Link to the article: BBC News
London's Carnaby Street in Soho is hosting a series of events today to mark the 50th year of it being one of the capital's centres of fashion and music.
The exhibition on the street is called Carnaby Street 1960-2010 and there is a book to go with it.
One of the organisers and co-author of the book Amy De La Haye and Robert Elms, the broadcaster and author of The Way We Wore analyses the importance of Carnaby street in fashion world.
Friday, 26 February 2010
Thursday, 18 February 2010
Own-brand products behind Thorntons growth
Link to the article: Financial TimesBy Esther Bintliff
Less discounting over the festive period and an increase in sales of own-label chocolates helped Thorntons increase first-half pre-tax profits by almost a quarter, prompting a sharp lift in its interim dividend.
“We’ve prioritised growing the Thorntons brand,” said Mike Davies, chief executive. “With Thorntons-branded products, we make a higher margin, rather than with private-label products, so there’s a profit implication.”
Wednesday, 17 February 2010
Google aims for a Buzz against Facebook
Link to the article: Channel 4 News
By Benjamin Cohen
By Benjamin Cohen
Google unveils a new product - Google Buzz - in an effort to combat the huge growth and popularity of social network Facebook and social media system Twitter.
Google is without question the most powerful company on the web, its search engine is used by more than 90 per cent of British web users.But Google is threatened by the growth in these rival networks.
Recent statistics from Hitwise indicate that the proportion of traffic to news websites from these social networks is growing dramatically, more than doubling over the past year.
Google News contributes 1.4 per cent of clicks to newspaper websites, while Facebook contributes 3.52 per cent.
The main Google search engine contributes 17.32 per cent of clicks. Google hopes Buzz can counter the growth in Facebook.
It allows users to quickly share messages, Web links and photos with friends directly within Gmail, the company’s email product.
"Buzz is like an entirely new world inside of Gmail," Todd Jackson, Google Buzz said tonight. "If I want to post images publicly I can share them to the world.
Tuesday, 16 February 2010
Inflation surge forces Mervyn King letter
Link to the article: Channel 4 News
Updated on 16 February 2010
Inflation has surged, but it is only temporary insists the Bank of England's governor after he was forced to write his sixth letter of explanation to Chancellor Alistair Darling.
The consumer price index rose by 3.5 per cent in the year to January, according to the latest figures published by the Office for National Statistics.
That is up from 2.9 per cent the previous month.
The increase between December and January is the second largest ever recorded. Worryingly, this follows an increase of one per cent in the inflation rate between November and December last year.
So the two largest monthly increases in inflation on record have occurred in consecutive months.
Part of the explanation is a technical one. Back in November 2008, the government cut VAT from 17.5 per cent to 15 per cent in a move it hoped would boost the economy.
When VAT was cut, that lowered the inflation rate. Now it has been pushed back up, that has made the inflation rate go back up.
Liberal Democrat Treasury spokesman Vince Cable said: "This figure is a stark reminder that, despite the small growth in the economy at the end of last year, we are still living in very uncertain times.
"The Bank of England's explanation of this as a temporary blip is welcome but there is a danger that inflation will stay high while growth remains low."
The other main factor at work is petrol prices.
In the last month, the fuel element of the inflation rate has gone up by 2.2 per cent. But go back a year and petrol prices were actually falling by 3.4 per cent, a big switch that helped to push inflation higher.
The big increases have added significance because the Bank of England has to keep inflation within a target range of one per cent to three per cent.
With inflation now rising above that target range, Mervyn King, the Governor of the Bank, has had to write a letter to Chancellor, explaining what has gone wrong.
The Governor argues that the petrol and VAT changes are temporary, and over the course of the year, inflation is likely to fall back because the fragile state of the economy will make it hard for companies to push through higher prices.
Mr King also notes that pay rates are growing very slowly, so at this stage, there is little sign of a wage-price spiral taking off.
In a reply, Alistair Darling, the Chancellor, broadly accepts the Bank's analysis that this rise in inflation will be temporary.
The bad weather at the start of January also had an impact, with many vegetables, like cauliflower, in short supply and therefore more expensive.
There was some good news though, with a decline in the price of fruit, notably bananas, thanks to heavy discounting by supermarkets.
Sunday, 14 February 2010
Greek economy: will the IMF help?
Link to the article: Channel 4 News
By Channel 4 News
World leaders are calling for the international monetary fund to be called in to sort out Greece's collapsing economy.
By Channel 4 News
World leaders are calling for the international monetary fund to be called in to sort out Greece's collapsing economy.
It would be a humiliating step, but what Greece faces today, Britain went through in 1976 and with the world's economy still fragile and vulnerable to after-shocks, could it happen again?
For a short while, the Dutchman Dr Johannes Witteveen sat at the Cabinet table in No 10 and held Britain's future in his hands.
