While the headlines have been dominated by the ‘Beast from the East’ this week, there have still been some big stories from the business world. Top stories included big retailers Toys R Us and Maplin going into administration and MPs warning to the government over the automotive industry. Spotify makes an unusual move with the New York Stock Exchange and there were fears of a gas shortage in the UK with demand spiking during Storm Emma.
Both Toys R Us and Maplin went into administration on the same day putting 5,500 jobs at risk. Both chains failed to secure rescue deals highlighting the financial problems that many retailers are currently facing.
MPs have warned the government that the UK’s automotive industry must be put at the heart of Brexit negotiations as thousands of jobs and a great deal of investment is at risk. Around 56% of cars produced in the UK are destined for EU markets and Brexit could result in a significant drop in exports.
Spotify was valued at over $23 billion as it filed to list on the New York Stock Exchange in a potentially risky decision. Unusually, the move is not to raise funding but existing shares will be taken directly to market allowing investors to sell their shares.
The National Grid issued its first gas deficit warning for eight years after fears that there wasn’t enough to meet demands over the course of Storm Emma.
UK house prices saw an unexpected fall in February with an unpredictable outlook due to the uncertainty surrounding Brexit. Analysts have warned that it is likely to be a difficult year for the housing market.
