Weber School District to investigate and has generated fierce backlash online. Administrators learned about the recording late Monday, said Weber School District spokesman Lane Findlay, and were planning to start investigating Tuesday morning when employees could speak with Weber High students. Findlay said the district was seeking to determine how many students were involved and whether the footage was recorded on school property or during the school day. He said he believed those in the video were students in his district, but he had… Read More

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