Business news live: New Trump tariffs sent out, Monzo fined £21m for crime controls

Seraphine Group, the maternity wear company which went public in 2021 and was taken private again in 2023, has gone into administration.

There are 95 jobs and the majority have been made redundant, with just one shop left open following the closure of six others across the UK, France and the US.

New investors have been sought but no deal has been arranged, with the company seeking now to sell remaining assets including the brand name.

Following on from those reports of Shein trying to strongarm regulators into accepting the prospectus as-is, the UK Sustainable Investment and Finance Association (UKSIF) have hit out at a “lack of transparency” from the business.

James Alexander, CEO of UKSIF, said: “Reports that Shein is seeking to use its Hong Kong IPO filing to pressure the UK regulator into approving it are deeply concerning.

“The possibility of Shein securing a UK listing has consistently prompted investor unease over the company’s lack of transparency. This is due to its potential exposure to allegations of modern slavery and human rights violations within its supply chains.

“The UK needs to uphold strong governance standards to preserve its position as a leading global financial centre. Any erosion of this would be detrimental to investors.”

Chinese-founded fashion firm Shein was supposed to be the next blockbuster IPO on the London Stock Exchange, but the move has failed to gain traction due to regulators wanting better risk disclosures for potential investors.

That particularly relates to supply chains around the Xinjiang region, where China has previously been accused of human rights abuses against the indigenous Uyghur people.

Shein have now instead filed to float the company on the Hong Kong exchange, with the FT reporting the move is to pressure British regulators into softening their stance.

The expected valuation on Shein publicly listing in the UK was reported to have dropped to around £22bn earlier this year, having been closer to £40bn previously.

One of the world’s biggest companies, Amazon, has asked some employees to volunteer their time during the busy period across Prime day sales, according to a report.

The Guardian say they have seen a staff memo asking for them to work Tuesday to Friday, with those from departments such as engineering or marketing asked to join in prepping groceries for deliveries.

An Amazon spokesperson it was “entirely optional, and it allows corporate employees to get closer to customers while enabling our store teams to focus on the work that’s most impactful.”

Apple say they will appeal a €500m (£431m) fine handed to them by the EU over rules within their app store.

The EU say the tech firm breached regulations by preventing app developers showing customers cheaper deals by buying outside the Apple app store environment.

For their part, Apple say say Brussels rules have made it “confusing” and say they have gone “far beyond” law requirements.

The app store and rules were redesigned and a new fee structure brought in for app developers.

New controversial trade tariffs announced earlier this year by Donald Trump for all nations exporting products to the US were due to come back into force this week. But that deadline has now been delayed — and there is suggestion it’s not really a deadline at all.

So what’s the state of play now and what comes next?

Despite those Asian nations being hit by tariff rates, stocks were broadly up overnight in stock markets, with Japan’s Nikkei 225, Hong Kong’s Hang Seng and the Shanghai Composite all ending the day’s trading in the green.

This morning in London, the FTSE 100 is…also up. But only just.

It’s fairly flat in early trading, up just 0.04 per cent, with France’s CAC 40 and Germany’s DAX largely following suit so far.

Here are the 14 nations who have been given new tariff rates, effective from 1 August, in order of highest to lowest:

• Laos 40%
• Myanmar 40%
• Cambodia 36%
• Thailand 36%
• Serbia 35%
• Bangladesh 35%
• Indonesia 32%
• Bosnia and Herzegovina 30%
• South Africa 30%
• Tunisia 25%
• Kazakhstan 25%
• Malaysia 25%
• South Korea 25%
• Japan 25%

Japan’s prime minister Shigeru Ishiba confirmed that his government would continue to hold talks with the US, seeking a better deal for both.

“It is deeply regrettable that the US government has announced a further increase in tariffs, in addition to the rates already imposed,” he said.

Despite President Trump announcing a delay to the tariffs deadline – now 1 August – 14 nations have now been sent letters detailing a new tariff rate for them.

Several Asian nations have been particularly hard-hit, with rates up to 40 per cent.

In terms of the most business activity with the US, Japan and South Korea are the two countries who between them account for 8.5 per cent of all US imports – they both have 25 per cent rates starting next month.

Good morning! Welcome back to The Independent’s live coverage of the business world – today’s focus will be very much on tariffs and the latest impacts there, but also we have stock market news, one British company going into administration and plenty more besides.