<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5656af58dd0895fb438b4567-3143-2357/rtx1vuh9.jpg" alt="U.S. President Barack Obama pardons the National Thanksgiving Turkey during the 68th annual presentation of the turkey in the Rose Garden of the White House in Washington November 25, 2015." data-mce-source="REUTERS/Carlos Barria" data-mce-caption="President Barack Obama pardons the National Thanksgiving Turkey during the 68th annual presentation of the turkey in the Rose Garden of the White House in Washington November 25, 2015." /><p class="source"><span>REUTERS/Carlos Barria</span></p><p class="caption">President Barack Obama pardons the National Thanksgiving Turkey during the 68th annual presentation of the turkey in the Rose Garden of the White House in Washington November 25, 2015.</p></div><p></p></div></div>Good morning! Here are the 10 things you need to know in markets on Thursday.</p><p><strong>Barclays considered moving its investment-banking headquarters from London to New York but ultimately decided against it, according to a person familiar with the matter</strong><strong>.</strong> The move <a href="http://uk.businessinsider.com/barclays-investment-bank-moving-london-to-new-york-2015-11">would have punched a massive dent in the collective ego of the bank</a> and The City as a whole, as Barclays is one of Britain's best-known finance brand names.</p><p><strong>Lloyds will today announce plans to eliminate 1,000 jobs across operations, including staff at its branch network, as part of broader cost cuts announced last year, a person with knowledge of the matter said.</strong> The cuts are part of a plan to cut about 9,000 jobs, close branches, and save £1 billion ($1.5 billion) by 2017, <a href="http://www.bloomberg.com/news/articles/2015-11-25/lloyds-said-to-announce-plans-thursday-for-1-000-job-cuts">according to Bloomberg</a>.</p><div class="firstPar"><p><strong>Banks are approaching an "Uber moment" that could see lenders make huge cuts to staff and branches as they fight to stay relevant and profitable in the face of technology, the former chief executive of Barclays says.</strong> <a href="http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/12017825/Banks-face-Uber-moment-that-could-decimate-staff-and-branches-says-former-Barclays-boss.html">The Telegraph reports that</a> Antony Jenkins, who was ousted as chief executive in July, said in a speech: "The number of branches and people employed in the financial services sector may decline by as much as 50% over the next 10 years, and even in a less harsh scenario I predict they will decline by at least 20%."</p></div><p><strong>Asian markets are quiet as the US shuts down for Thanksgiving on Thursday.</strong> Japan's Nikkei is up 0.49% at time of writing (6.25 a.m. GMT/5.25 a.m. ET), Hong Kong's Hang Seng is 0.16% higher, and China's Shanghai Composite is down 0.30%.</p><p><strong>Californian regulators on Wednesday demanded a recall of up to 16,000 additional Volkswagen, Audi, and Porsche diesels as the Volkswagen emissions scandal widened.</strong> <a href="http://uk.businessinsider.com/california-just-demanded-volkswagen-recall-another-16000-vw-audi-and-porsche-vehicles-2015-11">The notice from the California Air Resources Board</a> came less than a week after state and federal regulators disclosed that Volkswagen Group automakers installed software to cheat emissions tests on more diesels than initially thought.</p><p><strong>South Korea is also turning the screws on Volkswagen.</strong> South Korea on Thursday said its own testing showed that Volkswagen intentionally manipulated a diesel emissions device in vehicles with an older engine, and <a href="http://www.businessinsider.com/r-south-korea-orders-recall-of-125522-volkswagen-vehicles-2015-11">ordered the recall of 125,522 cars</a>.</p><p><strong>GlaxoSmithKline cut 40% of its sales reps in China and axed some units, after sales plunged during a bribery scandal that landed it with a record $490 million (£324 million) fine in 2014. </strong>The British drug firm is gambling on a new, cleaner image to reboot its performance and reputation with doctors and consumers, <a href="http://www.businessinsider.com/r-gsk-in-china-escaping-the-shadow-of-a-scandal-2015-11">China head Herve Gisserot told Reuters during a wide-ranging interview at the group's Shanghai headquarters</a>.</p><p><strong>Chinese insurers are expected to spend $73 billion (£48.2 billion) in acquiring overseas properties over the next five years as they speed up diversification, according to a research report published on Wednesday by real estate services firm DTZ/Cushman &amp; Wakefield.</strong> The report says the recent volatility in equity markets worldwide would prompt mainland Chinese insurers to <a href="http://uk.businessinsider.com/chinese-insurers-are-expected-to-pour-73-billion-into-buying-properties-all-over-the-world-2015-11">accelerate their real estate investment strategy</a>, diversifying away from domestic holdings.</p><p><strong>Arcadia Group, which owns the Topshop, Topman, Dorothy Perkins, Miss Selfridge, Wallis, Evans, and Burton brands, posted a 6% rise in pre-tax profits to £214.3 million ($324 million) during the year to the end of August.</strong> <a href="http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/12015573/Arcadia-profits-rise-as-Sir-Philip-mulls-return-to-takeovers.html">The Telegraph reports that the group's owner, Sir Philip Green, could be considering more acquisitions.</a></p><p><strong>Shares in Australian law firm Slater &amp; Gordon collapse by a huge 54% to A$0.89 in Sydney trading on Thursday, a day after plans to limit the number of personal injury claims in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> were unveiled by chancellor George Osborne.</strong> <a href="https://next.ft.com/content/55e2583e-9c3b-350e-b0fa-fc9a8815cf3f">The Financial Times reports</a> that in his Autumn Statement Mr Osborne said he wanted to reform "the compensation culture around minor motor accident injuries," something which would benefit the pockets of motorists.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/most-interesting-men-world-watches-rolex-breitling-jorg-gray-2015-8">These are the watches worn by the smartest and most powerful men in the world</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="N3NGJ0djpb_DdQzkXVopAvbq5AmmiuOx" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'N3NGJ0djpb_DdQzkXVopAvbq5AmmiuOx',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

