Link to the article: Channel 4
Last Modified: 30 Mar 2009
By: Channel 4 News
While the world sinks into economic turmoil China's own $500bn stimulus plan is set to boost local markets and exports. So should the west be looking east for recession salvation?
The real action at this week's global summit is less about the G20 than the two countries dubbed the G2 - China, and America.
China's economy is slowing but still booming and is set to grow by at least 6.5 per cent this year, according to the World Bank.
So can China really save the world - and does it want to?
Chinese ambassador, Fu Ying, speaks to Jon Snow about the country's economic growth.
Monday, 30 March 2009
Fixing a broken economy
Link to the article: Channel 4
Last Modified: 30 Mar 2009
By: Jon Snow
As world leaders gather to solve the global economy crisis Channel 4 News reports from G20 on whether the city blamed for causing the crash can fix it.
World leaders seeking a Big Fix for the global recession meeting this week are just a champagne cork's pop away from the City of London.
More than any other financial centre, the City flourished during the boom. Now those "white, blue eyed people" are seen as a cause of the crash and not just by the Brazilian president.
But amidst the squabbles and pre-summit positioning, two clear objectives are apparent.
Fix Number One: to cooperate to revive the world's economies, with or without a further commitment to spend more public money.
Fix Number Two: to identify the failures in the global financial and economic system that caused the crash, and mend them.
But as Gordon Brown insists we are in this together can London rise to the challenge and solve the crisis?
Last Modified: 30 Mar 2009
By: Jon Snow
As world leaders gather to solve the global economy crisis Channel 4 News reports from G20 on whether the city blamed for causing the crash can fix it.
World leaders seeking a Big Fix for the global recession meeting this week are just a champagne cork's pop away from the City of London.
More than any other financial centre, the City flourished during the boom. Now those "white, blue eyed people" are seen as a cause of the crash and not just by the Brazilian president.
But amidst the squabbles and pre-summit positioning, two clear objectives are apparent.
Fix Number One: to cooperate to revive the world's economies, with or without a further commitment to spend more public money.
Fix Number Two: to identify the failures in the global financial and economic system that caused the crash, and mend them.
But as Gordon Brown insists we are in this together can London rise to the challenge and solve the crisis?
Betting on 'casino capitalism'
Link to the article: Channel 4
Last Modified: 30 Mar 2009
By: Faisal Islam
Is funding a deregulated system the real reason behind the global crash? Channel 4 news looks at whether the financial gamble is the real recession villain.
Britain may have Sir Fred Goodwin to demonise but for much of the world "casino capitalism'" is to blame.
The financial system where gambling on large bets took over the job of markets allocating money to productive parts of the economy is at the centre of the global recession blame game.
Is there a consensus on the part this system played in the crash and can world leaders agree a plan to fix it?
Last Modified: 30 Mar 2009
By: Faisal Islam
Is funding a deregulated system the real reason behind the global crash? Channel 4 news looks at whether the financial gamble is the real recession villain.
Britain may have Sir Fred Goodwin to demonise but for much of the world "casino capitalism'" is to blame.
The financial system where gambling on large bets took over the job of markets allocating money to productive parts of the economy is at the centre of the global recession blame game.
Is there a consensus on the part this system played in the crash and can world leaders agree a plan to fix it?
Sunday, 29 March 2009
Pressure on Swiss banks
Link to the article: Channel 4
Last Modified: 29 Mar 2009
By: Darshna Soni
Switzerland will come under more pressure to allow other countries to see its banking records, with the issue high on the agenda at the G20 summit next week.
Several countries have pushed for the Swiss to be added to a blacklist, or even threatened with sanctions, forcing Switzerland to make some concessions.
But with a financial economy built on discretion, it's fighting attempts to make it go further.
Last Modified: 29 Mar 2009
By: Darshna Soni
Switzerland will come under more pressure to allow other countries to see its banking records, with the issue high on the agenda at the G20 summit next week.
Several countries have pushed for the Swiss to be added to a blacklist, or even threatened with sanctions, forcing Switzerland to make some concessions.
But with a financial economy built on discretion, it's fighting attempts to make it go further.
Summit 'will not solve crisis'
Link to the article: Channel 4
Last Modified: 29 Mar 2009
By: Alex Thomson
The Chancellor Alistair Darling has warned the problems of the international economy will not "get sorted in one day" at the G20 summit this week.
As world leaders head to London, he accepted there would be no announcement of a new stimulus package, in other words new coordinated tax cuts and spending.
Last Modified: 29 Mar 2009
By: Alex Thomson
The Chancellor Alistair Darling has warned the problems of the international economy will not "get sorted in one day" at the G20 summit this week.
As world leaders head to London, he accepted there would be no announcement of a new stimulus package, in other words new coordinated tax cuts and spending.
Saturday, 28 March 2009
Scottish building society collapses
Link to the article: Channel 4
Last Modified: 28 Mar 2009
By: Julian Rush
The biggest building society north of the border becomes the latest victim of the economic slump.
He has talked of saving the world - or at least saving the banks - but tonight on the eve of the G20 summit, the financial turmoil has reached Gordon Brown's own backyard, as the Dunfermline Building Society is wound up.
It means yet another high street lender is on the verge of breaking up, hammering home the fragility of the global economy, as world leaders prepare to meet in London.
Banks may now get the solvent bits but it is looking like the taxpayer will pick up its toxic debts.
Tonight, the prime minister insisted savers at the Dunfermline Building Society would be protected.
The government is now considering a range of options, including underwriting some of the institution's toxic assets.
Link to article: Dunfermline chairman's anger 29.03.09 (Channel 4 News)
Last Modified: 28 Mar 2009
By: Julian Rush
The biggest building society north of the border becomes the latest victim of the economic slump.
He has talked of saving the world - or at least saving the banks - but tonight on the eve of the G20 summit, the financial turmoil has reached Gordon Brown's own backyard, as the Dunfermline Building Society is wound up.
It means yet another high street lender is on the verge of breaking up, hammering home the fragility of the global economy, as world leaders prepare to meet in London.
Banks may now get the solvent bits but it is looking like the taxpayer will pick up its toxic debts.
Tonight, the prime minister insisted savers at the Dunfermline Building Society would be protected.
The government is now considering a range of options, including underwriting some of the institution's toxic assets.
Link to article: Dunfermline chairman's anger 29.03.09 (Channel 4 News)
Germany warns on euro stability
Link to the article: Euronews
Germany has warned that the stability and credibility of the single European currency will be under threat if European member states do not return to policies of fiscal discipline after the worst of the crisis is over.
The comments came from German Finance Minister Peer Steinbrueck in a speech to the Bundestag lower house of parliament.
They were the strongest yet from a leading politician in Germany, which is worried about a surge in debt and deficit levels in the euro zone.
Steinbrueck said the issue was of “decisive importance” for the bloc’s citizens and financial markets.
Later, at a conference, the Finance Minister expressed doubts as to whether the various debt-financed stimulus packages around the world could stop the worst global downturn in 80 years.
Germany has warned that the stability and credibility of the single European currency will be under threat if European member states do not return to policies of fiscal discipline after the worst of the crisis is over.
The comments came from German Finance Minister Peer Steinbrueck in a speech to the Bundestag lower house of parliament.
They were the strongest yet from a leading politician in Germany, which is worried about a surge in debt and deficit levels in the euro zone.
Steinbrueck said the issue was of “decisive importance” for the bloc’s citizens and financial markets.
Later, at a conference, the Finance Minister expressed doubts as to whether the various debt-financed stimulus packages around the world could stop the worst global downturn in 80 years.
Renewed calls for a fundamental financial shake-up
Link to the article: Euronews
There have been more calls for a new world financial order – this time at a meeting of centre-left governments in Chile. There was tight security for the Progressive Leaders’ Summit which heard demands that are becoming increasingly familiar – for fundamental change and a rejection of protectionism to turn around the global financial crisis.
The host, Chile’s president Michelle Bachelet, said: “The crisis cannot be combated by pushing the people and the workers aside. It should be fought by putting the people first.”
There have been more calls for a new world financial order – this time at a meeting of centre-left governments in Chile. There was tight security for the Progressive Leaders’ Summit which heard demands that are becoming increasingly familiar – for fundamental change and a rejection of protectionism to turn around the global financial crisis.
The host, Chile’s president Michelle Bachelet, said: “The crisis cannot be combated by pushing the people and the workers aside. It should be fought by putting the people first.”
Britain’s Brown urges IMF reform
Link to the article: Euronews
British premier Gordon Brown has called for major reform of the International Monetary Fund, saying the body is not able to tackle the global financial crisis.
The comments came ahead of a pre-G20 warm up summit being hosted by Chile’s President Michelle Bachelet.
Speaking in the Chilean city of Vina del Mar, Brown said the IMF was not able to respond to the world’s current needs.
‘‘We cannot have an International Monetary Fund that simply deals with the balance of payments crisis in individual countries. That was the old world. We need an international institution, a new International Monetary Fund, that can deal with global and not local competition, international flows of capital, not just natural flows of capital and global open economies and not just the sheltered economies of the past. So we must reform the International Monetary Fund,’‘ said Brown.
British premier Gordon Brown has called for major reform of the International Monetary Fund, saying the body is not able to tackle the global financial crisis.
The comments came ahead of a pre-G20 warm up summit being hosted by Chile’s President Michelle Bachelet.
Speaking in the Chilean city of Vina del Mar, Brown said the IMF was not able to respond to the world’s current needs.
‘‘We cannot have an International Monetary Fund that simply deals with the balance of payments crisis in individual countries. That was the old world. We need an international institution, a new International Monetary Fund, that can deal with global and not local competition, international flows of capital, not just natural flows of capital and global open economies and not just the sheltered economies of the past. So we must reform the International Monetary Fund,’‘ said Brown.
