Good morning, and welcome to our continued coverage of the world economy, the financial markets, the eurozone and business.
The future of Sir Philip Green's retail empire, and the jobs of 18,000 employees, are in the balance this morning.
Owners who own Arcadia's stores across the UK are going to central London to vote whether they will accept a restructuring plan that will lead to hundreds of job cuts and dozens of store closures.
If they reject the offer, then Arcadia could sink into administration – one of the biggest retail failures for years.
Today's vote is extremely close. We know this because Green was forced to drastically halt the voting on this Voluntary Enterprise Agreement a week ago – once it became clear that the lessors were not playing ball.
Green has been working with the phones ever since (his famous Nokia device must be red), trying to twist the owners' arms to approve the plan.
He was also forced to sweeten the original deal – reducing the cuts in rents that homeowners were being asked to swallow. They now face an impact of 25% to 50%, from 30% to 70% before.
But that may not be enough! The INTU property group has indicated that it will oppose the CVA business again today. That's bad news for Green – INTU owns 35 Arcadia stores, or about 15% of the vote.
Arcadia needs 75% support to get the restructuring deal on the line,
An INTU source argues that Arcadia's proposal is not fair.
Arcadia is asking for a significant discount on the valuable space, and Intu is not ready to give in. Intu wants to create a fair environment for all its retailers and make a huge haircut one of them is not fair. "
The meeting starts at noon, near St. Paul. At the end of the day, we'll know if the bell is heralding Green's empire and the jobs of thousands of Top Shop employees, Miss Selfridge, Dorothy Perkins, and Burton.
The commercial turmoil continues to dominate financial markets as investors wonder whether Donald Trump and Xi Jinping will reach an agreement at the G20 meeting later this month.
European stock markets are expected to open lower, with recent optimism failing …
More recent US inflation data may also move markets as this could help determine whether the US Federal Reserve's central bank will cut interest rates soon (as Trump is demanding).
- 9.15am BST: speech by European Central Bank President Mario Draghi on "global contrary winds"
- Noon: Arcadia lender meeting begins
- 13h30 BST: US inflation figures for May