The former CEO of Molton Brown is set to take the reins of The Body Shop in a deal aimed at preserving 133 stores.

FRP administrators announced the sale of The Body Shop to a consortium led by cosmetics mogul Mike Jatania, following weeks of exclusive negotiations.

Charles Denton, who previously led Molton Brown, will step in as the new chief executive.

This move is anticipated to safeguard over 1,000 jobs, with Mr. Jatania’s investment company, Aurea, reportedly having no immediate intentions to shut down additional stores. The Body Shop currently has 1,300 employees on its payroll.

According to insiders, the new owners may explore relocating some existing stores to better sites across various cities and towns.

This agreement comes after months of turmoil surrounding the retailer’s collapse in February, which led to the closure of more than 80 locations.

The Body Shop went into administration shortly after it was acquired by the private equity firm Aurelius for £207 million last November.

That deal placed The Body Shop’s valuation considerably below the €1 billion (£870 million) its former owner Natura had paid for the company in 2017.

At the time of the administration, reports suggested that The Body Shop’s financial situation was worse than anticipated.

In April, The Telegraph revealed that the collapse was triggered after HSBC withdrew a credit line, and the new private equity owners were unable to secure alternative financing.

Financial insiders initially speculated that Aurelius would be the leading bidder to buy the business out of administration, likely free from its previous debt.

Before the insolvency, Aurelius was listed as The Body Shop’s main creditor.

However, the auction drew multiple interested bidders, including Mr. Jatania’s company Aurea and the restructuring firm Gordon Brothers, which is led by former Mothercare CEO Mark Newton-Jones.

In a statement released late on Friday, Aurea described the acquisition of The Body Shop as its “largest transaction to date,” though it did not disclose the financial specifics.

Aurea highlighted that The Body Shop is a “truly iconic brand with deeply engaged consumers in more than 70 markets worldwide.”

The firm expressed its intent to rebuild the business and “reclaim its global leadership in the ethical beauty sector it pioneered.”

The Body Shop was founded in 1976 by Anita Roddick, and from its inception, it championed the sale of natural, cruelty-free cosmetics.

Other retailers, such as Lush and Rituals, have since emulated The Body Shop’s approach to ethical beauty products.

Under Aurea’s ownership, Mr. Jatania stated that The Body Shop would invest in innovative new products and its physical stores, all while “honoring the brand’s ethical and activist positioning.” Mr. Jatania will serve as executive chairman of the company.

Mr. Jatania built his wealth by acquiring and revitalizing struggling beauty brands. He previously sold Lypsyl, a lip balm manufacturer, to competitor Li & Fung for nearly $200 million (£156 million) in 2013.

FRP highlighted the new owners’ “long track record of successful retail turnarounds.”

Mr. Denton acknowledged the challenges ahead, saying: “Revitalizing the business will require bold action and a consumer-first, commercially agile mindset.”

He also expressed confidence in the future, adding: “We believe there’s a sustainable path forward, and by working closely with the management team, we aim to restore The Body Shop’s unique, values-driven, independent spirit.”

Steve Baluchi, a director at FRP, praised the new owners, noting they “recognize the significant value of the brand’s household name and have a clear vision for its future.”

Stellantis, the parent company of Chrysler, has announced a recall of Ram 1500 pickup trucks from model years 2019 and 2021-2024 due to a software issue in the anti-lock brake system.

According to a notice from the National Highway Traffic Safety Administration (NHTSA), the software glitch could cause the anti-lock brake system to “disable the electronic stability control system,” which may increase the risk of a crash.

The recall affects approximately 1.46 million vehicles globally, with the majority located in the US. So far, there have been no reports of injuries or accidents linked to the issue.

If the malfunction occurs, drivers may notice warning lights for the ABS, ESC, Adaptive Cruise Control, and Forward Collision Warning illuminate upon starting the vehicle.

The NHTSA states that recall notices will be mailed to affected owners in early October. To resolve the issue, truck owners will need to take their vehicles to a dealership for an update to the ABS control module software.

As it stands, the affected trucks do not meet federal motor vehicle safety standards for electronic stability control systems.

