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The Yellow Bittern – a rare bird among new London restaurants

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The Yellow Bittern on London’s Caledonian Road

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It isn’t wrong to say The Yellow Bittern is a bookshop. Located a short walk from London’s St Pancras Station on Caledonian Road, it looks from the outside like a second-hand bookseller. The windows display two dozen volumes on art, photography, politics, poetry and food including, on my visit, a copy of 1949’s Sizzling Platter by American cartoonist Peter Arno. During opening hours, you can ring the bell and gain access to an eclectic range of books for sale in the basement. But The Yellow Bittern is also, more obviously, a restaurant; one run by an Irish chef, Hugh Corcoran, a magazine editor, Frances Armstrong Jones, and Oisín Davies, a bookseller.

The Yellow Bittern on London’s Caledonian Road
The Yellow Bittern on London’s Caledonian Road © Billy Barraclough

As a restaurant, it is very much marching to its own beat. “We see it as an alternative to what’s out there,” says Armstrong Jones. The daughter of Lord Snowdon and his second wife Lucy Lindsay-Hogg, Armstrong Jones is editor of Luncheon magazine, a biannual publication about art, fashion and food that launched in 2016, and revolves around conversations recorded over lunch. “Luncheon is about bringing together creative, irreverent people from different backgrounds,” she says. “And for a long time I’ve wanted to open a restaurant as the embodiment of that.”

The handwritten note on the Yellow Bittern’s front door inviting guests to ring the bell
The handwritten note on the Yellow Bittern’s front door inviting guests to ring the bell © Billy Barraclough
A shelf of plates – and a portrait of Lenin once owned by Corcoran’s mother
A shelf of plates – and a portrait of Lenin once owned by Corcoran’s mother © Billy Barraclough

The restaurant has 18 covers. It is open for lunch Monday to Friday. You can make a reservation by phone, in person or by postcard (which some customers have done, including a chef from outside Paris who was coming on the Eurostar). Payment is by cash only: as Armstrong Jones points out, there’s a cash machine at Tesco Express across the road should people need it. “Paying in cash is fun,” says Corcoran. “It’s one of the last remnants of privacy [in a digitally tracked society].” “I haven’t heard a single grumble,” adds Davies. An arts programmer and former administrator at the Photography and the Archive Research Centre at UAL, he is overseeing the bookshop and assisting in the kitchen.

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Maps, photography and art on the walls in the restaurant
Maps, photography and art on the walls in the restaurant © Billy Barraclough

That old-fashioned analogue approach extends throughout the space, from the white tablecloths and flowers on the tables to the lack of music – you may experience a slight rattling of glasses when trains go by underground. “A calm space to come, chat and have lunch,” says Corcoran, who not only cooks but takes and serves your order, fetches wine and happily explains the significance of the art on the walls if you should ask. This includes a portrait of Samuel Beckett, as Corcoran is a huge fan; paintings by Anthony Fry and Oliver Messel, who were Armstrong Jones’s godfather and great-uncle respectively; works by Peter Doig who supplied the cover for Corcoran’s short-story collection Two Dozen Eggs; and a picture of Lenin purchased by Corcoran’s mother in Moscow in 1987 that used to hang in his childhood home in Belfast. “For political and aesthetic reasons,” he explains. “She was from Yorkshire and grew up in a trade-union family. It’s a beautiful portrait, also.”

A copy of Two Dozen Eggs, a collection of short stories and recipes by Corcoran, with a cover painting by Peter Doig
A copy of Two Dozen Eggs, a collection of short stories and recipes by Corcoran, with a cover painting by Peter Doig © Billy Barraclough
Pheasant and bacon casserole with mashed potatoes
Pheasant and bacon casserole with mashed potatoes © Billy Barraclough

Corcoran spent about a decade living and working in the Basque Country and France, including as chef at the wine-and-small-plate spot Delicatessen Place in Paris. More recently he was chef in residence at Italo in Vauxhall. From the modest kitchen at The Yellow Bittern (two induction plates and a small oven), he is turning out a daily à la carte menu that consists of at least one hors d’oeuvre, a soup, a main (a stew, roast bird or something “sturdy” like Lancashire hotpot or faggots with mash), a green salad with cheese, and pudding (classic English offerings such as gooseberry fool or trifle).