10 things you need to know in markets today

<p class="p1"><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/52c5c7c86da811645aa57a00-800-600/larry page tim cook.jpeg" border="0" alt="Larry Page Tim Cook"><p class="source"><span>AP / Getty Images / Justin Sullivan</span></p><p class="caption">Apple CEO Tim Cook and Google CEO Larry Page. </p></img></div><p></p></div></div>UK market research and polling company YouGov have released a fascinating tool where you can search for any brand, famous personality, sports team, political leader, or music artist and find out what differentiates their customers and fans from the rest of the pack.</p>
<p class="p2">We plugged in two of the the most polarizing brands in tech: Apple and the Google-owned Android to see how their customers differ. The received wisdom is that Apple owners tend to have more spare cash and tend to be from a higher social grade than people with Android phones.</p>
<p class="p2">The YouGov tool proves this hypothesis to be correct, but it also throws up some other fascinating differentiators: Who knew that Apple owners were big Beyonce fans while Android users prefer cheeky chappy Olly Murs, for example? Or that Apple fans are split right down the middle when it comes to their politics, while Android users lean far to the left?</p>
<p class="p2">We've picked out some of the more interesting characteristics that set Apple and Android users apart.</p>
<h4 class="p2">The average Apple user is a 25 to 39-year-old female in social grade ABC1, a job in media and publishing or marketing with more than £1,000 disposable cash. She's likely to live in the most expensive regions of the UL: London, central Scotland or along the south coast. And she's split right down the middle when it comes to political leaning.</h4>
<p class="p2"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5469d02decad043d0ee9972e-947-588/apple demo.png" border="0" alt="apple demo"><p class="source"><span><a href="https://yougov.co.uk/profiler#/Apple/demographics">YouGov Profiles</a></span></p></img></div><p></p></div></div></p>
<h4 class="p2">Meanwhile, customers of Android are more likely to be younger males who live in the poorest parts of the UK. His political preferences lean far to the left and he's likely to have a job in IT, media and publishing or energy and utilities. But he's probably at the lowest rung of his career ladder - with less than £125 to spend each month.</h4>
<p class="p2"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5469d0af6da811bd0b52e1e5-955-561/android demo.png" border="0" alt="android demo"><p class="source"><span><a href="https://yougov.co.uk/profiler#/Android/demographics">YouGov Profiles</a></span></p></img></div><p></p></div></div></p>
<h4 class="p2">Tied in first place for an Apple owner's favorite dish are grilled halloumi and nachos.</h4>
<h4 class="p2"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/536a89566da811c460b11606-1024-680/5063817774_15dd91567b_b.jpg" border="0" alt="nachos"><p class="source"><span><a href="https://www.flickr.com/photos/jeffreyww/5063817774">flickr user jeffreyw</a></span></p></img></div><p></p></div></div>Meanwhile, Android owners apparently prefer (bizarrely, considering everything we know about their income) roast pigeon.</h4>
<h4 class="p2"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5469d2f36da811d40b52e1e3-1200-924/9413372291_bddfabf6af_o.jpg" border="0" alt="Roast Pigeon"><p class="source"><span><a href="https://www.flickr.com/photos/wordridden/9413372291/in/photolist-6ZHst-fkPZCg-uzC7-mtAW1Q-5PQcD2-4K23UC-91kxSS-71uUWs-7uN15K-6vfL6S">Flickr CC/Jessica Spengler</a></span></p></img></div><p></p></div></div></h4>
<h4 class="p2">When it comes to media, Apple owners are big Guardian and Grazia readers. They only watch around 1 to 5 hours of TV every week (they spend more of their time online - 31-35 hours a week), consuming shows like Made In Chelsea and the Great British Bake Off.</h4>
<p class="p2"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5469d45d69beddb25df52cf3-921-605/gbbo.jpg" border="0" alt="Great British Bake Off"><p class="source"><span><a href="https://www.facebook.com/greatbritishbakeoff/photos_stream?tab=photos_albums">Facebook/The Great British Bake Off</a></span></p><p class="caption">The stars of the BBC's Great British Bake Off</p></img></div><p></p></div></div></p>
<h4 class="p2">Our Android guy, meanwhile, watches a shed-load of TV. He spends more than 50 hours per week watching shows like The Simpsons and ITV drama Cilla. He's online slightly less than our Apple lady (21-25 hours per week) and will be seen reading newspapers like The Scotsman and magazines like The New Scientist.</h4>