Now retired and living in The Hague, he told Channel 4 News the IMF may have to come to the rescue again unless Britain makes cuts.
He said: "It is clear the structural deficit is too high."
Channel 4 News's political editor Gary Gibbon said: "IMF bailouts have been in the news, with some European leaders wanting the money men from Washington brought in to sort out Greece.
Wednesday, 10 February 2010
Greece crisis: will there be a Europe bailout?
As workers in Greece strike for 24 hours in protest at harsh economic measures to control debt, Faisal Islam believes Germany and France are "cooking up" a bailout.
Public sector workers in Greece are beginning industrial action in the first major test of the government's commitment to push through tough measures to tackle a major debt crisis.
Business reporter John Sparks, who is in Athens, writes: "The strikes began early this morning. Flights were halted just after midnight, state schools and tax offices have been shut and state-run hospitals are now running on emergency staff.
"Unions ended weeks of caution after Greece's new socialist government introduced vicious cuts — like cutting public sector pay, slashing early retirement rights, and even tapping the country's powerful orthodox church for more taxes.
"The stoppage has been organised by Aday, an umbrella union representing civil servants.
"The largest private sector labour organisation in Greece, the GSEE union, is planning another strike on 24 February.
"But it remains unclear whether the protests will represent the start of a serious labour backlash against the new measures or a demonstration of union dissatisfaction in a country where strikes are common."
Bank chief King warns of tough times ahead
Link to the article: Channel 4 News
Britain's economy continues to "bump along the bottom", the Bank of England governor warned today - and coming out of the recession would be slower than he thought three months ago.
Mervyn King lowered November's predictions about the pace of recovery, although he did say that "a gradual recovery in output may now be in prospect".
Mr King said that help for the British economy in the form of £200bn in quantitative easing, along with extremely low interest rates, had helped counter the crisis in the banking industry.
The bank has called a halt to the quantitative easing programme for now, although Mr King said it was too early to say whether printing more money to boost supply would be resumed again in the future.
But there is likely to be more tough times ahead for consumers. It has already been a poor start to the year for high street retailers, thanks to the wintry weather, with sales down on 2009.
Now today's report warns that fear of higher taxes could lead people to put more money into their savings, rather than spending to bolster the economy - and that means bad news for employment, which could fall still further if demand doesn't recover as quickly as companies are expecting.
The weak upturn was flagged up last month when figures showed Britain only just managed to clamber out of recession, with growth in the last quarter of 2009 a disappointing 0.1 per cent. Last week the bank said economic performance was "sluggish" and hinted that recovery would be "gradual".
Prospects for inflation, said the bank, remain "unusually uncertain". More evidence, perhaps that, like the weather, it's becoming far more difficult to make accurate forecasts about the future state of the economy.
Tuesday, 9 February 2010
Climate economist's email security breach
Link to the article; Channel 4 News
Exclusive: Channel 4 News can reveal that renowned climate change economist, Lord Stern, had his email targeted by a virus.
The British government's climate change guru, Lord Stern, has had his emails sabotaged, Channel 4 News can reveal.
Lord Stern, author of the influential Stern Review on the economics of climate change and vocal advocate of the danger of man-made climate change, recently left government to head the London School of Economic's Grantham Institute for Climate Change.
The Institute confirmed to Channel 4 News that Lord Stern's email account was targeted last week.
A trojan horse computer virus was embedded in his account which then sent itself to other contacts in the economist's inbox.
Toyota announces worldwide Prius recall
The Toyota Motor Corporation is to recall around 436,000 hybrid cars worldwide, including the 2010 Prius model, because of braking problems.
The move is the third major recall since September. Around 8,500 Prius cars sold in the UK will be affected because of a braking problem.
Part of a worldwide 400,000-vehicle recall the problem affects models that went on sale last year involving the third generation of the hybrid electric-petrol Prius.
There have been about 200 complaints in Japan and the US about a delay when the brakes were pressed in some conditions. Toyota said the problem related to what it described as "inconsistent brake feel" during slow and steady braking on bumpy road surfaces when the anti-lock system is activated.
Apologising to customers, Toyota GB said the recall would consist of a software upgrade in the anti-lock braking system.
The beleaguered company added that there had been no accidents linked to this issue in Europe.
The world’s largest car maker is already under fire for two other recalls covering more than eight million vehicles worldwide, due to problems with slipping floormats and sticky accelerator pedals.
Taxes up, pay cut in Greek austerity drive
Link to the article: Channel 4 News
Unions in Greece call a series of strikes after the country's finance minister announced plans to increase the retirement age, raise fuel taxes and cut public sector pay.
Greece's Socialist government revealed its austerity measures in an attempt to cut a deficit that has ballooned to nearly 13 per cent of the country's national income.