Corcoran plays his accordion
Corcoran plays his accordion © Billy Barraclough
Knives and scissors in Corcoran’s kitchen – which has two induction plates and a small oven
Knives and scissors in Corcoran’s kitchen – which has two induction plates and a small oven © Billy Barraclough

On my visit before the restaurant’s opening in October, we sat down to a Basque leek and potato soup made with vegetables grown in Armstrong Jones’s garden in Sussex. “Obviously we’re going to be buying things from the market,” says Corcoran, “but it’s nice to use our own vegetables.” This was followed by a succulent roast guinea fowl with vegetables and a bottle of white (Quartz by Etienne Cortois) from the Loire Valley. Speaking of wine, there isn’t a list as such. “We put things by the glass and one or two bottles on the blackboard so people have an idea about cost,” says Corcoran. “Otherwise people tell me what they’re going to drink and how much they want to pay and I find them a bottle. We’ve got some nice allocations.”

An “eclectic” range of books is on sale in the Yellow Bittern’s basement
An “eclectic” range of books is on sale in the Yellow Bittern’s basement © Billy Barraclough

The whole set-up sounds antic but it makes sense. “It’s for us,” says Corcoran. “We’re not employing other people. My dad was a mechanic and I look at it like a mechanic’s workshop. Come in at nine. Prepare some food. Open some bottles of wine. Close at six. Go home and cook the kids’ dinner. At the weekend, tend the vegetable patch.” He adds: “We like old-fashioned places where people meet up, eat and drink. That’s what we’ve tried to recreate but in a way that is unique to the people running it.” As Davies says of the curation of books: “It is general interest but the general interest is ours.”

As for the name, it derives from a Gaelic poem about a bird that dies of thirst, which urges its readers to drain their cups while they can. Corcoran recites a few lines. The case for a boozy lunch has rarely been so beautiful.

@ajesh34

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TSMC clamps down and CATL goes for distance

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China’s consumer sentiment and online sales*

Hello everyone. This is Cissy from Hong Kong. It’s been a hectic week for the tech industry. Asian tech giants have started to report their July-September quarterly earnings even as they absorb the shock re-election of Donald Trump as US president.

It’s also been a busy time for Asian media outlets, including us, covering what Trump’s second term will mean for trade, defence, markets and more. It appears the consensus is that first and foremost his return to the White House will bring uncertainty for the region, although there are a few voices arguing that Trump won’t take the world by surprise this time.

One of his biggest impacts will likely be on immigration. Chinese citizens, many of them middle class, who made the risky Darién Gap crossing to reach the US during the pandemic years are now worried about being deported under Trump. Parents in China, meanwhile, some of whom have even sold their property in order to send their sons and daughters to study in the US, are increasingly worried their children will not be allowed into the country.

With the Republicans clinching control of the House as well as the Senate, Trump is set to become one of the most powerful US presidents in the modern era. Let’s embrace the changes that the next four years will surely bring, whatever they might be.

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I am sure many of you are particularly interested in how Trump’s return as US president will affect the global chip industry and the tech supply chain. Please join us on November 28 for a webinar with Chris Miller, author of Chip War, Yeo Han-koo, former trade minister of South Korea, and our own chief tech correspondent Cheng Ting-Fang as we delve into this ever-changing industry. Register here and be sure to submit your questions for the panel ahead of time.

Closing the door

Trump will not be sworn in as president until January, but the world’s biggest contract chipmaker is making sure it stays on the right side of US export control rules no matter who is in the White House. Sources told Nikkei Asia’s Cheng Ting-Fang and Lauly Li that Taiwan Semiconductor Manufacturing Co is suspending production of AI and high-performance computing chips for several Chinese customers.

The Chinese chip design clients that will be affected are those working on high-performance computing, GPUs and AI computing applications that use 7nm or more advanced chip production technologies. These chip developers need to obtain a licence from the US government to continue working with top chipmakers such as TSMC.

Companies making mobile, communication, and connectivity chips with the same technology won’t be impacted, and sources say the effect on TSMC’s revenue will be minimal. But the move highlights the Taiwanese chipmaker’s push to have clients shoulder more of the burden for ensuring compliance with US regulations.

