Monday newspaper round-up: UK breweries, German car makers, HSBC
By Michele Maatouk
Date: Monday 05 Jun 2023
(Sharecast News) - Leicester's garment makers have said they are in crisis as a growing number of fast-fashion brands are forcing through discounts, making last-minute cancellations and imposing financial penalties for what suppliers claim are tiny errors. In the east Midlands city - where manufacturers make clothes for a range of brands including Boohoo, Misguided and Frasers Group, the owner of Sports Direct and the online specialist Missguided - hundreds of garment businesses have shut in recent years, local organisations say, and suppliers warn that more are likely to follow. - Guardian
The number of UK breweries going out of business has tripled in the past year, with smaller craft beer manufacturers most at risk as consumers opt for cheaper options during the cost of living crisis, according to research. In total, 45 breweries entered insolvency in the 12 months ending 31 March, compared with 15 in the previous year, according to the most recent official Insolvency Service statistics analysed by Mazars, an audit, tax and advisory firm. - Guardian
German car makers are ramping up pressure on Brussels to avoid a post-Brexit "cliff edge" for the auto industry as officials in Whitehall race to strike a deal. Mercedes and Volkswagen have this week joined other car marques in calling for the EU to delay the introduction of new rules that will hit cross-border trade with Britain. - Telegraph
The British Chambers of Commerce is establishing a new business body composed of some of the country's biggest companies, including BP and Drax, days ahead of a crunch vote that will decide the fate of the CBI. As its embattled peer faces job losses and a potential insolvency, the BCC today will convene a new council made up of business leaders "who are looking for a different kind of representation". - The Times
HSBC has come under fire for closing bank accounts held by a Hong Kong opposition political party and some of its core members. Last week the FTSE 100 bank notified the League of Social Democrats of its decision to close the group's three accounts after having "carefully considered various factors and conducted detailed assessments before making the relevant decision." - The Times
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