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Comet Collapse: Gift Vouchers Suspended

Comet Collapse: Gift Vouchers Suspended

  • Posted: Nov 08, 2012
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Gift vouchers for stricken electrical retailer Comet have been suspended, the chain’s administrator has confirmed.

Comet was placed into administration on Friday and gift vouchers for the stricken electrical retailer suspended on Saturday.

Deloitte, which was appointed on Friday, has launched an “urgent” search for a buyer to protect some 6,600 jobs at the 236-outlet chain.

But, as a consequence, of administration gift vouchers have been suspended even though all Comet stores remain open and the group’s staff will continue to be paid. read more

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Comet Goes Into Administration

Comet Goes Into Administration

  • Posted: Nov 02, 2012
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Comet’s customers have been left worried about their deliveries, warranties and gift cards after its website crashed.

Due to Comet goes into administration, the electricals firm leaves more than 6,000 jobs hanging in the balance.

Following the news its website stopped working, hosting the message: “Sorry comet.co.uk is currently unavailable. Please try again later.”

Customers have been advised to keep ringing the customers service regarding the issues they may have. read more

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Olympics Helps Great Britain To Get Out Of Recession

Olympics Helps Great Britain To Get Out Of Recession

  • Posted: Oct 25, 2012
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There was a better than expected growth in the Uk economy after 2012 Olympics.

Analysts today confirmed that the Olympics has grown the UK economy and strong ticket sales helped the UK exit the longest double-dip recession since the Second World War

This is the first estimate of how the economy performed in the third quarter of 2012, the Office for National Statistics (ONS) confirmed a return to growth of 1% over the three months following a 0.4% contraction in GDP in the previous period. That was higher than analysts had expected and the strongest quarter of GDP growth for five years.

In addition to 2012 Olympics sales there was another big national event, the Queen’s Diamond Jubilee that stimulate Uk’s economy. read more

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Bank of England 2012  Economy Q3

Bank of England 2012 Economy Q3

  • Posted: Sep 13, 2012
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The 2012 Q3 issue of the Bank of England Quarterly Bulletin is published today. It features a range of in depth articles on different aspects of the Bank’s remit.

One article discusses the distributional effects of the MPC’s asset purchases, or so called QE. It suggests that without the reduction in Bank Rate and the MPC’s asset purchases economic growth would have been lower and unemployment higher. The benefits of this highly accommodative monetary policy have not been shared evenly across households, however. Largely reflecting the low level of Bank Rate, rather than QE, some households have received lower income on their deposits, while some have paid lower interest on their debt. QE pushed up asset prices, in part reversing the large declines in equity prices seen earlier in the financial crisis. For a fully-funded defined benefit pension scheme, asset purchases are likely to have had a broadly neutral impact. Similarly, asset purchases are likely to have had a broadly neutral impact on the value of the annuity income that could be purchased with a personal pension pot. But some pension schemes have been adversely affected by the direct effects of QE, with defined benefit pension schemes that were already in substantial deficit before QE began being particularly affected. Those costs are more likely to be borne by shareholders and those in work, rather than by existing pensioners.

Another article considers UK ten-year government bond yields, which have recently fallen to historically low levels — as have yields in some other major economies. Real and nominal UK interest rates have fallen substantially from the start of the crisis, with implied expected inflation rates relatively unchanged. The Bank’s analysis suggests that risk premia account for less than a quarter of the fall in nominal yields relative to pre‑crisis averages. Despite the low level of real yields, the model estimates suggest that inflation expectations have not become less well anchored. Separate analysis examines the inflation options market to assess investor’s belief about the likely distribution of future rates of inflation. While investor’s central expectations on inflation appear to have remained anchored, their uncertainty about UK inflation rose substantially during the financial crisis, and has remained high ever since. It is likely that this higher uncertainty reflects investors’ beliefs that the volatility in inflation over the past five years will persist for at least the next few years. The Bank has developed a large-scale model of the UK banking sector. It is designed to assess the solvency and liquidity risks faced by banks, and provides one way of evaluating the risks and vulnerabilities facing the financial system. This article offers an overview of the model and describes how the results are generated and how the feedbacks within and between banks are modelled. It also illustrates its use, drawing on the example of the stress tests carried out during the IMF’s 2011 UK Financial Stability Assessment Program More economic news from Bank of England

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The Government Promises No Expansion To Heathrow

The Government Promises No Expansion To Heathrow

  • Posted: Sep 03, 2012
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Foreign Secretary William Hague has ruled out a change of Government policy on a third runway at Heathrow, as reports emerged of plans for a new force runaway.