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Wearable AI

A race is heating up between the major Chinese tech giants to be the leading provider of AI-integrated hardware, writes the Financial Times’ Eleanor Olcott.

Baidu, which operates China’s largest search engine, unveiled smart glasses on Tuesday, which run on its large language model (LLM) Ernie. The glasses, which will hit stores next year, have been developed by the internet company’s hardware brand Xiaodu, which has pitched them as a “private assistant” for users. It enables wearers to track calorie consumption, ask questions about their environment, play music and shoot videos.

While Washington’s chip restrictions mean Chinese companies lag behind US rivals in developing the most powerful LLMs, experts say they can still leverage the country’s world-class electronics sector to develop competitive AI consumer hardware.

Baidu’s glasses will initially only retail in China, while US tech groups Meta and Snap are competing to dominate the market outside of the country.

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A new target

China’s consumer sentiment and online sales*

China’s biggest annual shopping festival is getting longer and longer and, for many shoppers, more tedious. As domestic consumption continues to be weak, ecommerce platforms this year are ramping up efforts to tap a potentially lucrative group: the 100mn or so Chinese living overseas, writes Nikkei Asia’s Cissy Zhou.

Alibaba, which pioneered the sales campaign back in 2009, spent around $200mn filling subway stations in Hong Kong and Taiwan with ads for free shipping on orders over Rmb99 among other offers. Rivals JD.com and Pinduoduo were less aggressive in their marketing campaigns but invested big to give Hong Kong shoppers reduced prices on items and cheaper shipping.

Alibaba said the company achieved “robust” GMV (gross merchandise value) growth and a “record number” of active buyers during this year’s Singles Day. The company, along with JD, may reveal more meaningful data in their upcoming third-quarter earnings calls.

Battle of the batteries

CATL, the world’s largest supplier of electric vehicle batteries, is seeking to capture growing demand for plug-in hybrids with a new compound battery pack that promises a range of 400km, writes Nikkei’s Shizuka Tanabe.

The move comes as the battery maker faces intense competition from rival BYD, China’s leading seller of midmarket plug-in hybrids.

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BYD in May overhauled its proprietary plug-in hybrid platform to improve its range. The updated DM-i boasts a combined fuel and electric range of 2,100km. However, the automaker has focused more on improving the efficiency of its engine, and the platform’s electric range is between 80km and 120km.

Sales of plug-in hybrids are surging in China, hitting 3.33mn units between January and September, up 84 per cent from the same period last year. CATL is betting that a longer electric range will appeal to buyers looking for “the EV experience”.

Suggested reads

  1. Vietnam weighs new tech law that risks irking US under Trump (Nikkei Asia)

  2. SoftBank returns to profit as Indian IPOs boost Vision Fund gains (FT)

  3. Kakao: Can South Korea’s symbol of innovation regain its shine? (Nikkei Asia)

  4. Nintendo and Sony head into ‘grim’ holiday season with old consoles and no big releases (FT)

  5. SoftBank taps Nvidia for Japanese ‘AI grid’ project (Nikkei Asia)

  6. Indian investors lukewarm over Swiggy’s $1.3bn listing (FT)

  7. Tencent’s quarterly results fall short on weak China consumption (Nikkei Asia)

  8. Singapore’s Sea stock jumps 21% as online retail arm returns to black (Nikkei Asia)

  9. SoftBank performance strengthens credibility of its AI vision (FT)

  10. FTX sues Binance and former chief Changpeng Zhao for $1.8bn (FT)

#techAsia is co-ordinated by Nikkei Asia’s Katherine Creel in Tokyo, with assistance from the FT tech desk in London.

Sign up here at Nikkei Asia to receive #techAsia each week. The editorial team can be reached at techasia@nex.nikkei.co.jp.

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Thousands of people could be missing out on £2,212 going unclaimed in lost bank accounts – how to check if you’re one – The Sun

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Just months for millions on Universal Credit to get £1.2k free cash with little-known account - you can start with £1

The government is urging 18 to 22-year-olds to come forward and claim an account with an average £2,212 waiting for them.