Friday, 27 March 2009
Business Update: UK in GDP fall
Link to the article: Reuters Video
(02:16) Report
Mar 27 - The British economy has fallen deeper into recession, with GDP falling 1.6 per cent in the final three months of 2008.
# German inflation falls
# G20 won't discuss new global reserve currency
# Trouble ahead for Commerzbank
Jim Drury reports.
(02:16) Report
Mar 27 - The British economy has fallen deeper into recession, with GDP falling 1.6 per cent in the final three months of 2008.
# German inflation falls
# G20 won't discuss new global reserve currency
# Trouble ahead for Commerzbank
Jim Drury reports.
London echoes of 1933 in G20 summit
Link to the article: Reuters Video
(01:43) Report
Mar 27 - London played host to an international conference on the global economy in 1933 that failed to achieve a united action plan.
As London prepares to play host to the G20 summit aimed at finding a global solution to the economic crisis, many are reflecting on the last time a similar summit was held in London.
The 1933 London Economic Conference brought together representatives from 66 countries, aiming to tackle economic problems, revive international trade, and restoring the gold standard amid the Great Depression after the end of World War One.
It was widely seen as a failure.
Matt Cowan reports.
(01:43) Report
Mar 27 - London played host to an international conference on the global economy in 1933 that failed to achieve a united action plan.
As London prepares to play host to the G20 summit aimed at finding a global solution to the economic crisis, many are reflecting on the last time a similar summit was held in London.
The 1933 London Economic Conference brought together representatives from 66 countries, aiming to tackle economic problems, revive international trade, and restoring the gold standard amid the Great Depression after the end of World War One.
It was widely seen as a failure.
Matt Cowan reports.
Spoof FT hits London ahead of G20
Link to the article: Reuters Video
(02:04) Report Mar 27
A group of anti-capitalism protesters have distributed a mock copy of London's famous Financial Times newspaper. Anti-capitalism protesters are vowing to make their voices heard when world leaders gather in London next week for the G20 summit. A group of them have distributed a mock newspaper to commuters urging them to join their protest against the great and the good. Jim Drury reports.
(02:04) Report Mar 27
A group of anti-capitalism protesters have distributed a mock copy of London's famous Financial Times newspaper. Anti-capitalism protesters are vowing to make their voices heard when world leaders gather in London next week for the G20 summit. A group of them have distributed a mock newspaper to commuters urging them to join their protest against the great and the good. Jim Drury reports.
Why the G20 protesters are marching
Link to the article: Channel 4
Last Modified: 27 Mar 2009
By: Channel 4 News
Channel 4 News online surveyed a selection of the groups protesting around the G20 to find out why they are doing it.
We asked some of the organisations supporting the Put People First protest on Saturday, the G20 meltdown march on Wednesday and the Climate Camp to tell us why they are protesting and what it would take for them to consider their protest a success.
We also asked them to limit their answers to the length of a Twitter post - just 140 characters (including spaces) per answer. Some managed the challenge better than others.
Last Modified: 27 Mar 2009
By: Channel 4 News
Channel 4 News online surveyed a selection of the groups protesting around the G20 to find out why they are doing it.
We asked some of the organisations supporting the Put People First protest on Saturday, the G20 meltdown march on Wednesday and the Climate Camp to tell us why they are protesting and what it would take for them to consider their protest a success.
We also asked them to limit their answers to the length of a Twitter post - just 140 characters (including spaces) per answer. Some managed the challenge better than others.
Thursday, 26 March 2009
Euro-crash: Slovakia bucks trend
Link to the article: BBC Newsnight
Amid all the economic turmoil one country in Eastern Europe seems to have avoided the collapse of its banking system and, so far, even recession. It joined the Euro in January and Paul Mason concludes his tour of Eurocrash tour in the Slovak capital, Bratislava.
Amid all the economic turmoil one country in Eastern Europe seems to have avoided the collapse of its banking system and, so far, even recession. It joined the Euro in January and Paul Mason concludes his tour of Eurocrash tour in the Slovak capital, Bratislava.
Wednesday, 25 March 2009
Fears of direct action at the G20
Link to the article: Channel 4
Last Modified: 25 Mar 2009
By: Jonathan Rugman
As world leaders gather in London for the G20 summit next week, Jonathan Rugman asks: will public anger be translated into direct action?
The anti-globalisation movement is convinced that its time has come again.
While we may not all want to break the windows of famous bankers, it is surely true that there is a widespread sense of anger among the public about the conduct of banks and even the economic system itself.
It is a decade since anti-globalisation protests made headlines in Seattle, but their agenda was eclipsed by fears over terrorism in the wake of 9/11.
Last Modified: 25 Mar 2009
By: Jonathan Rugman
As world leaders gather in London for the G20 summit next week, Jonathan Rugman asks: will public anger be translated into direct action?
The anti-globalisation movement is convinced that its time has come again.
While we may not all want to break the windows of famous bankers, it is surely true that there is a widespread sense of anger among the public about the conduct of banks and even the economic system itself.
It is a decade since anti-globalisation protests made headlines in Seattle, but their agenda was eclipsed by fears over terrorism in the wake of 9/11.
Top soccer coping with credit crunch
Link to the article: Reuters Video
(02:18) Report
Mar 25 - Europe's biggest clubs are avoiding the worst effects of the the global economic downturn, but for those lower down the leagues the future is less bright.
As the global credit crunch continues to bite, questions remain over the financial viability of the world's biggest game, which has enjoyed years of unprecedented growth. But the biggest clubs seem to be defying all expectations of a banking-style collapse.
Jim Drury reports.
(02:18) Report
Mar 25 - Europe's biggest clubs are avoiding the worst effects of the the global economic downturn, but for those lower down the leagues the future is less bright.
As the global credit crunch continues to bite, questions remain over the financial viability of the world's biggest game, which has enjoyed years of unprecedented growth. But the biggest clubs seem to be defying all expectations of a banking-style collapse.
Jim Drury reports.
China: Coke deal anti-consumer
Link to the article: Reuters Video
(01:07) Report
Mar 25 - China says it rejected Coca-Cola's bid for juice maker Huiyuan because it feared the firm could deter competitors to the detriment of consumers.
The government feared Coca-Cola, which controls over 60 percent of the Chinese soft drinks market, would transfer its dominance into the juice beverage sector and stamp out competition.
Stefanie McIntyre reports
(01:07) Report
Mar 25 - China says it rejected Coca-Cola's bid for juice maker Huiyuan because it feared the firm could deter competitors to the detriment of consumers.
The government feared Coca-Cola, which controls over 60 percent of the Chinese soft drinks market, would transfer its dominance into the juice beverage sector and stamp out competition.
Stefanie McIntyre reports
Eurocrash: Ukraine on the brink?
Link to the article: BBC Newsnight (Video)
Paul Mason visits Kiev and finds Ukraine - struggling with a £16.5bn IMF loan - on the brink politically and economically.
Paul Mason visits Kiev and finds Ukraine - struggling with a £16.5bn IMF loan - on the brink politically and economically.
Sir Alan on the return of The Apprentice
Link to the article: BBC Breakfast (Video)
Sir Alan Sugar spoke to BBC Breakfast about the return of The Apprentice, and how the recession has affected the new series.
Read about the contestants or watch clips at The Apprentice website. The programme is on BBC1 at 2100 on Wednesdays.
Sir Alan Sugar spoke to BBC Breakfast about the return of The Apprentice, and how the recession has affected the new series.
Read about the contestants or watch clips at The Apprentice website. The programme is on BBC1 at 2100 on Wednesdays.
'Bank bosses should be jailed'
Link to the article: Channel 4
Last Modified: 25 Mar 2009
By: John Sparks
As Sir Fred Goodwin's home is attacked and bankers are condemned by the press and politicians, should others be worried too?
"Bank bosses should be jailed. This is just the beginning" was the message from a group claiming to be behind the attack on the Edinburgh home of the former Royal Bank of Scotland boss.
Windows were smashed and his car damaged, but it is not thought Sir Fred or his family were present at the time.
Vilified over his decision to take a massive pension despite the collapse of RBS, Sir Fred was reportedly "shaken" by the attack.
Last Modified: 25 Mar 2009
By: John Sparks
As Sir Fred Goodwin's home is attacked and bankers are condemned by the press and politicians, should others be worried too?
"Bank bosses should be jailed. This is just the beginning" was the message from a group claiming to be behind the attack on the Edinburgh home of the former Royal Bank of Scotland boss.
Windows were smashed and his car damaged, but it is not thought Sir Fred or his family were present at the time.
Vilified over his decision to take a massive pension despite the collapse of RBS, Sir Fred was reportedly "shaken" by the attack.
Motorists tune engines down to save
Link to the article: Channel 4
Last Modified: 25 Mar 2009
By: Ben King
Motorists are saving on fuel bills by tuning their engines down, instead of up.
Now, petrol prices may not be as high as they were six months ago, but they are still close to 90p a litre.
So some garages are offering a new way to save a little fuel. They will 'retune' car engines to run more efficiently and they say it can save as much as 15 per cent off a driver's fuel bill.
So is this something every environmentally conscious driver should consider or just a little too good to be true?
Last Modified: 25 Mar 2009
By: Ben King
Motorists are saving on fuel bills by tuning their engines down, instead of up.
Now, petrol prices may not be as high as they were six months ago, but they are still close to 90p a litre.
So some garages are offering a new way to save a little fuel. They will 'retune' car engines to run more efficiently and they say it can save as much as 15 per cent off a driver's fuel bill.
