THE boss of JD Sports yesterday bristled at concerns the retailer was vulnerable to a slowdown in sales at supplier NIKE.

JD Sports — known as the King of Trainers — relies heavily on the popularity of new releases from the world’s biggest sporting brand to bring in customers.

3

3

Advertisement

Nike’s sales slumped by ten per cent in the last quarter and the US firm’s profits were down more than a quarter to $1.1billion — the biggest fall since the pandemic.

Meanwhile JD Sports yesterday posted a 64 per cent drop in profits to £126.3million.

Regis Schultz, chief executive of the FTSE 100 retailer, accused journalists of “overplaying” the group’s exposure to Nike’s woes.

But he later admitted Nike’s Air Force One was still a best-seller.

A testy Mr Schultz insisted: “People overplay everything . . . we are a multi-brand retailer. We are doing what we do for a living, selling different brands.”

Asked about when he hoped Nike would be restored to full strength he said: “I think the demand is there so it will come.”

Nike has delayed investor meetings to give new boss Elliott Hill more time to turn things around.

Nike’s fall from favour comes amid rising competition from running shoe brands Hoka and ON while rival Adidas has been basking in the Samba and Gazelle trainer revival.

Nike’s finance chief said the company will be spending more in a bid to win back a share of the running market.

While JD Sports’ overall sales rose by 5.2 per cent in the 26 weeks to August this overwhelmingly came from new shops and acquisitions.

Sales at stores open for more than a year slowed to 0.7 per cent, despite higher prices.

Shares fell by 6 per cent to 140.35p yesterday, suggesting the City was not convinced by Mr Schultz’s claims that “everything is good” with the company.

In the UK, sales fell by 4.6 per cent to £1.2billion, which JD Sports blamed on an early Easter and an “unfavourable spring and early summer weather” which the firm said “dampened footfall and full-price demand” meaning shops had to discount more.

JD also said the Euros footie tournament had a negative impact on profits because selling replica kit has lower margins than its usual athleisure.

The drop in profits came after JD shut a warehouse in Derby. It also warned of a £20million hit from foreign exchange costs as a result of a stronger pound.

Top-line operating profits were 6.7 per cent higher at £451million.

Thames’ deadline extended

3

THAMES WATER has received some much-needed breathing space after its banks agreed to extend an overdraft facility that was due to expire next week.

Sources told The Sun that a £530million revolving credit facility had been extended by lenders ahead of a deadline next Monday.

It comes as a group of 90 creditors, including big fund names Blackrock and Apollo, are working on a rescue plan for the troubled firm.

It would restructure £16billion of its debts — but only if another infrastructure investor can be persuaded to inject fresh cash, and regulator Ofwat signs off on plans to raise customer bills.

Despite the credit extension, Thames Water is still racing against the clock as it has warned it will run out of cash.

A failure would mean it is taken into temporary state ownership — via a special administration regime to ensure that household services are still supplied.

Time for a cheque

BANKS could delay payments for up to three days in plans to help them investigate fraud.

The Government will argue today that upping the stalling time from 24 to 72 hours will allow for more time to block high-risk payments.

Some £460million last year was lost as fraudsters tricked people into giving them money, according to UK Finance.

City Minister Tulip Siddiq said: “We need to protect these people better.”

World of chaos

GEOPOLITICAL instability is the top threat to the financial system, according to a Bank of England poll of banks and investment firms.

Even before the latest escalation of conflict in the Middle East, a record 93 per cent named geopolitics as the No1 risk. Close behind were cyber attacks and a UK economic slowdown.

The Bank’s Financial Policy Committee warned stock markets could see a “sharp correction”, with risk for hedge funds increasing their bets on US government debt.

SHARES in Saga lifted almost 10 per cent yesterday after the over-50s group confirmed it was in partnership talks with Belgian insurance rival Ageas.

A tie-up could include an upfront payment which would help cut Saga’s debt pile.

EVER wondered where the rich and famous stay on holiday? Well we’ve been given an insight into their absolute favourite hotels around the world and they are pretty spectacular.

