Carbon emissions from the global energy industry last year rose at the fastest rate in almost a decade after extreme weather and surprise swings in global temperatures stoked extra demand for fossil fuels. BP (BP.) annual global energy report, an influential review of the market, revealed for the first time that temperature fluctuations are increasing the world’s use of fossil fuels, in spite of efforts to tackle the climate crisis. The recorded temperature swings – days which are much hotter or colder than normal – helped drive the world’s biggest jump in gas consumption for more than 30 years. Atmospheric carbon levels are leaping.
The future of Philip Green’s Arcadia retail empire hangs in the balance after a major landlord confirmed it would not back a revised deal to be put to creditors on Wednesday. Sources close to Intu Properties (INTU), the owner of 17 big shopping centres across the UK including the Trafford Centre in Greater Manchester and the Metrocentre in Gateshead, said it was not prepared to accept rent cuts averaging 40% across Arcadia Group shops in its centres. Arcadia, which has 570 shops, including Topshop, Topman, Dorothy Perkins, Burton, Miss Selfridge, Evans, Wallis and Outfit, was forced to postpone a vote on a rescue restructure last week when it became clear that not enough landlords were backing Green’s plan. If the restructuring does not go ahead, Arcadia has warned it is “highly likely” to go into administration, putting 18,000 jobs at risk.
Mike Ashley’s Sports Direct International (SPD) has fired off a legal challenge against the Debenhams (DEB) rescue restructure, which was approved by creditors last month. The legal challenge funded by Sports Direct is being supported by a private Salford-based landlord owned by the family of property investor Aubrey Weis which owns six Debenhams properties. Investment company and major landlord M&G has launched its own separate legal action. The cases are likely to be heard together in early July. Sports Direct’s legal action is the latest move by Ashley in his battle with the department store, which was taken over by a syndicate of banks and hedge funds it owed money. The deal thwarted an attempt by the Sports Direct boss to take control and wiped out the group’s stake in Debenhams which had cost at least £150m to build up.
More than £170m was wiped off the value of Ted Baker (TED) on Tuesday after the retailer blamed its second profit warning in four months on torrid high street trading conditions. The profit alert came as the brand distances itself from its founder and former chief executive Ray Kelvin, who stepped down in March following allegations he had acted inappropriately towards staff, subjecting them to “forced hugs” and ear kissing. Lindsay Page, the company’s longstanding finance chief who was promoted to the top job in April, admitted being “off our game” with some its spring clothing but said the weather and price cuts by rivals had proved bigger problems: “Some brands launched their spring/summer collections in February at a discount. We are not immune to that. We have to balance the integrity of the brand with the wider market volatility.”