THE DAILY BRIEFING

SHOP FEARS struggling fashion retailer New Look could shut as many as 60 of its 600 UK stores as online shopping wrecks its business model.

TAKEOVER FIGHT-BACK Workers at British engineering giant

GKN are demanding politicians block a £7.5bn takeover bid by vulture buyer Melrose.

staff represented by trade union Unite fear the deal would trigger massive job cuts. They are due to hold a protest rally and lobby MPs on Wednesday.

RATE HIKE Bank of England deputy governor Dave Ramsden has hinted that interest rates could rise in May. he said there will have to be a hike soon if the Bank’s forecast of wage growth rising to 3pc proves to be correct.

PHONE FLOAT Mobile phone firm O2 is said to be plotting a £10bn float on the stock exchange, with spanish owner Telefonica selling a substantial stake.

A previous plan to go public in 2016 was pulled at the last minute due to choppy markets.

CASH CALL Investors could be asked to stump up £500m by ailing doorstep lender Provident

Financial in a bid to shore up its position. The company is thought to be considering a rights issue to raise money after a disastrous IT upgrade wrecked the profitability of its debt-collecting arm.

RESTAURANT SALE high-end seafood dining chain Loch Fyne is being sold by owner Greene King, sources claim.

The pub group is said to be looking for a buyer for its 34 restaurants as it seeks to get out of casual dining, amid falling demand. TURNAROUND BID Restructuring gurus could be called in at Poundworld as the budget retailer reels from cut-throat trading.