Anthony Watson, the founder of The Bank of London, is stepping down from his role as CEO and will be moving into a new position as a senior adviser at the company.

Watson will continue to serve as a non-executive director of the group’s holding company and remain a shareholder.

Stephen Bell, who has held the position of chief risk and compliance officer at the bank for the past three years, is set to assume the role of CEO, pending regulatory approval.

Reflecting on his decision, Watson called it “one of the most challenging decisions of my career” and stated that “now is the right time after eight years leading the company.”

“Founding The Bank of London and watching it grow into what it is today has been the greatest privilege of my life,” Watson said.

He added, “Just as a founder must build, they must also know when it is the right time to pass the torch.”

Watson expressed his “full confidence” in Bell, emphasizing that he is “the right person to lead the bank into its next chapter.”

The Bank of London, which was founded in 2021, offers a range of clearing services, including settlement, payments, cash management, and embedded banking, to over 4,500 businesses across the UK.

The company is actively working to expand into neighboring markets and submitted an application for an EU banking license in July of last year.

This application was accompanied by a commitment from the firm to invest €200 million in Luxembourg and the surrounding region to support its growth within the EU. At present, there have been no further updates regarding the status of this application.

US Steel is warning of potential mill closures if the Biden administration prevents its sale to Japanese company Nippon Steel.

Meanwhile, Cleveland Cliffs, a competitor, has offered to purchase those mills from US Steel if President Joe Biden blocks the deal.

This week, US Steel announced it may have to shut down mills represented by the United Steelworkers (USW) union unless it secures the $2.7 billion in investments promised by Nippon Steel as part of its proposed $14.3 billion acquisition.

However, both the Biden administration and the USW oppose the deal, preferring that the steelmaker remain under American ownership.

The union has expressed doubts about Nippon Steel’s commitments, noting that the Japanese company has no contract with the USW.

Sources have informed that Biden is likely to block the deal on national security grounds, with an announcement expected as soon as next week.

Cleveland Cliffs previously made an unsolicited $8.3 billion cash and stock offer for US Steel last year, which had the support of the union but was rejected by US Steel.

The nation’s automakers also opposed the Cleveland Cliffs deal, arguing that it would give one company control over 65% to 90% of the steel used in vehicles.

Instead, they backed the Nippon Steel deal. However, this opposition could diminish if the alternative is the closure of the mills.

Cleveland Cliffs has confirmed it has the necessary financing to purchase the integrated steel mills at risk, which produce steel from raw materials.

While the White House has not commented on whether it will block the Nippon Steel deal, Biden has previously expressed criticism of the transaction, as have Vice President Kamala Harris, former President Donald Trump, and his running mate, J.D. Vance.

Cleveland Cliffs CEO Lourenco Goncalves welcomed reports that the deal may be stopped, though no official confirmation has been made.

Goncalves condemned US Steel’s threats to shut down production, lay off union workers, and relocate its headquarters from Pittsburgh if the sale does not proceed.

“This is a pathetic blackmail attempt on the United States government and the Commonwealth of Pennsylvania,” Goncalves said. “Our government’s swift action demonstrates that such shameless behavior will never be tolerated.”

The Dutch government announced on Friday that it is expanding export restrictions on advanced semiconductor manufacturing equipment, bringing ASML’s machines under a new licensing framework.

This move means the Netherlands is now taking a more direct role in controlling what semiconductor equipment ASML can export, a shift from previous U.S.-dominated controls.

Similar to other countries, the Netherlands views these restrictions as vital for national security. “This decision has been made for security reasons.

Technological advancements have increased the security risks tied to the export of specific manufacturing equipment, particularly in today’s geopolitical climate,” said Reinette Klever, the Dutch Minister of Foreign Trade and Development, in a statement.

ASML, a leading global semiconductor company headquartered in the Netherlands, responded by stating that the new measures represent a “technical change” and are not expected to affect its financial outlook for 2024 or its long-term projections.

The Dutch government’s expanded controls follow earlier export restrictions introduced last year, specifically targeting advanced semiconductor equipment.

ASML, which manufactures the sophisticated machinery necessary to produce the most advanced chips, plays a crucial role in the global semiconductor industry.

