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UK24
Gross domestic product is the economic output of Britain. See how it has changed over time • Get the data Britain's economy grew by 0.7% in the second quarter of 2013, revised from the previously published estimate in July of 0.6%, according to the second estimate release from the Office for National Statistics (ONS). Our economics editor, Larry Elliott, called the initial result: "good but unspectacular". He wrote at the time that: If it continued over a whole year then it would mean annual growth of just under 2.5% -- which would have been unspectacular in the years before the financial crisis struck. However, the ONS expressed caution when comparing the second quarter of 2013 with the same period in 2012, due to the extra bank holiday last year for the Queen's Diamond Jubilee. The upward revision, the ONS claim can be attributed to "small upwards revisions across a number of the main industrial groupings." A technical recession is defined as two or more consecutive quarters of...
UK24
Eurozone crisis live: Cyprus heads for presidential runoff as bailout divides voters - http://www.guardian.co.uk/busines...
Eurozone crisis live: Cyprus heads for presidential runoff as bailout divides voters
Pro-bailout candidate Nicos Anastasiades won the most votes in yesterday's Cypriot presidential election, but failed to win the 50% needed to avoid a runoff Graeme Wearden
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UK24
David Cameron begins India visit with shot over bows of tax avoiders - http://www.guardian.co.uk/politic...
David Cameron begins India visit with shot over bows of tax avoiders
David Cameron begins India visit with shot over bows of tax avoiders
Prime minister arrives with trade delegation seeking to woo business leaders of booming subcontinent Highly aggressive forms of tax avoidance should be regarded in a similar way to illegal tax evasion, David Cameron has said as he called on businesses to pay their fare share of tax. In his first public engagement on his trip to India, the prime minister said tax avoiders should face a moral obligation to pay up because of the difficulties in cracking down on complex tax schemes. Cameron was speaking at the Mumbai headquarters of Unilever at the start of a three-day visit to India that is designed to underpin trade links with the booming subcontinent. India is on course to be the world's third largest economy by 2030. In his first announcement the prime minister responded to criticisms from business leaders in India and Britain, who have complained of restrictive visa requirements, by saying that Indian investors would be able to apply for a British visa in a day. Cameron also...
UK24
First Capital Connect voted worst train operator by commuters - http://www.guardian.co.uk/busines...
First Capital Connect voted worst train operator by commuters
First Capital Connect voted worst train operator by commuters
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Only four out of 10 rail passengers polled by Which? said they were satisfied with Bedford-to-Brighton service First Capital Connect has been named as the worst train operating company in the country after only four out of 10 commuters said they were satisfied with the Bedford to Brighton franchise. In a further blow to FCC's owner, FirstGroup, the west coast mainline operator, Virgin Rail, is named as the nation's favourite after Which? found that 67% of its regular passengers were satisfied with the service. FirstGroup thought it had won the contract for the London to Glasgow route last year but the decision was scrapped after the government discovered irregularities in the process, allowing Virgin to remain as operator. The annual survey of 7,500 rail commuters by the consumer rights group found that just 40% of regular train users were satisfied with FCC's service. The west coast fiasco has brought benefits for FirstGroup, however, because it has forced the government to extend...
UK24
Morrisons buys 49 stores from failed Blockbuster - http://www.guardian.co.uk/busines...
Morrisons buys 49 stores from failed Blockbuster
Morrisons buys 49 stores from failed Blockbuster
Deal will give supermarket chain high-street sites to expand convenience business with hopes of creating 1,000 jobs Supermarket Morrisons has bought 49 stores from failed DVD and games rental chain Blockbuster as it steps up plans to expand its convenience business. The deal will not prevent any of the job cuts already announced by Blockbuster administrators Deloitte, but Morrisons said it hopes to create around 1,000 jobs as it reopens the shops as convenience stores. The UK's fourth-biggest grocer also announced the rebranding of its M Local convenience business to Morrisons M local. The Blockbuster deal, for an undisclosed sum, follows the recent acquisition of seven stores from collapsed camera retailer Jessops as Morrisons takes advantage of quick access to high-street locations to build up its convenience chain. It is accelerating expansion plans after struggling to compete because of its small number of convenience stores, as well as a lack of a grocery delivery service....