Right now, £1.4bn is sitting in Child Trust Funds that have matured but haven’t been accessed – forgotten cash that could make a huge difference to your finances. 

Young people are being urged to claim the accounts

1

Young people are being urged to claim the accounts

“Many parents and children aren’t aware they even have the account, or don’t know who the money is with or how to track it down,” said Charlene Young, pensions and savings expert at AJ Bell.

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If you were born between 1 September 2002 and 2 January 2011 and your parents received Child Benefit, chances are you have a Child Trust Fund Account (CTF) waiting for you. 

CTFs were launched in 2005 to encourage parents to save for their kids’ future.

Most parents or guardians got a £250 voucher from the government to set up an account a CTF, or £500 if the family had a low income.

For those born after August 2010, your voucher may only have been £50.

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Parents or guardians could add money over the years, enjoying tax-free growth. Even if they didn’t do anything with the voucher, the taxman may have opened an account on your behalf.

The cash has been growing all this time, and now, as those kids turn 18, they have a right to claim that CTF cash – averaging over £2,200 each.

The problem is, around a million people have no idea they have a CTF waiting for them.

“More than a quarter of CTF accounts were set up by the government because parents failed to do so within the 12-month window,” Ms Young said.

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“This highlights why so many are unclaimed- as the parents either weren’t aware or won’t remember that an account was even set up for their child, let alone where the money is now.”  

Last year, the government estimated that’s a whopping 42% of 18–20-year-olds haven’t claimed theirs.

How track down your CTF

Tracking down your Child Trust Fund is easy. The government has an online tool that will tell you which provider holds your account. Just go to www.gov.uk/child-trust-fund/find-a-chid-trust-fund

If you’re 16 or over, you can look for your own CTF. Otherwise, a parent or guardian can track it down for you. All you need is your full name, address and date of birth.

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Once you know which bank or investment firm holds your CTF, contact them for your account details.

Finding your own CTF is simple, so don’t be tempted by companies offering to do it for you.

Many will take up to 25% of your cash for just a few minutes’ work you could easily do yourself.

What to do with the money once you have it

After you’ve tracked down your account, think carefully about what you are going to do with your money.

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If you’re lucky, you’ve just got a four-figure sum, and how you use it could help shape your future.

One option is to move the money into a Lifetime ISA. These tax-free accounts can be used to save for your first home or retirement, with the government throwing in a 25% bonus on anything you deposit.

So, the average CTF balance of £2,200 would jump to £2,750 if placed into a Lifetime ISA.

“If you then invested it to age 30, and it grew at 5% a year, even if you put nothing else in, it could be worth £5,005,” said Sarah Coles, head of personal finance at Hargreaves Lansdown.

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If you added the full £4,000 Lifetime ISA allowance each year as well, by the time you were 30 you could have £75,000 towards your first home.

Another option is to boost your retirement by putting your CTF money straight into a pension.

“If you put £2,200 into a pension at 18 (and got basic rate tax relief on it) and it grow at 5% to the age of 70, it might be worth £35,353,” Ms Coles explained.

Or, use it to cut the cost of university.

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Borrowing £2,200 on a student loan and leaving it unpaid for 39 years, with long-running RPI at 5.3%, compounding daily, would add up to £15,180 in interest alone, according to Ms Coles’ figures. 

So, putting that £2,200 toward your student loan now could save you over £15,000 in interest in the long run.

“At this age £2,200 can make an enormous different,” Ms Coles said.

“Many people are at the stage in life when they are earning less – or nothing at all – and yet are still wrestling with horrible outgoings.

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“It can transform everyday life, possibly by providing a rental deposit so you can afford to move out or repaying debts to get you back on track.

“It can help fund your studies, or it can be saved or invested for life’s milestones, from buying a house to retirement.

“It’s why it’s so essential people are reunited with this money, to give it a chance to make the difference at a time when it counts for so much.”

Avoid large fees

Even if your child isn’t 18 yet, it is worth finding their CTF now. If you don’t, you could find they have less cash when it matures due to the massive fees your CTF provider may be charging.