So is this something every environmentally conscious driver should consider or just a little too good to be true?
'Moving in the right direction'
Link to the article: Channel 4
Last Modified: 25 Mar 2009
By: Andrew Thomas
As Gordon Brown arrives in New York Barack Obama again calls for international backing for his strategy of boosting growth through public spending.
For second time in a week Obama has taken to the airwaves to appeal for public backing for his efforts to lift America out of the economic crisis.
In a prime-time televised news conference in the White House, the president insisted he was "moving in the right direction".
Last Modified: 25 Mar 2009
By: Andrew Thomas
As Gordon Brown arrives in New York Barack Obama again calls for international backing for his strategy of boosting growth through public spending.
For second time in a week Obama has taken to the airwaves to appeal for public backing for his efforts to lift America out of the economic crisis.
In a prime-time televised news conference in the White House, the president insisted he was "moving in the right direction".
Spotify seeks profit from free music
Link to the article: Reuters Video
(02:06) Report
Mar 24 - The Swedish digital music site has enjoyed a huge boost after opening its free, ad-supported music streaming service to all users in Britain.
The free service is available on an invitation basis in Germany, France, Italy, Spain, Finland, Norway and Sweden.
Listeners also have the option to pay a monthly fee to use the service without hearing or seeing advertisements.
Reuters Technology Correspondent Matt Cowan reports.
(02:06) Report
Mar 24 - The Swedish digital music site has enjoyed a huge boost after opening its free, ad-supported music streaming service to all users in Britain.
The free service is available on an invitation basis in Germany, France, Italy, Spain, Finland, Norway and Sweden.
Listeners also have the option to pay a monthly fee to use the service without hearing or seeing advertisements.
Reuters Technology Correspondent Matt Cowan reports.
Continental workers protest as French jobless totals rise
Link to the article: Euronews
Hundreds of French workers for German car parts maker Continental have marched through central Paris. They were protesting against the closure of the company’s Clairoix tyre-making plant in northern France
The demonstration was timed to coincide with a meeting involving Continental’s bosses and the French Economy Minister Christine Lagarde and the Industry Minister Luc Chatel.
The workers were particularly angry that just two years ago they had agreed to a longer working week to boost production when demand was high.
Now Continental has said because of slumping European car sales it must close the factory next year putting more than 1,100 people out of work.
The protest came as new government figures were released showing the number of people without jobs in mainland France in February rose by almost 80,000 to nearly 2,385,000.
Hundreds of French workers for German car parts maker Continental have marched through central Paris. They were protesting against the closure of the company’s Clairoix tyre-making plant in northern France
The demonstration was timed to coincide with a meeting involving Continental’s bosses and the French Economy Minister Christine Lagarde and the Industry Minister Luc Chatel.
The workers were particularly angry that just two years ago they had agreed to a longer working week to boost production when demand was high.
Now Continental has said because of slumping European car sales it must close the factory next year putting more than 1,100 people out of work.
The protest came as new government figures were released showing the number of people without jobs in mainland France in February rose by almost 80,000 to nearly 2,385,000.
Tuesday, 24 March 2009
Eurocrash: How Latvia's boom turned to bust
Link to the article: BBC Newsnight (Video)
Latvia is suffering the worst recession in the whole of the European Union, and its Prime Minister said today that the country may need to ask the IMF for a second bailout.
Paul Mason has been to Latvia to find out how it is coping with the crisis.
Latvia is suffering the worst recession in the whole of the European Union, and its Prime Minister said today that the country may need to ask the IMF for a second bailout.
Paul Mason has been to Latvia to find out how it is coping with the crisis.
The US toxic asset plan
Link to the article: BBC Newsnight (Video)
The US has announced details of a plan to buy up to $1 trillion (£686bn) worth of toxic assets to help repair banks' balance sheets.
It is a very complicated deal in which most of the risk is taken by the taxpayer, not the people who caused the problem in the first place, as Michelle Fleury explains.
The US has announced details of a plan to buy up to $1 trillion (£686bn) worth of toxic assets to help repair banks' balance sheets.
It is a very complicated deal in which most of the risk is taken by the taxpayer, not the people who caused the problem in the first place, as Michelle Fleury explains.
King: no further fiscal stimulus
Link to the article: Channel 4
Last Modified: 24 Mar 2009
By: Faisal Islam
The governor of the Bank of England says the government should not try to boost the economy with tax cuts or extra spending.
Britain's finances are so dire that we cannot afford another package to boost the economy in next month's budget, Mervyn King told MPs.
It might get a frosty response from Downing Street, with the prime minister talking up the idea of another fiscal boost to end the recession.
Today, however, against expectations, the consumer price index, a key rate of inflation, rose to 3.2 per cent - above the government target.
At the same time another key inflation rate, the retail prices index, used by many companies to settle wage deals, dropped back to zero.
Inflation discussion
Joining Jon Snow are Richard Jeffrey, chief investment officer at Cazenove Capital Management and Roger Bootle, chief economist at Capital Economics and author of The Death of Inflation.
Last Modified: 24 Mar 2009
By: Faisal Islam
The governor of the Bank of England says the government should not try to boost the economy with tax cuts or extra spending.
Britain's finances are so dire that we cannot afford another package to boost the economy in next month's budget, Mervyn King told MPs.
It might get a frosty response from Downing Street, with the prime minister talking up the idea of another fiscal boost to end the recession.
Today, however, against expectations, the consumer price index, a key rate of inflation, rose to 3.2 per cent - above the government target.
At the same time another key inflation rate, the retail prices index, used by many companies to settle wage deals, dropped back to zero.
Inflation discussion
Joining Jon Snow are Richard Jeffrey, chief investment officer at Cazenove Capital Management and Roger Bootle, chief economist at Capital Economics and author of The Death of Inflation.
Shock inflation rate rise
Link to the article: Channel 4
Last Modified: 24 Mar 2009
By: Bridgid Nzekwu
The Bank of England governor is forced to write to the chancellor explaining why inflation is still higher than the government's target, as Bridgid Nzekwu reports.
The consumer prices index unexpectedly rose from 3 per cent in January to 3.2 per cent last month.
Meanwhile, it is almost half a century since inflation, as measured by the retail prices index, has been so low.
RPI, which includes housing costs, fell to zero in February, just a fraction lower than the previous month.
What went up and what went down?
The ONS reports that the largest pressure resulting in the increase on the CPI annual rate was the cost of food and non-alcoholic drinks, particularly an increase in the price of vegetables.
There was also a smaller increase in the cost fruit, mineral water, soft drink and juices, breads, cereals and meat. In contrast, the cost of coffee, tea and cocoa fell.
The cost of recreational and cultural activities also rose, mainly as a result of games toys and hobbies. Computer games and preschool activity toys were particularly affected.
Transport costs also rose, mainly due to the price of fuels and lubricants which rose by more than a year ago.
Last Modified: 24 Mar 2009
By: Bridgid Nzekwu
The Bank of England governor is forced to write to the chancellor explaining why inflation is still higher than the government's target, as Bridgid Nzekwu reports.
The consumer prices index unexpectedly rose from 3 per cent in January to 3.2 per cent last month.
Meanwhile, it is almost half a century since inflation, as measured by the retail prices index, has been so low.
RPI, which includes housing costs, fell to zero in February, just a fraction lower than the previous month.
What went up and what went down?
The ONS reports that the largest pressure resulting in the increase on the CPI annual rate was the cost of food and non-alcoholic drinks, particularly an increase in the price of vegetables.
There was also a smaller increase in the cost fruit, mineral water, soft drink and juices, breads, cereals and meat. In contrast, the cost of coffee, tea and cocoa fell.
The cost of recreational and cultural activities also rose, mainly as a result of games toys and hobbies. Computer games and preschool activity toys were particularly affected.
Transport costs also rose, mainly due to the price of fuels and lubricants which rose by more than a year ago.
Why deflation forecasts were wrong
Link to the article: Channel 4
Last Modified: 24 Mar 2009
By: Channel 4 News
Inflation measures defied predictions by economists by rising in February. Channel 4 News online explains why the experts missed the mark.
Q: What inflation figures were released today?
A: Two sets of figures were published by the Office of National Statistics today: the Consumer Prices Index (CPI) and the Retail Prices Index (RPI).
The CPI - which the government uses as its inflation target guide - is a measure of the average price of consumer goods and services purchased by households. It rose from 3 per cent in January, to 3.2 per cent last month.
The RPI, used by government for the rating of pensions, benefits and wages, slowed to zero in February, from 0.1 per cent last month.
Last Modified: 24 Mar 2009
By: Channel 4 News
Inflation measures defied predictions by economists by rising in February. Channel 4 News online explains why the experts missed the mark.
Q: What inflation figures were released today?
A: Two sets of figures were published by the Office of National Statistics today: the Consumer Prices Index (CPI) and the Retail Prices Index (RPI).
The CPI - which the government uses as its inflation target guide - is a measure of the average price of consumer goods and services purchased by households. It rose from 3 per cent in January, to 3.2 per cent last month.
The RPI, used by government for the rating of pensions, benefits and wages, slowed to zero in February, from 0.1 per cent last month.
Monday, 23 March 2009
Climate change ticking in China
Link to the article: Reuters Video
(01:38) Report
Mar 23 - Greenpeace project a giant ticking clock on Beijing's old city gate in a bid to bring climate change back onto the nation's agenda.
Ticking down the minutes to the UN climate meeting in Copenhagen at the end of this year, the clock will be displayed for just one night on Yongding Gate in southern Beijing.
Matthew Stock reports.
(01:38) Report
Mar 23 - Greenpeace project a giant ticking clock on Beijing's old city gate in a bid to bring climate change back onto the nation's agenda.
