Stats office rejects RPI change January 10, 2013 The way that the Retail Prices Index (RPI) measure of inflation is calculated will be left unchanged, the Office for National Statistics has said. Following a three-month consultation over how RPI is calculated, Jil Matheson, the government’s top statistical adviser, said that the existing RPI index did not meet current international standards but it would [...]
Tesco enjoys Christmas sales boost January 10, 2013 Supermarket giant Tesco this morning posted its highest UK sales growth in three years over the Christmas period, as its turnaround plan is starting to kick in. Like for like UK sales grew by 1.8 per cent in the six weeks to 5 January, driven by a strong performance from its food division and from [...]
On the rack January 9, 2013 MARKS & Spencer was hit by a worse-than-expected drop in general merchandise sales over the Christmas quarter, the retailer was forced to reveal last night after figures were leaked after trading hours. Britain’s biggest clothing retailer said like-for-like sales at UK stores open for more than a year fell 1.8 per cent in the 13 [...]
Jessops latest firm to call in administrators January 9, 2013 JESSOPS the specialist camera chain yesterday became the first major retailer of 2013 to collapse into administration, as analysts warned 140 retailers were at risk of following in its footsteps. PwC, which was appointed administrator, said it was now in eleventh hour talks to save the 192-store business but warned closures were inevitable, putting more [...]
Market shrugs off high street gloom as FTSE 100 hits four-year high January 9, 2013 LONDON’S FTSE 100 index soared to its highest level since May 2008 during yesterday’s trading, as bullish investors continued to drive the New Year rally. The blue chip index peaked at 6,112.27, led by strong banking and mining stocks and an optimistic outlook to the beginning of the US earnings season. The FTSE finally closed [...]
Obama’s chief of staff to take top US Treasury job January 9, 2013 BARACK Obama is today set to nominate White House chief of staff Jacob Lew as his new Treasury secretary, ensuring a close ally holds one of the most important positions in the economic world. If the appointment gains Senate approval, Lew will be placed at the heart of the brutal debate over the future of the [...]
Forget rebalancing: the City is becoming even more important January 9, 2013 PEOPLE, companies and countries should play to their strengths. They should do what they are good at. This is the principle of comparative advantage – the formal version of which states that we should specialise in what we can produce at a lower opportunity cost than our competitors. That doesn’t mean that we should not [...]
Coalition issues full policy audit after blunder January 9, 2013 THE COALITION yesterday issued a “full, frank and unvarnished” judgement of its performance, highlighting its successes and failures over the last two-and-a-half years – but its release was mired in controversy. The government hoped it would gain credit for being honest and revealing it has failed to implement dozens of promised policies. But Labour called the 122-page [...]
What the other papers say this morning January 9, 2013 FINANCIAL TIMES Hovis forced to turn to EU grain Hovis, one of the UK’s top-selling breads, is to abandon its pledge to use only British wheat following rain-blighted harvests. Hovis will start using EU grain from this weekend. The move is a blow for UK farmers, who are already reeling from relentless rain in 2012 [...]
AIG will not sue US government January 9, 2013 Insurance giant AIG yesterday said it would not sue the US government over terms of the company’s multi-billion dollar bailout following a public outcry. The company had considered joining a lawsuit led by its former chief executive Hank Greenberg, whose company Starr International owned 12 per cent of AIG before the $182bn (£114bn) rescue in 2008. [...]