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A report last year from the Public Accounts Committee found that many CTF providers charge huge management fees, with some taking 1.5% a year or charging high fixed fees. In contrast, many Junior ISAs charge just 0.25% in fees. 

“If you have a Child Trust Fund worth £1,000 a £25 fee is equivalent to 5% a year, likely eating up most or all of your investment gains,” said Laura Suter, director of personal finance at AJ Bell.

“On smaller accounts the charges could even be worth more than the investment growth.

“One recently reported case saw an unfortunate saver left with just £12.39 in their account after charges.

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“That’s about enough to drown your sorrows in a pint and pick up a kebab on the way home – you’ll need to walk though as there isn’t enough to cover the taxi too.”

Find your CTF and move it into a Junior ISA to cut fees and protect your cash.

Where to find the best savings rates

Many savings accounts offer miserly rates meaning that money is generating little or no return.

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However, there are ways to get your cash working hard. Sun Savers Editor Lana Clements explains how to make sure you money is getting the best interest rate.

Easy access savings accounts offer flexibility for customers, meaning they can dip in and out of cash when needed. However, the caveat is that rates can change at any time.

If you’re keeping your money in an easy access account, you’ll need to keep checking whether it’s the best paying account for your circumstances and move if not.

Check in at least once a month to see what is happening in the market.

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Check what is offered by your bank – sometimes the best rates are for customers only.

But do search the wider market as often top savings accounts are offered by lesser known providers.

Comparison sites are a good place to check for the top rates. Try Moneyfactscompare.co.uk or Moneysupermarket.

You can search by different account type. You’ll usually get a better interest rate if you can lock your money away for a fixed amount of time, but it’s always a good idea to keep some money in an easy access account in case of emergencies.

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Don’t overlook regular savings accounts often pay some of the best rates, but you’ll need to commit to monthly payments. This can be a great way to get into a savings habit while earning top rates at the same time.

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JioCinema-Hotstar OTT streaming platform to be called ‘JioStar’?- The Week

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JioCinema-Hotstar OTT streaming platform to be called ‘JioStar’?- The Week

“Coming soon…” reads the new website “jiostar.com”, the latest entrant into the Disney Star–Reliance Jio Cinema merger drama. For the past few weeks, social media and news channels alike have been following the amusing sequence of events triggered by a techie who approached Reliance to sell “jiohotstar.com” in a bid to fund his studies.

Dubai-based YouTubers and siblings Jivika and Jainam Jain purchased the domain from the unnamed software developer for a much smaller price after Reliance allegedly threatened legal action back in October. However, on Sunday, the Jain siblings offered Reliance the domain free of cost, in a twist that very few saw coming.

ALSO READ | Jiohotstar domain row: ‘If Reliance is NOT interested…,’ say siblings Jainam and Jivika in new offer to media-tech giant

When THE WEEK reached out to the Jain siblings in October, they confirmed the purchase and said that the deal happened over the ICANN-accredited domain registrar, Namecheap Inc.

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“If Reliance doesn’t want it, that’s fine too. We’ll continue sharing our updates..” said the siblings in the video posted earlier this week. And it looks like Viacom 18 has taken them seriously.

On Tuesday, several outlets reported the arrival of the new domain “jiostar.com”. With barely any details on the website, and no public statements from Viacom 18 or any other Reliance company for that matter, users on social media are guessing that the new merged OTT streaming platform would possibly be named “JioStar”.

ALSO READ | Jiohotstar domain row: UAE-based kids take over ownership from Delhi app developer

The USD 8.5 billion merger of Reliance Industries and Disney Star received the nod from the regulators, the National Company Law Tribunal (NCLT) and the Competition Commission of India (CCI), back in August. When Reliance reported its second-quarter results, it announced that the merger would be expected to be completed in the third quarter of the current financial year, FY 2024-25.

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UK Pension ‘Megafunds’ to Boost Economic Growth in Major Reform

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What is the Average Credit Score in the UK

Pension ‘Megafunds’ to Supercharge UK Economy in Major Reform Push

In an ambitious bid to overhaul the nation’s pension landscape, Chancellor Rachel Reeves has unveiled plans for what she’s calling the “biggest pension reform in decades.” The government aims to consolidate the UK’s 86 council pension schemes into a smaller number of “pension megafunds,” modeled after successful schemes in Australia and Canada. These large-scale funds are expected to drive billions of pounds into vital UK sectors like energy infrastructure, tech start-ups, and public services.

