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Morrisons Wants To Expand Buying 49 Blockbuster Stores

Morrisons Wants To Expand Buying 49 Blockbuster Stores

  • Posted: Feb 17, 2013
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The supermarket chain Morrisons is to create 1,000 new jobs by taking over shops from the failed DVD and games rental business.

As we know, Blockbuster company failed at the beginning of this year leaving more than 1,500 jobs at risk. Supermarket chain Morrisons has bought 49 stores from Blockbuster in order to expand its range of ‘local’ shops. Morrisons says its plan will create around 1,000 new jobs.

The shops will turn out into large “convenience” stores and become the rival of Tesco and Sainsbury’s.

The UK’s fourth-biggest supermarket chain also plans to rebrand its convenience store business from M Local to Morrisons M Local read more

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OFT Fuel Price Probe Findings To Be Released

OFT Fuel Price Probe Findings To Be Released

  • Posted: Jan 30, 2013
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The Government is looking at ways to make petrol companies pass on lower crude oil prices to drivers and retailers.

The Office of Fair Trading today releases its findings on the state of Britain’s £32bn retail fuel market.

The regulator must asses if there exists serious competition within the industry and start an investigation about it.

Brian Madderson, chairman of the Retail Motor Industry Federation’s (RMI) petrol division, said: “It’s not transparent at all. read more

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Call For Soft Drink Sugar Tax In Budget

Call For Soft Drink Sugar Tax In Budget

  • Posted: Jan 28, 2013
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It has been announced today that the government will increase taxes on alcoholic beverages.

Medical professionals are calling for a 20p-per-litre tax on soft drinks to be included in this year’s Budget.

Lots of organisations are backing the changes by the Government to increase the tax on sugary drinks by 20p to help cut down on our obesity in the UK.

Many organisations, which include the Royal College of Paediatrics and Child Health, are backing the recommendation by food and farming charity Sustain. read more

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What Really Killed HMV, Jessops And Blockbuster?

What Really Killed HMV, Jessops And Blockbuster?

After Comet failure, three more high-street chains bite the dust: Hmv, Jessops and Blockbuster.

This year is already shaping up to be another rough ride for Britain’s high-street retailers, as three major chains go under within the first 16 days of 2013.

First to fail was photographic retailer Jessops, which was founded in Leicester in 1935.

The company went into administration ( a form of corporate insolvency) on Wednesday, 9 January. Within two days, administrators PricewaterhouseCoopers decided that Jessops could not continue as a going concern, so it closed the chain. As a result, 187 stores shut down, costing 1,370 jobs. read more

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Facebook ‘Suffers December Traffic Dip As It Reaches Saturation Point

Facebook ‘Suffers December Traffic Dip As It Reaches Saturation Point

  • Posted: Jan 19, 2013
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According to a web traffic measurement firm, Facebook drops its audience in December with 600,000 suggesting it has reached saturation point.

It remained by far the biggest social networking service, with more than 33 million British visitors, or 53 per cent of the market. The way the figures are calculated means members who access their account from more than one device are counted separately on each computer, smartphone or tablet, however.

United States its been consider Facebook’s most developed market with 168 milion users folllowed  by Britain.

Like most websites Facebook normally experiences a slowdown in traffic over the festive period as people unplug from the internet. Among Facebook’s top 10 biggest markets, Britain was the only one where the number of visitors actually fell. read more

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CES 2013 Tech World Prepares For Las Vegas Launches

CES 2013 Tech World Prepares For Las Vegas Launches

  • Posted: Jan 19, 2013
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The devices promise to be slimmer, bigger and faster – but is CES itself still relevant?

Consumer Electronics Show in Las Vegas its ready to unlease new gadgets and software.It is a chance for tech makers, big and small, to highlight the innovations and trends they think are about to take off.

Some things did not developed as planned, smart TV services and 3D screens going mainstream have failed to pan out.

But never mind, say the organisers, there is another round of next-generation technologies such as 4K ultra-high definition televisions and bendy phones ready for a go. read more

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Boxing Day Sales

Boxing Day Sales

  • Posted: Dec 26, 2012
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Boxing Day sales records have been smashed after shoppers sent tills into meltdown across Britain.

Bargain-hunters queued overnight in preparation for stores opening this morning, with thousands pouring through the doors from as early as 6am.

More than £50m would have been taken on London West End’s famous shopping destinations of Bond Street, Regent Street and Oxford Street at closing time.

Selfridges, situated on Oxford Street reported its most successful first hour of trade ever, with £1.5 million rattling through the tills. read more

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Bank of England 2012 Economy Q4

Bank of England 2012 Economy Q4

  • Posted: Dec 18, 2012
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 The 2012 Q4 issue of the Bank of England Quarterly Bulletin is published today.