Ticking down the minutes to the UN climate meeting in Copenhagen at the end of this year, the clock will be displayed for just one night on Yongding Gate in southern Beijing.
Matthew Stock reports.
Robot takes to Tokyo runway
Link to the article: Reuters Video
(01:24) Report
Mar 23 - Japan's latest female humanoid robot opens Japan Fashion Week.
Robot designers attempt to mix the android with elegance.
Mirja Spernal reports.
(01:24) Report
Mar 23 - Japan's latest female humanoid robot opens Japan Fashion Week.
Robot designers attempt to mix the android with elegance.
Mirja Spernal reports.
Buying up toxic debt 'crucial'
Link to the article: Channel 4
Last Modified: 23 Mar 2009
By: Sue Turton
The US government unveils plans to buy up to $1tr worth of toxic assets from struggling banks.
It will not get credit flowing again overnight, President Obama admitted today, but it is a move in the right direction.
Shares rallied sharply on the news that private companies would shoulder part of the risk.
US Treasury Secretary Timothy Geithner, who has been coming under mounting criticism, said it was crucial to revive the financial industry despite what he called "deep anger and outrage" over executive bonuses.
Interview: Niall Ferguson
The economic historian joins Jon Snow in the studio from Oxford.
Last Modified: 23 Mar 2009
By: Sue Turton
The US government unveils plans to buy up to $1tr worth of toxic assets from struggling banks.
It will not get credit flowing again overnight, President Obama admitted today, but it is a move in the right direction.
Shares rallied sharply on the news that private companies would shoulder part of the risk.
US Treasury Secretary Timothy Geithner, who has been coming under mounting criticism, said it was crucial to revive the financial industry despite what he called "deep anger and outrage" over executive bonuses.
Interview: Niall Ferguson
The economic historian joins Jon Snow in the studio from Oxford.
Sunday, 22 March 2009
Weak pound attracts Euro shoppers
Link to the article: Channel 4 (PA News)
Last Modified: 22 Mar 2009
Source: PA News
French fashionistas are flocking to London because the weak pound lets their euros go further on shopping sprees, retailers have said.
The chic shoppers are crossing the Channel to buy wares by iconic French brands including Chanel, Chloe and Louis Vuitton, according to Selfridges.
The department store, which has a flagship shop on Oxford Street, said credit card reports showed trade from France soared 70% in January and February compared to the same months in 2008.
The trend held for shoppers from other countries using the euro, with trade growing more than 40%, while almost all countries within the Eurozone showed double digit growth.
The pound's weakness means European customers can make big savings on pricey purchases such as designers handbags, with a classic Chanel quilted leather bag costing the equivalent of £1,780 in Paris available for £255 less in Selfridges at £1,525.
Likewise the Paddington Classic bag by trendy French label Chloe can be bought for £778 here but would cost £1,002 in Paris - £224 more.
The savings would more than cover a return Paris to London ticket on the Eurostar which can be bought for £59.
Happily, the euro shoppers are also using the favourable exchange rate to snap up British brands, with sales of handbags by Vivienne Westwood and Paul Smith up more than 50% since January.
Accessories by Westwood, the grande dame of London style, had seen particularly "outstanding" triple-digit growth, the department store said.
Other best-selling accessory brands for the year so far include the French label Yves Saint-Laurent, Gucci and Miu Miu which are both Italian, and the prestige Spanish label Loewe.
Last Modified: 22 Mar 2009
Source: PA News
French fashionistas are flocking to London because the weak pound lets their euros go further on shopping sprees, retailers have said.
The chic shoppers are crossing the Channel to buy wares by iconic French brands including Chanel, Chloe and Louis Vuitton, according to Selfridges.
The department store, which has a flagship shop on Oxford Street, said credit card reports showed trade from France soared 70% in January and February compared to the same months in 2008.
The trend held for shoppers from other countries using the euro, with trade growing more than 40%, while almost all countries within the Eurozone showed double digit growth.
The pound's weakness means European customers can make big savings on pricey purchases such as designers handbags, with a classic Chanel quilted leather bag costing the equivalent of £1,780 in Paris available for £255 less in Selfridges at £1,525.
Likewise the Paddington Classic bag by trendy French label Chloe can be bought for £778 here but would cost £1,002 in Paris - £224 more.
The savings would more than cover a return Paris to London ticket on the Eurostar which can be bought for £59.
Happily, the euro shoppers are also using the favourable exchange rate to snap up British brands, with sales of handbags by Vivienne Westwood and Paul Smith up more than 50% since January.
Accessories by Westwood, the grande dame of London style, had seen particularly "outstanding" triple-digit growth, the department store said.
Other best-selling accessory brands for the year so far include the French label Yves Saint-Laurent, Gucci and Miu Miu which are both Italian, and the prestige Spanish label Loewe.
Saturday, 21 March 2009
Shadow chancellor's tax hike warning
Link to the article: Channel 4
Last Modified: 21 Mar 2009
By: Krishnan Guru-Murthy
Amid staggering predictions about future UK borrowing, George Osborne says he cannot rule out raising the top rate of tax above 45 per cent.
The shadow chancellor's statement to Channel 4 News follows warnings from economists that Britain's public finances will not stand another economic stimulus package to help the country out of recession.
The debt hanging over the government, according to the latest prediction, is ballooning at an alarming rate.
Ernst & Young's ITEM Club, which uses the Treasury's own forecasting model, says the government will need to borrow an extra £180bn in the next financial year.
Because less money is being generated by tax revenues, and spending, particularly on the unemployed, has increased, the group believes the budget deficit will reach nearly 13 per cent of gross domestic product.
That is a staggering 50 per cent higher than the chancellor, Alistair Darling, predicted in his pre-budget report in November.
Krishnan Guru-Murthy asked the shadow chancellor what all these figures meant.
Last Modified: 21 Mar 2009
By: Krishnan Guru-Murthy
Amid staggering predictions about future UK borrowing, George Osborne says he cannot rule out raising the top rate of tax above 45 per cent.
The shadow chancellor's statement to Channel 4 News follows warnings from economists that Britain's public finances will not stand another economic stimulus package to help the country out of recession.
The debt hanging over the government, according to the latest prediction, is ballooning at an alarming rate.
Ernst & Young's ITEM Club, which uses the Treasury's own forecasting model, says the government will need to borrow an extra £180bn in the next financial year.
Because less money is being generated by tax revenues, and spending, particularly on the unemployed, has increased, the group believes the budget deficit will reach nearly 13 per cent of gross domestic product.
That is a staggering 50 per cent higher than the chancellor, Alistair Darling, predicted in his pre-budget report in November.
Krishnan Guru-Murthy asked the shadow chancellor what all these figures meant.
Friday, 20 March 2009
End of the line for dining cars?
Link to the article: Channel 4
Last Modified: 20 Mar 2009
By: Samantha Haque
It was once a big part of the appeal of rail travel as a comfortable, even luxurious, experience, but it seems that the dining car is on the way out. More4 News reports.
The UK's main long-distance train companies are no longer required by their franchises to provide on-board dining, and now National Express, which is the last firm to provide a regular lunchtime service, is no longer bound by a clause in its contract and is "reviewing" its dining cars.
Passenger groups are less than chuffed, as Samantha Haque reports.
Last Modified: 20 Mar 2009
By: Samantha Haque
It was once a big part of the appeal of rail travel as a comfortable, even luxurious, experience, but it seems that the dining car is on the way out. More4 News reports.
The UK's main long-distance train companies are no longer required by their franchises to provide on-board dining, and now National Express, which is the last firm to provide a regular lunchtime service, is no longer bound by a clause in its contract and is "reviewing" its dining cars.
Passenger groups are less than chuffed, as Samantha Haque reports.
The state of the UK car industry
Link to the article: Channel 4
Last Modified: 20 Mar 2009
By: Channel 4 News
UK car makers have responded to the economic downturn by cutting jobs, reducing working hours and suspending production.
Here are the latest figures.
Society of Motor Manufacturers and Traders (SMMT) vehicle production figures across the UK:
Toyota
BMW
Last Modified: 20 Mar 2009
By: Channel 4 News
UK car makers have responded to the economic downturn by cutting jobs, reducing working hours and suspending production.
Here are the latest figures.
Society of Motor Manufacturers and Traders (SMMT) vehicle production figures across the UK:
- The number of new cars produced in February in the UK crashed 59 per cent from February 2008 to just 59,777 cars
- Only 5,870 commercial vehicles were made in February, down 71.6 per cent on February 2008
- The number of vehicles exported also fell by 58.4 per cent to 51,067
- The number of new cars and commercial vehicles bought in the UK plummeted by 66.7 per cent to 14,580
Toyota
- Reducing working hours and cutting pay by 10 per cent from 1 April for one year
- Cut 200 temporary jobs and opened a voluntary redundancy scheme
- Cutting one in two shifts at the Burnaston plant in Derbyshire producing the Auris model
- Suspending production for two weeks in February, a week in March, and again for two weeks in April
BMW
- 850 jobs cut from the the Mini plant in Oxford
- The Christmas shutdown was extended by 10 days, and the factory closed for one week in February
- Around 300 agency staff lost their jobs and the plant a Cowley will also cut production from seven days a week to five
Thursday, 19 March 2009
UK entrepreneur bowls over U.S.
Link to the article: Reuters Video
Mar. 19 - Natalie Ellis defied the odds to make more than a million dollars in the U.S. with her non-spill dog bowl invention.
For a while it looked like Natalie Ellis was the underdog with her innovative Road Refresher dog bowl.
She had suffered a devastating illness which lost her one business.