UK24
Rothschild puts reputation at stake in Battle of Bumi - http://www.guardian.co.uk/busines...
Rothschild puts reputation at stake in Battle of Bumi
Rothschild puts reputation at stake in Battle of Bumi
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Bitter feud with Bakries for control of ailing mining group comes to a head this week in City showdown It's worth buying a share just to enjoy the show. The battle of Bumi will be fought at a shareholder meeting this Thursday, a climax to a City fiasco involving billionaires, feuds, whistleblowers, alleged computer hacking and claims that $1bn (£645m) is missing. Coal mining in Indonesia, Bumi's raison d'etre, has taken a backseat. Instead, the City has been fascinated by plot twists that have reduced a company that aimed for the FTSE 100 index to a shambles. London's reputation as a serious financial centre hasn't fared much better. Thursday's argument is about control of the boardroom. Will banking scion Nathaniel Rothschild overthrow his former colleagues and return to "save" Bumi from what he regards as a policy of appeasement towards Indonesia's powerful Bakrie family, his one-time partners in the venture? If so, a board led by City grandees including Lord Renwick, former UK...
UK24
Senior RBS bankers in line for multimillion-pound share award - http://www.guardian.co.uk/busines...
Senior RBS bankers in line for multimillion-pound share award
Senior RBS bankers in line for multimillion-pound share award
Decisions yet to be made on precise number of shares that will be released to members of management committee Senior bankers at Royal Bank of Scotland are in line to share a multimillion-pound bonus windfall, in a move that risks stoking another pay row at the bailed-out bank in the wake of the £390m Libor fine. The five staff in question are members of a core management team selected by Stephen Hester, the RBS chief executive, who is facing criticism for the £780,000 share award he is due to receive from his 2010 bonus next month. The fresh round of share awards – which could be worth as much as £6m if they pay out in full – are the product of long-term incentive plans put in place in 2010 and which run for three years, ending on 14 May this year. The incentive plans are one of three components of pay for senior executives, on top of their salaries and annual bonus awards. Decisions are yet to be made on the precise number of shares that will be released to members of Hester's...
UK24
Create, the award-winning 'big society' restaurant, closes down - http://www.guardian.co.uk/busines...
Create, the award-winning 'big society' restaurant, closes down
Create, the award-winning 'big society' restaurant, closes down
Create restaurant in Leeds, praised by David Cameron and Jamie Oliver for its food and ethics, falls victim to harsh economic climate A restaurant hailed by David Cameron as a "proud example" of "big society" in action has been forced to close as a result of the economic squeeze. For a few heady months, Create restaurant lived out a northern version of Jamie Oliver's social enterprise dream. It hired a star chef and offered great, reasonably priced cuisine that was fêted by critics: thinly sliced venison, partridge breast and sautéed girolles, all cooked and served up by a team partly made up of homeless trainees. The restaurant's idealistic slogan was "Where good food and people matter". The Good Food Guide praised the ethos, and comments from Downing Street were glowing. Last weekend, however, just months after it won Observer Food Monthly's ethical restaurant of the year award, the dream came to an end. Create was forced to close after facing what it called "tough commercial...
UK24
Will supermalls save high streets or drain life out of local traders? - http://www.guardian.co.uk/busines...
Will supermalls save high streets or drain life out of local traders?
Will supermalls save high streets or drain life out of local traders?