Paces with the most unforgettable food, cutting-edge design, and immersive experiences have been awarded a place on Conde Nast Traveler Readers’ Choice Best Hotels list for 2024.

5

5

Advertisement

5

5

These are the top eight hotels on the list:

1. The Lodge at Bodego Bay, California

A relaxed hotel along California’s Sonoma coast, guests here like to take day trips to local vineyards and stroll the empty beaches. 

The property came in for high praise for its ocean shell massages, signature breakfast sandwich and thoughtful details like a pair of binoculars in every room for guests to take in the ocean views. 

2. The Ritz-Carlton, Doha

Qatar’s newish Ritz Carlton was number two on the list thanks to its sea view gym, indoor tennis courts and luxury hammam spa. 

But also for the jaw-dropping flashiness in the interior, including the largest chandelier in the Middle East. 

3. Hermann Bungalows, Palm Springs, California

This chic Mid Century ‘hotel within a hotel’ was described as being ultra-luxe and uber stylish.

The stunning resort in the desert also has mountain views while you’re lounging by the pool.

4. The Thief, Oslo

This chic hotel in the Norwegian capital was loved by guests for its super fancy taste in art, with pieces from heavyweights like Antony Gormley and Andy Warhol lining the rooms and corridors.

Also a highlight was the secret underground tunnel leading to the hotel’s gym and spa.

5. The Ritz-Carlton, Kyoto

Clearly the Ritz Carlton knows how to impress guests – the second of the brand’s hotels on the list ended up there thanks to its exceptional views of the Kamogawa River and Higashiyama mountains. 

It has its own Japanese Zen Garden, naturally, and is known for its extra touches like the handmade soaps and Imabari bathrobes.

Meanwhile in Britain…

5

The first London hotel to make the cut was Raffles London at The OWO – one of the most talked about hotels in London this century, according to Conde Naste Traveler.

From 1906 to 1964 the hotel’s building served as the War Office where D-Day was planned.

Influential political and military leaders of the time walked the corridors, and spies, notoriously, had their own entrance.

In 2016, Mumbai-based Hinduja Group purchased the building’s lease and invested almost £1.6 billion in refurbishments. They also brought Raffles on board.

Refurbishments took seven years, but there’s now 120 rooms and suites, four restaurants, three bars, a Guerlain spa, and a 65-foot subterranean pool.

State offices have now become suites, which all honour the building’s Edwardian heritage.

Rooms are adorned with marble fireplaces, chandeliers and geometric carpets.

The Haldane Suite used to be Churchill’s former office.

Argentine chef Mauro Colagreco heads up three of the restaurants – one for fine dining, one with a private table option, and Saison by Mauro Colagreco, which is a space that offers Mediterranean cuisine.

The Guard’s Bar, the hotel’s main bar, offers sixteen signature drinks that pay homage to British ingredients, local producers or international influences in a nod to the Raffles locations found across the globe.

There’s also a tiny Spy Bar, which occupies old MI5 and MI6 interrogation rooms in the basement.

Ian Fleming, creator of James Bond, was a regular visitor to the Old War Office building, which is where he conjured the idea for 007.

The Spy Bar is located in two rooms that were numbered 006 and 007 in the early 20th century.

They acted as high security storage vaults for identity papers and mission reports of MI5 and MI6 agents. 

Guests can head to the speakeasy-style bar for a nightcap and to marvel at an Aston Martin DB5 mounted on the wall.

It seems there’s a price for luxury, as room rates at the hotel don’t come cheap.

For a one night stay in a room for two adults, you’re looking to pay around just shy of £3,500.

The hotel placed 33rd on the list out of a list of 50.

On the World’s 50 Best Hotels list, it was placed at 13.

BRITISH banks have been offering new and existing customers up to £200 free cash just in time for Christmas – here’s how you can claim.

More than four major banks have launched new schemes, allowing customers to pocket free cash.

1

Lloyds revealed that users who switch to their Club Lloyds account can receive a whopping £200.

Nationwide Building Society is offering customers £175 to switch to its FlexDirect, FlexPlus or FlexAccount current accounts.