This development aligns with the U.S.’s recent introduction of new export controls on critical technologies, including quantum computing and semiconductor-related goods.

In 2022, the U.S. implemented broad regulations to cut off China’s access to key chips and semiconductor tools, pressuring allied nations like the Netherlands to strengthen their own restrictions on key chip-making technologies.

Although the Dutch government did not specifically name any countries targeted by these new restrictions, it clarified that the rules apply to exports from the Netherlands to destinations outside the European Union.

“The Netherlands holds a unique and leading position in this field, which comes with specific responsibilities.

We are committed to ensuring that the Dutch semiconductor industry has clarity on what to expect. Our approach has been careful and precise, aiming to minimize disruptions to global trade flows and value chains,” added Klever.

ASML produces two primary types of lithography machines: the extreme ultraviolet (EUV) lithography machine, used by companies like Taiwan Semiconductor Manufacturing Co. to make cutting-edge chips, and the deep ultraviolet (DUV) lithography machine, used in producing semiconductors for devices like laptops and phones. Both machine types were already under Dutch export controls last year.

With the new rule changes, ASML’s TWINSCAN NXT:1970i and 1980i DUV immersion lithography systems will now require a license from the Dutch government for export, rather than approval from Washington.

Volkswagen’s management confronted workers on Wednesday, urging shared responsibility to address the company’s ongoing crisis. The German automotive giant is facing difficulties and has hinted at potential plant closures in Germany, a measure that was previously dismissed.

Workers protested at a town hall meeting, expressing their dissatisfaction with management, and holding banners that criticized leadership for past mistakes. Volkswagen CEO Oliver Blume acknowledged the emotional toll of the current situation and emphasized the significant changes in the automotive industry, stressing the need for collective action to restore profitability.

Volkswagen CFO Arno Antlitz highlighted the financial challenges facing the company, noting that it has been spending more than it earns. He pointed to a decline in annual vehicle sales in Europe, with about 2 million fewer cars being sold each year compared to pre-pandemic levels.

With Volkswagen controlling about 25% of the European market, this translates to a loss of around 500,000 vehicles annually, equivalent to the output of two of its plants. Antlitz urged the company to focus on improving cost efficiency and productivity, particularly at its German sites, warning that the next one to two years would be critical for the company’s turnaround.

The Works Council and IG Metall, the union representing workers, expressed strong opposition to management’s potential plans, particularly the threat of plant closures and job cuts. Daniela Cavallo, a prominent member of the General Works Council, criticized the management’s approach, calling it a “declaration of bankruptcy” and warning that the entire business model could be at risk if such drastic measures were taken.

Cavallo urged Volkswagen to develop a plan that avoids factory closures in Germany, reflecting the deep divisions between leadership and the workforce.

The tension at Volkswagen comes amid broader economic difficulties for the company, as it grapples with increased competition and the industry’s transition to electric vehicles. Volkswagen’s stock has fallen by over a third in the last five years, and its market environment remains challenging.

The company is under pressure to navigate the shift to electric cars while maintaining its position in the European market, all while facing rising frustration from employees over potential job losses and restructuring plans.

Volkswagen’s CEO, Oliver Blume, is seen as a more pragmatic leader compared to his predecessor, with industry experts suggesting he may be able to ease the resistance from workers and unions. However, the challenge remains significant as both sides understand the need for adaptation, though the process for reaching an agreement is uncertain.

The broader economic context, including negative business sentiment in Germany’s automotive industry, adds further strain on Volkswagen’s efforts to stabilize and return to profitability. German Chancellor Olaf Scholz has also taken an interest in the situation, closely monitoring developments between management and the workforce.

Shein and Temu, two Chinese-based e-commerce platforms, are facing potential investigation by the US government over concerns regarding the safety of products sold for babies and toddlers on their sites.

The Consumer Products Safety Commission (CPSC) officials, Peter Feldman and Douglas Dziak, have expressed their worries about the companies’ compliance with US safety standards. In an open letter, the commissioners cited media reports that suggest unsafe children’s products are easily accessible on these platforms and called for a closer examination.

