Wednesday, 4 March 2009
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)
Why ITV failed Friends Reunited
Last Modified: 04 Mar 2009
By: Benjamin Cohen
I'm probably one of the few people who think that buying friends reunited wasn't a particularly stupid act by ITV.
Sure the channel paid well over the odds but it was one of the most visited and hottest British websites back in 2005.
It mirrored the £330m takeover of social network MySpace by the Rupert Murdoch owned News Corporation.
Arguably it was ITV's management of the site that led to today's announcement that it was looking for a buyer.
I have a little personal experience of selling an internet company to an "old media" company who didn't quite understand the web and ultimately didn't capitalise on its potential.
Back in 2005 ITV had no real web presence.
G-Wizz, the Granada owned portal and internet service provider closed in 2001 and ITV hadn't properly launched itv.com. There was certainly no streamed content and no online revenue.
Taking over Friends Reunited taught ITV a lot about how the web works, introducing them to online advertising and as Michael Grade said today, itv.com wouldn't be as big as it is now without Friends Reunited.
Link to the full article at Channel 4
By: Benjamin Cohen
I'm probably one of the few people who think that buying friends reunited wasn't a particularly stupid act by ITV.
Sure the channel paid well over the odds but it was one of the most visited and hottest British websites back in 2005.
It mirrored the £330m takeover of social network MySpace by the Rupert Murdoch owned News Corporation.
Arguably it was ITV's management of the site that led to today's announcement that it was looking for a buyer.
I have a little personal experience of selling an internet company to an "old media" company who didn't quite understand the web and ultimately didn't capitalise on its potential.
Back in 2005 ITV had no real web presence.
G-Wizz, the Granada owned portal and internet service provider closed in 2001 and ITV hadn't properly launched itv.com. There was certainly no streamed content and no online revenue.
Taking over Friends Reunited taught ITV a lot about how the web works, introducing them to online advertising and as Michael Grade said today, itv.com wouldn't be as big as it is now without Friends Reunited.
Link to the full article at Channel 4
ITV axe 600 jobs; ad revenues fall
Link to article: Channel 4
Last Modified: 04 Mar 2009
By: Andrew Thomas
Six hundred jobs will go and a range of familiar programmes will be affected at ITV as part of a series of cutbacks.
Drama productions like The Bill, Heartbeat and The Royal all face cutbacks in response to a major fall in advertising revenue.
London and Leeds will lose the most jobs.
The broadcaster announced a big drop in profits for last year and said it would launch a programme of efficiency savings.
Last Modified: 04 Mar 2009
By: Andrew Thomas
Six hundred jobs will go and a range of familiar programmes will be affected at ITV as part of a series of cutbacks.
Drama productions like The Bill, Heartbeat and The Royal all face cutbacks in response to a major fall in advertising revenue.
London and Leeds will lose the most jobs.
The broadcaster announced a big drop in profits for last year and said it would launch a programme of efficiency savings.
Brown not sorry for economic policy
Link to article: Channel 4
Last Modified: 04 Mar 2009
By: James Blake, Gary Gibbon
As Gordon Brown prepares to address the US congress he refuses to apologise for his handling of the economy.
The prime minister will address a joint session of congress this evening, on the second day of his visit to Washington.
He will call on US political leaders to "seize the moment" to join other countries in helping lift the world out of economic crisis.
Gordon Brown interview
Gary Gibbon asks Gordon Brown about the UK's relationship with the US, protectionism in Europe and whether he will admit mistakes in his handling of financial regulation.
Last Modified: 04 Mar 2009
By: James Blake, Gary Gibbon
As Gordon Brown prepares to address the US congress he refuses to apologise for his handling of the economy.
The prime minister will address a joint session of congress this evening, on the second day of his visit to Washington.
He will call on US political leaders to "seize the moment" to join other countries in helping lift the world out of economic crisis.
Gordon Brown interview
Gary Gibbon asks Gordon Brown about the UK's relationship with the US, protectionism in Europe and whether he will admit mistakes in his handling of financial regulation.
Brown ends visit with address to Congress
Link to the full article: The Independent
Gordon Brown today rounded off his two-day visit to the United States with an address to Congress in which he called on America to take a lead in the world's battle against recession and climate change.
The Prime Minister urged the US political elite to "seize the moment" by joining Britain and the rest of the world in international co-operation to tackle the economic crisis and "build tomorrow today".
He delivered a tough warning against protectionism, warning that erecting trade barriers would "protect no-one", while the revival of free trade could end the recession and lead to a doubling in the size of the world economy over the coming two decades.
Gordon Brown today rounded off his two-day visit to the United States with an address to Congress in which he called on America to take a lead in the world's battle against recession and climate change.
The Prime Minister urged the US political elite to "seize the moment" by joining Britain and the rest of the world in international co-operation to tackle the economic crisis and "build tomorrow today".
He delivered a tough warning against protectionism, warning that erecting trade barriers would "protect no-one", while the revival of free trade could end the recession and lead to a doubling in the size of the world economy over the coming two decades.
Tuesday, 3 March 2009
"Staycations" replacing vacations
(01:55) Report
Mar. 3 - The travel and leisure business is anything but fun these days.
The travel sector is under heavy pressure. Staycations are growing in popularity with consumers eager to cut back, and business travel is increasingly seen as an unnecessary extravagance. Bobbi Rebell reports. SOUNDBITES:
# Philip Klaweno, Partner, Bain Corporate Renewal
# Tim Behle, Senior Manager, Ernst & Young
Link to the article: Reuters
Mar. 3 - The travel and leisure business is anything but fun these days.
