Crypto News: The London Rush: Boohoo boss quits the catwalk

Morning, I'm Louise Moon from Bloomberg UK's breaking news team, bringing you up to speed on today's top business stories.

An update from Manchester's Boohoo is rarely filled with overly positive news.

The struggling online fashion giant is losing John Lyttle, its CEO of five years. It has also agreed a new £222 million debt facility, and is reviewing strategic options for each unit. That's as the owner of PrettyLittleThing and Debenhams posted a 15% drop in first half revenue, compared with last year.

It has been beset with problems including heavy competition, controversies over working conditions and the post-Covid and post-inflationary fashion market.

Yes, retail sales across the economy as a whole have unexpectedly risen, data revealed this morning — but this was predominantly driven by demand for tech (more from Markets Today's Morwenna Coniam lower down).

In Boohoo's own words, today's announcements are an attempt to "maximise shareholder value". However, the stock is down a further 9% this morning, having shed over a quarter of its value since January.

What's your take? Ping me on X, LinkedIn or drop me an email at lmoon13@bloomberg.net. Oh, and do subscribe to Bloomberg.com for unlimited access to trusted business journalism on the UK, and beyond.

William Hill and 888 Holdings' parent, Evoke, says Romania is now a core market. Its international unit posted third-quarter revenue growth of 14%.

Keywords Studios will buy US video game developer Certain Affinity, in cash. The Irish company is in the process of being bought itself, by private equity firm EQT.

Waiting on that deferred bonus? Well, happy Friday. Regulators are planning to relax rules so bankers can get their extra cash sooner.

Labour's charm offensive rumbles on, with an infrastructure event for senior executives today. Yet many businesses have been left unimpressed. Some stumbling blocks, and talk of tax hikes, means several bosses say the government hasn't converted their support ahead of the election into a solid working relationship.

Finally, take a moment for this great read on how black workers in the City have noticed a sharp drop in racial diversity initiatives.

Global headhunter uses fake IDs and job offers to get info on Wall Street traders.
Israel kills Hamas' architect of Oct. 7 attack, spurring fresh US pressure to end war.
EV battery maker Northvolt nears $300 million rescue deal to stabilise production.

Here's your daily snap analysis from Bloomberg UK's Markets Today blog:

It's hard to get a clean takeaway from today's retail sales data. Overall sales were up — surprisingly so — suggesting consumers aren't panicking about impending tax rises as much as the swirling discourse would imply. But they did cut back on food shopping, with supermarkets citing poor weather (it's always fun to try and connect this one) and customers reining in their luxury purchases.

Still, the biggest boost to overall retail sales came from things like computers and telecommunications — synonymous with the back-to-school season. Moreover it's been over four years since the start of the pandemic and explosion of working from home, meaning all that tech people bought is starting to need replacing. Whatever the budget brings, some things are almost inevitable.

— Morwenna Coniam

Check Bloomberg UK's Markets Today blog for updates all day.

The real earnings action starts next week, and big banks feature heavily. Expect Lloyds, Barclays and NatWest to update from Wednesday onwards.

In terms of economics, October PMIs is the main event — on Thursday.

Hi, I'm David. I cover the money behind sport — and the Premier League, one of Britain's most coveted exports, is under siege.

As if being sued by a member isn't bad enough, the League faces the prospect of an unwelcome newcomer: a regulator. A Bill to establish one is due by the end of October.

The League worries the regulator might upset its financial model, if it's given powers to settle a row over redistribution of money from the big league to small teams, plus the issue of how much goes to relegated clubs (in so-called parachute payments).

Photographer: Hollie Adams/Bloomberg

Lower league clubs argue that funnelling cash to a select group gives a huge advantage to relegated teams, rather than being evenly spread. It has been estimated squads in receipt of parachute payments are twice as likely to be promoted.

The Premier League, however, has defended the payments as a way to help clubs in financial hardship after relegation (and preserve valuation). It also argues some have been promoted without such funds, including Brighton and Ipswich Town.

"This is a seismic moment in the future of the football industry," says Charlie Methven, chief executive of Charlton Athletic, a third tier team. "The decisions Keir Starmer and his government make about the football regulator will have multi-billion pound ramifications during the time he is likely to be in power."

— David Hellier

For more on the Business of Sport, check out the team's Friday newsletter.

Buyout firm Advent International is reportedly preparing a takeover bid for Tate & Lyle, the name behind things like sweeteners that replace sugar and fat in food and drink.

What did Tate & Lyle originate as, until it sold that side of the business in 2010?

Photographer: Chris Ratcliffe

[Yesterday's answer: Greggs' Christmas champagne bar is opening in the food hall of Fenwick, in Newcastle.]

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