Fashion
UK Chancellor unlocks $8.4 bn of trade, investment deals on Gulf visit
The deals came as the Chancellor led the largest UK delegation ever to the Future Investment Initiative (FII).
The package includes up to £5 billion in financing support from UK Export Finance for projects in Saudi Arabia that will unlock supply contracts for British suppliers, and a new Barclays regional headquarters in Riyadh.
British business and jobs will gain from an $8.4-billion boost after UK Chancellor of the Treasury Rachel Reeves helped secure a major two-way trade and investment package during a visit to Saudi Arabia.
The package includes up to £5 billion in financing support from UK Export Finance for projects in Saudi Arabia that will unlock supply contracts for UK suppliers, and a new Barclays office in Riyadh.
Other major deals include a £37-million investment from Saudi cybersecurity firm Cipher to launch its European office London, and a £75-million investment from Saudi investors and bankers into British digital bank Vemi, a uK government release said.
Reeves and Saudi Minister of Investment Khalid bin Abdulaziz Al-Falih co-chaired a growth and investment roundtable with UK and Saudi businesses leaders where she showcased UK investment opportunities.
The Chancellor also met ministerial counterparts from Saudi Arabia, Qatar to accelerate progress on a trade deal between the UK and the Gulf Cooperation Council.
She made clear that securing such trade deals is important for reversing the damage caused by decline of the past, including Brexit, austerity and the mini-budget, and is key to delivering more money in the pockets of working people through growth opportunities for business.
A trade deal with the Gulf is expected to increase trade between both nations by 16 per cent, add £1.6 billion to UK gross domestic product every year, and contribute an additional £600 million to UK workers’ annual wages in the long term.
This developed built on last month’s UK-Saudi Great Futures Summit in London that celebrated over £4.1 billion in deals, creating more than 4,100 UK jobs and bringing the total value of two-way trade and investment to over £10 billion in under 18 months.
Fibre2Fashion News Desk (DS)
By
Bloomberg
Published
November 3, 2025
Gold held around $4,000 an ounce after a weak start on Monday, as China ended a long-standing tax rebate for some retailers in a change that could weigh on demand in one of the world’s largest precious-metals markets.
Bullion for immediate delivery traded little changed towards midday in London, after falling as much as 1% in early trade. Beijing announced Saturday that it would no longer allow some retailers to offset a value-added tax fully when selling gold they bought from the Shanghai Gold Exchange and Shanghai Futures Exchange. The news sent Chinese gold jewelry stocks tumbling.
Under the new policy, companies producing so-called non-investment gold, such as for jewelry or industrial applications like electronics, can offset only 6% of the VAT, down from 13% previously. Firms that are not members of the exchanges will be subject to the same change when they sell investment products including gold bars.
Gold surged to a record in October, pushed higher by a retail buying frenzy, but it has since dropped sharply. Prices are still up by more than 50% year-to-date, even after the pullback. Many of the fundamentals that fueled the rally, including central bank and haven demand, are expected to remain in place.
“The tax changes in gold’s heaviest consumer nation will dent global sentiment,” said Adrian Ash, director of research at BullionVault. But the rebound in London markets on Monday, following weakness during Asian hours, shows that bullish mood remains strong, he
“China’s new policy complicates gold’s new found holding pattern, potentially hurting its ability to stay above $4,000. It remains to be seen if official-sector demand can offer a solid-enough backstop to offset any drag from Chinese consumers.”
Among jewelry stocks, Chow Tai Fook Jewellery Group Ltd. fell as much as 12% in Hong Kong, Chow Sang Sang Holdings International Ltd. shed more than 8%, and Laopu Gold Co. dropped more than 9%. The tax change is “likely to see the entire industry raise prices to pass through the cost pressure,” Citigroup Inc. analysts including Tiffany Feng wrote in a note.
Spot gold was trading at around $4,004.86 an ounce as of 11:32 a.m. in London. Silver was also little changed, while platinum and palladium rose.
Translated by
Nazia BIBI KEENOO
Published
November 3, 2025
The track record of Intersport France and Belgium’s new managing director, Philippe Giovanni, a specialist in consolidating distribution networks, suggested potential external growth moves. The cooperative is now significantly expanding its network, marking not the absorption of a brand in France but a geographical expansion.
In a press release on November 3, the French cooperative announced that it had been “entrusted by ICC with the responsibility of overseeing Spain and Portugal, by structuring a Southern European hub which will bring together France, Belgium, Spain and Portugal.”
For several months, questions surrounded the future of Intersport’s Iberian operations. The group had applied earlier this year for court protection after facing challenges repaying its debt. This entity comprised 130 companies operating Intersport-branded stores and employed more than 130 people. It had been seeking buyers for several months, with Spanish media estimating a potential purchase price of around €300 million ($323 million).
“This new step marks the recognition of the know-how of our French cooperative and of our ability to build a strong collective dynamic,” said Gérard Leclerc, now president of Intersport France, Spain, Portugal & Belgium. “By structuring a Southern European hub, we are affirming our ambition to make Intersport a benchmark player in a strategic area of the European sports market.”
Intersport France and Belgium did not disclose the transaction amount. For the entity based in Longjumeau, in the Paris region, the move “is in line with the transformations we have carried out together in recent years: the acquisition of Go Sport, the modernization of our store network and the launch of our new brand platform.”
The company plans to “build on the know-how, performance and robustness of the French model” and is creating an Iberian subsidiary, while Intersport France takes over the Spanish central office and its staff.
Intersport France and Belgium report revenue of €3.88 billion ($4.18 billion) and hold a market share of more than 14%.
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Copyright © 2025 FashionNetwork.com All rights reserved.
Published
November 3, 2025
Those who are drawn to traditional Christmas themes will love the 2025 Fenwick Christmas Window collection. Described as a “celebration of family, community and the joy of storytelling”, the department store group has embraced the festive classic ‘A Christmas Carol’ by Charles Dickens.
Following last year’s “widely-loved” Christmas Window, which showcased author and illustrator, Chris Riddell’s modern reinterpretation of ‘The Twelve Days of Christmas’, Fenwick has again partnered with the former Children’s Laureate to bring this years’ theme to life “through the magic of creative storytelling”.
Set in Victorian England, the window series features the traditional scenes from Dickens’ novel, following the tale of Ebenezer Scrooge, who after years of rejecting Christmas cheer, is visited by various ghosts who lead him on a journey of self-reflection.
As in previous years, Fenwick has also partnered with The Glasshouse International Centre for Music, to compose a bespoke score for the display.
Mia Fenwick, executive deputy chair, said: “Our 2025 Christmas Window has been brought to life by the extraordinary talent of Chris Riddell. This year’s reimagining of Dickens’ A Christmas Carol combines Chris’s distinctive artistry with our team’s craftsmanship to create a celebration of storytelling, creativity and festive spirit.”
Copyright © 2025 FashionNetwork.com All rights reserved.
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