It's an all-new shopping experience for Leeds – but not everyone thinks the Trinity centre is the future for city life It's the largest of its kind in Europe with a lofty glass ceiling and ornate halls. When Leeds's Kirkgate indoor market opened its doors in 1857, its stunning building marked a new era of shopping and became the launch pad for Marks & Spencer. Next month, Leeds is aiming to polish up its retail crown again. Its new glass-domed cathedral to shopping is Trinity Leeds, a £350m development in the heart of the city centre. It will be the only new major shopping centre to open in the UK this year and the first since Westfield opened its Stratford site in 2011. Yet the ambitious project seems almost as anachronistic as its near neighbour Kirkgate. The 1m sq ft edifice will open its doors on 21 March while the UK struggles on under an economic cloud that has seen the closure of a string of big chains including Woolworths, Borders, HMV and Peacocks. And with shoppers...
UK24
George Osborne vows to stamp out corporate tax avoidance - http://www.guardian.co.uk/busines...
George Osborne vows to stamp out corporate tax avoidance
George Osborne vows to stamp out corporate tax avoidance
OECD report for finance chiefs says international tax rules 'failing to ensure that global companies pay a fair share' The chancellor, George Osborne, promised tough international action after being presented with an official G20 report suggesting corporate tax avoidance is so widespread that the integrity of the tax system is under threat. Osborne, speaking in Moscow at a G20 meeting, was presented with a report from the OECD commissioned by him and for other finance chiefs, setting out scale of corporate tax avoidance and its causes. The report says international tax rules have remained largely unchanged for nearly a century since the formation of the League of Nations, and as a result "are failing to ensure that global companies pay a fair share". The report states: "What is at stake is the integrity of corporate income tax … if other taxpayers, including ordinary individuals, think that multinational corporations completely avoid paying tax it will undermine compliance by all...
UK24
SEC asks court to freeze accounts in Heinz insider trading inquiry - http://www.guardian.co.uk/busines...
SEC asks court to freeze accounts in Heinz insider trading inquiry
SEC asks court to freeze accounts in Heinz insider trading inquiry
Regulators chasing 'highly suspicious options trading activity' that may have earned traders $1.7m over Buffett's Heinz deal US regulators investigating potential insider trading in Thursday's $23bn takeover of Heinz have asked a court to freeze the Swiss bank accounts of unnamed traders who may have speculated on the deal before its announcement. Less than 40 hours after Berkshire Hathaway and 3G Capital announced they were together buying Heinz, the Securities and Exchange Commission said it was seeking an emergency court order freezing the Zurich-based assets of the traders and prohibiting them from destroying any evidence. The SEC said it was chasing "highly suspicious options trading activity" that may have earned the traders as much as $1.7m. The SEC alleges that the traders knew details of the Heinz acquisition before they had been made public. "The SEC alleges that the unknown traders were in possession of material non-public information about the impending acquisition when...
UK24
Wool renaissance boosts UK suppliers - http://www.guardian.co.uk/busines...
Wool renaissance boosts UK suppliers
Wool renaissance boosts UK suppliers
Annual sales have soared 50% to £270m in the last five years, and the industry provides 5,000 jobs In the foothills of the Snowy Mountains of New South Wales, the grazing merino sheep are on the frontline of a renaissance in British wool manufacturing that is being championed by everyone from Prince Charles to Victoria Beckham. From Australia, the wool is shipped to mills dotted through Yorkshire, Lancashire and the Scottish Highlands, where expert weavers and dyers are turning out some of the finest cardigans, scarves and suits in the world. Just 30 years ago, the UK wool market was on its knees and a once thriving industry that had more than 130 mills, employing 50,000 workers, looked likely to die as retailers turned to cheaper suppliers. Meanwhile a shift to more casual attire meant that, even in the City, tailored woollen suits fell out of favour. However, in the past five years wool has made a comeback, with annual sales soaring 50% from £180m in 2007 to £270m last year. It now...
UK24
Eurozone crisis live: Currency wars come to Moscow as G20 meets - http://www.guardian.co.uk/busines...
Eurozone crisis live: Currency wars come to Moscow as G20 meets
G20 host Russia will try to head off a global currency war with stronger commitments against exchange rate manipulation Josephine Moulds Nick Fletcher
UK24
How the City got it wrong on retail spending | Larry Elliott - http://www.guardian.co.uk/busines...