<p class="p2"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5469d5186bb3f7c77ef52cfb-925-683/newscientist.png" border="0" alt="newscientist"><p class="source"><span><a href="https://www.facebook.com/newscientist/photos/pb.235877164588.-2207520000.1416221896./10152835989169589/?type=3&amp;theater">Facebook/New Scientist</a></span></p></img></div><p></p></div></div></p>
<h4 class="p2">Apple customers extend their expensive taste to other brands. They do their weekly food shop at Waitrose (an upmarket UK supermarket) and are likely to be seen wearing clothes from Hollister, Miss Selfridge and John Lewis. Aside from Apple products you're likely to see Dyson, Nintendo and Sony products around their households. And they're most likely to drive a BMW.</h4>
<p class="p2"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/53e0ecf46da811776751b1c6-1200-800/2015-bmw-x3-series-4.jpg" border="0" alt="2015 bmw x3 series"><p class="source"><span>High Gear Media</span></p></img></div><p></p></div></div></p>
<h4 class="p2">Android fanboys, meanwhile, have an eye for a bargain. They shop at the Wal-Mart-owned Asda (which prides itself on being a cheaper alternative to the UK's big four supermarkets) and are likely to be seen wearing clothes from discounter TK Maxx and high street stores like Monsoon and Gap. And you're most likely to see an Android owner cruising the streets in a Nissan.</h4>
<p class="p2"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/541355eb6bb3f7312be92dd4-1200-858/nissan.versa_11.jpg" border="0" alt="Nissan-Versa"><p class="source"><span>Nissan Media</span></p></img></div><p></p></div></div></p>
<h4 class="p2">When it comes to entertainment, customers of Apple are pretty mainstream in their tastes.</h4>
<p class="p2"><strong>Favorite movies:</strong> Home Alone, Love Actually, Frozen, The Tourist, Gravity.</p>
<p class="p2"><strong>Favorite TV shows:</strong> Friends, Sex And The City, Modern Family, The Inbetweeners, Breaking Bad.</p>
<p class="p2"><strong>Favorite music artists:</strong> Beyonce, Green Day, Arcade Fire, Ne-yo, Foo Fighters.</p>
<p class="p2"><strong>Favorite celebrities:</strong> Gary Barlow, Jonathan Ross, Russell Brand, Graham Norton, Simon Cowell.</p>
<p class="p2"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/52ad214f6bb3f717781c0d58-1040-590/beyonce haunted.png" border="0" alt="beyonce haunted"><p class="source"><span>Beyonce Haunted music video screenshot</span></p></img></div><p></p></div></div></p>
<h4 class="p2">Android owners, on the other hand, have some more unusual top entertainment picks.</h4>
<p class="p2"><strong>Favorite movies:</strong> Kelly's Heroes, AVP: Alien vs. Predator, Coraline, The Italian Job, Brassed Off.</p>
<p class="p2"><strong>Favorite TV shows:</strong> Oz and James's Big Wine Adventure, 8 Simple Rules, Animal 24:7, What The Ancients Did For Us, Eddie Stobart: Trucks and Trailers.</p>
<p class="p2"><strong>Favorite Music Artists:</strong> Olly Murs, James Blunt, Cannonball Adderly, Pet Shop Boys, Rita Ora.</p>
<p class="p2"><strong>Favorite Celebrities:</strong> John Noakes, Phil Harding, Samantha Bond, Buster Keaton, Penelope Wilton.</p>
<p class="p2"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5469d98469bedde87bf52cef-875-324/coraline.jpg" border="0" alt="coraline"><p class="source"><span><a href="https://www.facebook.com/Coraline">Facebook/Coraline</a></span></p></img></div><p></p></div></div></p>
<h4 class="p2">An Apple owner's most likely pet? A fish.</h4>
<p class="p2"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/53987d2d6bb3f72c56491171-750-463/2164397914_a43489f4e1_o.jpg" border="0" alt="goldfish"><p class="source"><span><a href="https://www.flickr.com/photos/helgabj/2164397914">flickr user helgabj</a></span></p></img></div><p></p></div></div></p>
<h4 class="p2">Android owners prefer dogs.</h4>
<p class="p2"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5293bfea6da811a304e01e26-1200-858/110039290.jpg" border="0" alt="pug dog puppy looking up"><p class="source"><span>Oli Scarff/Getty Images</span></p></img></div><p></p></div></div></p>
<p class="p2">But the ultimate test: what the two tribes are like personality-wise.</p>
<h4 class="p2">Apple fans describe themselves as "clever, funny and confident," but on occasion they are "control-freaky, headstrong and insecure."</h4>
<p class="p2"><img src="https://static-ssl.businessinsider.com/image/51100717ecad04b548000006-985-492/girl-phone-editorial-sidebar-4.jpg" border="0" alt="A girl is taking a photo with an iPhone"><br><span style="font-size: 1em; color: #000000;">Perhaps you'd rather hang out with Mr Android. He describes himself as "kind, calming and a worrier," but occasionally "withdrawn, needy and nerdy."</span></br></img></p>
<p class="p2"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/531dc150eab8ead76e6f6931-961-537/screen shot 2014-03-10 at 9.41.40 am.png" border="0" alt="Samsung ad"><p class="source"><span>Vimeo/Anton Josef</span></p></img></div><p></p></div></div></p>

