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- Volvo to limit cars' top speeds
- Paperchase announces CVA
- London's FTSE closes higher
- Ted Baker chief executive resigns
- Car dealers accused of overcharging for finance
- Chancellor could receive tax 'windfall' - reports
- Copyright: AFP
In another development related to the tension between the US and China over intellectual property, China has accused two Canadians of spying, as tensions between the nations grow over the possible extradition of a Huawei executive to the US.
Michael Kovrig, a former diplomat, and Michael Spavor, a businessman, were detained in December after Meng Wanzhou was arrested in Canada on suspicion of fraud and breaching sanctions on Iran.
Read the full story here.
The US share markets have ended Monday lower.
The Dow Jones index dropped 0.8% to end the day at 25,819.65.
The S&P 500 was down 0.4% to close at 2,792.81.
The high-tech Nasdaq fell 0.2% to 7,577.57.
Stocks made a promising start but fell after a report said US construction spending fell 0.6% in December, more than expected
Outsourcing firm Interserve says it is considering a new proposal from its largest shareholder Coltrane Asset Management. Last week the company, which is trying to fend off collapse, offered a deal to lenders in a bid to cut the loss-making company's debts.
- Copyright: BBC
Roland in Luton thinks we need to get used to an end to "racing down motorways like a Formula 1 Grand Prix".
He says driving at high speed multiplies fuel consumption and pollution.
"An electric car, affordable to a mass market, will prioritise range over sprinting within acceptable journey times.
"So Aktienbolaget Volvo are ahead of the game instead of trying to compete with Tesla."
Another Bizlivepage reader, Keith in Kent, thinks Volvo has made a "great move" with its speed cap.
"Why are we obsessed with speed?" he asks.
"Cars don't need to have the ability to exceed 100 mph when the speed limit is 70mph. Only police vehicles should have that ability, to pursue thieves without dangerous speed pursuits.
"As soon as we stop owning cars and start using electric driverless cars the better to cut down on road traffic deaths and become responsible travellers not speed freaks.
Commenting on the news that Paperchase is seeking to renegotiate its rents with landlords, GlobalData's UK research director has been tweeting his thoughts.
- Copyright: Getty Images
Huawei, backed by the Chinese government, is preparing a lawsuit against the US government over blocking its access to the American market, according to anonymous sources that have been speaking to the Financial Times and to Reuters.
Washington's been pushing governments around the world to join it in blocking the Chinese tech giant over what it says are security and espionage issues.
The sources say Huawei will challenge an addition to the US National Defense Authorization Act (NDAA) signed last year, that effectively means Washington can cut Chinese companies out of US government and military contracts.
BBC Business News ReporterCopyright: Getty Images
The BBC's Theo Leggett is at the Geneva Motorshow which opens tomorrow.
"The idea of fitting cars with compulsory speed limiters is not particularly new, but it’s been gathering renewed traction recently, thanks to an attempt by MEPs to take the initiative.
"They want EU type approval rules to force carmakers to fit their vehicles with so-called Intelligent Speed Assistance systems, designed to keep speeds within limits for each stretch of road. Drivers would be able to override the system - at first.
"Such a measure, proposed to save lives, would be controversial - and would still need approval from national governments. For manufacturers to introduce their own light touch limiters (how many people actually drive at more than 112mph anyway?) might be a smart move.
"The industry won’t want heavy-handed regulation - speed and power still sell cars.
"Aston Martin's boss, Andy Palmer told me, if you want to save lives, you might be better off tackling ‘driver distraction’ - such as using phones at the wheel."
- Copyright: Getty Images
Tim in Manchester writes:
"I’m a bit of a speed junky and own a motorbike that can do 170mph. Despite that I’d not have the slightest concern about a 112mph top speed. There is just nowhere legal or safe in the UK where this would be an issue.
"I suppose I’d be worried about escalation and the limit progressively being lowered further."
Ian in Lincolnshire writes:
"If Volvo want to save the planet they should switch to making electric cars. The speed limiter won’t do much (you can kill people at 30 mph) except confirm their fuddy duddy image".