One of the main issues highlighted by the CPSC officials is the use of the “de minimis” rule by Shein and Temu. This rule exempts shipments valued at $800 or less from tariffs, and both platforms frequently sell low-cost items that fall within this range.

The commissioners want to investigate how these companies manage product safety, their partnerships with third-party sellers, and the claims they make when importing goods, particularly considering the potential loopholes this rule might create.

Shein responded to the concerns by asserting that customer safety is a top priority and that it has invested significant resources into strengthening its compliance measures. Temu similarly stated that it requires all sellers to follow product safety laws and regulations. Both companies aim to reassure consumers that they are committed to maintaining safety and regulatory compliance in light of the growing attention on their practices.

As the popularity of Shein and Temu grows in the US, they are increasingly scrutinized not just for safety but also for their ability to sell products at such low prices. This has raised questions about the transparency of their operations and the environmental impact of their business models, with concerns that the rapid growth of these platforms could be contributing to harmful practices or unchecked risks.

Further complicating the situation, Shein and Temu were previously mentioned in a US congressional report that linked them to a range of potential issues. These included forced labor, exploitation of trade loopholes, product safety hazards, and intellectual property theft. These past allegations, combined with the current safety concerns, have prompted US officials to push for a deeper investigation into their business practices and ethics.

With just over 60 days remaining before a crucial election, the close contest between Kamala Harris and Donald Trump is being affected by a dispute between the Walt Disney Company and DirecTV.

This disagreement has led to a blackout of Disney-owned channels, including ABC, impacting 11.3 million DirecTV subscribers across the country. The timing is particularly concerning as it comes just a week before the first debate between Harris and Trump, raising questions about how it might affect voter engagement.

Although there have been technical discussions, there are no active negotiations to resolve the dispute, leaving its resolution uncertain. DirecTV CEO Ray Carpenter has expressed the company’s focus on long-term solutions rather than quick fixes, dismissing expectations that the issue would be resolved before major events like the NFL’s Monday Night Football on September 9.

The blackout is part of a larger struggle over the future of traditional television as more consumers shift toward streaming and cord-cutting.

Both the Harris and Trump campaigns have remained silent on how the blackout might influence the upcoming debate, which could be critical as mail-in voting starts in several states. The absence of comments from ABC News and Disney further adds to the uncertainty, with the blackout potentially limiting millions of voters’ ability to watch the debate. This could have significant consequences in a race as tight as this one, where every viewer’s choice matters.

Despite the blackout, the debate will still be available through other platforms. ABC has already permitted other networks to simulcast the event, and it will also stream on services like Hulu and Disney+. This wide range of viewing options could lessen the blackout’s impact, as some political experts believe the debate will still reach a large audience, even without Disney’s channels.

The blackout also disrupts major events, such as the U.S. Open and college football, intensifying the dispute. The interruption of these high-profile broadcasts, including ESPN’s coverage and the season finale of “The Bachelorette,” underscores the broader effects of the Disney-DirecTV clash. As the election draws near, the resolution of this conflict could have lasting implications for both the media and the election outcome.

Donald Trump’s social media venture, Trump Media & Technology Group (TMTG), which owns Truth Social, has seen its significant stock market gains vanish due to a sharp sell-off. The company’s stock, which had surged earlier this year, dropped below $17 per share, erasing the remarkable gains it experienced since January. Although Trump holds a majority stake valued at $2 billion, this is a substantial decrease from its $4.9 billion value in March.

The financial performance of TMTG has been underwhelming, with the company generating only $4.13 million in revenue in 2023 while suffering a loss of $58.2 million. Additionally, Truth Social, the social media platform launched by TMTG, has shown sluggish growth.

Research indicates that the platform had just 7.7 million visits in March, a stark contrast to the 6.1 billion visits garnered by X (formerly Twitter) during the same period. Despite this, TMTG was valued at nearly $10 billion in the stock market in March.

Trump faces potential financial challenges due to ongoing civil trials, which could result in significant penalties, impacting his personal wealth. Nevertheless, Trump Media has dismissed any speculation that Trump might sell his shares in TMTG, asserting that there are no indications of such plans. Trump has also returned to X, after initially abandoning it following his ban, participating in a lengthy interview with Elon Musk.