 The Government insists to keep elections promises by  continuing the expansion to Heathrow third runaway.

“That’s not something that this Government, this Coalition, will be doing,” he said.

“It’s important to make the right decision about this and study all the options. read more

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Everything Everywhere Gets Ofcom OK For 4G

Everything Everywhere Gets Ofcom OK For 4G

  • Posted: Aug 21, 2012
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The company that owns Orange and T-Mobile will launch superfast mobile internet in October, according to Sky sources, angering its rivals.

Telecoms regulator Ofcom approved an application by mobile operator Everything Everywhere (EE) to use its existing spectrum to deliver 4G.

I hope  that the 4G network that is coming out in October is much more reliable then the previous 3G network  there are still areas in the UK that customers cannot received a signal

But EE’ who s rivals say the decision gives it an unfair advantage, as they have to wait until the end of this year to buy new licences in an auction of frequencies. read more

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Manchester United Starts Trading On New York Stock Exchange

Manchester United Starts Trading On New York Stock Exchange

  • Posted: Aug 10, 2012
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Executives of Manchester United have rung the opening bell of the New York Stock Exchange, at the start of the flotation of the football club’s shares.

Co-chairmen Avram and Joel Glazer and chief executive David Gill applauded from the exchange’s iconic balcony when trading started at 9.30am, New York time.

Glazer family patriarch Malcolm Glazer was not on the balcony, however executive vice chairman Edward Woodward was at the ceremony in New York’s financial heart.

Manchester United confirmed that neither Sir Alex Ferguson nor any players would be there for the traditional ceremony, as the ritual came amid a controversial partial flotation. read more

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Bank Of England Lowers Growth Forecast For UK

  • Posted: Aug 08, 2012
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The Bank of England has lowered its UK growth forecast and said the economy will remain flat for the rest of the year.

After the new Bank of England assessment governor Sir Mervyn King dropped the forecast from 0.8% three months ago and 2% a year ago.

He said: “The overall outlook for growth is weaker than the outlook in May.”

Looking ahead, the bank also sharply cut its forecast for medium-term growth from 2.8% to 2.1%, citing worries that factors hurting growth since the financial crisis may be more long-lasting than first thought. read more

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Tesco Teetering On The Idea Of Launching Mortgages

Tesco Teetering On The Idea Of Launching Mortgages

  • Posted: Aug 05, 2012
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It has been announced Tesco Bank is to start offering mortgage deals from Monday.

Tesco is intending to offer mortgages to their customers. Tesco club cards . Customers will receive a point for every £4 on their monthly mortgage repayments.

It also plans to launch cash Isas before the next tax year starts, as well as current accounts to coincide with changes next year to make switching easier, giving customers a “complete package” of products.

Tesco will offer mortgages to people with deposits of 20% or more, but declined to give a figure for the amount it plans to lend or the number of customers it hopes to attract, saying its immediate plans are “modest”. read more

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Gauke Cash For Tradesmen Is ‘Morally Wrong’

Gauke Cash For Tradesmen Is ‘Morally Wrong’

  • Posted: Jul 24, 2012
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The Government strives to cut tax loopholes, Treasury minister David Gauke slams the “cash-in-hand” culture.

The public appears split over whether tradesmen should be paid cash-in-hand.

Paying tradesmen cash-in-hand is “morally wrong” because it can help workers avoid tax, a Treasury minister hasdeclared.

Exchequer Secretary David read more

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