Do you agree?
Email Bizlivepage@bbc.co.uk with your comments on Volvo's plan to limit top speeds for safety reasons.
One Bizlivepage reader, D. Hesketh, from Toulouse, France, writes:
"I am the very happy owner of a Volvo V40 D4, capable of well over 125 mph, which I often use in Germany.
"Cruising 112 mph in the correct conditions gives me pleasure, in spite of being conscious of the risks this entails. The fact that I have a comfortable margin above that speed reduces, in my opinion, those risks.
"This would certainly be an important factor in any decision I would make to replace my current vehicle. I really feel that this is an error if it is not implemented by other manufacturers. It is not to be compared with safety factors such as the safety belt."
Chinese e-commerce giant Alibaba is joining forces with US business supplies group Office Depot in a partnership that will give Alibaba access to 10 million US customers.
Office Depot's customers will get access to Alibaba's global network of 150,000 suppliers.
Alibaba Group's shares are up 1.5%.
Ahead of publishing its 2019 World's Billionaires list on Tuesday Forbes has profiled Francoise Bettencourt Meyers.
She's the L'Oreal heiress with a fortune of $49.3bn. and she's the 15th richest person in the world, the richest woman.
Fun fact: she's also found time to write a book on Greek gods.
Volvo's chief executive Hakan Samuelsson says:
"We cannot please everybody, but we think we will attract new customers."
He says people criticised Volvo back in 1959 when it introduced the three-point seat belt. Now, he thinks people will be happy the firm's no longer prioritising speed over safety by limiting top speeds to 112mph.
What do you think? Let us know at Bizlivepage@bbc.co.uk
Der Spiegel has alerted its German readers to Volvo's plans to limit speeds on all its new cars to 180km/h (112 mph) as Bizlivepage reported earlier.
Some, at least, are not happy.
This Tweet's pretty representative: "Shame, I wanted to keep driving a Volvo. But it won't happen. Top speed limited to 180km/h..."
- Copyright: BBC
Will Wright, restructuring partner at KPMG, the firm supervising Paperchase's negotiations with landlords, said the chain was suffering the woes common across the the retail sector: reduced footfall, increased rents and higher business rates, together with sterling depreciation.
The planned financial restructuring would let the company "rationalise its store portfolio by exiting stores that are unprofitable, secure rent reductions where stores are over-rented and implement turnover rents to reflect the highly seasonal nature of the business", he said.
Paperchase's directors had already been successful in negotiating “a financial restructuring with the company’s lenders, which will enable new investment to come into the business" he said.
"Such additional investment and the completion of the wider restructuring is however conditional on the approval of the CVA proposal”
KPMG said a detailed proposal document would be made available to creditors later today, to be voted on on 22 March.
- Copyright: BBC
Paperchase says it has had a "period of productive consultation with its landlords" over reducing rents.
The stationery chain says it has proposed an "innovative structure whereby the future rents will be linked to the turnover of the stores".
The company confirms that five stores will certainly close while more may be at risk pending the outcome of negotiations.
Duncan Gibson, chief executive of Paperchase, said: “We have decided to take decisive action now to ensure we’re able to succeed in the future".
After a positive start, US shares have taken a downturn.
At midday the Dow Jones was 1.16% lower and the S&P 500 was 0.77% lower. The Nasaq also traded lower.
The declines are being blamed on news of a 0.6% drop in construction sector spending in December.
Michael Antonelli, market strategist at Robert W. Baird in Milwaukee said: "The construction numbers reinforce just how the brakes were being slammed on the economy last year."
The High Street stationery staple Paperchase wants to renegotiate terms with its creditors through a company voluntary agreement.
PA is reporting at least five of the chain's 145 store will close.
The pound was lower at the end of Monday in London, weighed down by news that the construction sector contracted in February, with Brexit pointed to as one reason for delays to building projects.
Sterling was down 0.22% against the US dollar at $1.318, but rose 0.27% versus the euro at €1.163 at the London market close.