That is more than four times what Eurozone rules allow.
Finance Minister George Papaconstantinou said his proposals would save the state 800 million euros this year.
"The time has come for major changes. The country can't afford to wait any longer," Papaconstantinou said.
"Everybody needs to contribute clearly to the big effort to save our economy."
Read Faisal's blog on the situation in Greece
The government has unveiled new bills on public sector wages and taxation.
Higher earners will face the biggest tax burden, and the prime minister and his government will not get a pay rise this year.
The government has also announced a freeze in public sector salaries. The pension age will also rise by 2 years.
There are also higher taxes on fuel, tobacco and alcohol, along with tough new tax evasion measures.
A majority of Greeks support tough measures to reduce the government's deficit, but the powerful ADEDY public sector union will tomorrow stage a 24-hour stoppage in protest at the cuts.
Thursday, 4 February 2010
Toyota car recall to cost $2bn
Link to the article: Channel 4 News
Toyota expects costs and lost sales from its largest ever car recall to total $2bn - but raises its outlook by posting its strongest profit in six quarters.
Toyota has been forced to recall more than 8 million vehicles worldwide following safety fears over defective accelerators.
"Toyota's recall this time is unlike any other in auto industry history," analyst Lee Sung-Jae said.
"The scale is huge to begin with, and this deals a fatal blow to the very core value Toyota represented - that is the quality of its cars."
The world's biggest car manufacturer is currently working to recall up to 1.8 million cars across Europe - including over 180,000 in the UK - in the crisis.
The Japanese company has said the problems are "rare" but is recalling vehicles and writing to the owners to arrange repairs. Millions more are being recalled across the US and Japan.
Tuesday, 2 February 2010
Can coal clean up its act?
Link to the videon: BBC Newsnight
Can we tap the world's vast coal reserves without catastrophic effects on the climate? A British project promises clean coal, but could this £2 billion scheme to build one of the world's biggest carbon capture and storage plants in the north of England be an expensive gamble which might not pay off?
Can we tap the world's vast coal reserves without catastrophic effects on the climate? A British project promises clean coal, but could this £2 billion scheme to build one of the world's biggest carbon capture and storage plants in the north of England be an expensive gamble which might not pay off?
Justin Rowlatt reports.
Broadcast on Tuesday 2 February 2010.
UK protest as Kraft takes Cadbury
Link to the video: Reuters Video
Feb 2 - Kraft set to seal Cadbury's deal, as workers fear future job losses and march on parliament in London.
Penny Tweedie reports.
Monday, 1 February 2010
Toyota CEO apologises for recalls
Link to the article: Reuters Video
Feb 1 - President of Toyota's U.S. division apologised Monday for faulty accelerator pedals that caused 1.8 million cars across Europe to be recalled amid concerns over safety.
Feb 1 - President of Toyota's U.S. division apologised Monday for faulty accelerator pedals that caused 1.8 million cars across Europe to be recalled amid concerns over safety.
Maryam Behmard reports.
Has the promise of the internet gone sour?
Link to article: BBC Newsnight
Kirsty Wark is joined by virtual reality pioneer and computer scientist Jaron Lanier, who has published a 200 page manifesto entitled You Are Not a Gadget, and by Charles Leadbeater a former British government advisor on the internet, and author of Cloud Culture, an upcoming report on the future of the net.
Kirsty Wark is joined by virtual reality pioneer and computer scientist Jaron Lanier, who has published a 200 page manifesto entitled You Are Not a Gadget, and by Charles Leadbeater a former British government advisor on the internet, and author of Cloud Culture, an upcoming report on the future of the net.
Broadcast on Monday 1 February 2010.
Virus threat to social networking sites
Link to the article: Channel 4 News
By Benjamin Cohen
By Benjamin Cohen
Internet users have known about the danger of viruses for years - but now they are a major issue for social networking sites like Facebook and MySpace, writes Benjamin Cohen.
We've been warned about the dangers of viruses and malware (essentially dodgy software) being distributed by email and the web for years.
But it's only now becoming a major issue for those of us using social networks like Facebook, MySpace and LinkedIn.
No more moon landings for in-debt America
Link to the article: Channel 4 News
By Sarah Smith
By Sarah Smith
President Obama shelves plans to return the US to the moon as America argues over how to cut its record $1.5 trillion budget deficit. Sarah Smith reports.
£1.5 trillion is how far the US will be collectively in debt by the end of 2010. The White House knows that people are very, very angry about the record breaking deficit. The shock by-election result in Massachusetts showed them that.
So Obama is under massive pressure to slash government spending - but knows he has to do it in a way that does not make the American economy even worse.
And, of course, everyone has their own ideas about what to cut. Republicans pillory Obama for putting the country in debt - but they are also upset that he wants to end Bush tax cuts for the wealthiest to help address that debt.
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