Sales for Baker Greggs

October 6, 2011, last updated 09: 41 GMT Greggs has challenged the United Kingdom market downturn Greggs Baker reported an increase in sales in the third quarter despite the economic depression.

13 weeks to October 1, total sales increased 5.4%, as for like growth of 0.8%.

The company said it continued to see good growth in sales breakfast, including the launch of the all-fair coffee shops.

During weeks 39 year financial, Greggs opened shops in 66 and 13, making the net increase of 53.

Slowdown defied

Analysts believe that Greggs has defied the downturn with relatively low transaction values its in its branches.

There are shops 1,376 across United Kingdom, selling six million customers a week.

She plans to open a total of 80 new stores by the end of its financial year.

Administrative Declaration, he said: "we remain confident the chances of the group, our expectations for the year remained unchanged.

"Looking further forward until 2012, there are signs of easing inflation rate price goods in some areas, with the notable exception of energy."

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VIDEO: Can the eurozone maintain the euro?

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29 September 2011 Last updated at 21:40 GMT Help

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World pays tribute to Steve Jobs

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6 October 2011 Last updated at 03:12 GMT Consumers paid tribute to ''a man of great perspective''

Apple's corporate statement announcing the death of 56-year old co-founder Steve Jobs was brief: "We are deeply saddened to announce that Steve Jobs passed away today.

"Steve's brilliance, passion and energy were the source of countless innovations that enrich and improve all of our lives. The world is immeasurably better because of Steve."

Many technology experts, industry peers and other admirers have been quick to add their own tributes.

"Steve was among the greatest of American innovators - brave enough to think differently, bold enough to believe he could change the world, and talented enough to do it.

"By building one of the planet's most successful companies from his garage, he exemplified the spirit of American ingenuity.

"By making computers personal and putting the internet in our pockets, he made the information revolution not only accessible, but intuitive and fun.

"The world has lost a visionary. And there may be no greater tribute to Steve's success than the fact that much of the world learned of his passing on a device he invented."

"Apple has lost a visionary and creative genius, and the world has lost an amazing human being.

"Those of us who have been fortunate enough to know and work with Steve have lost a dear friend and an inspiring mentor.

"Steve leaves behind a company that only he could have built, and his spirit will forever be the foundation of Apple."

"For those of us lucky enough to get to work with him, it's been an insanely great honour. I will miss Steve immensely.

"Steve and I first met nearly 30 years ago, and have been colleagues, competitors and friends over the course of more than half our lives."

"All of us would be touched every day by products that he was the creative genius behind, so this is very sad news and my condolences go to his family and friends."

"Tonight, America lost a genius who will be remembered with Edison and Einstein, and whose ideas will shape the world for generations to come.

"Again and again over the last four decades, Steve Jobs saw the future and brought it to life long before most people could even see the horizon.

"In New York City's government, everyone from street construction inspectors to NYPD detectives have harnessed Apple's products to do their jobs more efficiently and intuitively."

Steve Jobs is credited with revolutionising the way people listen to music

"Steve, thank you for being a mentor and a friend. Thanks for showing that what you build can change the world. I will miss you.

"His legacy will extend far beyond the products he created or the businesses he built. It will be the millions of people he inspired, the lives he changed, and the culture he defined.

"Steve was such an 'original,' with a thoroughly creative, imaginative mind that defined an era. Despite all he accomplished, it feels like he was just getting started."

"He always seemed to be able to say in very few words what you actually should have been thinking before you thought it."

"VISIONARIES are always called CRAZY in the beginning. A VISIONARY sees things that everybody else says is IMPOSSIBLE, sees a World that People can't invision (sic) - MAC, IPOD, IPAD, IPHONE, ITUNES and PIXAR. I have nothing but Love for Mr. Jobs and Apple, they have always given me and my films L-O-V-E."

"'Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose', as Steve Jobs said in 2005."

"Steve lived the California Dream every day of his life and he changed the world and inspired all of us."

"Thank you for revolutionising the way we listen to music. Your vision will not be forgotten."

Industry colleagues and rivals flocked to pay their compliments for and respect to Steve Jobs, including the founder of Twitter, Dick Costolo, AOL's founder, Steve Case, the chief executive of Time Warner, Jeff Bewkes, the chief executive of Dell, Michael Dell and the chairman of the New York Times, Arthur Sulzberger.

Other tributes (via Twitter) included praise for the way Steve Jobs changed the technological landscape:

"Thank you, Steve Jobs, for making technology a delight to use, instead of a necessary evil."

"The world pauses their iPods and rushes to their MacBooks and iPhones to confirm the news."

"3 Apples changed the World, 1st one seduced Eve, 2nd fell on Newton and the 3rd was offered to the World half bitten by Steve Jobs."

Apple fans were invited to share their thoughts, memories and condolences by sending messages to rememberingsteve@apple.com.

And social networking groups were calling for iPhone vigils in public parks across the United States.

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New Ryanair card facing criticism

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4 October 2011 Last updated at 10:37 GMT James Daley from Which?: "The card only benefits passengers who fly solely with Ryanair"

A branded pre-paid card for Ryanair passengers launched on Tuesday has been criticised by consumer group Which?