Switching bank accounts has never been easier thanks to the Current Account Switch Service (CASS).

Through the CASS, customers can pick their switch date and leave it to the banks to move any active direct debits to their new account.

Here is the full list of banks offering the best switch offers.

Lloyds

Lloyds has confirmed that customers who switch to their Club Lloyds account can receive a whopping £200.

Both new and existing customers can take advantage of the free cash offer available for those who switch between October 2 and December 10.

Those who switch to the Club Lloyds account can expect the £200 to be paid within three days.

To finalise the switch, customers can either scan the QR code available on the bank’s website or use the mobile app.

Once completed, Club Lloyds customers will be able to select from a range of perks, including a 12-month Disney+ subscription, a choice of Vue or Odeon cinema tickets, a magazine subscription, or a Coffee Club and Gourmet Society membership.

Here are the details and costs of the Lloyds’ account.

Club Lloyds

• £3 monthly fee, waived each month that you pay in £2,000 or more.
• Earn credit interest on balances up to £5,000,  when you pay out two different direct debits each month.
• Choose a yearly benefit from: 12 months of Disney+, six x cinema tickets at ODEON or Vue cinemas, An annual Coffee Club and Gourmet Society membership, An annual magazine subscription.

Nationwide Building Society

Nationwide Building Society has launched a new offer of £175 to switch to its FlexDirect, FlexPlus or FlexAccount current accounts.

To get the free money, you must switch through the Current Account Switch Service (CASS).

It’s also giving account holders a £50 interest-free overdraft buffer to ease burden at what can be an expensive time.

First Direct

First Direct has confirmed that they have relaunched its popular cash switch incentive for anyone who opens a 1st Account.

Customers can receive a payment of up to £175 by using the Current Account Switch Service (CASS).

Users have to switch at least two direct debits or standing orders within 30 days of opening the account to qualify for the cash.

Switchers also need to add at least £1,000 into the account, register and log on to internet banking and use the debit card at least five times within 30 days of opening the account.

Customers who meet the criteria should expect the free bonus in their accounts by the 20th of the following month.

The bank revealed that new customers switching to their current account to first direct can expect several extra perks, including a £250 interest-free overdraft.

You won’t qualify for the switching incentive if you have previously held a First Direct product or opened an HSBC current account on or after January 1, 2018.

Customers moving across to the bank will also get access to a regular savings account paying 7% interest, one of the best deals around, as well as a 0% overdraft on the first £250.

How do I switch bank accounts?

SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).

Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.

Under the switching service, swapping banks should take seven working days.

You don’t have to remember to move direct debits across when moving, as this is done for you.

Advertisement

All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.

There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.

You should get in touch with your existing bank for any old statements.

When switching current accounts, consider what other perks might come with joining a specific bank or building society.

Advertisement

Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.

And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.

Co-operative Bank

The Co-operative Bank has announced eligible customers could receive up to £150.

The first £75 is given when a customer completes a switch to the bank.

Then, the bank is offering three monthly instalments of £25 – another £75 – to make up the £150.

Both new and existing customers can apply to switch to a current account to make themselves eligible for the payment.

Like any good offer, there are a few boxes to tick off before the big payment comes in.

Customers must apply for a Standard Current Account or Everyday Extra account.

To be eligible, customers must not have benefited from a switch incentive at The Co-operative Bank since 1 November 2022.

And to receive the first £75, customers need to follow a series of rules.

They are:

• Deposit a minimum of £1,000 into their new account (this includes balances transferred as part of the switch).
• Have 2 active Direct Debits.
• Make a minimum of 10 debit card or digital wallet transactions (pending payments will not count toward the fulfilment of this criteria).
• Register for our online and/or mobile banking service.
• Set up the debit card in a digital wallet (Apple Pay, Samsung Wallet or Google Pay).

That leaves the three £25 instalments – and there are some rules to claim them too.

Bankers need to deposit at least £1,000 into their account, have two direct debits and make a minimum of 10 debit card transactions.