She was rejected from the British entrepreneurs show "Dragon's Den", then along came the global recession. But Natalie overcame all to create a very successful business.
The bowl has gone on to become the fastest selling dog bowl on one of America's leading internet sites.
Hayley Platt reports.
SOUNDBITES:
# Sheila Beelam, dog owner.
# Natalie Ellis, businesswoman and entrepreneur
Mar. 19 - Natalie Ellis defied the odds to make more than a million dollars in the U.S. with her non-spill dog bowl invention.
For a while it looked like Natalie Ellis was the underdog with her innovative Road Refresher dog bowl.
She had suffered a devastating illness which lost her one business.
She was rejected from the British entrepreneurs show "Dragon's Den", then along came the global recession. But Natalie overcame all to create a very successful business.
The bowl has gone on to become the fastest selling dog bowl on one of America's leading internet sites.
Hayley Platt reports.
SOUNDBITES:
# Sheila Beelam, dog owner.
# Natalie Ellis, businesswoman and entrepreneur
What will Google Street View show?
Link to the article: Channel 4
Last Modified: 19 Mar 2009
By: Krishnan Guru-Murthy
Krishnan Guru-Murthy reports on Google's new ground-level imaging system Street View. Will it give businesses a chance to market themselves or just offer an outlet for nosey parkers?
Google's latest online offering builds on the Google Maps application by allowing users to take a 360 degree journey along the street of their choice.
It allows you to take a virtual tour of cities and see the streets and lanes you did not even know were there.
Street View was launched in the US two years ago and has since been expanded to cities in France, Japan, Italy, Australia New Zealand and Spain. Channel 4 News first spotted a Google Street View car in London in July 2008.
Krishnan Guru-Murthy interviews Ed Parson, Google's geospatial technologist about their Street View project which has now launched in the UK.
Last Modified: 19 Mar 2009
By: Krishnan Guru-Murthy
Krishnan Guru-Murthy reports on Google's new ground-level imaging system Street View. Will it give businesses a chance to market themselves or just offer an outlet for nosey parkers?
Google's latest online offering builds on the Google Maps application by allowing users to take a 360 degree journey along the street of their choice.
It allows you to take a virtual tour of cities and see the streets and lanes you did not even know were there.
Street View was launched in the US two years ago and has since been expanded to cities in France, Japan, Italy, Australia New Zealand and Spain. Channel 4 News first spotted a Google Street View car in London in July 2008.
Krishnan Guru-Murthy interviews Ed Parson, Google's geospatial technologist about their Street View project which has now launched in the UK.
World economy 'to shrink in 2009'
Link to the full article: BBC News
By Steve Schifferes
Economics reporter, BBC News
The world economy is set to shrink by between 0.5% and 1.0% in 2009, the first global contraction in 60 years.
In its gloomiest forecast yet, the International Monetary Fund (IMF) says that developed countries will suffer a "deep recession".
The global economic body says "the prolonged financial crisis has battered global economic activity beyond what was previously anticipated".
Just two months ago, the IMF predicted world output would increase by 0.5%.
By Steve Schifferes
Economics reporter, BBC News
The world economy is set to shrink by between 0.5% and 1.0% in 2009, the first global contraction in 60 years.
In its gloomiest forecast yet, the International Monetary Fund (IMF) says that developed countries will suffer a "deep recession".
The global economic body says "the prolonged financial crisis has battered global economic activity beyond what was previously anticipated".
Just two months ago, the IMF predicted world output would increase by 0.5%.
Google privacy row
Link to the article & video: Channel 4 (posted 21.07.07)
Last Modified: 21 Jun 2007
By: Benjamin Cohen
Channel 4 News has learned that Google could be forced to carry a cigarette box style warning about privacy on its website.
You can make money without doing evil - it's Google's famous mission statement. But the world's biggest search engine is the focus of mounting concern over the growing scope of its power.
Last Modified: 21 Jun 2007
By: Benjamin Cohen
Channel 4 News has learned that Google could be forced to carry a cigarette box style warning about privacy on its website.
You can make money without doing evil - it's Google's famous mission statement. But the world's biggest search engine is the focus of mounting concern over the growing scope of its power.
Wednesday, 18 March 2009
FactCheck: trading recession stats
Link to the article: Channel 4
Last Modified: 18 Mar 2009
By: Channel 4 News
Gordon Brown makes international comparisons on unemployment and haggles with David Cameron about the start of the recession, but have they got their facts straight?
The claim
"Unemployment is higher in France, in Germany, in Japan, in America. It is higher in most of the other countries that we are dealing with."
Gordon Brown, prime minister's questions, 18 March 2009
Last Modified: 18 Mar 2009
By: Channel 4 News
Gordon Brown makes international comparisons on unemployment and haggles with David Cameron about the start of the recession, but have they got their facts straight?
The claim
"Unemployment is higher in France, in Germany, in Japan, in America. It is higher in most of the other countries that we are dealing with."
Gordon Brown, prime minister's questions, 18 March 2009
Brown 'regrets' unemployment rise
Link to the article: Channel 4
Last Modified: 18 Mar 2009
By: Channel 4 News
Tory leader David Cameron today accused the Prime Minister of being "in denial" over the scale of the recession as Gordon Brown said the rising jobless queue was a "matter of personal regret".
With the unemployment figure surging past 2m, Mr Brown answered the first question from Labour MP Jim Sheridan by pledging that the Government would do "everything we can" to help people get back into work.
"Any person losing their job, or in fear of losing their job, is a matter of personal regret for me and for the whole Government," he said.
"I don't regard unemployment as a statistic. I regard it as one person, a second person, a third person, who needs our help."
Last Modified: 18 Mar 2009
By: Channel 4 News
Tory leader David Cameron today accused the Prime Minister of being "in denial" over the scale of the recession as Gordon Brown said the rising jobless queue was a "matter of personal regret".
With the unemployment figure surging past 2m, Mr Brown answered the first question from Labour MP Jim Sheridan by pledging that the Government would do "everything we can" to help people get back into work.
"Any person losing their job, or in fear of losing their job, is a matter of personal regret for me and for the whole Government," he said.
"I don't regard unemployment as a statistic. I regard it as one person, a second person, a third person, who needs our help."
FSA calls for culture change
Link to the article: Channel 4
Last Modified: 18 Mar 2009
By: Faisal Islam
The head of the Financial Services Authority, Lord Turner, calls for "profound" changes to bank behaviour and tougher regulation for hedge funds.
He also raised the prospect of regulating individual mortgages and reining in the culture of City bonuses and excessive pay, curbing reckless lending and excessive risk taking.
The city watchdog has set out plans to overhaul British banking rules and avoid another financial crisis.
Last Modified: 18 Mar 2009
By: Faisal Islam
The head of the Financial Services Authority, Lord Turner, calls for "profound" changes to bank behaviour and tougher regulation for hedge funds.
He also raised the prospect of regulating individual mortgages and reining in the culture of City bonuses and excessive pay, curbing reckless lending and excessive risk taking.
The city watchdog has set out plans to overhaul British banking rules and avoid another financial crisis.
Tuesday, 17 March 2009
Monday, 16 March 2009
Obama: AIG payments an 'outrage'
Link to the article: Channel 4
Last Modified: 16 Mar 2009
By: Sarah Smith
Barack Obama condemns as 'an outrage' a decision by bailed-out insurance company AIG to award $165m in bonus payments despite record losses.
The president said he would "pursue every legal avenue" to block the money, which he cited as recklessness and greed.
The US government has spent $170bn in taxpayer dollars keeping AIG afloat.
Now the administration is facing a growing public backlash over the bailout billions.
Last Modified: 16 Mar 2009
By: Sarah Smith
Barack Obama condemns as 'an outrage' a decision by bailed-out insurance company AIG to award $165m in bonus payments despite record losses.
The president said he would "pursue every legal avenue" to block the money, which he cited as recklessness and greed.
The US government has spent $170bn in taxpayer dollars keeping AIG afloat.
Now the administration is facing a growing public backlash over the bailout billions.
The 'Morph' mobile of the future
Link to the article: Reuters - 07/03/08
(03:51) Report
Mar. 7 - A concept phone now on display at New York's Museum of Modern Art demonstrates Nokia's vision for how handsets might evolve.
The Morph concept is the result of a collaboration between the Nokia Research Centre and Cambridge University's nanoscience centre.
Reuters Technology Correspondent Matt Cowan reports on the likelihood of it becoming a reality.
(03:51) Report
Mar. 7 - A concept phone now on display at New York's Museum of Modern Art demonstrates Nokia's vision for how handsets might evolve.
The Morph concept is the result of a collaboration between the Nokia Research Centre and Cambridge University's nanoscience centre.
Reuters Technology Correspondent Matt Cowan reports on the likelihood of it becoming a reality.
New camera identifies age and gender
Link to the article: Retuers - 07/03/08
(01:26) Report
Mar. 7 - Introducing the latest electronic invention in hi-tech Japan - a camera that recognises one's age, face and gender.
The camera debuted at the Tokyo Security Show and can also search and identify faces amongst a pool of pictures.
Frances Yoon reports.
AIG payments shock
(01:29) Report
Mar. 16 - Austan Goolsbee, a member of U.S. President Barack Obama's Council of Economic Advisers reacts angrily to the bonus payouts to executives announced on Sunday by US insurance giant AIG.
Austan Goolsbee, one of Obama's advisers tells Reuters TV that AIG bonus payments 'boggle the mind'.
Mar. 16 - Austan Goolsbee, a member of U.S. President Barack Obama's Council of Economic Advisers reacts angrily to the bonus payouts to executives announced on Sunday by US insurance giant AIG.
Austan Goolsbee, one of Obama's advisers tells Reuters TV that AIG bonus payments 'boggle the mind'.