The Food Preferences That Differentiate Apple From Android Users

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/572c3df2dd08959c648b4761-1200/rtx2c9kd.jpg" alt="CEO Philip Green of Britain's retail clothing store Topshop poses before opening the chain's New York flagship store, U.S., November 5, 2014." data-mce-source="REUTERS/Brendan McDermid/File Photo" data-mce-caption="Sir Philip Green." data-link="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0BXZ3QRRDDU&amp;SMLS=1&amp;RW=1440&amp;RH=722#/SearchResult&amp;VBID=2C0BXZ3QRRDDU&amp;SMLS=1&amp;RW=1440&amp;RH=722&amp;POPUPPN=1&amp;POPUPIID=2C0BF1FZESMLT" /><p class="source"><span><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0BXZ3QRRDDU&amp;SMLS=1&amp;RW=1440&amp;RH=722#/SearchResult&amp;VBID=2C0BXZ3QRRDDU&amp;SMLS=1&amp;RW=1440&amp;RH=722&amp;POPUPPN=1&amp;POPUPIID=2C0BF1FZESMLT">REUTERS/Brendan McDermid/File Photo</a></span></p><p class="caption">Sir Philip Green.</p></div><p></p></div></div>Retail billionaire Sir Philip Green has been savaged by MPs in a report into the collapse of department store BHS, which he owned from 2000 until March last year.</p><p>The Work and Pensions Committee and the Business, Innovation, and Skills Select Committee have been holding a joint inquiry into the collapse of BHS, <a href="http://uk.businessinsider.com/bhs-in-administration-11000-jobs-risk-2016-4">which fell into administration in April</a>. <a href="http://uk.businessinsider.com/bhs-is-being-liquidated-and-11000-jobs-are-likely-to-go-2016-6">11,000 jobs are set to be lost.</a></p><p><a href="http://www.parliament.uk/business/committees/committees-a-z/commons-select/work-and-pensions-committee/news-parliament-2015/bhs-report-published-16-17/">The committees' joint report</a>, published on Monday, accuses Sir Philip and Dominic Chappell, <a href="http://uk.businessinsider.com/bhs-inquiry-cornhill-capital-say-dominic-chappell-bid-was-a-bit-of-a-punt-2016-5">who bought BHS from Green for £1</a>, of "the systematic plunder of BHS", saying: "Sir Philip Green, Dominic Chappell and the respective directors, advisers, and hangers-on who all got rich or richer are all culpable, with the only losers the ordinary employees and pensioners."</p><p>Sir Philip, who also owns TopShop, Dorothy Perkins, and Miss Selfridge among others, is singled out for particularly scathing criticism in the report. Here is just one brutal paragraph in the report's summary (emphasis ours):</p><p style="padding-left: 30px;">"Sir Philip <strong>systematically extracted hundreds of millions of pounds from BHS</strong>, paying very little tax and fantastically enriching himself and his family, leaving the company and its pension fund weakened to the point of the inevitable collapse of both. Lady Tina Green is still being paid tens of millions of pounds of tax free repayments on the loan that was engineered to sell BHS from one Green family business to another, and will be for some years to come."</p><p>Sir Philip bought BHS in 2000 for £200 million but the Green family took out more than £580 million in dividends, rental payments and interest on loans, <a href="https://www.theguardian.com/business/2016/apr/25/bhs-philip-green-family-millions-administration-arcadia">according to the Guardian.</a></p><p>Labour MP Frank Field, who co-chaired the joint select committee inquiry, said in a statement: "One person, and one person alone, is really responsible for the BHS disaster. While Sir Philip Green signposted blame to every known player, the final responsibility for up to 11,000 job losses and a gigantic pension fund hole is his. His reputation as the king of retail lies in the ruins of BHS.</p><p>"His family took out of BHS and Arcadia a fortune beyond the dreams of avarice, and he's still to make good his boast of 'fixing' the pension fund. What kind of man is it who can count his fortune in billions but does not know what decent behaviour is?"