GameStop saga continues

The 1-minute read to get the money news you need.

Robinhood wades in

Trading platforms stepped in yesterday to stop traders buying shares in GameStop, causing the stock price to tumble 55%. It’s the latest twist in a saga that saw a group of Reddit day traders take on Wall Street, buying up GameStop’s shares to drive up the price, causing hedge funds to lose billions. Now, Robinhood and Interactive Investor have curtailed the buying spree - and the traders aren’t happy about it.

We’re tightening our belts

Brits are spending less in the third lockdown, with more people on furlough than at any other point since July 2020. Credit and debit card spending is down 35% compared to the start of last year, according to “experimental” data from the Bank of England.

Boohoo’s on a spree

Boohoo is in talks to buy Dorothy Perkins, Burton, and Wallis, 3 brands from the collapsed Arcadia group. It’s only been a few days since the online fashion retailer paid £55 million to buy the online side of Debenhams. Its approach with the Arcadia brands is likely to be the same - keep the websites, shut the shops, and keep only a few of the staff.

Drone airport opening

A pop-up airport in Coventry will showcase drones and flying cars and demo how futuristic ways of getting around can fit into today’s cities. Dubbed Air One, the airport will open in November. It’s had complaints about the term “flying cars” though - apparently they’re actually more like helicopters.