Barclays

Barclays is offering £175 to new customers who switch before August 30.

The offer is only open to new customers who open a Barclays Bank Account or Premier Current Account.

To get the money, you must start a full switch by the deadline  – and complete it within 30 days.

The switch must include at least two active direct debits, and you need to pay £800 into your new bank account by August 30.

If you choose to open the sole Barclays Bank Account, you’ll need to join Blue Rewards, which costs £5 a month.

In return, you get Apple TV+ and MLS Season Pass subscriptions, you can earn up to 15% cashback with participating retailers and you get up to 5% interest on your savings with a Rainy Day Saver. 

The Premier Current Account is free, but has strict eligibility criteria.

To qualify, you need to either pay a gross annual income of at least £75,000 into the account, or have a total balance of at least £100,000 in savings, in Barclays UK investments, or in a mix of both.

You get access to all the same benefits as a Blue Rewards member, and can also choose to pay £12 a month to join the Avios Rewards programme.

You can read the full details and apply to switch on the Barclays website.

How to switch current accounts

Switching bank accounts can in most cases be done via the Current Account Switch Service (CASS).

Dozens of high street banks and building societies are signed up, including Barclays, First Direct, Lloyds, Monzo, Santander and TSB.

The full list of participating banks and building societies is on the CASS website.

All you have to do is apply for your desired new current account and the new bank will tell your existing one that you’re making the switch – then they will do the rest of the legwork.

Any direct debits are moved across for you, but there are a few things you can do before applying.

This includes choosing the date you switch and transferring any old bank statements to your new account.

You can get these by asking your existing bank.

Not interested in free cash?

Switching current accounts has long been an easy way to pocket free cash from banks luring in new customers.

However, these lucrative deals might not be for everyone.

But other perks including free travel insurance, interest-free overdrafts, and cashback, can also make shifting providers worthwhile.

DETROIT (AP) — U.S. authorities charged five Chinese nationals with lying and trying to cover their tracks, more than a year after they were confronted in the dark near a remote Michigan military site where thousands of people had gathered for summer drills.

The five, who were University of Michigan students at the time, were not charged for what happened at Camp Grayling in August 2023. Rather they are accused of misleading investigators about the trip and conspiring to clear their phones of photos, according to a criminal complaint filed in federal court.

The FBI noted in the Tuesday court filing that there have been instances of college students from China taking photos of vital defense sites in the United States.

There was nothing in the file revealing the whereabouts of the five men.

“The defendants are not in custody. Should they come into contact with U.S. authorities, they will be arrested and face these charges,” Gina Balaya, a spokesperson for the U.S. Attorney’s Office in Detroit, said Wednesday.

In summer 2023, the five were confronted after midnight near a lake by a sergeant major with the Utah National Guard. One said, “We are media,” before they collected their belongings and agreed to leave the area, the FBI said.

The FBI learned that the men had booked a room at a nearby motel a week before they were spotted outside Camp Grayling, 200 miles (321.8 kilometers) north of Detroit.

Four months later, one of the men was interviewed by border officers at the Detroit airport before traveling to South Korea and China. He told investigators that he and others had taken a trip to northern Michigan “to see shooting stars,” the FBI said.

A check of his external hard drive revealed two images of military vehicles taken on the same night of the encounter with the National Guard officer, the FBI said.

The other four men were interviewed last March after arriving in Chicago on a flight from Iceland. They acknowledged being in northern Michigan in August 2023, but they said it was to see a meteor shower, the FBI said.

They mentioned the National Guard officer but referred to him only as “the soldier,” a camper or “nice guy,” according to the criminal complaint.

The men last December communicated on WeChat about clearing photos from their cameras and phones, investigators said.

The FBI said all five men graduated last spring from the University of Michigan. They were part of a joint program between the university and the Shanghai Jiao Tong University in Shanghai, China.

In 2020, two Chinese nationals who were pursuing master’s degrees at the University of Michigan were sentenced to prison for illegally photographing sites at a naval air station in Key West, Florida.

___

Follow Ed White at https://twitter.com/edwritez