</p><h2>'A sorry litany of failures'</h2><p>Sir Philip argued that his company, Arcadia Group, did everything it could to try and turn the ailing store around, but MPs conclude that: "Over the duration of their tenure, significantly more money left the company than was invested in it."</p><p>The report says that MPs found "little to support the reputation for retail business acumen for which he received his knighthood."</p><p><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/575a8a02dd0895d93f8b499a-1423/pa-26498761.jpg" alt="File photo dated 30/05/16 of #SaveBHS branding is displayed on the windows of the head office of retailer British Homes Stores (BHS) in London, as BHS is to disappear from the high street, resulting in the loss of up to 11,000 jobs, after administrators failed to find a buyer for the retailer." data-mce-source="Yui Mok / PA Wire/Press Association Images" data-mce-caption="File photo dated 30/05/16 of #SaveBHS branding is displayed on the windows of the head office of retailer British Homes Stores (BHS) in London, as BHS is to disappear from the high street, resulting in the loss of up to 11,000 jobs, after administrators failed to find a buyer for the retailer." data-link="https://www.paimages.co.uk/image-details/2.26498761" /><p class="source"><span><a href="https://www.paimages.co.uk/image-details/2.26498761">Yui Mok / PA Wire/Press Association Images</a></span></p><p class="caption">BHS had been a presence on Britain's High Streets for 88 years.</p></div><p></p></div></div>It adds: "BHS was involved in a number of transactions with a complex web of companies, many registered offshore: whether BHS benefited financially from these transactions is far from clear. What is clear is that the Green family did."</p><p>Sir Philip claimed during the hearing that the responsibility for BHS' administration lay with Chappell, who ran the business until it collapsed in April this year.</p><p>But the report concludes that "the ultimate fate of the company was sealed on the day it was sold," adding: "Ultimately, Dominic Chappell and RAL failed all of Sir Philip's nominal tests for a buyer. They were manifestly unsuitable owners of BHS. It is inconceivable that someone with Sir Philip Green's experience seriously considered otherwise."</p><p>Chappell was a twice bankrupt former racing driver who had no experience of running a retail business when he took charge of BHS. He was also <a href="http://uk.businessinsider.com/bhs-inquiry-dominic-chappell-worked-as-driver-for-paul-sutton-before-bid-2016-6">introduced to the deal by Paul Sutton</a>, a convicted fraudster who originally tried to buy BHS but was rejected by Sir Philip's Arcadia Group on the grounds of his background.</p><p>The report says: "Sir Philip's rush to drive through the sale of BHS - "a chain that had become a financial millstone and threatened his reputation" - was the culmination of a sorry litany of failures of corporate governance and greed."</p><h2>'The apogee of weak corporate governance'</h2><p>MPs are also scathing on the corporate governance at Sir Philip's Arcadia Group, which owned BHS until last year. The report calls it "a corporate group run as a personal fiefdom by a single dominant individual."</p><p>Lord Grabiner, who chairs Arcadia's parent company Taveta, comes in for particular criticism, accused of representing "the apogee of weak corporate governance."</p><p>The report even hints that the judge could face disqualification as a director, the ultimate business humiliation. Here's the relevant paragraph:</p><p style="padding-left: 30px;">"It was his responsibility to provide independent challenge and oversight. Instead he was content to provide a veneer of establishment credibility to the group while happily disengaging from the key decisions he had a responsibility to scrutinise. For this deplorable performance he received a considerable salary. It is permissible in law for a director to delegate certain functions to other persons, but if a director allows himself to be dominated, or manipulated by one of their number, he may have gone beyond the boundaries of what is proper. <strong>He could be found to be in breach of duty and subject to disqualification.