Is a 1930s-style depression avoidable?
Link to the article: Channel 4
Last Modified: 16 Mar 2009
By: Faisal Islam
A 'depression era' deflationary spiral is avoidable if there is political will to tackle the crisis, say the US federal reserve and the Bank of England.
The good news is that we've avoided a 1930's style depression - that's what Ben Bernanke, chairman of the US Federal Reserve has said. He said that the he expects the US economy to decline less slowly at the end of this year, and recover in 2010.
He warned that the recovery will only happen if there is enough political will to solve the problem. Today the Bank of England said that a bout of falling prices doesn't necessarily have to turn into a 1930's style deflationary spiral - as long as the authorities act 'promptly and decisively'.
Last Modified: 16 Mar 2009
By: Faisal Islam
A 'depression era' deflationary spiral is avoidable if there is political will to tackle the crisis, say the US federal reserve and the Bank of England.
The good news is that we've avoided a 1930's style depression - that's what Ben Bernanke, chairman of the US Federal Reserve has said. He said that the he expects the US economy to decline less slowly at the end of this year, and recover in 2010.
He warned that the recovery will only happen if there is enough political will to solve the problem. Today the Bank of England said that a bout of falling prices doesn't necessarily have to turn into a 1930's style deflationary spiral - as long as the authorities act 'promptly and decisively'.
English councils sue RBS in US
Link to the article: Channel 4
Last Modified: 16 Mar 2009
By: Andrew Thomas
Royal Bank of Scotland is facing a class action law suit in New York as two English councils accuse the bank's board of misleading investors about the extent of its problems.
Merseyside and North Yorkshire councils are going to the courts in the US in an attempt to sue RBS for massive losses to their pension funds.
Last Modified: 16 Mar 2009
By: Andrew Thomas
Royal Bank of Scotland is facing a class action law suit in New York as two English councils accuse the bank's board of misleading investors about the extent of its problems.
Merseyside and North Yorkshire councils are going to the courts in the US in an attempt to sue RBS for massive losses to their pension funds.
Sunday, 15 March 2009
Unit prices suggested for alcohol
Link to the article: Channel 4
Last Modified: 15 Mar 2009
By: Tom Clarke
The government's top medical adviser wants to impose a minimum price for alcohol in England.
It could spell the end of cheap alcohol and campaigners hope an end to Britain's binge drinking culture.
Similar proposals have already been published in Scotland and the plan would double the cost of some drinks, but the government does not seem keen.
Last Modified: 15 Mar 2009
By: Tom Clarke
The government's top medical adviser wants to impose a minimum price for alcohol in England.
It could spell the end of cheap alcohol and campaigners hope an end to Britain's binge drinking culture.
Similar proposals have already been published in Scotland and the plan would double the cost of some drinks, but the government does not seem keen.
Saturday, 14 March 2009
G20 ready to do 'what is necessary'
Link to the article: Channel 4
Last Modified: 14 Mar 2009
By: John Sparks
The world's leading finance ministers agree to drag the global economy out of recession, but real differences remain between Europe and the US.
"The 20 largest economies in the world stand ready to do whatever is necessary for as long as is necessary," agreed the worlds leading finance ministers and central bank governors who met in Sussex today.
But the pledges of agreement to drag the world economy out of recession mask real differences between America and Europe over whether governments need to spend even more than already committed on stimulating their economies.
Last Modified: 14 Mar 2009
By: John Sparks
The world's leading finance ministers agree to drag the global economy out of recession, but real differences remain between Europe and the US.
"The 20 largest economies in the world stand ready to do whatever is necessary for as long as is necessary," agreed the worlds leading finance ministers and central bank governors who met in Sussex today.
But the pledges of agreement to drag the world economy out of recession mask real differences between America and Europe over whether governments need to spend even more than already committed on stimulating their economies.
Friday, 13 March 2009
Australia coast disaster zone
(01:25) Report
Mar 13 - An oil spill that has contaminated parts of Australia's north east coast is feared to be bigger than first thought.
It was originally reported that about 30 tonnes of fuel oil had spilled into the sea when the hull of a cargo ship was pierced by a container washed overboard but it has now emerged the vessel was capable of carrying up to 100 tonnes.
Paul Chapman reports.
Mar 13 - An oil spill that has contaminated parts of Australia's north east coast is feared to be bigger than first thought.
It was originally reported that about 30 tonnes of fuel oil had spilled into the sea when the hull of a cargo ship was pierced by a container washed overboard but it has now emerged the vessel was capable of carrying up to 100 tonnes.
Paul Chapman reports.
Recession resistant foods shine
(01:47) Report
Mar. 13 - Hormel, like the rest of the packaged foods industry, is seeing a boom as cash-strapped consumers try to save money by eating at home.
As the economic downturn hits consumer pocketbooks around the globe, the packaged foods industry is seeing a surge in demand as consumers try to save money by skipping restaurants and eating at home. Ruben Ramirez reports from Austin, Minnesota.
Ruben Ramirez, Reuters, Austin, Minnesota.
SOUNDBITE:
# Jeff Ettinger, CEO, Hormel
# Brian Buhr, Department Head, Applied Economics, University of Minnesota,
Mar. 13 - Hormel, like the rest of the packaged foods industry, is seeing a boom as cash-strapped consumers try to save money by eating at home.
As the economic downturn hits consumer pocketbooks around the globe, the packaged foods industry is seeing a surge in demand as consumers try to save money by skipping restaurants and eating at home. Ruben Ramirez reports from Austin, Minnesota.
Ruben Ramirez, Reuters, Austin, Minnesota.
SOUNDBITE:
# Jeff Ettinger, CEO, Hormel
# Brian Buhr, Department Head, Applied Economics, University of Minnesota,
Recession hits the sports world
Mar. 13 - With the world in the midst of a recession, the sports business is finding out it's not immune to the effects of the faltering economy.
The common denominator says is that many companies are re-evaluating whether underwriting sports events makes sense --given the state of the economy. Jon Decker reports.
SOUNDBITE: Ted Leonsis, owner - Washington Capitals,
Link to business: Reuters Video Channel
The common denominator says is that many companies are re-evaluating whether underwriting sports events makes sense --given the state of the economy. Jon Decker reports.
SOUNDBITE: Ted Leonsis, owner - Washington Capitals,
Link to business: Reuters Video Channel
Jersey no longer a haven?
Link to the article: Channel 4
Last Modified: 13 Mar 2009
By: Rags Martel
Jersey in the Channel Islands signs an accord with the treasury to disclose more financial information, as More4 News reports.
With governments straining for cash, there is a consensus of sorts that action should be taken to clamp down on tax havens.
Many are British or formerly British colonies or islands.
Rags Martel reports.
Last Modified: 13 Mar 2009
By: Rags Martel
Jersey in the Channel Islands signs an accord with the treasury to disclose more financial information, as More4 News reports.
With governments straining for cash, there is a consensus of sorts that action should be taken to clamp down on tax havens.
Many are British or formerly British colonies or islands.
Rags Martel reports.
Interview: Robert Zoellick
Link to the article: Channel 4
Last Modified: 13 Mar 2009
By: Faisal Islam
Robert Zoellick, president of the World Bank, talks to Faisal Islam ahead of next month's G20 meeting in London.
Last Modified: 13 Mar 2009
By: Faisal Islam
Robert Zoellick, president of the World Bank, talks to Faisal Islam ahead of next month's G20 meeting in London.
Strike threat over foreign pay
Link to the article: Channel 4
Last Modified: 13 Mar 2009
By: Bridgid Nzekwu
The GMB union threatens to hold a national strike ballot over foreign workers pay at power plants around the country.
The union claims it has got evidence that foreign workers have been paid less than British workers, something strongly denied at the time of the dispute at the Lindsey oil refinery in Lincolnshire.
Total, which runs the plant, deny the claims.
Last Modified: 13 Mar 2009
By: Bridgid Nzekwu
The GMB union threatens to hold a national strike ballot over foreign workers pay at power plants around the country.
The union claims it has got evidence that foreign workers have been paid less than British workers, something strongly denied at the time of the dispute at the Lindsey oil refinery in Lincolnshire.
Total, which runs the plant, deny the claims.
Thursday, 12 March 2009
Doctors reject chocolate tax plan
Link to the full article: Channel 4 News (PA News)
Last Modified: 12 Mar 2009
Source: PA News
A controversial proposal to campaign for a tax on chocolate to help curb obesity has been narrowly rejected by doctors.
Lanarkshire GP David Walker led calls for an increase in chocolate prices as a way of tackling weight-related conditions like diabetes.
But delegates at a British Medical Association (BMA) conference in Clydebank, West Dunbartonshire, voted down the plan by just two votes.
Dr Walker described chocolate as a "major player" in problem weight-gain and its associated conditions including high blood pressure and joint pain.
But food industry leaders said such a proposal would result only in lighter wallets, not smaller waists.
The Food and Drink Federation said the tax would be a "bureaucratic nightmare".
Spokesman Julian Hunt said: "Introducing regressive taxes on the foods that consumers love would result only in lighter wallets, not smaller waists - particularly as we already have to pay VAT on all our chocolate purchases.
"There is no evidence to suggest that such 'fat taxes' would actually work in reality.
Other Related Articles;
Times Online - Support A Tax on Chocolate... (15.03.09)
BBC News (Video) - GP's Vote Against 'Chocolate Tax' (12.03.09)
Chocolate defies credit crunch
(01:49) Report
Mar. 12 - Chocolate lovers cheer themselves up with the ultimate affordable luxury.
Consumers are buying more chocolate this year than last, according to one London store.