The airline's passengers must sign up for the Ryanair Cash Passport to avoid an administration fee of ￡6 per person per journey.

However, as with many pre-paid cards, charges are levied for withdrawing cash or not using the card for six months.

Which? described the card as an "insult" to customers, but Ryanair said the card would be more accessible.

The specific type of card that avoided the Ryanair administration fee had previously been changed from the Electron card to Mastercard pre-paid cards. Anyone using the Mastercard pre-paid card will be charged from November.

When the new card was announced, a Ryanair spokesman said that 25% of all UK bookings were made using a Mastercard pre-paid card.

He said that the airline hoped to increase this proportion by changing to the new Cash Passport card that, unlike the current cards, would be available on its website.

But Which? said that switching to the new card complicated the process further and added "insult to UK consumers who have little opportunity to avoid such fees".

Fees

The card will need to be pre-loaded with cash before any booking is made. There will also potentially be additional costs to anyone who signs up for the new card.

It will initially cost ￡6 to buy, although each customer will be given a ￡6 Ryanair travel voucher. Charges include a fee for withdrawing cash from the card over the counter at a bank or from an ATM.

There is also a 50p charge for all transactions, other than Ryanair bookings, from April 2012 and a rolling fee of ￡2.50 if a card is not used for six months.

The OFT recently held an inquiry into card surcharges for passengers booking travel online. Ryanair said that its charge was for administration purposes, such as the cost of running a website, rather than a surcharge for using a credit or debit card.

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Manager changes cost clubs £99m

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By Ian Dennis
BBC senior football reporter Five managers have lost their job this season, with pressure mounting on more Premier League and Football League clubs spent almost ￡100m changing their manager last season.

According to figures released to the BBC by the League Managers Association (LMA), the cost of compensation, legal fees and 'double contracts' amounted to ￡99m.

A 'double contract' is when a sacked manager's contract is honoured until a certain point in time but his replacement also requires a salary.

October is traditionally the month when clubs begin sacking their managers. Between October 2010 and February 2011, 25 clubs opted for that course of action.

Continue reading the main story In 2010-11, managers sacked in the Championship had an average tenure of less than a year.It was 1.33 years in League 2, 1.67 years in League 1 & 2.07 years in the Premier League.

Several managers have already lost their job this season, including Peter Reid, who was sacked by League Two Plymouth Argyle last week.

Keith Millen left Bristol City on Monday with the club bottom of the Championship, while Steve McClaren departed Nottingham Forest on Sunday, resigning after only 112 days in charge.

The figure of ￡99m would have been higher had agents fees and the cost of sacking and replacing a manager's backroom team been taken into account.

According to the LMA, which represents managers in the Premier League and Football League, more than 100 coaches also lost their jobs last season.

Reid, who was in charge of Plymouth at a time when the club were battling to avoid administration, was on BBC Radio 5 live to discuss the issue.

He said: "Chairman and owners need to be more realistic about their expectations.

"Certainly in the Championship where they're all trying to get to the Holy Grail and that's the Premiership. There needs to be a bit of realism."

Reid was joined by LMA chief executive Richard Bevan, who believes managers are not being given enough time to prove themselves.

"We want to move away from managers being judged on their last three results," Bevan said.

Continue reading the main story The average length of time it takes a sacked manager to get another job is currently 1.63 years.Almost half of first-time managers are never appointed to a second management position.

"In fact, when results take a downturn that is when the club should support its manager even more, not jump for the quick fix."

Sir Alex Ferguson, who has been in charge of Manchester United for almost 25 years, agrees.

"It's always a problem in modern-day management," said the 69-year-old Scot. "You see time and time again that these guys are only in a position a year before the clubs are sacking them."

According to the LMA, Championship managers who were sacked in 2010-11 had an average tenure of less than a year.

The average was 1.33 years in League 2, 1.67 years in League 1 and 2.07 years in the Premier League.

The average length of time it takes a sacked manager to get another job is currently 1.63 years. Almost half of first-time managers are never appointed to a second management position.

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Bernanke: US economy 'faltering'

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4 October 2011 Last updated at 20:35 GMT The Fed chairman also lent support to critics of China's exchange rate policies US Federal Reserve Chairman Ben Bernanke has told Congress that the US economy is "close to faltering" and more action may be needed.

Giving testimony to the US legislature, he said the Fed was "prepared to take further action as appropriate" to bolster the recovery.

His comments come after the Fed already decided to shift $400bn of investments into longer-term government debt.

Stock markets responded positively, with the Dow Jones rallying over 1%.

But US markets fell back again somewhat in afternoon trading, until a strong late rally just before the close, which left the Dow Jones Industrial Average uip 1.4% for the day.

China 'blocking'

He said the switch into longer-term government debt announced last month - dubbed Operation Twist - was the equivalent of a half-percentage-point cut in interest rates, and gave a "meaningful, but not an enormous support to the economy".

But he warned that the eurozone debt crisis, as well as overly hasty spending cuts by the federal government, risked undermining the US recovery.