How the City got it wrong on retail spending | Larry Elliott
How the City got it wrong on retail spending | Larry Elliott
The high street has stayed quiet despite talk of a bounce-back – was it the weather, dodgy figures or cash-strapped consumers? The City got it wrong. The shops remained quiet in January despite all the talk of a bounce-back in spending after a downbeat runup to Christmas. Spending went down not up. So why was that? There are three main explanations. The first is that the official figures are wrong, always the first port of call when the experts have egg on their face. Survey evidence from the CBI and the British Retail Consortium painted a rather upbeat picture for January, reporting increased footfall and a greater willingness on the part of consumers to part with their cash. Analysts relied heavily on these snapshots for their forecasts, but they are just surveys. The official data from the Office from National Statistics has a big sample of 5,000 retailers, and included in all those employing more than 100 people are – crucially – a large number of small retailers, often...
UK24
How the City got it wrong on retail spending | Larry Elliott - http://www.theguardian.com/busines...
How the City got it wrong on retail spending | Larry Elliott
How the City got it wrong on retail spending | Larry Elliott
The high street has stayed quiet despite talk of a bounce-back – was it the weather, dodgy figures or cash-strapped consumers? The City got it wrong. The shops remained quiet in January despite all the talk of a bounce-back in spending after a downbeat runup to Christmas. Spending went down not up. So why was that? There are three main explanations. The first is that the official figures are wrong, always the first port of call when the experts have egg on their face. Survey evidence from the CBI and the British Retail Consortium painted a rather upbeat picture for January, reporting increased footfall and a greater willingness on the part of consumers to part with their cash. Analysts relied heavily on these snapshots for their forecasts, but they are just surveys. The official data from the Office from National Statistics has a big sample of 5,000 retailers, and included in all those employing more than 100 people are – crucially – a large number of small retailers, often...
UK24
Surprise UK retail sales drop fuels triple-dip recession fears - http://www.guardian.co.uk/busines...
Surprise UK retail sales drop fuels triple-dip recession fears
Surprise UK retail sales drop fuels triple-dip recession fears
ONS data shows volume of retail sales fell by 0.6% in January – against economists' expectations of a 0.5% rise Fears Britain may be heading towards an unprecedented triple-dip recession flared again as the government reported a surprise drop in high street spending last month. Despite surveys suggesting shoppers had been out in force in January, the Office for National Statistics said the volume of retail sales fell by 0.6% in January. This followed a revised 0.3% drop in December and reflected the tough trading conditions for shops and stores in the two key trading months of the year. Last month saw a number of high-profile casualties such as HMV and Blockbuster. The ONS said retail sales in January were also 0.6% lower than they had been a year earlier – the first time the annual rate of spending has turned negative since the summer of 2011. Although the second half of the month saw heavy snowfalls, analysts had been optimistic that spending in January would bounce back from a...
UK24
Airbus ditches lithium-ion batteries from A350 after Dreamliner fiasco - http://www.guardian.co.uk/busines...
Airbus ditches lithium-ion batteries from A350 after Dreamliner fiasco
Airbus ditches lithium-ion batteries from A350 after Dreamliner fiasco
Airbus reverts to conventional nickel-cadmium batteries because of uncertainties following grounding of Boeing's 787 Dreamliner Airbus is dropping lithium-ion batteries from its new A350 airliner because of uncertainty surrounding the technology that has led to the grounding of Boeing's 787 Dreamliner. Airbus said it had decided to revert to conventional nickel-cadmium batteries for the A350. The plane is a wide-body long-range jet rival to the 787 and is expected to make its first flight around the middle of 2013. The European firm said it did not expect the battery switch to lead to a setback in the A350's schedule. "Airbus considers this to be the most appropriate way forward in the interest of program execution and A350 XWB reliability," said spokeswoman Mary Anne Greczyn. US aviation safety officials grounded the 787 last month because of problems with its lithium-ion batteries that caused one fire and forced another plane to make an emergency landing. Airbus noted the A350 uses...