The Funding for Lending Scheme (FLS) was launched over the summer by the Bank of England and HM Treasury. It is designed to incentivise banks and building societies to boost their lending to UK households and businesses. Specifically, banks and building societies are offered funding with both the amount and its price depending on the amount they lend. An article in this edition describes in detail the thinking behind the scheme, including describing the mechanics of how the scheme will work. The Article notes that by reducing funding costs, the FLS should lead to more and cheaper credit flowing into the real economy than otherwise. Early signs have been encouraging: market funding costs for UK banks have fallen sharply and many loan rates have fallen. But given the usual lags from credit being offered to loans being made, the FLS is unlikely to materially affect lending volumes until 2013. The UK economy has received a significant amount of monetary stimulus since the onset of the financial crisis. Bank Rate has been reduced to its lowest level in its 300-year history and the MPC has purchased £375 billion worth of assets since the launch of its asset purchases programme (or QE) in early 2009. But despite this significant amount of stimulus, broad money growth has been persistently weak since 2008, without any precedence in the past half century. So it is important to investigate what impact QE has had on broad money. The article – What can money data tell us about the impact of QE? – analyses the impact of QE by using a money accounting framework, focusing on the period during which the second round of asset purchases took place. It shows that the monetary impact of QE2 looks very similar to that of QE1, with around 60% of asset purchases having fed through into broad money. But whereas in QE1 most of the 40% ‘leakage’ could be explained by bank balance sheet repair, during QE2 the largest ‘leakage’ came from sales of government debt by banks. So whereas the first two rounds of QE seem to have had a similar proportionate impact on money, there is some evidence that the transmission mechanism of QE may have varied over time. The financial crisis has powerfully demonstrated the need for a new approach to financial regulation. Major reforms are therefore under way, aiming to establish a UK regulatory framework which is more focused on the issues that matter and better equipped to deliver financial stability. These reforms will come into effect in April 2013. The Financial Services Authority will cease to exist in its current form, and its responsibilities will be transferred to two new bodies – the Prudential Regulation Authority (PRA), a part of the Bank of England, focusing on prudential issues; and the Financial Conduct Authority, a separate body, focusing on business and market conduct. Additionally, a Financial Policy Committee will be established within the Bank, focusing on the stability of the financial system as a whole. The article in this edition focuses on the Prudential Regulation Authority. It sets out the PRA’s role in the new regulatory framework, describing the PRA’s statutory objectives of promoting the safety and soundness of firms and contributing to policyholder protection. The PRA will advance these objectives by setting out expectations that firms should meet. The article goes on to describe how the PRA will supervise firms against these expectations. Importantly, it will do this using a judgement-based approach, and one that is both forward-looking and focused on the key risks posed to the stability of the UK financial system. This edition also includes analysis from the 2012 NMG Consulting Survey which looks at influences on household spending and saving; an article on The role of designated market makers in the new trading landscape; and the regular Markets and Operations article reviewing developments in financial markets and the Bank’s official operations in the period between the previous Bulletin and 26 November 2012. More economic news from Bank of England 

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Bank Of England Says UK Economy Set To Shrink

Bank Of England Says UK Economy Set To Shrink

  • Posted: Nov 14, 2012
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Britain’s weak economy may shrink in the last three months of the year and growth will remain sluggish into 2013, the governor of the Bank of England warned Wednesday.

The central bank in the UK warning came after the country’s gross domestic product on annual basis unexpectedly grew by 1 percent in the third quarter, ending a nine-month recession.

“Welcome as that is, it is not a reliable guide to the future,” Governor Mervyn King said at a news conference while introducing the Bank’s quarterly Inflation Report.

“Output growth is likely to fall back sharply in Q4 as the boost from the Olympics in the summer is reversed – indeed output may shrink a little this quarter.,” King said. read more

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Sir Mervyn King  UK GDP May Contract Again In Q4

Sir Mervyn King UK GDP May Contract Again In Q4

  • Posted: Nov 14, 2012
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Bank of England governor Mervyn King has said the UK economy may contract once again in the fourth quarter of 2012 despite moving out of recession in Q3.

Speaking after the publication of the Bank’s quarterly inflation report, Mervyn King  said it is “difficult to discern” the true path of GDP and said the UK recovery may start later than previously forecast.

He also pointed to the strength of sterling as a negative factor for the economy, saying a strong pound is undermining competitiveness and may result in a slower recovery.

The governor said the Q3 GDP rise, estimated to be 1% according to the Office for National Statistics, was fuelled by one-off factors, meaning “headline growth is consequently likely to fall back sharply in Q4”. read more

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