When asked what additional action the Fed might take if the economy continued to weaken, he reiterated policy options he has laid out in past speeches:

giving clearer guidance as to how long interest rates will be held close to zero, and in what circumstances they would rise;increasing "quantitative easing" - the Fed's purchase of US government bonds and other debts;cutting the interest rate paid on excess cash that the banks hold at the Fed.

But he added that the US central bank's monetary policies were "no panacea".

Continue reading the main story The Fed chairman also appeared to lend support to those seeking to take action against China's policy of buying up US debts - which has the effect of holding down the value of the yuan at a more competitive exchange rate.

"Chinese policy is blocking what might be a more normal recovery process in the global economy," said Mr Bernanke, who said China was shifting demand away from the struggling US and European economies.

The US Senate has just begun a week-long debate on a bill that would threaten China, and other countries accused of keeping their currencies unfairly cheap, with trade sanctions.

On the subject of the eurozone debt crisis, Mr Bernanke said there was little help the US could offer.

"The problems are not really economic, they're political," he said. "Because what they are trying to do is find solutions that are acceptable to 17 different countries, which you can imagine is very difficult."

He said that the US was an "innocent bystander" to the crisis, and while the country's direct exposure to any debt default by Greece was limited, the real risk was that a disorderly default could trigger a run on other eurozone governments and a banking crisis, which would hit the US badly.

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Supermarket 'law shops' to open

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6 October 2011 Last updated at 00:43 GMT Under the plans consumers will be able to buy law services in supermarkets Banks and supermarkets are to be able to sell consumer legal services in England and Wales for the first time following a change in law.

The government says the new Legal Services Act will offer more choice and better value for the public.

It says it also means law firms will benefit from investment and allow them to explore new markets.

But critics have said it would undermine the quality of advice.

The government says the change would encourage economic growth in the industry and raise the profile of the UK as a first-class legal services market.

Justice Minister Jonathan Djanogly said it was a "landmark day" for the legal industry.

"Our legal services are already rated among the best in the world, used by millions of people around the globe as well as in the UK, and these changes will set them up to move to new heights. They will enable firms to set up multi-disciplinary practices and provide opportunities for growth," he said.

"Potential customers will find legal services become more accessible, more efficient and more competitive."

Legislation and regulation has restricted the management, ownership and financing of firms providing legal services for hundreds of years.

Currently, solicitors and barristers' chambers are owned by the lawyers themselves under partnerships.

Critics have dubbed the act "Tesco Law," and the move has come under attack from some lawyers, including a coalition of about 100 firms, when it was first announced in 2009.

They said it could wipe out good quality, local legal advice.

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Hong Kong maid wins landmark case

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30 September 2011 Last updated at 04:40 GMT By Katie Hunt Business reporter, BBC News Foreign domestic helpers are required to leave the country within two weeks if dismissed by employers Hong Kong's High Court has ruled that a domestic helper from the Philippines should be allowed to apply for permanent residency in the city.

The case was brought by Evangeline Banao Vallejos, who has lived in Hong Kong since 1986.

The ruling follows a landmark judicial review and could lead to more than 100,000 other foreign maids winning rights to residency.

The case has sparked widespread debate on equal treatment for foreign maids.

Mark Daly, the lawyer acting on behalf of Ms Vallejos, said that she was very pleased by the ruling, which meant that all domestic helpers now were able to apply for permanent residency.

"When we told her she said 'thank God'," he said, adding that it was a normal working day for her.

"It's a good day for the rule of law," he added.

Mr Daly pointed out that the government had 28 days to appeal.

A spokesman said the government was analysing the judgement and would issue a formal response later in the day.

Public resources

Some critics have said granting residency to domestic helpers would strain the provision of health care, education and public housing.

Continue reading the main story

We hope it will pave the way for Hong Kong to open its doors to equal treatment for migrant workers”

End Quote Norman Carnay Mission for Migrant Workers While other non-Chinese nationals can obtain residency after working in Hong Kong for seven years, immigration rules exclude domestic helpers from seeking permanent residency.

Human rights lawyers and many domestic helpers argue that this is discriminatory.

Permanent residency means that a person can remain in Hong Kong indefinitely, vote and stand in elections.

But some politicians and commentators warned that allowing foreign domestic helpers to have permanent residency would allow them to bring their children and other relatives to the city, who would require education and housing.

Equal treatment

Norman Carnay, programme officer at the Mission for Migrant Workers said that he welcomed the decision.

"We hope it will pave the way for Hong Kong to open its doors to equal treatment for migrant workers," he said.

But he added that right of abode was not necessarily a priority for many domestic helpers.

"From surveys of our community, the more pressing concerns are wages and working conditions," he said.

There are more than 300,000 foreign domestic helpers in Hong Kong, mainly from Indonesia and the Philippines. It is thought that around 120,000 have lived here for more than seven years.

They are required to live with their employers and cannot accept other jobs.

Without the right to permanent residency, if a maid is dismissed by her employer, she must find another job as a domestic helper or leave Hong Kong within two weeks.

Hong Kong's domestic workers have a guaranteed minimum wage of 3,740 Hong Kong dollars ($480; ￡308) a month and day off each week, meaning their working conditions are better than other countries in Asia with large numbers of domestic helpers, such as Singapore.