UK24
Warren Buffett to buy Heinz in record food industry takeover - http://www.guardian.co.uk/busines...
Warren Buffett to buy Heinz in record food industry takeover
Warren Buffett to buy Heinz in record food industry takeover
World's third and 69th richest men, Buffett and Jorge Paulo Lemann, buy maker of baked beans and ketchup in $28bn deal Beanz now meanz Buffett: the world's third richest man and most successful investor has turned his attention to store-cupboard comfort foods and snapped up the Heinz baked beans and ketchup firm in a deal worth $28bn (£18bn). Warren Buffett, known as the Sage of Omaha and famous for his down-home approach to investment – buying well-known consumer brands unlikely to be derailed by the digital age – has linked up with the world's 69th richest man, Jorge Paulo Lemann of Brazil, to pull off the biggest takeover the food business has seen. Heinz, which sells more than 650m bottles of ketchup a year as well as billions of single-serving sachets, will now become part of Buffett's sprawling investment portfolio, which covers everything from insurance to underwear and stakes in Coca Cola, WalMart, Tesco and Kraft. Buffett, 82, who has a fortune estimated at $46bn and is the...
UK24
Canada's problems are about to begin - http://www.guardian.co.uk/busines...
Growth has been plumped up by high commodity prices but this is due to property prices and the bubble is about to burst Six out of seven members of the G7 have reported their growth figures for the final three months of 2012 and the news has been uniformly bad. Activity fell in the US, Britain, Japan, Germany, France and Italy, although the drop was so small in America it could easily be revised away. That just leaves Canada, the land of the tar sands, Mark Carney and – until recently – the sort of hot property market now a dim and distant memory in Britain and the US. Will Canada buck the trend of the rest of the G7 in late 2012? Almost certainly. Growth was just about positive in October and December. Will it be enough to prevent the G7 as a whole having its first negative quarter of growth since the slump of 2009? Almost certainly not, because Canada is not big enough to make a difference when set against declines seen in bigger economies. What's more, the chances of Canada...
UK24
Warren Buffett's Berkshire group to buy Heinz for $28bn - http://www.guardian.co.uk/busines...
Warren Buffett's Berkshire group to buy Heinz for $28bn
Buffett completed the acquisition with investment firm 3G Capital who, together, will take on $5bn of Heinz debt Warren Buffett, the world's most successful investor, has snapped up the famous food company Heinz in a deal worth $28bn – adding the ketchup giant to a portfolio that covers everything from insurance and underwear to stakes in Coca Cola and Walmart. Buffett, the second richest man in the US behind his friend Bill Gates, has a long history of investing in famous brands. He said he had been following Heinz's fortunes for some time. "This is my kind of deal," Buffett told financial news channel CNBC. "I've got a file on Heinz that goes back to 1980." The chairman of the Berkshire Hathaway fund was backed by 3G Capital, an investment firm with strong ties to Latin America. 3G's most high-profile acquisition to date was Burger King, the second largest burger chain in which it retains a major stake. The offer represents a 20% premium to Heinz's closing share price on Wednesday....
UK24
Fresh meat sales soar at Morrisons amid horsemeat scandal - http://www.guardian.co.uk/busines...
Fresh meat sales soar at Morrisons amid horsemeat scandal
Fresh meat sales soar at Morrisons amid horsemeat scandal
Supermarket sees 18% rise in non-frozen meat products since horse DNA was first identified in Tesco value beef burgers Morrisons appears to be the biggest winner from the horsemeat scandal after the supermarket chain reported an 18% rise at its fresh meat counters in the wake of revelations over tainted food. The retailer said it had posted the double-digit increase since horse DNA was first identified in Tesco value beef burgers. It published the sales data as another study found 45% of shoppers would avoid the meat aisles of chains found selling the contaminated meat. Morrisons has around 1,700 butchers across 500 stores and anecdotal evidence from staff points to customers seeking out fresh meat at its stores instead of frozen food. Fresh beef burger sales have jumped 50%, fresh pork sales are up 124%, beef mince is up 21% and lamb rose 15% over the past two weeks, compared with last month, the company said. Morrisons' chief executive, Dalton Philips, said: "Because we work direct...