Building a British Model Based on Global Success

Reeves told the BBC that the current setup of UK public sector pension funds is too fragmented to yield strong returns for British savers. “Our pension funds in Britain are too small to be making the investments that get a good return for people saving for retirement and to help our economy to grow,” she emphasized.

In countries like Canada and Australia, pensions for local government employees—teachers, civil servants, and more—are pooled into a few large funds, allowing for significant global investments. “They probably have the best pension funds anywhere in the world,” Reeves said, aiming to replicate this successful model in the UK.

A Strategic Push to Drive Economic Growth

The new pension megafunds are part of Reeves’ broader strategy to drive economic growth. Her announcement comes on the heels of rising business discontent over the increase in employer National Insurance contributions, which were included in the Budget. While acknowledging the critiques, Reeves defended the move, saying, “I’m not immune to those criticisms, but it was necessary to increase taxes” to ensure public services are well-funded and the state’s finances remain stable.

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The consolidation effort involves merging the council pension funds—which collectively hold £354 billion in assets and are currently managed by local government officials—into megafunds run by fund managers. Reeves highlighted that these larger funds would be encouraged to invest in their local economies, setting specific targets for local investment as part of their mandates.

Private Sector Reforms and Unlocking Billions for UK Investment

The government’s pension reforms also target the private sector, aiming to set minimum size limits for defined contribution schemes, which manage around £800 billion in assets. This move seeks to consolidate the 60 or so multi-employer schemes to create more efficient, high-yield investment opportunities.

If successful, the government’s plans could release a staggering £80 billion into the UK economy, according to their estimates. Reeves emphasized that the current situation, where Canadian and Australian pension funds hold significant investments in UK assets while British savers do not, “made no sense at all.” She added, “It’s about time British pensioners benefitted from the long-term growth opportunities that exist right here in the UK

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Air Astana opens its first-ever business class lounge

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Air Astana opens its first-ever business class lounge

The Almaty lounge will operate 24 hours a day and can accommodate up to 100 guests at a time

Continue reading Air Astana opens its first-ever business class lounge at Business Traveller.

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New Burberry boss ‘acting with urgency’ after half-year loss

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Burberry’s new chief executive said he was “acting with urgency” to stabilise the British luxury brand as it swung to a half-year loss and unveiled a turnaround plan, sending shares up 11 per cent on Thursday.

The company, which has had a challenging time over the past year amid a downturn in luxury spending and a botched strategy to move upmarket, warned it was too early to say whether it would be back in profit this year.

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Chief executive Joshua Schulman set out a new £40mn cost-savings plan on Thursday and said he would “course correct” to “position Burberry for a return to sustainable, profitable growth”.

Revenue fell 22 per cent to £1bn in the six months to September 28, from £1.3bn the year before, dragged down by weaker performance in Asia and the US. It posted a pre-tax loss of £80mn, compared with £219mn profit the previous year, and an adjusted operating loss of £41mn.

Schulman, who previously worked for Coach and Jimmy Choo and joined the business in July, set out measures to “reignite brand desire, improve our performance and drive long-term value creation”, including by refocusing on core products such as outerwear and scarves.

The company, best known for its trenchcoats, had sought under its previous boss Jonathan Akeroyd to put “Britishness” at the heart of efforts to revive the brand and take it more upmarket, but the move backfired.

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Chair Gerry Murphy admitted previously that Burberry “probably went a bit too far, too fast” with its premium ambition.

The company’s stock has fallen almost 57 per cent over the past year.

Schulman said on Thursday that the product line-up had been overly “weighted to seasonal fashion with a niche aesthetic obscuring our more timeless core collections”.

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He added that part of his plan was to prioritise Burberry’s outerwear such as its checked trenchcoats and scarves, increase store productivity and achieve better pricing.

Schulman noted that Burberry’s recent underperformance “stemmed from several factors, including inconsistent brand execution and a lack of focus on our core outerwear category and our core customer segments”.

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