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US factories 'see slight pick-up'

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3 October 2011 Last updated at 15:13 GMT Employment in US factories reportedly strengthened in September, although activity remained subdued Manufacturing in the US has registered a small but unexpected pick-up, according to a widely watched survey.

The ISM Manufacturing Index rose to 51.6 in September, from 50.6 a month earlier, beating expectations that the index would remain unchanged.

Any level above 50 indicates expanding activity at US factories.

However, new orders continued to fall, the survey suggested, with respondents saying they were worried by the weak recovery and political deadlock.

Separate data, released simultaneously by the US Commerce Department, showed that the construction industry also grew much more strongly than expected in August.

US stocks reacted strongly to the news, with the main Dow Jones index jumping 1.4%, before later falling back again on what is proving another volatile day of trading.

New orders

The manufacturing sector has now expanded for 26 months in a row, since the 2008-09 recession ended, according to the survey.

But industry continues to endure a soft patch, with the index still well below the 55-60 range seen earlier in the recovery.

Production - which is only one measure of activity included in the survey - also expanded, having been reported as shrinking in August. Employment also picked up more strongly.

Continue reading the main story But the backlog of orders continued to weaken, reaching its lowest level since April 2009.

"We see production is up, back in growth territory, but manufacturing is working off its backlog of orders," said Bradley J Holcomb, who chairs the survey committee.

"The main concern going forward would be if new orders didn't pick up."

He added that anecdotal evidence pointed to concern over the sluggish economy, political and policy uncertainty in Washington, and forecasts of ongoing high unemployment that will continue to put pressure on demand for manufactured products.

'Bumping along the bottom'

Meanwhile, construction spending in the US rose 1.4% in August, according to separate data from the Commerce Department.

That also easily beat market expectations of a 0.3% contraction, and reversed a 1.4% fall seen in July.

Public sector spending accounted for the bulk of the expansion, while private sector spending grew a much weaker 0.4%.

"[It] was better than what we were expecting," said Sean Incremona, economist at financial analysts 4cast.

"We got a big upward correction in public spending - that was due, it has been very weak.

"On the private side we got an upside there but the construction industry is really just parallel to housing, which is really just bumping along the bottom of its cyclical range."

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New £50 note set for 2 November

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30 September 2011 Last updated at 15:24 GMT Boulton (left) and Watt were two key figures in the Industrial Revolution The Bank of England has announced that the new-style ￡50 note will be introduced on 2 November.

The design of the new note was revealed in 2009 and features entrepreneur Matthew Boulton and engineer James Watt, who pioneered the use of steam engines in textile manufacturing.

The Bank says the note will have a range of enhanced security features.

It will be the first time that two portraits will appear together on the reverse of one its banknotes.

The Boulton and Watt note will initially be circulated in tandem with the current ￡50 note featuring Sir John Houblon, the first governor of the Bank of England.

The Houblon note will eventually be withdrawn. The Bank will announce a withdrawal date in due course.

The design has seldom changed since it was first introduced in 1725. A white ￡50 was in use for more than 200 years until 1943.

There are 210 million ￡50 notes in circulation, valued at ￡10.5bn. That is 84% higher than 7 years ago.

The ￡20 is the most common Bank of England note in circulation, with 1.55 billion notes in circulation worth ￡31bn.

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Typhoon Nesat heads for Vietnam

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29 September 2011 Last updated at 15:19 GMT Typhoon Nesat is heading for Vietnam after making landfall on the southern Chinese island of Hainan A typhoon that caused death and destruction in the Philippines and shut down Hong Kong is now heading towards the coast of Vietnam.

About 100,000 homes were evacuated on the southern Chinese island of Hainan as Typhoon Nesat threatened to cause landslides.

Fishing boats in northern Vietnam have been ordered to return to port as the storm approaches.

The typhoon killed at least 39 people in the Philippines.

The Chinese authorities on Hainan island called boats back to port, suspended flights and ferry services, and closed schools.

Typhoon Nesat made landfall in Hainan's Wenchang city, packing winds of up to 150 km/h (93 mph).

The typhoon forced the Hong Kong Stock Exchange and most businesses and schools there to close on Thursday as it swept past the territory, bringing howling winds, torrential rain and rough seas.

All ferry and some bus services were cancelled, and trains operated at a reduced frequency.

There were few people on the streets, with 100km/h winds shredding umbrellas and making it hard to walk.

Local radio reported that two people, including a taxi driver, were injured when scaffolding collapsed onto a taxi.

And a large cargo barge crashed into the seafront after slipping its moorings, television footage showed. About 50 people had to be evacuated from a nearby block of flats.

Neighbouring Macau was also affected, with schools and businesses closed. But the city's glittering casinos remained open for the tourists who managed to get there.

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Qantas buys 110 Airbus aircraft

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6 October 2011 Last updated at 07:18 GMT Qantas is launching two new airlines in Asia European aircraft maker Airbus has struck a deal worth US$9.5bn (￡6.2bn) with Australia's Qantas for 110 jets.

The order, said by Qantas to be the country's single largest aircraft purchase by units, will underpin the airline's expansion into Asia.

