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Indian MPs have been enraged by the cabinet’s decision to open the retail market to international supermarket chains. The Trinamool Congress, a key government ally, joined opposition parties in unfurling banners and chanting slogans. The reaction in parliament caused the lower house to be adjourned, and instead Trade Minister Anand Sharma held a press conference [...]
(Read More)25th Nov 11
Retail slowdown hits Arcadia outlets
by Adam Richards
The seriousness of the downturn on the high street was laid bare yesterday as Arcadia boss Sir Philip Green announced a drop in profits of almost 40 per cent at his fashion empire and revealed plans to shed 250 stores in the UK. Profits before exceptionals at the group fell to £133.1m from £213.2m in [...]
(Read More)24th Nov 11
Nokia Siemens cutting 17,000 jobs
by Adam Richards
Nokia Siemens Networks, the embattled telecoms equipment maker, is to cut 17,000 jobs, an astonishing 23 per cent of its overall workforce. The cuts should help bring costs down by around 1bn euros (£860m), said the company. The loss-making firm, owned by Germany’s Siemens and Finland’s Nokia, has faced strong competition from rivals like Ericsson [...]
(Read More)24th Nov 11
Slot machine arcades fill the gap as retailers close
by Adam Richards
Gaming arcades and slot machines are proliferating all over the UK, as the downturn in the economy forces the closure of leisure outlets and shops. The first major piece of research into the location of fruit machines has revealed that regions dominated by low socio-economic groups and high unemployment tend to feature the most. These [...]
(Read More)23rd Nov 11
Thomas Cook shares dive on news of bank discussions
by Adam Richards
Shares in Thomas Cook closed down 75 per cent after the travel agent announced that it is in talks with UK banks about borrowing more money. The travel firm said that it had experienced a “deterioration of trading” as a result of political upheavals across Egypt and Tunisia, in addition to flooding in Thailand. The [...]
(Read More)22nd Nov 11
Faberge opens first London store since 1915
by Adam Richards
Faberge, the upmarket jewellery retailer, has opened its first store in London for almost a century, with the cheapest product on sale being a pair of earrings worth £4,200. The opening of the store, close to Bond Street, has highlighted the fact that certain areas of the UK – most notably the centre of the [...]
(Read More)21st Nov 11
eBay plans no tills pop up store
by Adam Richards
Online shopping is said to be bringing the high street to a slow, painful death, but eBay has now announced plans to launch a physical store in Britain. At the outlet, the latest in a line of high-profile experiments in London’s West End, there will be no check-out tills. Instead, shoppers will pay for goods [...]
(Read More)18th Nov 11
Japan holds interest rates and issues growth warning
by Adam Richards
The Bank of Japan (BOJ) has issued a warning that the nation’s economic growth could be impacted by the debt crisis within the eurozone, a strong yen and the flooding in Thailand. It revealed that the crisis in Europe was stifling demand from the continent, while the Thai floods have caused major disruptions to the [...]
(Read More)17th Nov 11
BMA calls to outlaw smoking in cars
by Adam Richards
Smoking in cars should be banned to protect both drivers and passengers – particularly children – from inhaling toxins much worse than those in smoky bars, claimed the nation’s doctors. The British Medical Association (BMA) is encouraging ministers to extend the smoking ban in public places to all vehicles as a further way to protect [...]
(Read More)16th Nov 11
Inflation eases as price of food falls
by Adam Richards
The Bank of England is expected to hint today that it may pump more electronic funds into the economy after there was an easing in inflation during October. The Bank is seen reducing its forecasts for both inflation and growth when it presents its most recent outlook, given the headwinds the UK economy is faced [...]
(Read More)