losses

House builder’s profit slumps, losses deepen at Galliford Try and Zara sales slide

Here are the top business, market, and economic stories you should be watching today in the UK, Europe, and abroad:

House builder’s profit slumps

House builder Redrow (RDW.L) saw its profits slump by two thirds last year as COVID-19 disrupted construction and sales.

Pre-tax profit at the business fell 66% to £140m ($180.5m) in the 12 months to 28 June 2020, the company said. Revenue dropped 37% to £1.3bn.

Chief executive John Tutte said the pandemic had “a profound impact upon the Group’s performance in the 2020 financial year but we entered the new financial year in a position of strength.”

“We have a record order book and brought forward very high levels of work in progress,” he said. “This was due in part, to increased investment earlier in the year in anticipation of strong demand for the Help to Buy scheme ahead of changes to the scheme next year.”

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House builder’s profit slumps, losses deepen at Galliford Try and Zara returns to profit

New-build homes at a Redrow housing development in Arborfield near Reading, England. Photo: Adrian Dennis/AFP via Getty Images
New-build homes at a Redrow housing development in Arborfield near Reading, England. Photo: Adrian Dennis/AFP via Getty Images

Here are the top business, market, and economic stories you should be watching today in the UK, Europe, and abroad:

House builder’s profit slumps

House builder Redrow (RDW.L) saw its profits slump by two thirds last year as COVID-19 disrupted construction and sales.

Pre-tax profit at the business fell 66% to £140m ($180.5m) in the 12 months to 28 June 2020, the company said. Revenue dropped 37% to £1.3bn.

Chief executive John Tutte said the pandemic had “a profound impact upon the Group’s performance in the 2020 financial year but we entered the new financial year in a position of strength.”

“We have a record order book and brought forward very high levels of work in progress,” he said. “This was due in part, to increased investment earlier in the year in

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Why Flooded-Out Cars Are Likely Total Losses

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Auto owners whose vehicles were swept up by Hurricane Laura are facing two hard facts right now: Their car is almost certainly totaled, if it was swamped. How they will be compensated depends on their car insurance coverage.

“Flood insurance is covered under the comprehensive portion of a car insurance policy,” explains Loretta L. Worters, vice president at the Insurance Information Institute. “Comprehensive coverage is generally optional, although your lender may require it if you have an auto loan. Seventy-eight percent of people carry comprehensive coverage”

That leaves many people without this protection. And there can be good reason for not adding this to your policy.

“In deciding whether or not to purchase comprehensive coverage, consider the market value of your car, as the coverage cost may outweigh the benefits,” says Ellen Edmonds, spokeswoman for AAA. She says, “If

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Stocks jump at the open, Dow erases 2020 losses as Powell targets inflation

try and nudge inflation higher while maintaining accomodative monetary policy.” data-reactid=”16″Wall Street rallied early on Thursday, poised to tack on more gains after another record-setting session for each of the S&P 500 and Nasdaq on Wednesday, as investors took heart from Federal Reserve Chair Jerome Powell’s pledge to try and nudge inflation higher while maintaining accomodative monetary policy.

persistence of low inflation over the last eight years risks new economic difficulties. ” data-reactid=”17″Powell unveiled a new framework of thinking for the central bank that will tolerate inflation “moderately” above its 2% target. The Fed also committed to reviewing this policy every five years. The Fed chief warned that the persistence of low inflation over the last eight years risks new economic difficulties. 

“Many find it counterintuitive that the Fed would want to push up inflation,” Powell said. But the Fed chief warned that low inflation leads to declining

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Mexican Retailers See Big Losses, Discounts in Virus Aftermath

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MEXICO CITY Mexican retailers face sales declines of up to 70 percent this year as COVID-19 continues to rip through Latin America’s second-largest economy with no signs of easing.

“We have started to reopen in phases, but there is still a lot of uncertainty,” said Marcela Muñoz, a retail analyst with Vector Casa de Bolsa brokerage, adding that leading department stores such as Liverpool or El Palacio de Hierro have been hit hard by the pandemic.

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“Department store sales declined 50 percent last month on a same-store basis and they had to stay closed in April and May,” said Muñoz. She added that May turnover recovered compared to April, when it fell 73 percent.

Sales are also expected to gradually increase this month as the government allowed some retailers to resume operations this week after three months of lockdowns.

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