Qantas, which is launching a low-cost and a premium airline in Asia, is buying 78 Airbus 320neos and 32 A320s.

Meanwhile, Airbus said it may help customers with aircraft financing if the euro debt crisis affects orders.

Qantas' expansion plans in Asia include a low-cost tie-up with Japan Airlines and Mitsubishi Corp, as well as a separate joint-venture premium airline.

The next-generation A320neo burns about 15% less fuel than the original A320 and is a key part of EADS-owned Airbus's growth plans.

Separately, Airbus said that it could get involved in debt financing to help customers if market conditions worsen.

There have been reports that banks and institutions that bankroll the airline market are starting to scale back lending.

"We will, if necessary, enter into some financing, although we're not a bank," Tom Williams, Airbus executive vice president, told a news conference in Sydney.

Airbus and rival Boeing have been ramping up production in the last couple of years.

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VIDEO: Rising inflation in the eurozone

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30 September 2011 Last updated at 09:39 GMT Help

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Shell Singapore fire 'contained'

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29 September 2011 Last updated at 04:27 GMT The refinery is on Bukom island about five kilometres away from Singapore's mainland Royal Dutch Shell said a fire that broke out at a refinery in Singapore - its biggest globally - has been contained.

The fire started on the plant on Bukom island, five kilometres off Singapore, on Wednesday and affected a unit that helps make diesel fuel.

Shell said it is shutting down units at the refinery as a precaution.

Singapore is a trading hub and analysts said a prolonged shutdown could tighten supplies.

Shell said that, while the fire was contained, firefighters were still working to completely extinguish it.

It also said an inquiry would be forthcoming

"We believe it was an accident," the company said in a statement. "A full investigation will be conducted once the fire is put out."

Trading centre

Shell shut down a hydrocracker at the refinery, which will affect gas oil and jet fuel production. All crude units were also operating at reduced rates.

Capacity at the Bukom plant is 500,000 barrels a day.

The fire hit at a time when refiners around Asia are already running near full capacity to meet demand.

Singapore is the world's largest market for fuel oil and Asia's hub for crude and refined product trading.

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Australia's trade surplus widens

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4 October 2011 Last updated at 04:59 GMT Australia's coal exports have been picking up after being hurt by floods earlier this year Australia's trade surplus surged in August as exports of coal and other minerals increased despite concerns of a global slowdown.

Shipments from Australia grew 8% from the previous month, while imports rose 3%, the statistical bureau said.

That resulted in a trade surplus of 3.1bn Australian dollars ($2.9bn; ￡1.9bn), the second-largest on record.

Meanwhile, the Reserve Bank of Australia (RBA) left the interest rate unchanged at 4.75%

The data comes amid concerns that fears of a slowdown may hurt demand for Australia's mineral exports.

"Export volumes are really kicking along and that will be a big fillip for the economy in the quarter," said Brian Redican of Macquarie.

Asia factor Continue reading the main story

The indications are that the pace of near-term growth is unlikely to be as strong as earlier expected”

End Quote Glenn Stevens Reserve Bank of Australia Analysts said the fact that a huge amount of Australia's mineral shipments head to Asian economies has been a big factor in ensuring that its export sector sustains its momentum, despite global slowdown concerns.

They said that as economies like India and China see more people move from rural to urban centres, the demand for minerals will continue to rise.

"Both these countries have more than 1 billion people, and that is a big factor," David Lennox of Fat Prophets told the BBC.

As these countries undergo rapid urbanisation, they will also need to boost their power generation capacity in order to meet the increased demand for electricity.

"That process is not dependent on what happens in the US or European economies," Mr Lennox said.

He added that given these factors, exports of Australian minerals to the region will continue to grow.

Monetary easing?

However, despite the encouraging export numbers, the RBA indicated that it may ease its monetary policy going forward.

Glenn Stevens, the governor of the central bank, said the slowdown in the US and the ongoing debt crisis in Europe are likely to hurt global growth and also have an impact on Australia's economy.

"The indications are that the pace of near-term growth is unlikely to be as strong as earlier expected," he said in a statement.

There have been concerns that while its mining sector is booming, other parts of its economy are facing a tough time due to falling consumer demand.

However, the central bank inisisted it was ready to act in a bid to boost demand.

"An improved inflation outlook would increase the scope for monetary policy to provide some support to demand, should that prove necessary." the bank said.

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Shares up on eurozone debt hopes

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6 October 2011 Last updated at 09:47 GMT EC President Jose Manuel Barroso has fuelled expectations that Europe is preparing an action plan Stock markets have been boosted by expectations that European leaders are about to act to ease the debt crisis.

The main markets in London, Frankfurt and Paris were about 2% up, after Hong Kong closed 5.6% higher.

European Commission President Jose Manuel Barroso said in a television interview that there were plans for co-ordinated action to recapitalise banks.

More details of any action plan could come later at a European Central Bank press conference.

There have been a flurry of reports and comments in recent days that European authorities have negotiated plans to bolster banks and boost bailout funds.

On Thursday, Mr Barroso fuelled expectations further, telling Euronews TV that the EU executive was proposing "co-ordinated action" to the 27 European Union nations to bolster banks.

The intention was to "recapitalise banks and get rid of toxic assets they may have".