UK24
Eurozone crisis live: Germany drives region deeper into recession - http://www.guardian.co.uk/busines...
Eurozone crisis live: Germany drives region deeper into recession
GDP figures show the currency bloc lurched deeper into recession in the fourth quarter, when even the robust German economy contracted Josephine Moulds
UK24
US and EU governments aiming to agree transatlantic free trade pact - http://www.guardian.co.uk/busines...
US and EU governments aiming to agree transatlantic free trade pact
US and EU governments aiming to agree transatlantic free trade pact
Moves within US Congress and 27 member governments to eliminate or minimise barriers to unfettered imports and exports The US and the European Union on Wednesday launched their most ambitious attempt to liberalise transatlantic trade following Barack Obama's commitment to a new pact outlined in his state of the union address. A joint statement from Obama and the presidents of the European council and commission, Herman Van Rompuy and José Manuel Barroso, said they would kickstart moves in the US Congress and among the 27 EU governments to open negotiations on a new free trade pact seeking to eliminate or minimise barriers everywhere from the car to the pharmaceuticals industries, to services, agriculture and investment. Britain said the talks should start this year. In Brussels, leaders said they wanted the negotiations launched by June and envisaged a two-year process, although Karel De Gucht, the EU trade commissioner, hoped the talks could be concluded by next year. In part this is...
UK24
UK set for low GDP growth for at least two years, Bank of England warns - http://www.guardian.co.uk/busines...
UK set for low GDP growth for at least two years, Bank of England warns
Inflation is forecast to remain above the central bank's 2% target until at least the end of 2015 – peaking at 3.2% later this year Britain will suffer low growth and a squeeze on average incomes for at least another two years, the Bank of England warned on Wednesday, signalling that the economy will remain weak until the next election. The Bank's governor, Sir Mervyn King, put the institution on a collision course with the Treasury after he blamed the government for pushing inflation above its 2% target for the fourth consecutive year and warned that growth in the economy would not gain momentum until 2015. King accused the chancellor, George Osborne, of scoring "an own goal" following steep rises in university tuition fees and hikes in energy bills linked to green subsidies, which pushed up inflation by at least one percentage point. The outgoing governor said inflation would be higher than expected as a result of "administrative decisions" and made the monetary policy committee's...
UK24
Another dark day for the high street as John Lewis cuts jobs - http://www.guardian.co.uk/busines...
Another dark day for the high street as John Lewis cuts jobs
Another dark day for the high street as John Lewis cuts jobs
Surprise job cuts at John Lewis, one of the strongest players on the high street, came as 2,500 jobs were threatened at Republic, and 800 jobs went at Blockbuster More than 3,600 retail jobs are at risk following another dark day for the high street that saw the collapse into administration of fashion chain Republic, the ousting of 325 managers at John Lewis and the closure of a further 164 Blockbuster stores. The surprise job cuts at John Lewis, one of the strongest players on the high street, came as 2,500 jobs were threatened at Republic, and 800 jobs went at Blockbuster, which is already in administration. John Lewis has been held up by deputy prime minister Nick Clegg as a model of "responsible capitalism" for the whole economy, and its job cuts will deepen the gloom about the UK's financial trajectory. John Lewis staff, who are known as partners because they get a share of annual profits and can contribute to business decisions, were shocked by the imposition of cuts in the wake...
UK24
Waitrose did not report possible meatball contamination for two weeks - http://www.guardian.co.uk/busines...
