Smashburger pursuit of Preston independent business settled without court
A US fast food giant has ceased its pursuit of an independent Preston business on copyright grounds, Blog Preston understands. Smashburger, a US chain with over 227 outlets now has […]
All Hopes No Promises in Preston. Credit: Blog Preston
A US fast food giant has ceased its pursuit of an independent Preston business on copyright grounds, Blog Preston understands.
Smashburger, a US chain with over 227 outlets now has eight in the UK and claims to be ‘coming to a city near you soon’, had been threatening legal action against the owner of Smashed in Preston since 2021.
The ordeal had been a distressing one for owner Michael Evans who has since closed Smashed – then of Miller Arcade – and opened up All Hopes No Promises on St Wilfrid Street serving a similar menu.
He told Blog Preston earlier this year legal representation to fight Smashburger’s claim was prohibitively expensive, he felt his business was not similar to Smashburger and he felt bullied and harassed.
Our investigation found a number of independent business across the UK were targeted in a similar fashion.
Blog Preston sought advice from intellectual property experts at Harrison Drury and was told legal battles such as this can be ‘very difficult’ for unrepresented parties to navigate because it’s so easy to fall foul of court processes.
The closure of Smashed and what was essentially a rebrand of the business did not stop Smashburger’s pursuit – but Blog Preston understand the matter has now been settled confidentially.
Smashburger said at the time they could not comment on the situation citing ongoing legal proceedings. They did not respond to a further request for a statement this week when approached by Blog Preston.
Botany Bay owner Tim Knowles has lodged plans to convert former barns and pigsties into holiday cottages on his Chipping dairy farm. Property magnate Mr Knowles, who spearheaded the redevelopment […]
<p>Nigeria and Cuba have renewed diplomatic ties, focusing on healthcare and trade as they mark 50 years of relations.</p>
<p>The post <a href="https://www.arise.tv/nigeria-cuba-strengthen-economic-ties-pledge-deeper-diplomatic-cooperation/">Nigeria, Cuba Strengthen Economic Ties, Pledge Deeper Diplomatic Cooperation</a> appeared first on <a href="https://www.arise.tv">Arise News</a>.</p>
<p><img width="1000" height="600" src="https://www.naijanews.com/wp-content/uploads/2021/10/nigerian-naira-1000x600.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Dollar to naira exchange rate today" decoding="async" fetchpriority="high" srcset="https://www.naijanews.com/wp-content/uploads/2021/10/nigerian-naira-1000x600.jpg 1000w, https://www.naijanews.com/wp-content/uploads/2021/10/nigerian-naira-590x354.jpg 590w, https://www.naijanews.com/wp-content/uploads/2021/10/nigerian-naira-400x240.jpg 400w" sizes="(max-width: 1000px) 100vw, 1000px" /></p>
<h2>The <a href="https://www.naijanews.com/topic/naira/">Nigerian Naira</a> has appreciated significantly against the US dollar, marking a 0.90 per cent increase as the official foreign exchange (FX) market saw a surge in supply this Tuesday.</h2>
<p>According to data from the FMDQ Securities Exchange, the Naira closed at N1,603.38 per dollar, a significant improvement from Monday's rate of N1,617.96 at the Nigerian Autonomous Foreign Exchange Market (NAFEM).</p>
<p>The intraday trading witnessed the Naira climbing to a high of N1,637 per dollar from Monday's low of N1,650/$1, and the day's lowest exchange rate also strengthened, closing at N1,425.35 compared to N1,511 the day before.</p>
<p>This appreciation was fueled by a 27.09 percent increase in the dollar supply in the market. On Tuesday, transactions totaled $122.18 million, a substantial rise from $96.13 million recorded on Monday.</p>
<p>Contributors to this supply include banks and other willing sellers and buyers in the FX market.</p>
<p>Parallel market figures also mirrored this positive trend, with the Naira appreciating by 0.81 percent to the average of N1,605 against the dollar.</p>
<p>Exchange rates in this sector saw dollars being traded within a range of N1,600 to N1,612.</p>
<p>Market analysts link this fortuitous uptick to the Central Bank of Nigeria's (CBN) recent decision to hike the Monetary Policy Rate by 400 basis points to 22.75 percent, up from 18.75 percent, to combat persistently high inflation rates among other economic challenges.</p>
<p>Despite these gains, concerns remain about the Naira's stability. The Economist Intelligence Unit (EIU) highlights ongoing challenges such as high inflation, negative real interest rates, and a scarcity of foreign reserves that continue to undermine confidence in the Naira, even after a 45 percent devaluation in February.</p>
<p>The EIU forecasts caution against expecting another devaluation but suggest that foreign borrowing might be leveraged to bolster foreign reserves, potentially stabilizing the Naira towards the end of 2024.</p>
<p>Looking forward, the EIU predicts a gradual weakening of the Naira, projecting an exchange rate of N1,770:US$1 by the end of 2024 and N1,817:US$1 by the end of 2025.</p>
<p>The report also forecasts a more significant depreciation by 2028, with an expected rate of N2,381:US$1, attributed to monetary and fiscal policy challenges and fluctuating world oil prices.</p>
<p>The post <a href="https://www.naijanews.com/2024/03/13/naira-strengthens-by-0-90-as-dollar-supply-increase/">Naira Strengthens By 0.90% As Dollar Supply Increase</a> appeared first on <a href="https://www.naijanews.com">Naija News</a>.</p>