Continue reading the main story

You can see this as creeping progress towards putting adequate shock absorbers into the eurozone's financial system.”

End Quote Robert Peston Business editor, BBC News On Thursday afternoon, European Central Bank president Jean-Claude Trichet will lead a media briefing, which will come after the bank announces its decision on European interest rates.

Then German Chancellor Angela Merkel is due to hold talks in Berlin with Mr Trichet as well as the heads of the International Monetary Fund, the World Bank, the OECD and G20.

On Wednesday, Mr Merkel said she was in favour of a co-ordinated recapitalisation of European banks if that was deemed necessary.

Expectations that there will be action to bolster banks and boost European bailout funds began on Monday, when Olli Rehn, European commissioner for economic affairs, said there was "an increasingly shared view that we need a concerted, co-ordinated approach".

In an interview with the Financial Times, he said there was "a sense of urgency among ministers and we need to move on".

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Arsenal financial future 'secure'

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Arsenal moved from Highbury to Emirates Stadium in 2006 Chief executive Ivan Gazidis has said Arsenal's financial future is bright despite a fall in turnover and profit.

The Gunners reported group turnover for the year ending 31 May as ￡255.7m, down from ￡379.9m in 2010, while profit was also reduced from ￡56m to ￡14.8m.

Gazidis told the club website: "We are very secure - it's a good set of results again.

"This is a very solid, very healthy set of results and it gives us a good platform to move forward from."

Continue reading the main story

Arsenal's accounts do not include the ￡30m gained from the sale of Cesc Fabregas, the ￡24m received for Samir Nasri or the ￡7m paid by Manchester City for Gael Clichy

A reduced income from property sales at the Highbury redevelopment and increase in player wages have played their part in the drops, but the figures do not include the sales of midfielders Cesc Fabregas and Samir Nasri to Barcelona and Manchester City respectively.

"We didn't have the same kind of profit from player sales that we had in the previous season and that explains the slight reduction in profit," added Gazidis.

"We haven't seen the same kind of profits from the property side that we have seen in the past but that was entirely to be expected. Our property business is debt-free so any new sales of property do accumulate cash, which is very positive for the future."

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Minimum wage up by 15p to £6.08

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30 September 2011 Last updated at 23:01 GMT The increase takes account of the current economic uncertainty The minimum wage has gone up, with the main rate for adults aged 21 or over rising by 15p to ￡6.08 an hour.

The development rate - for those aged 18 to 20 - goes up by 6p to ￡4.98 an hour, for 16 and 17-year-olds it rises by 4p to ￡3.68 an hour and the hourly apprentice rate rises by 10p to ￡2.60.

The TUC welcomed the rise but Unison said the rates were still too low.

The minimum wage was introduced in 1999 at ￡3.60 an hour for adults, and is set each year by the Low Pay Commission.

The commission recommended this year's increase in a report to the government in April.

It said the increases would balance the needs of low-paid workers and their employers facing difficulties during a period of economic uncertainty.

As levels of youth unemployment are relatively high, it recommended a lower increase for young workers than for their older counterparts, to try to encourage employers to keep them on.

The TUC it estimated the increases would benefit nearly 900,000, mainly female, workers.

The general secretary of the public sector union, Unison, said ￡8 an hour was needed to provide a living wage.

"The rise to ￡6.08 is a welcome cushion, but with the price of everyday essentials such as food, gas and electricity going up massively, it won't lift enough working people out of the poverty trap," Dave Prentis said.

As a result, he called on employers to pay more than the absolute minimum.

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Survey finds 28p beer price gap

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AppId is over the quota
5 October 2011 Last updated at 23:08 GMT Even the cheapest pint of bitter in London costs more than ￡3, the survey says The cheapest pint of beer is 28p cheaper in pubs in the north of England compared with south-eastern hostelries, a survey suggests.

Some 650 pubs were asked for the cost of their cheapest pint of bitter by researchers for the Good Pub Guide.

They found that this pint cost ￡3.15 on average in the south-east of England and London, but ￡2.87 in Yorkshire and the North.

Campaigners say that overheads faced by pubs could explain the difference.

Rates and rents were often higher for London publicans and that could be reflected in the cost of a drink, said Tony Jerome, spokesman for the Campaign for Real Ale (Camra).

Brewers

The 30th edition of the Good Pub Guide, published on Thursday, found that prices had risen by 7% over the last year - and that the north-south price divide had been in evidence for some time.

However, it suggested that pubs brewing their own ale were often charging less than ￡2.50 a pint, with scarcely any increase over the last year. A recent Camra survey claimed West Yorkshire had more breweries producing more types of beer than any other county in the UK.

Figures from the British Beer and Pub Association's Statistical Handbook claimed that the price differential for a pint in London and in the North East in 2010 was even greater - at 84p.

One brewer warned that the price of a pint could continue to rise

Paul Maloney, national officer of the GMB union, said: "Since the Good Pub Guide was first published, the Beer Orders were introduced in 1989. The aim was to foster competition to increase consumer choice and bring down prices.

"The opposite of this aim has been achieved. The average price for a pint of lager in Britain has risen by 80p higher than justified by inflation and changes in taxes in pubs, as property companies replaced brewers as owners."

