1700 jobs at risk at sports retailer | Metro Bank agrees to buy rival lender | Insurance giant Hiscox swings to loss

dhita yudha

Sports retailer and gym group DW Sports has said it is to tumble into administration, with 1,700 employees at risk.

The company was expected to appoint insolvency specialists after its income was wiped out by the protracted closure of stores and gyms during lockdown.

DW Sports, which was founded by former Wigan Athletic owner Dave Whelan, operated 73 gyms and 75 retail sites across the UK but announced plans to shut 25 of its stores last month.

The company said it will now wind down its retail business for good, with its website ceasing trading with immediate effect and closing-down sales starting at its 50 remaining stores.

READ MORE: Glasgow firm has helped keep lights on amid coronavirus lockdown

It plans to protect as many jobs and gyms as possible through the restructuring process.

DW Sports stressed that Fitness First, which is a sister company of DW, will continue to

Read More

British bank NatWest swings to a 2nd-quarter loss of $1.7 billion as income tumbles and impairment charges soar

dhita yudha



Alison Lithgow wearing a suit and tie smiling and looking at the camera: RBS


© RBS
RBS

  • NatWest posted sharply lower profits last quarter as less income and a hefty impairment charge weighed on its business.
  • The British bank’s total income tumbled 34% year-on-year to £2.7 billion ($3.5 billion) and its impairment losses soared to over £2 billion, meaning it swung from a pre-tax profit of £1.7 billion ($2.2 billion) to a £1.3 billion ($1.7 billion) loss.
  • “Our performance in the first half of the year has been significantly impacted by the challenges and uncertainty our economy continues to face as a result of Covid-19,” CEO Alison Rose said in the earnings release.
  • NatWest’s net interest margin fell and its loan impairment rate soared, but it also shored up its finances, increasing both its liquidity coverage ratio and common equity tier one (CET1) ratio.
  • Visit Business Insider’s homepage for more stories.

NatWest suffered a sharp slump in second-quarter profits as pandemic-related lockdowns and travel

Read More

Loss of international students could damage US economy, experts say

dhita yudha

The world of higher education, already struggling to cope amid the COVID-19 pandemic, was rocked last week when the Trump administration issued a regulation that would prevent international students from entering the country in addition to compelling thousands already in the U.S. to leave if enrolled in schools that plan to teach exclusively online in the fall.

“These students and their families have invested so much hope and money — in some cases, their families’ life savings — to get an American education,” Kavita Daiya, an associate professor of English at George Washington University, told ABC News. “By being here, they bring so much talent and knowledge to our communities. To force them to leave is to betray the promise of opportunity and fairness that undergirds American higher education.”

It could also cost the U.S. tens of billions of dollars and thousands of jobs.

MORE: Harvard, MIT sue Trump administration

Read More