They are reporting sales of chocolate up by 80 percent and an increase of 30 percent in other confectionery.
Hayley Platt reports.
SOUNDBITES:
# Ewan Venters, Food and Restaurant manager, Selfridges.
# Vox pops from chocolate lovers.
Mar. 12 - Chocolate lovers cheer themselves up with the ultimate affordable luxury.
Consumers are buying more chocolate this year than last, according to one London store.
They are reporting sales of chocolate up by 80 percent and an increase of 30 percent in other confectionery.
Hayley Platt reports.
SOUNDBITES:
# Ewan Venters, Food and Restaurant manager, Selfridges.
# Vox pops from chocolate lovers.
Darling vows to 'get tough with banks'
Link to article: Channel 4
Last Modified: 12 Mar 2009
By: Jon Snow
Chancellor Alistair Darling tells Jon Snow that he plans to use the national and international banking regulators to keep banks in check.
In an interview with Jon Snow, the chancellor said -
"I'd also like to see another measure, which would give regulators a backstop power when times are good, not just to make sure that banks have enough capital to meet the downturn if one comes, but also a backstop power to stop banks from over-stretching themselves - because that is one of the problems we have had to face.
Last Modified: 12 Mar 2009
By: Jon Snow
Chancellor Alistair Darling tells Jon Snow that he plans to use the national and international banking regulators to keep banks in check.
In an interview with Jon Snow, the chancellor said -
"I'd also like to see another measure, which would give regulators a backstop power when times are good, not just to make sure that banks have enough capital to meet the downturn if one comes, but also a backstop power to stop banks from over-stretching themselves - because that is one of the problems we have had to face.
Madoff 'deeply sorry and ashamed'
Link to the article: Channel 4
Last Modified: 12 Mar 2009
By: Channel 4 News
Bernard Madoff pleads guilty to charges he orchestrated the biggest financial swindle in Wall Street history.
The former financier is charged with cheating investors out of billions of dollars in a fraud whose magnitude shocked the public and drew demands for stricter regulations.
"I cannot adequately express how sorry I am for what I have done," the gray-haired 70-year-old Madoff said as he pleaded guilty to 11 criminal charges.
Last Modified: 12 Mar 2009
By: Channel 4 News
Bernard Madoff pleads guilty to charges he orchestrated the biggest financial swindle in Wall Street history.
The former financier is charged with cheating investors out of billions of dollars in a fraud whose magnitude shocked the public and drew demands for stricter regulations.
"I cannot adequately express how sorry I am for what I have done," the gray-haired 70-year-old Madoff said as he pleaded guilty to 11 criminal charges.
Wednesday, 11 March 2009
A recession start up company?
(02:12) Report
Mar. 11 - The timing was actually perfect for a handbag designer who launched a business just as the recession began.
Jane Marvel's handbags appeal to fashion conscious women who no longer want to spend thousands on high end designer handbags. The start up is hoping its eco-friendly vegan designs can eventually reach a mass consumer looking for value and style. Bobbi Rebell reports. SOUNDBITE: Jane Saidenberg, CEO, Jane Marvel
Mar. 11 - The timing was actually perfect for a handbag designer who launched a business just as the recession began.
Jane Marvel's handbags appeal to fashion conscious women who no longer want to spend thousands on high end designer handbags. The start up is hoping its eco-friendly vegan designs can eventually reach a mass consumer looking for value and style. Bobbi Rebell reports. SOUNDBITE: Jane Saidenberg, CEO, Jane Marvel
Car industry 'open for business'
Link to the article: Channel 4
Last Modified: 11 Mar 2009
By: Siobhan Kennedy
As the government launches its £2.3bn rescue package for the car industry, Siobhan Kennedy reports from the West Midlands on some of those hit hardest by the recession.
Toyota has announced it will cut working hours and pay by 10 per cent at its UK plants, from next month.
Meanwhile at Jaguar Land Rover there was some good news - a government grant to help produce an eco-friendly vehicle.
But it is little compensation for the car maker. A slump in sales means it has already reduced production, which is having a knock-on effect on suppliers.
Last Modified: 11 Mar 2009
By: Siobhan Kennedy
As the government launches its £2.3bn rescue package for the car industry, Siobhan Kennedy reports from the West Midlands on some of those hit hardest by the recession.
Toyota has announced it will cut working hours and pay by 10 per cent at its UK plants, from next month.
Meanwhile at Jaguar Land Rover there was some good news - a government grant to help produce an eco-friendly vehicle.
But it is little compensation for the car maker. A slump in sales means it has already reduced production, which is having a knock-on effect on suppliers.
Taking control of their music
Link to the article: Channel 4
Last Modified: 11 Mar 2009
By: Krishnan Guru-Murthy
Pop stars get together to fight for their rights but insist it isn't a new trades union. Krishnan Guru-Murthy speaks to Billy Bragg, one of the board members of Featured Artists Coalition.
Radiohead, Iron Maiden and Kate Nash have all signed up to Featured Artists Coalition. It aims to help artists "take control of their music and rights."
Their inaugural meeting comes two days after the major record labels withdrew their music from the video website YouTube in a dispute over payment.
Last Modified: 11 Mar 2009
By: Krishnan Guru-Murthy
Pop stars get together to fight for their rights but insist it isn't a new trades union. Krishnan Guru-Murthy speaks to Billy Bragg, one of the board members of Featured Artists Coalition.
Radiohead, Iron Maiden and Kate Nash have all signed up to Featured Artists Coalition. It aims to help artists "take control of their music and rights."
Their inaugural meeting comes two days after the major record labels withdrew their music from the video website YouTube in a dispute over payment.
Toyota: 10 per cent pay cuts in UK
Link to the article: Channel 4
Last Modified: 11 Mar 2009
By: Andrew Thomas
Car giant Toyota cuts pay and production at its factories in Britain for one year.
Japanese car manufacturer Toyota has announced it will cut working hours and pay by 10 per cent at its UK plants, after announcing it's first ever loss late last year.
The cuts will start from Wednesday 1 April at the company's sites in Derby and north Wales and last for a year.
The announcement was made as car companies and unions meet with ministers to discuss a £2.3bn support package for the industry.
Last Modified: 11 Mar 2009
By: Andrew Thomas
Car giant Toyota cuts pay and production at its factories in Britain for one year.
Japanese car manufacturer Toyota has announced it will cut working hours and pay by 10 per cent at its UK plants, after announcing it's first ever loss late last year.
The cuts will start from Wednesday 1 April at the company's sites in Derby and north Wales and last for a year.
The announcement was made as car companies and unions meet with ministers to discuss a £2.3bn support package for the industry.
Saturday, 7 March 2009
Will Spotify make music history
Link to the article: Channel 4
Last Modified: 07 Mar 2009
By: Krishnan Guru-Murthy
Now you won't have heard of him but some believe Daniel Ek will earn himself a place in music history alongside the inventors of vinyl, CDs and the download.
He's the Swedish head of an online music service called Spotify, which could signal the end of paying for download music, with most major record companies are already on board.
This week it ecorded its millionth subscriber as well as coming of age in a less glorious way - by falling victim to a significant security breach.
Last Modified: 07 Mar 2009
By: Krishnan Guru-Murthy
Now you won't have heard of him but some believe Daniel Ek will earn himself a place in music history alongside the inventors of vinyl, CDs and the download.
He's the Swedish head of an online music service called Spotify, which could signal the end of paying for download music, with most major record companies are already on board.
This week it ecorded its millionth subscriber as well as coming of age in a less glorious way - by falling victim to a significant security breach.
Treasury takes control of Lloyds
Link to the article: Channel 4
Last Modified: 07 Mar 2009
By: Faisal Islam
British taxpayers own another struggling bank tonight after the Government took a controlling stake in the Lloyds banking group. It also agreed to underwrite £260bn in toxic assets.
Under a deal agreed late last night, the Treasury will now own 65 per cent of the company.
Meanwhile Lloyds has been ordered to provide £28bn in new mortgage and business lending over the next two years, to help boost the economy.
Last Modified: 07 Mar 2009
By: Faisal Islam
British taxpayers own another struggling bank tonight after the Government took a controlling stake in the Lloyds banking group. It also agreed to underwrite £260bn in toxic assets.
Under a deal agreed late last night, the Treasury will now own 65 per cent of the company.
Meanwhile Lloyds has been ordered to provide £28bn in new mortgage and business lending over the next two years, to help boost the economy.
Friday, 6 March 2009
Public figures in the firing line
Link to the article: Channel 4
Last Modified: 06 Mar 2009
By: Lewis Hannam
Lord Mandelson joins a long list of public figures to bear the brunt of a messy protest. We look back at a choice selection.
The business secretary was ambushed this morning by Leila Deen, from the Plane Stupid campaign group.
Ms Deen threw a mixture of custard and pea soup over the cabinet minister, in protest to the planned extension of Heathrow Airport.
But Mandelson is not alone in having to send his suit to the dry-cleaners, some of the most powerful people in the world have been targeted by protesters armed with pies, eggs, powder or paint.
Last Modified: 06 Mar 2009
By: Lewis Hannam
Lord Mandelson joins a long list of public figures to bear the brunt of a messy protest. We look back at a choice selection.
The business secretary was ambushed this morning by Leila Deen, from the Plane Stupid campaign group.
Ms Deen threw a mixture of custard and pea soup over the cabinet minister, in protest to the planned extension of Heathrow Airport.
But Mandelson is not alone in having to send his suit to the dry-cleaners, some of the most powerful people in the world have been targeted by protesters armed with pies, eggs, powder or paint.
