Claire’s files for US bankruptcy for second time in seven years

The tween jewellery and ear-piercing retailer Claire’s has declared bankruptcy in the US for the second time in seven years amid a slowdown in consumer spending and the switch to online shopping.The US accessories retailer, which has more than 2,700 stores in 17 countries including the UK and France, said in papers filed with a court in Delaware that it had debts of between $1bn and $10bn.Uncertainty about Donald Trump’s tariff policy has raised questions about Claire’s ability to deal with a loan of nearly $500m (£375m), which is due for repayment in December 2026.Chris Cramer, the chief executive of Claire’s, said: “This decision is difficult, but a necessary one. Increased competition, consumer spending trends and the ongoing shift away from brick-and-mortar retail, in combination with our current debt obligations and macroeconomic factors, necessitate this course of action for Claire’s and its stakeholders

China’s Leninist industrial policy is creating instability at home and abroad | George Magnus

China’s astounding technological success in mass-producing quality electric vehicles (EVs) sits alongside a serious flaw in its industrial model: overcapacity.It has the capacity to produce about three times as many units as it can sell at home. The consequences so far have included widespread price cutting, large losses, misallocation of capital, and surging low-cost EV exports leading to trade conflict.The bigger problem, though, is that EVs are just a part of a broader overcapacity problem involving a myriad of sectors and products.At home, Chinese overcapacity lies at the heart of the destruction of profits, debt management problems, and persistent deflation

UK construction activity in July falls at steepest rate since Covid

Activity in the UK construction sector fell last month at the sharpest rate since the height of the Covid pandemic amid a collapse in housebuilding, underscoring the challenge facing the government to meet its 1.5m new homes target.The figures from S&P Global Market Intelligence showed activity fell in July at the steepest pace since May 2020, during the first UK coronavirus lockdown.The data provider said a sharp drop in residential building pulled down its monthly purchasing managers index (PMI) for the UK construction sector as a whole, alongside a plunge in civil engineering and a softer downturn in commercial property.Compiled from a survey of about 150 construction companies, the survey is closely monitored by the Treasury and the Bank of England for early warning signs from the economy

Honda’s quarterly profits are halved as Trump’s tariffs bite

The Japanese carmaker Honda has reported a 50% drop in quarterly profits as it counted the cost of Donald Trump’s tariffs and electric vehicle policies, even as it said the full impact would be less than its worst expectations.The manufacturer’s operating profits fell by half to 244bn yen (£1.2bn) in the three months to June, according to financial results published on Wednesday. That was mainly because of a 124bn yen hit from tariffs, as well as 113bn yen in losses on electric car sales in the US.The car industry has been among the worst hit by the US tariff chaos, as the US president has specifically targeted it in the hope of reviving American car manufacturing

Sales of Novo Nordisk’s diabetes drugs including Ozempic slow sharply

Sales of Novo Nordisk’s injectable diabetes drugs including Ozempic have slowed sharply amid fierce competition and the threat of US tariffs, prompting it to cut costs and sharpen its commercial focus.The Danish drugmaker, whose booming sales of GLP-1 diabetes and obesity drugs in recent years had turned it into Europe’s most valuable company, has lost nearly $100bn (£75bn) in market value since cutting its full-year sales forecast last week, when its share price slid 30% in its worst week in more than two decades. It fell a further 3% on Wednesday.On Wednesday, Novo Nordisk said sales of medications such as Ozempic – which mimic the GLP-1 gut hormone that regulates blood sugar levels and appetite – grew by 8% in the first half of the year, down from 21% last year. Sales of obesity drugs including Wegovy increased by 56%, taking total sales 16% higher to 155bn Danish kroner (£18bn)

Miner Glencore decides against moving stock market listing from London to US

The FTSE 100 miner Glencore has decided to retain its stock market listing in London, rejecting calls for it to move to the US in a boost for the London Stock Exchange.The Swiss-headquartered company said that shifting its listing away to a rival bourse such as New York would not present value for its shareholders, after carrying out a formal review of its options.It reported a net loss of $655m (£492m) in the first half of 2025, almost triple the $233m loss during the same period last year, amid lower coal prices, copper production problems and uncertainty caused by Donald Trump’s stop-start tariffs, including on US mineral imports. In response, the company launched a $1bn cost-cutting programme to try to shore up profits.Glencore had launched the listing review in February, with the chief executive, Gary Nagle, saying the company needed to “get the right and optimal valuation for our stock”, but on Wednesday he said the company was happy with its London listing