Prices tumble at UK’s stores November 8, 2011 PRICE wars between supermarkets are driving down the cost of food and other items, as stores fight for the attention of increasingly squeezed shoppers. Food was half a per cent cheaper last month than in September, the British Retail Consortium (BRC) revealed this morning. Tesco has been pushing its “Big Price Drop”, while Asda’s “Price [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 8, 2011 FINANCIAL TIMES GRAFF PLANS $1BN HONG KONG IPO Graff Diamonds, retailer of some of the world’s most expensive jewellery, is planning a Hong Kong initial public offering that could raise $1bn and value the company’s equity at about $5bn. The London-based company, known for high-end jewellery items such as 100-carat diamond tiaras, is raising capital [...]
Treasury to close VAT loophole November 8, 2011 HM Treasury announced yesterday that a loophole which allows retailers based in the Channel Islands to avoid paying VAT on good worth £15 or less. From 1 April next year, retailers sending goods from Guernsey and Jersey will no longer be exempted from the levy, after the government said the loophole was costing £140m a year. [...]
US budget boss positive on debt November 8, 2011 US President Barack Obama’s budget chief said yesterday he saw some signs that US lawmakers could strike a deficit reduction deal by a 23 November deadline despite no visible indications of progress in talks. White House budget director Jack Lew said that Republicans had begun to show some flexibility on taxes, an issue that has [...]
Osborne fury over plans for EU Tobin tax November 8, 2011 GEORGE Osborne yesterday slammed plans for a Europe-wide Tobin tax as a “big tax on pensioners”, even as the British government continues to support a global version of the levy. The chancellor told a stormy meeting of finance ministers in Brussels that a transaction tax applied only in Europe would cost the region 995,000 jobs. [...]
CBI: Eurozone may cause UK recession November 8, 2011 BRITAIN will avoid a recession – as long as Eurozone leaders resolve their crisis by the spring, leading business organisation the Confederation of British Industry (CBI) claimed today. The Eurozone will experience a mild recession over the winter while Britain’s economy stagnates, according to the CBI’s forecasts. Economic growth is expected to come in at [...]
FSB may police shadow banking November 8, 2011 DIRECT regulation of shadow banking may be introduced to tackle the risks that could shift there from a more heavily supervised mainstream banking sector, a global watchdog chief said yesterday. Mark Carney, appointed last week by world leaders to head the Financial Stability Board, said regulating the shadow banking industry will be one of the [...]
Germany stays ahead on trade November 8, 2011 GERMANY’S trade surplus shot up in September as imports fell and exports increased. The surplus widened from €11.8bn (£10.1bn) to €17.4bn in the month from August. Meanwhile, France’s trade deficit increased to €6.3bn in September, from €4.31bn in August. The customs department said falling aviation sales were the main factor in cutting export by €2.26bn [...]
SocGen sacrifices dividend to cut down capital-raising needs November 8, 2011 SOCIÉTÉ Générale has scrapped its 2011 dividend to bring its capital hole down by €1.2bn (£1.03bn), it announced in its third-quarter results yesterday. The French lender brought its capital-raising requirement down to €2.1bn, in part by ditching the pay-out. It must find the cash by the middle of next year under Europe’s bank recapitalisation scheme. [...]
FTSE holds gains as Italy nears crisis November 8, 2011 BRITAIN’S top share index rose yesterday, as earnings from UK corporates such as Lloyds Banking Group and Vodafone were received positively by investors, although Eurozone worries meant gains were vulnerable to profit taking. Miners and integrated oils, rising with commodity prices, also helped the UK’s benchmark index close up 56.52 points, or one per cent [...]