The stock market surge of TMTG was fueled by its emergence as a “meme stock,” akin to other volatile stocks like GameStop. The company caught the attention of retail investors who drove up its stock price through a wave of online memes, many of which were circulated on Truth Social itself. This phenomenon led to a dramatic increase in trading volume for Digital World Acquisition Corp, the shell company set to merge with TMTG.

However, the excitement surrounding TMTG’s stock was short-lived. After Digital World and TMTG finally merged in March, the initial surge was followed by a rapid decline, reminiscent of the dramatic rises and falls seen with other meme stocks like GameStop and AMC Entertainment. This pattern underscores the volatility and risk associated with such stocks, which can experience explosive growth followed by significant crashes.

Oregon’s innovative 2020 drug decriminalization law, which was the first of its kind in the United States, officially ended on Sunday. This pioneering measure decriminalized the possession of small amounts of hard drugs by reducing penalties to a ticket and a maximum fine of $100. The aim was to move away from punitive measures and instead focus on providing treatment and support for individuals struggling with drug addiction.

Starting Sunday, the new legal framework reclassifies the possession of personal-use quantities of illicit drugs as a misdemeanor. Offenders now face up to six months in prison, marking a return to more traditional criminal penalties. The revised law also includes stricter controls on public drug use and imposes harsher penalties for drug dealing in parks, indicating a tougher stance on drug-related offenses.

The new legislation, passed in March, revises the 2020 ballot measure that had been approved by 58 percent of Oregon voters. The original measure was intended to reform the criminal justice system and prioritize treatment over incarceration for drug users. Supporters had argued that imprisonment was ineffective in addressing drug abuse and that treatment should be the primary response.

Despite the good intentions, the execution of the 2020 law faced significant challenges. State auditors found that the system struggled to establish new addiction treatment programs, particularly in the face of the fentanyl crisis and ongoing COVID-19 disruptions. As a result, the state did not achieve the anticipated improvements in addiction services, prompting the shift back to more conventional legal approaches.

The new law aims to enhance treatment options by encouraging counties to create diversion programs for those apprehended for drug-related offenses. However, there are concerns that this approach could lead to disparities and confusion, as relying on counties to develop these programs may result in an uneven application of justice.

While $20 million in grants is being distributed to support these efforts, some leaders, like Republican Minority Leader Jeff Helfrich, worry that the rush to implement these programs could ultimately hinder their effectiveness and set individuals up for failure.

The long-awaited United Nations-led campaign to vaccinate children in Gaza against polio officially commenced on Sunday, following a preliminary distribution of vaccines to infants on Saturday.

The UN’s agency for Palestinian refugees (UNRWA) has set an ambitious goal to immunize 640,000 children in Gaza, targeting over 90% of those under the age of 10. This large-scale vaccination effort is made possible by a series of temporary pauses in fighting agreed upon by Israel.

UNRWA, which plays a crucial role in Gaza, has been working to manage and facilitate the vaccination drive. However, there are significant challenges. Palestinian health officials have highlighted the necessity of a full ceasefire for the campaign to be successful, emphasizing that the virus can cross borders and reach any location.

Deputy Health Minister Yousef Abu Al-Reesh has stressed the need for international support and a lasting ceasefire to ensure that all targeted children can receive their vaccines safely.

The vaccination campaign is planned to occur in three phases, each spanning three days from September 1 to September 12. Despite the preparations, there are concerns about whether the Israeli military will uphold the agreed pauses in fighting. The Israeli Defense Forces (IDF) are known for pursuing Hamas targets even during temporary ceasefires, raising doubts about the campaign’s smooth execution.

UNRWA’s Commissioner-General Philippe Lazzarini has underscored the urgency of the campaign, calling for respect for the temporary pauses to reach the children in need. Similarly, WHO Director-General Tedros Adhanom Ghebreyesus has emphasized the importance of peace for the success of the vaccination efforts, highlighting that the ultimate goal is to protect children through both vaccines and a lasting ceasefire.

The resurgence of polio in Gaza reflects the severe impact of ongoing conflict, as the virus reappeared in sewage samples earlier this year and a baby recently contracted the disease for the first time in 25 years.