Mandelson: say it don't throw it
Link to the article: Channel 4
Last Modified: 06 Mar 2009
By: Tom Clarke, Victoria Macdonald
Lord Mandelson calls an attack an "adolescent stunt" thanking the protester for helping to put the government's low carbon economy plans on the map.
The business secretary said he "would rather people said it to my face than throw it" after he was splattered with green custard by an environmental protester as he arrived at a conference to promote green industry.
MPs said the low carbon route was the best way of helping the country recover from recession, but are ministers living up to their green rhetoric?
Last Modified: 06 Mar 2009
By: Tom Clarke, Victoria Macdonald
Lord Mandelson calls an attack an "adolescent stunt" thanking the protester for helping to put the government's low carbon economy plans on the map.
The business secretary said he "would rather people said it to my face than throw it" after he was splattered with green custard by an environmental protester as he arrived at a conference to promote green industry.
MPs said the low carbon route was the best way of helping the country recover from recession, but are ministers living up to their green rhetoric?
Thursday, 5 March 2009
The power of green technology
(01:42) Report
Mar 5 - From the 'zero watt PC' to a smart electricity meter that allows consumers to monitor their power consumption in real-time, Green IT is getting much attention at CeBIT.
The number of vendors at Europe's largest technology trade fair has dwindled due to the global economic crisis but the environmental element of this show has branched out - growing six-fold over last year.
Reuters Technology Correspondent Matt Cowan reports.
Mar 5 - From the 'zero watt PC' to a smart electricity meter that allows consumers to monitor their power consumption in real-time, Green IT is getting much attention at CeBIT.
The number of vendors at Europe's largest technology trade fair has dwindled due to the global economic crisis but the environmental element of this show has branched out - growing six-fold over last year.
Reuters Technology Correspondent Matt Cowan reports.
Now for something completely different
Link to the full article: Economist
Mar 5th 2009
From The Economist print edition
The Bank of England acts to boost the money supply
JUST as the supposedly improbable keeps on happening to banks in the financial crisis, so Britain’s economic managers are finding themselves adopting policies they never dreamed would be necessary. The savage downturn induced by the credit crunch has brought the Treasury centre stage, as it throws billions at banks and revives the lost art of active fiscal policy. The Bank of England, for its part, is breaking ever more unconventional ground.
On March 5th the central bank advanced to the frontier of orthodox monetary policy, lowering once again the interest rate it pays on the balances that commercial banks hold with it as liquid reserves. The half-point reduction brought the base rate down to 0.5%, probably the final stage in an extraordinarily swift downhill journey from 5% in early October.
Not content with that, the Bank of England crossed the frontier by announcing the start of “quantitative easing”.
Mar 5th 2009
From The Economist print edition
The Bank of England acts to boost the money supply
JUST as the supposedly improbable keeps on happening to banks in the financial crisis, so Britain’s economic managers are finding themselves adopting policies they never dreamed would be necessary. The savage downturn induced by the credit crunch has brought the Treasury centre stage, as it throws billions at banks and revives the lost art of active fiscal policy. The Bank of England, for its part, is breaking ever more unconventional ground.
On March 5th the central bank advanced to the frontier of orthodox monetary policy, lowering once again the interest rate it pays on the balances that commercial banks hold with it as liquid reserves. The half-point reduction brought the base rate down to 0.5%, probably the final stage in an extraordinarily swift downhill journey from 5% in early October.
Not content with that, the Bank of England crossed the frontier by announcing the start of “quantitative easing”.
What is quantitative easing?
Link to the article: Channel 4
Last Modified: 06 Mar 2009
By: Channel 4 News
As the Bank of England considers embarking on quantitative easing, Channel 4 News online explains what it means.
Q: What is quantitative easing?
A: QE aims to increase the amount of money in the economy. The Bank of England (BoE) is doing this by buying up assets, in particular commercial bonds. Since the onset of the credit crunch, banks worried about the strength of their finances have tightened up lending dramatically, so this is an attempt to kick-start the process.
At its most simple level, this new money will be used to buy debts - for example from banks - so they've in theory more money to lend again, or to tidy up their balance sheet. The principle aim of this experiment is to lower interest rates for consumers and companies.
Last Modified: 06 Mar 2009
By: Channel 4 News
As the Bank of England considers embarking on quantitative easing, Channel 4 News online explains what it means.
Q: What is quantitative easing?
A: QE aims to increase the amount of money in the economy. The Bank of England (BoE) is doing this by buying up assets, in particular commercial bonds. Since the onset of the credit crunch, banks worried about the strength of their finances have tightened up lending dramatically, so this is an attempt to kick-start the process.
At its most simple level, this new money will be used to buy debts - for example from banks - so they've in theory more money to lend again, or to tidy up their balance sheet. The principle aim of this experiment is to lower interest rates for consumers and companies.
Rates go lower as cash pumped in
Link to the article: Channel 4
Last Modified: 05 Mar 2009
By: Faisal Islam
The Bank of England embarks on an economic policy that has never been tried in Britain: quantitative easing.
The term is obscure, but the implications are massive.
The bank will flood the banking system with cash, pumping in £75bn, but that sum could be doubled if the economy fails to respond.
At the same time the bank also chopped interest rates by half a per cent to just 0.5 per cent, an all-time low.
Last Modified: 05 Mar 2009
By: Faisal Islam
The Bank of England embarks on an economic policy that has never been tried in Britain: quantitative easing.
The term is obscure, but the implications are massive.
The bank will flood the banking system with cash, pumping in £75bn, but that sum could be doubled if the economy fails to respond.
At the same time the bank also chopped interest rates by half a per cent to just 0.5 per cent, an all-time low.
Bank to pump £75bn into economy
Link to the article: Channel 4
Last Modified: 05 Mar 2009
By: Channel 4 News
The Bank of England slashes interest rates to another all-time low as it starts 'quantitative easing' in a bid to pull the economy out of recession.
The bank's Monetary Policy Committee (MPC) cut interest rates to 0.5 per cent - the sixth month in a row that rates have fallen.
The Bank of England also said it would create £75bn in new money over the next three months under a new quantitative easing strategy.
Under quantitative easing, the bank will create money to buy government and corporate bonds through its Asset Purchase Facility, but the success of the policy depends on how far struggling banks will pass on the extra funds.
Last Modified: 05 Mar 2009
By: Channel 4 News
The Bank of England slashes interest rates to another all-time low as it starts 'quantitative easing' in a bid to pull the economy out of recession.
The bank's Monetary Policy Committee (MPC) cut interest rates to 0.5 per cent - the sixth month in a row that rates have fallen.
The Bank of England also said it would create £75bn in new money over the next three months under a new quantitative easing strategy.
Under quantitative easing, the bank will create money to buy government and corporate bonds through its Asset Purchase Facility, but the success of the policy depends on how far struggling banks will pass on the extra funds.
Wednesday, 4 March 2009
Islamic banks 'better in crisis'
Link to the full article: BBC
By Lucy Williamson
BBC News, Jakarta
Indonesian President Susilo Bambang Yudhoyono has called on Islamic banks to take a leadership role in the global economy, amid the financial crisis.
He was speaking at the opening of the World Islamic Economic Forum in the Indonesian capital, Jakarta.
The forum has brought together political and business leaders from 38 countries to discuss the global economic slowdown.
They will also discuss ways to achieve energy and food security.
Mr Yudhoyono said it was time for Islamic banks to do some missionary work in the West.
Islamic financial institutions, he said, had not been hit as hard as their western counterparts because they did not invest in toxic assets.
Banks run in accordance with Muslims laws on interest payments and the sharing of credit risks are seen by many as fairer than traditional banks, less focused on profit and kinder to the communities they work in.
By Lucy Williamson
BBC News, Jakarta
Indonesian President Susilo Bambang Yudhoyono has called on Islamic banks to take a leadership role in the global economy, amid the financial crisis.
He was speaking at the opening of the World Islamic Economic Forum in the Indonesian capital, Jakarta.
The forum has brought together political and business leaders from 38 countries to discuss the global economic slowdown.
They will also discuss ways to achieve energy and food security.
Mr Yudhoyono said it was time for Islamic banks to do some missionary work in the West.
Islamic financial institutions, he said, had not been hit as hard as their western counterparts because they did not invest in toxic assets.
Banks run in accordance with Muslims laws on interest payments and the sharing of credit risks are seen by many as fairer than traditional banks, less focused on profit and kinder to the communities they work in.
Sainsbury's buys 24 new stores
Last Modified: 04 Mar 2009
Source: ITN
Supermarket giant Sainsbury's has said it is buying 24 stores from The Co-operative Group in a deal worth £83 million.
Of the stores, 22 belonged to the Somerfield grocery chain, which was taken over by The Co-operative Group earlier this week, and two were branded Co-op stores.
Sainsbury's plans to spend a further £45 million fitting out 19 of the stores as supermarkets, and the remaining five as Sainsbury's Locals, its smaller outlets.
Chief executive Justin King said: "We are delighted to acquire these stores which are an excellent addition to our store estate and we are pleased to welcome 1,400 new colleagues to Sainsbury's."
Link to the full article at Channel 4 (ITN)
Source: ITN
Supermarket giant Sainsbury's has said it is buying 24 stores from The Co-operative Group in a deal worth £83 million.
Of the stores, 22 belonged to the Somerfield grocery chain, which was taken over by The Co-operative Group earlier this week, and two were branded Co-op stores.
Sainsbury's plans to spend a further £45 million fitting out 19 of the stores as supermarkets, and the remaining five as Sainsbury's Locals, its smaller outlets.
Chief executive Justin King said: "We are delighted to acquire these stores which are an excellent addition to our store estate and we are pleased to welcome 1,400 new colleagues to Sainsbury's."
Link to the full article at Channel 4 (ITN)
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