Waitrose did not report possible meatball contamination for two weeks
Waitrose did not report possible meatball contamination for two weeks
Supermarket withdrew batches of beef product showing traces of pork last month but said it did not need to notify regulator Waitrose knew there was a potential problem with pork contamination of frozen meatballs two weeks ago but did not inform the Food Standards Agency (FSA) or consumers until Tuesday, the Guardian can reveal. The upmarket supermarket, which quietly withdrew batches of the product on 30 January and 4 February, said it had been trying to assess the scale of the problem and had no need to tell the FSA because there was no health risk. Waitrose said there had been "contradictory" results in initial tests on the product in question, frozen Essential Waitrose 16 British Beef Meatballs (480g), so it had not informed the public. It wanted to investigate further before deciding whether customer information notices in all branches "would be appropriate". It added: "Our procedure was also to make an assessment of the number of packs that could possibly still be in customers'...
UK24
Bank of England says inflation will not return to target until 2016 - http://www.guardian.co.uk/busines...
Bank of England says inflation will not return to target until 2016
Sir Mervyn King says inflation will not return to target until 2016 – but he expects UK to avoid technical recession Simon Neville
UK24
Letters: A banker's millions won't save a life - http://www.guardian.co.uk/busines...
I am an ambulance medic and part of a two-man crew. We often get up at 4am, check over a 999 frontline ambulance, then drive anything up to two hours to our area of cover, all in our own time. Then follows a 12-hour intensive shift, where we deal with anything from multiple car pile-ups to seriously ill children. We are sometimes abused both verbally and physically. Sometimes we are threatened with sharp implements and have to negotiate or even physically fight for our safety. Half-hour rest breaks are not always taken due to the demand on services. We then have the drive back, where we have to clean our vehicles before driving home. The stress is monstrous, but we are exempt from any legislation that makes sure we are not worked to death as we are an emergency service. Our average wage is about £15 an hour. We are life savers, counsellors and sometimes just company, as we hold the hand of someone beyond help. We have cultivated a black sense of humour so we do not crumble and, even...
UK24
The currency market cold war could soon turn hot | Larry Elliott - http://www.guardian.co.uk/busines...
The currency market cold war could soon turn hot | Larry Elliott
The currency market cold war could soon turn hot | Larry Elliott
The problem is obvious – it is impossible for all currencies to go down at once and if the dollar falls something else has to rise It's easy to see why there are tensions in the world's currency markets. Austerity programmes mean countries are relying heavily on monetary policy to get their economies moving. Central banks have kept interest rates at rock bottom level and – in many cases – printed new money through quantitative easing. Both strategies tend to reduce the level of a currency, making it easier for countries to pursue export-led growth. As a result the US and the UK see a lower exchange rate as a beneficial side effect of QE. The problem is obvious, it is impossible for all currencies to go down at once. If the dollar falls something else has to rise, and there has been a lot of gnashing of teeth from those countries that feel the actions of the Federal Reserve or the Bank of England have resulted in them having over-valued exchange rates. Switzerland, which is not a...
UK24
Fashion chain Republic set to enter administration - http://www.guardian.co.uk/busines...
Fashion chain Republic set to enter administration
Fashion chain Republic set to enter administration
The retailer, which has 121 stores and employs 1,600 people, is thought to be lining up Ernst & Young as administrator More than 1,500 jobs are at risk as fashion chain Republic is expected to become the latest in a post-Christmas rush of retailers to collapse into administration. The Leeds-based company, which has 121 stores and employs 1,600 people, is expected to appoint Ernst & Young as its administrator on Wednesday. If it collapses, Republic will be the latest in a long list of retail failures since Christmas, including Jessops, HMV and Blockbuster, with the total loss of up to 10,000 jobs. The youth fashion retailer has been hit by recent poor trading. Andy Bond, the former chief executive of Asda, quit as Republic's chairman last week as the company brought in KPMG to help it offload some of its stores. Republic's profits collapsed by 86% to £3.7m in the year to January 2012. The company was bought by private equity group TPG for £300m in 2010. Its previous owner, Change...
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