GAP TO CLOSE FASHION OUTLETS

Fashion chain Gap is in talks to close a number of UK outlets as a result of the Covid-19 crisis. One of the options being explored is the possible closure of our company-operated Gap stores in the United Kingdom, France, Ireland and Italy,” a statement said. It said the closures, which will affect thousands of jobs, will take place in spring 2021. SOURCE Daily Mirror (UK)

DATA FINES TOTAL $404 MILLION

Analysis by U.K.-based Exonar Ltd. showed that European companies have been fined $404 million for violating the General Data Protection Regulation since the rule took effect, 1Asig reports. The companies were fined for failing to protect the private data of customers and employees and failing to implement adequate cybersecurity. SOURCE: businessinsurance.com

SWITZERLAND THIRD-BEST FOR START-UPS
European entrepreneurs who want to launch startups could do worse than Switzerland. In a report analysing Europe’s general economic health, cost of doing business, business environment and labor force quality, analysts looked for highly educated populations, strong economies, healthy business environments and relatively low costs for conducting business. Switzerland ended up ranking third out of 31 European nations, according to Nimblefins. (Germany and the UK came out first and second, respectively). SOURCE: techcrunch.com

BA WARNS OF WORSENING TRAVEL SLUMP

British Airways owner IAG warned the travel slump from the coronavirus pandemic had deepened, forcing it to axe even more of its winter flying schedule after it reported on Thursday a quarterly loss of 1.3 billion euros (1.2 billion pounds). The loss was far larger than the 920 million euros forecast by analysts, as passenger numbers plunged and it struggled to even half-fill its planes, illustrating the scale of the challenge faced by IAG’s new boss, Luis Gallego, who took over in September. SOURCE: Reuters

FILE PHOTO: A British Airways Boeing 747 is seen at Heathrow Airport in London, Britain, July 17, 2020. REUTERS/Hannah McKay/File Photo