</strong> All directors of Taveta and RAL have serious questions to answer about their performance in those roles."</p><p>As well as leaving 11,000 people out of work, the collapse of BHS has left a pension scheme with <a href="http://uk.businessinsider.com/bhs-inquiry-hundreds-of-zombie-pension-schemes-in-the-uk-2016-5">a funding blackhole estimated at £275 million.</a></p><p>Sir Philip told MPs during the select committee hearings that he would "sort" the shortfall, and the report heaps pressure on him to do so.</p><p>It says: "Sir Philip had a responsibility to be aware of the growth of the deficit and he was aware of it. That there is a massive deficit is ultimately his responsibility.</p><p>"The Committees say Sir Philip Green must act now to find a resolution for the BHS pensioners, a "moral duty" which will undoubtedly require him to make a large financial contribution."</p><h2>'An insult to the employees and pensioners of BHS'</h2><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/57583affdd08957c538b4be6-893/chappell 2.jpg" alt="Dominic Chappell" data-mce-source="Parliament.tv" data-mce-caption="Dominic Chappell." /><p class="source"><span>Parliament.tv</span></p><p class="caption">Dominic Chappell, who bought BHS for £1.</p></div><p></p></div></div>While much of the report focuses on criticism of Sir Philip Green and Arcadia Group, BHS buyer Chappell and his company Retail Acquisitions Limited (RAL) are also reprimanded.</p><p>The report says: "In putting his 'home team' first, Mr Chappell and his fellow directors were personally enriched as BHS failed around them.</p><p>"In effect, Mr Chappell "had his hands in the till". His description of <a href="http://uk.businessinsider.com/how-much-did-dominic-chappell-make-from-bhs-2016-6">£2.6 million that he personally took</a>, in addition to an outstanding £1.5 million family loan, as a "drip" in the ocean is an insult to the employees and pensioners of BHS that he let down."</p><p>Alongside the report, the select committees are publishing for the first time a due diligence report on the BHS acquisition from law firm Olswang. Olswang advised RAL on the deal but the document shows it gave "advice against the purchase and express[ed] concern that RAL were reliant on Sir Philip making good his unwritten assurances."</p><p>The select committees conclude that the collapse of BHS "is "the unacceptable face of capitalism" and that the story of BHS begs much wider questions about the gaps in company law and pension regulation that must be addressed."</p><p>Sir Philip Green is <a href="http://www.thisismoney.co.uk/debate/article-3706115/ALEX-BRUMMER-Sir-Philip-Green-master-deceit-lose-knighthood-face-weight-law.html">facing pressure to give up his knighthood</a> or have it stripped from him and the report will no doubt add to pressure on his position.</p><p>Sir Philip Green declined to comment on the report findings when contacted through his representatives by Business Insider.</p><p>The Financial Reporting Council, the Pensions Regulator, the Insolvency Service and the Serious Fraud Office are all still investigating the collapse of BHS.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/regret-avoidance-selling-lottery-tickets-mega-millions-2016-7">We tested an economic theory by trying to buy people's lottery tickets for much more than they paid</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="VlOTU2MDE6tCw0GqSor_wM7L40EQEVfv" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'VlOTU2MDE6tCw0GqSor_wM7L40EQEVfv',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

You Searched For "Miss Selfridge" and got 3 results

10 things you need to know in markets today

Oscar Williams-Grut

The Food Preferences That Differentiate Apple From Android Users

Lara O'Reilly

'SYSTEMATIC PLUNDER': The report on the collapse of BHS is out and it is damning

Oscar Williams-Grut