Prior to the conflict, Gaza had nearly universal polio vaccine coverage, but this has now fallen below 90%. Polio, a highly infectious disease with no cure, primarily affects young children and can lead to severe health complications or death if not prevented through immunization.

As Asian markets begin the new trading month, investor sentiment is notably positive, buoyed by hopes for a ‘soft landing’ in the U.S. economy and a more dovish outlook from the Federal Reserve. This optimism is expected to enhance risk appetite and increase interest in emerging market assets.

The recent decline in the U.S. dollar, coupled with falling bond yields and a rebound in global equities, has eased financial conditions significantly, encouraging a cycle of growing investor confidence.

Recent U.S. economic data has been promising, with growth surpassing forecasts and inflation showing signs of easing. This backdrop, alongside an upcoming Fed easing cycle and a robust Q2 earnings season, suggests a favorable ‘Goldilocks’ scenario. However, there’s a cautionary note regarding the potential for complacency, as market volatility can still arise unexpectedly, reminiscent of the August 5 volatility shock.

China’s economic data for August, released in the form of the official Purchasing Managers Index (PMI), revealed troubling trends. Factory activity has dropped to a six-month low, and deflationary pressures are increasing, highlighting a pressing need for stimulus.

Manufacturing activity has contracted for the fourth consecutive month, while service sector growth remains minimal. The composite PMI, at 50.1, indicates nearly stagnant economic conditions.

The forthcoming ‘unofficial’ Caixin PMI index is anticipated to show slight improvement, moving to 50.0 from 49.8, suggesting marginal growth in manufacturing. Additionally, PMIs from other Asian economies like Japan, India, Australia, and South Korea will be closely monitored. The yuan’s strength against the U.S. dollar is also notable, reflecting growing corporate demand and anticipated U.S. rate cuts.

Despite lighter trading volumes due to U.S. markets being closed for Labor Day, the overall financial environment remains supportive. Goldman Sachs reports that emerging market financial conditions are at their lowest in over a year, with U.S. and global conditions also at extended lows.

The S&P 500 and MSCI indices have shown strong performance, suggesting a generally positive outlook for Asian markets. Key developments to watch include August PMIs from China and Japan, Indonesia’s inflation data, and Australia’s Q2 company profits.

On the morning of Labor Day, over 10,000 hotel workers from 24 hotels spanning from Boston to Hawaii went on strike, causing significant disruptions for travelers during a peak travel period.

The affected hotels include major chains like Hilton, Hyatt, and Marriott, which collectively manage 23,000 rooms across various cities including San Francisco, Seattle, and Honolulu. Although the hotels remain open, the strike has led to reduced services due to the limited number of staff available.

The strike, led by the UNITE HERE union, is driven by demands for better pay and improved working conditions. A key issue is the reinstatement of daily room cleaning, a service many hotels cut during the pandemic.

Union leaders, including Gwen Mills, argue that despite the hotel industry’s record profits, workers are facing stagnant wages and deteriorating conditions. Mills criticized the industry for not restoring essential services and failing to offer wages that meet the cost of living.

Workers like Aissata Seck and Apple Ratanabunsrithang have shared personal stories highlighting the financial strain caused by inadequate pay and rising living costs.

Seck, who works at Hilton Park Plaza in Boston, revealed that her rent has increased substantially, forcing her to work a second job as an Uber driver. Ratanabunsrithang, a cook in San Francisco, emphasized the importance of health care benefits for long-term employees who perform physically demanding jobs.

The strike may expand to up to 65 hotels in 12 additional cities, including Baltimore and Providence. Despite the ongoing disruption, hotel chains such as Hilton and Hyatt remain committed to negotiating with the union while continuing to provide services during the strike. Hyatt has expressed disappointment with the strike decision but aims to reach fair agreements with its employees.

Previously, the UNITE HERE union conducted a major strike during the Fourth of July weekend last year, affecting hotels in Southern California. Although those strikes were brief, they were followed by a series of rolling strikes tied to significant events. The current strike is set to last three days, but the union has not ruled out the possibility of future rolling strikes, depending on how negotiations progress.