Burberry job cuts: Luxury fashion brand may axe 1,700 staff after announcing £3m loss

Burberry says it could cut around 1,700 jobs worldwide over the next two years. The move is part of a wider cost-cutting plan after the brand slipped into a £3 million loss. Retail sales fell 12%, with a sharp drop in Asia hitting performance.

The company says it’s still early in its turnaround, but remains optimistic.

China hits out at UK-US trade deal and Persimmon sells FibreNest broadband arm: Business in Brief

• The UK competition watchdog is investigating Aviva’s £3.7 billion takeover of Direct Line. The CMA wants to know if the deal could reduce competition in the insurance market. It’s now asking for views, with responses due by May 29. Its findings will be reported on July 10.

• China has hit out at the UK-US trade deal, warning it targets third countries unfairly. Beijing says such pacts shouldn't harm other nations' interests. The deal includes a clause aimed at curbing trade with non-market economies like China.

• The global biopharma company GSK has announced to the stock market it's buying a new liver disease treatment in a £950 million deal. The drug, efimosfermin, has shown promise in reversing liver fibrosis. It targets a certain type of liver disease, which affects five per cent of people worldwide. GSK hopes to launch the treatment by 2029 as a new standard of care.

• The British multinational tobacco company Imperial Brands has posted a rise in earnings and cash flow. It's been helped by strong tobacco pricing and growth in next-gen products. The group gained market share in key regions and lifted its dividend by nearly 80 per cent. Next-gen revenue rose over 15 per cent, with strong demand in the US and Europe.

• Housebuilder Persimmon is selling its FibreNest broadband arm to BUUK Infrastructure in a deal worth around £100 million. The move frees up capital for Persimmon to invest in its growth plans. Customers will gain access to up to 18 internet providers under BUUK. The sale is expected to complete within three months, pending approval.