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September 8, 2009

BRC reports fall in UK retail sales in August

by Kay Mitchell
”BRC
The British Retail Consortium (BRC) has today revealed a fall in retail sales for the month of August due to the rainfall which kept shoppers away from the High Street. UK like-for-like sales (which excludes new stores) fell 0.1% compared with August 2008, according to the BRC. Sales of clothing and footwear lost ground, while the brief recovery in ...




Kraft shares fall over Cadbury offer

by Kay Mitchell
Kraft shares fall over Cadbury offer
US food giant Kraft saw its shares fall 5% to $26.7 this morning on Wall Street as investors expressed concern about the group’s takeover approach for British confectionery giant Cadbury. Cadbury rejected the £10.2 billion offer from Kraft, which is renowned for brands such as Kenco coffee, Oreo biscuits, Terry’s Chocolate Orange, Toblerone and cheese products such as Philadelphia and Dairylea. When the ...




NIESR warns of period of stagnation

by Kay Mitchell
”NIESR
Influential think tank, the National Institute of Economic and Social Research (NIESR) said today that Gross Domestic Product (GDP) grew 0.2% in the third quarter after a 0.3% fall in the April to June period. The NIESR specialises in estimating GDP prior to the release of figures from the Office for National Statistics. However, while the Institute said the figures reinforced its ...




FSA fines Barclays £2.45m for reporting failures

by Kay Mitchell
”FSA
The Financial Services Authority (FSA) has fined banking giant Barclays £2.45 million for reporting flaws. However, by agreeing to settle at an early stage, Britain’s second largest bank qualified for a 30% discount. According to the City watchdog, Barclays failed to report details of trade transactions accurately and was guilty of "serious” breaches in systems and controls. Furthermore, there were "a substantial number ...




Save nothing and retire at 86

by David Masters
Save nothing and retire at 86
British workers who fail to save for their retirement could end up working until they reach 86 if they want to be paid a decent pension. Research by Standard Life found the real retirement age of people not currently saving for retirement could be between 74 and 86 if they want to retire on two-thirds of their final salary. People who retire on ...




Brits oblivious to interest rates

by David Masters
”Brits
Nearly two thirds of UK consumers are oblivious to how much interest their savings are earning, new research found. Saga Personal Finance discovered 61% of Brits don't know the interest rate on their savings account. This increased to 68% for savers aged under 50. Almost a quarter (24%) of those polled said they only check interest rates when they open a savings account. A ...




Post Office launches ‘gap year gatecrasher’ insurance

by David Masters
”Post
The Post Office this week launched travel insurance for "gap year gatecrashers". The insurance, aimed at over-65s who want to travel overseas on a regular basis, provides year-round, multi-trip cover. The upper age limit of the cover is 74, and policyholders can choose to add optional extras including extended baggage, excess waiver, and golf cover. Research by the Post Office found a fifth ...




Nationwide boosts e-Savings maximum

by David Masters
”Nationwide
Savers investing in an e-Savings Plus account at Nationwide Building Society can now make unlimited deposits up to a maximum balance of £3 million. The account pays interest at 2% gross p.a./AER variable, provided the account holder makes no more than three withdrawals per year and keeps the account open for at least 12 months. Over 150,000 e-Savings Plus accounts have been opened since the ...




Mortgage brokers detect signs of stabilisation

by Gill Montia
”Mortgage
Despite a fall of 78% over the year to the end of August, the number of home loans available to mortgage brokers remained stable last month. So says mortgage advice website, Mortgage Brain, in its monthly review of the market. The firm detected an 0.2% rise in the number of products available to brokers, representing five new loans. Fixed-rate products remained the most abundant, ...




UK manufacturing output sees rise in July

by Kay Mitchell
”UK
The Office for National Statistics has today revealed a rise in UK manufacturing output during July, boosted by a sharp improvement up in car production. Factory output rose by 0.9% in July when compared with the previous month - treble the figure that analysts had forecast and the fastest rate in 18 months. However, output was down by 10.1% compared with a ...




Price of gold hits 6-month high of $1,000

by Kay Mitchell
”Price
The price of gold, which is seen as an attractive investment in times of inflation, has briefly hit the $1,000 mark - it’s highest level in six months - before slipping back to $999.0 per ounce. Gold has been growing in value for the last 8 years and peaked at $1,032 an ounce in March last year. So far this ...




Economist Joseph Stiglitz fears for ‘W’ shaped recession in US

by Kay Mitchell
Economist Joseph Stiglitz fears for ‘W’ shaped recession in US
Despite recent signs of an imminent recovery within the US, Nobel Prize-winning economist Joseph Stiglitz has expressed his concern for a "double-dip" recession in the world’s largest economy. Mr Stiglitz, who said he has been consulted on an informal basis by the Obama Administration to discuss economic issues, said "the prospects of a robust recovery are very, very ...




T-Mobile UK and Orange merger creates UK’s largest mobile phone firm

by Kay Mitchell
”T-Mobile
A joint venture between mobile phone giants, T-Mobile UK and Orange, is to create the UK’s largest mobile phone company with more than 28 million customers and annual sales of €9.4 billion (£8.2 billion), the BBC has reported today. The combined company will have a 37% share of the UK mobile market - overtaking market leader, ...




Government adverts for those on the brink of repossession

by Gill Montia
”Government
The Government is to target areas of England with high levels of repossession with a new advertising campaign, the BBC has reported. Hotspots include: Barking and Dagenham, Corby, Knowsley, Salford, Newham, Walsall, Redditch, Halton, Sandwell, Wolverhampton, Bolton, Reading, Swindon, Northampton, and Cannock Chase. Nottingham, Birmingham, Manchester, Liverpool, Sunderland, Wigan, and Kingston-upon-Hull are some of the major conurbations involved in the ...