Rising costs

Brewer Shepherd Neame said on Wednesday that beer prices would continue to rise in the coming months.

The brewer, which produces real ales such as Spitfire and Bishops Finger, said cereals such as barley were up to 30% more expensive than a year ago, while the price of glass has also increased, pushing up the cost of beer bottles and pint jars.

However, changes to the tax system have made some drinks cheaper.

Since 1 October, all beers with an alcohol content of 2.8% abv and below are being taxed less, to the equivalent of around 35p on every pint when compared with a typical 4.2% cent beer.

The Good Pub Guide also suggested that steak-in-ale pie was the most popular pub food.

Editor Fiona Stapley said that many pubs were diversifying, such as offering breakfasts and coffee mornings, to get through tough economic conditions.

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Deloitte sued for $7.6bn in US

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AppId is over the quota
26 September 2011 Last updated at 21:33 GMT It is alleged that Deloitte missed financial fraud at the mortgage company Taylor Bean and Whitaker Giant accounting and consulting firm Deloitte Touche Tohmatsu has been accused of failing to detect fraud during audits of a mortgage firm which failed during the US housing crash.

A trust overseeing now-defunct Taylor, Bean & Whitaker (TBW), and one of the company's subsidiaries, have filed complaints in a Florida court.

They are claiming a combined $7.6bn (￡4.9bn) in losses.

TBW shut down after federal agents raided its headquarters in August 2009.

Deloitte spokesman Jonathan Gandal said the firm rejected the court claims, and that they were "utterly without merit".

'Red flags'

The fraud at Ocala-based TBW began in 2002 and continued until its collapse two years ago.

Seven TBW executives were convicted of federal criminal charges, with former chairman Lee B Farkas sentenced to 30 years in jail.

The lawsuits claim Deloitte's certifications of the TBW books were essential in giving it the appearance of a legitimate mortgage business.

However the lawsuits say TBW was selling false or highly overvalued mortgages, mis-stating its liabilities and hiding overdrawn bank accounts.

"They [Deloitte Touche Tohmatsu] certainly did not do their job," said attorney Steven Thomas, who represents those suing Deloitte.

"This is one of those cases where the red flags are staring you in the face, and you've got to do a lot, and they did not."

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UK 'super-port' to open in 2013

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AppId is over the quota
4 October 2011 Last updated at 10:25 GMT DP World says the project could add 32,000 jobs to the UK economy The owners of the London Gateway port say the project is due to open in the last three months of 2013.

DP World says the site will initially be able to handle 1.6 million standard shipping containers a year. Over time, the Dubai-headquartered group plans to raise capacity to 3.5m containers.

Construction work began near Thurrock, Essex, in January 2010 on the site of a former Shell oil refinery.

When complete, it will be the largest deep-sea port in the UK.

DP World says the Thames Estuary development has already created 600 jobs and it plans to increase that number by a further 1,000 over the coming months. Seven hundred of the new posts will be in construction, while the other 300 are described as port jobs.

The firm estimates that eventually, the port and a neighbouring logistics centre will help create 32,000 jobs, adding ￡3.2bn to the UK economy each year.

'Environmentally friendly'

The company says the project is also good for the environment. It says that by allowing the world's largest cargo ships to unload their goods next to a major distribution centre, 65 million road freight miles can be saved every year.

DP World's chief executive, Mohammed Sharaf, said: "London Gateway is a giant leap forward for the UK's supply chains and will benefit our customers tremendously through more efficient transportation of goods."

Business Secretary Vince Cable also welcomed the news, saying: "It will help Britain maintain its competitiveness, drive productivity, and crucially strengthen our links with Asia and beyond."

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Shell Singapore in Force Majeure

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AppId is over the quota
3 October 2011 Last updated at 04:09 GMT The shutdown if the refinery has affected gas, oil and jet fuel production. Shell has declared a force majeure on some of its customers after a fire shut down its refinery in Singapore last week.

The fire affected its diesel fuel unit but forced Shell to shut its entire refinery, hurting its supplies.

The declaration of Force Majeure excuses a company from contractual agreements when an extraordinary event occurs which is beyond its control.

The refinery is Shell's biggest such operation globally.

"We confirm that Force Majeure has been declared on some of our customers," Lee Tzu Yang, chairman of Shell Singapore, said on the company's website.

"We continue to be in discussions with our customers to address their supply of product needs and to minimise any potential impact on them," he added.

The refinery has a capacity of 500,000 barrels a day.

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US services sector 'sheds jobs'

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AppId is over the quota
5 October 2011 Last updated at 15:04 GMT The three different surveys gave conflicting signals ahead of the official jobs data release on Friday Employment in the US non-manufacturing sectors may have fallen in September, a survey has suggested, although output growth remained steady.

The ISM non-manufacturing index, which tracks services and construction sector activity, fell to 53 from 53.3 in August. Levels above 50 imply growth.

But the survey's employment sub-index dropped to 48.7, indicating job losses for the first time in 12 months.

However, separate data suggested the US private sector was still adding jobs.

The ADP jobs report, which is compiled each month by a major US outsourcing firm, registered 91,000 new private sector jobs across the US economy as a whole in September, somewhat ahead of market expectations.

The bulk of those new jobs, according to the report, were in the service sector - which accounts for about 80% of all jobs in the US.

The clear discrepancy with the non-manufacturing sector survey conducted by the Institute of Supply Management may point to a jump in government-sector job losses, which would be included in the ISM index, but not in the ADP report.

"The most significant thing is the employment index which fell," said Anthony Nieves, chair of the ISM's survey committee.

"This is a very tell-tale sign for non-manufacturing, given how labor intensive this sector is. The drop in the employment index reflects the prevailing sentiment in the business community which is one of caution, hesitation and uncertainty."

Meanwhile a third report, by consultancy Challenger, Gray and Christmas, calculated that nearly 116,000 job cuts were announced last month - the highest rate since April 2009 - thanks largely to layoffs by Bank of America and the US military.

Official US jobs data for September is due to be released on Friday by the US Department of Labor, and is expected to show an increase of 60,000 jobs for the US economy as a whole.

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UK construction activity 'stalls'

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AppId is over the quota
4 October 2011 Last updated at 10:11 GMT Markit said uncertainty over future economic conditions dampened confidence in the sector Activity in the UK construction sector slowed to "near stagnation" in September, a closely-watched survey has suggested.

The Markit/Cips construction purchasing managers' index (PMI) fell to 50.1, just fractionally above the 50 "no-change" threshold that separates expansion from contraction.

In August, the index had read 52.6.

Markit said fewer new orders was the reason behind the slowdown, but added that staffing levels rose slightly.

Confidence in the sector remained relatively subdued, the research group said.

Also on Tuesday, builders' merchant Wolseley announced a return to full-year profit but said recent weaker economic forecasts were likely to have an impact on its markets.

On Monday, Markit/Cips data showed surprise growth in the manufacturing sector.

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VIDEO: Reaction to Italy credit downgrade

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AppId is over the quota
5 October 2011 Last updated at 10:30 GMT Help

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Japan retail sales drop in August

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AppId is over the quota
29 September 2011 Last updated at 00:53 GMT Consumers are being hurt by global economic problems and a weaker labour market Retail sales in Japan registered a surprisingly sharp fall in August as a post-earthquake rebound petered out.

Sales fell 2.7% versus a year ago, a much sharper decline than the 0.6% rate expected by markets.

It ends two months of rising sales during which the Japanese economy appeared to be returning to normality after the natural disaster in March.

The disappointing result mirrors a similar downturn in consumer spending and sentiment in the US and Europe.

On a seasonally-adjusted basis, August sales fell 1.7% from July, which were themselves down a revised 0.3% from the month before.

Wholesalers meanwhile continued to do well, according to the data from the Ministry of Economy, Trade and Industry.

The volume of wholesale transactions accelerated to a year-on-year rate of 5.6% in the month.

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Barclay brothers buy Claridge's

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AppId is over the quota
29 September 2011 Last updated at 21:39 GMT Claridge's is the latest luxury hotel to be owned by the Barclays The Barclay brothers have bought three of London's top hotels, including Claridge's, for 800m euros (￡695m).

They acquired Claridge's, the Connaught and Berkeley from the National Asset Management Agency (Nama), the Irish government agency created to manage the toxic property loans of its bust banks.

Nama said it had recovered 100% of the original value of the loans plus interest.

The Barclays already own the Ritz hotel in London.

The loans had originally been made to the Maybourne Hotel Group by two Irish banks to fund the acquisition of the hotels in 2005.

By buying the loans, the Barclays have acquired the hotels.

Nama took control of the bad property debt from Irish banks during the height of the financial crisis, and it is tasked with maximising the return to the Irish taxpayer over the long term.

The agency has said that it wants to dispose of 5bn euros of UK loans in 2011. Its annual report listed total UK assets of about ￡8.5bn.

Sir David Barclay and his brother Sir Frederick also own the Daily Telegraph and the Littlewoods retail group.

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US economic growth rate at 1.3%

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29 September 2011 Last updated at 13:09 GMT Continue reading the main story The US economy grew at an annualised rate of 1.3% between April and June, the Commerce Department has said in its third estimate for the quarter.

This is higher than the 1% growth it reported in its second estimate, but the same as its first calculation for the three month period.

Consumer spending and exports were both stronger than previously estimated.

Last week, the Federal Reserve unveiled a new plan to try to help the economy.

Under a scheme dubbed Operation Twist, the US central bank is selling about $400bn (￡260bn) worth of bonds maturing within three years and buying longer-term debt.

The sluggish growth in the US economy has not been sufficient to reduce high levels of unemployment, with the jobless rate in August at 9.1%.

For the first six months of 2011 the US economy expanded by 0.9%, the lowest rate of growth in more than two years.

Joe Manimbo, analyst at Travelex Global Payments in Washington, welcomed the latest economic growth figures.

"The final print of second-quarter GDP came out a little bit faster than expected and that suggests the US economy entered the third quarter on a slightly better footing," he said.

Most economists expect the economy to improve in the third quarter, with predictions that it will grow at an annualised pace of about 2%.

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