The travel sector is under heavy pressure. Staycations are growing in popularity with consumers eager to cut back, and business travel is increasingly seen as an unnecessary extravagance. Bobbi Rebell reports. SOUNDBITES:
# Philip Klaweno, Partner, Bain Corporate Renewal
# Tim Behle, Senior Manager, Ernst & Young
Link to the article: Reuters
Recession hits fashion world
(01:48) Report
Mar 3 - Luxury clothes sales down as global economic downturn bites.
Fashion designers and buyers at Milan's fashion week say sales at the luxury end of the market are suffering.
But designers are refusing to rein in their creativity, using less expensive materials to construct this year's must-haves.
Jim Drury reports.
Link to the article: Reuters
Mar 3 - Luxury clothes sales down as global economic downturn bites.
Fashion designers and buyers at Milan's fashion week say sales at the luxury end of the market are suffering.
But designers are refusing to rein in their creativity, using less expensive materials to construct this year's must-haves.
Jim Drury reports.
Link to the article: Reuters
Tesco sees boost in saver numbers
Link to the article: Channel 4 (PA)
Last Modified: 03 Mar 2009
Source: PA News
Supermarket group Tesco has seen a near doubling in the amount of money people deposit with it during the past six months.
The retailer's financial services arm has benefited from consumers losing trust in the troubled banking sector due to the current financial turmoil.
Tesco Personal Finance said more accounts were opened with it during December alone, than in the whole of 2007, boosting its saver numbers up to around 500,000.
It credited the strong flow of funds during the month to a particular savings account which was offered for a limited time and attracted "tens of thousands of savers".
The instant access internet account offered a basic return of 4.5% on top of which a bonus of 1.5% was paid for the first 12 months.
A Tesco Personal Finance spokesman said: "Consumers trust us to do a good job. One of the reasons that money has come into us is that we offer a good deal."
Surveys had previously shown that consumers trusted supermarkets more than they trusted banks even before the current problems in the banking sector emerged.
The supermarket's financial services division was set up as a joint venture with Royal Bank of Scotland 11 years ago, but Tesco bought out RBS' stake in the business in July last year for £950 million.
The division has its own banking licence and Tesco has plans to offer a full banking service.
It already offers savings products, loans, credit cards and a number of general insurance products, such as home, motor, travel and pet insurance. In the future, the group hopes to expand this range to include current accounts and even mortgages.
Last Modified: 03 Mar 2009
Source: PA News
Supermarket group Tesco has seen a near doubling in the amount of money people deposit with it during the past six months.
The retailer's financial services arm has benefited from consumers losing trust in the troubled banking sector due to the current financial turmoil.
Tesco Personal Finance said more accounts were opened with it during December alone, than in the whole of 2007, boosting its saver numbers up to around 500,000.
It credited the strong flow of funds during the month to a particular savings account which was offered for a limited time and attracted "tens of thousands of savers".
The instant access internet account offered a basic return of 4.5% on top of which a bonus of 1.5% was paid for the first 12 months.
A Tesco Personal Finance spokesman said: "Consumers trust us to do a good job. One of the reasons that money has come into us is that we offer a good deal."
Surveys had previously shown that consumers trusted supermarkets more than they trusted banks even before the current problems in the banking sector emerged.
The supermarket's financial services division was set up as a joint venture with Royal Bank of Scotland 11 years ago, but Tesco bought out RBS' stake in the business in July last year for £950 million.
The division has its own banking licence and Tesco has plans to offer a full banking service.
It already offers savings products, loans, credit cards and a number of general insurance products, such as home, motor, travel and pet insurance. In the future, the group hopes to expand this range to include current accounts and even mortgages.
Interview: Jim Rogers
Link to the article: Channel 4
Last Modified: 03 Mar 2009
By: Faisal Islam
Jim Rogers, the co-founder of the hedge fund, the Quantum Fund, talks to Faisal Islam about the world economic downturn.
Rescue plan 'ludicrous and insane'
Speaking exclusively to Channel 4 News, Jim Rogers says politicians could be leading us into another Great Depression.
One of the world's leading financiers has called the economic rescue plans being put forward by Gordon Brown and President Obama ludicrous and insane.
He has been called a Wall Street legend for his investment nous. Now he sees a fundamental shift of power from the west to east. Our economics correspondent Faisal Islam reports.
Who is Jim Rogers?
Jim Rogers is an American investor and financial commentator.
After studying at Yale and Oxford, Rogers joined Arnhold & S. Bleichroeder in 1970. There he met George Soros with whom he co-founded the hugely successful Quantum hedge fund.
Ten years later Rogers decided to retire at the age of 37. Soros was estimated to have made £1bn betting against the British pound on Black Wednesday when the pound crashed out of the ERM in 1992.
Rogers has also featured in the Guinness Book of World Records twice - motorcycling 100,000 across six continents from 1990-1992 and later visiting 116 countries on a round-the-world trip with his wife.
Rogers continues to invest, but is now also an author, lecturer and regular international financial commentator. In 2006 he sold his $16m home in New York and moved to Singapore as a result of his conviction about the economic rise of Asia and his desire for his two young daughters to learn Mandarin.
Watch the full interview
Watch the complete interview with Jim Rogers on his analysis of the current world economic climate and the longer-term effects of the downturn on the US and the UK.
Last Modified: 03 Mar 2009
By: Faisal Islam
Jim Rogers, the co-founder of the hedge fund, the Quantum Fund, talks to Faisal Islam about the world economic downturn.
Rescue plan 'ludicrous and insane'
Speaking exclusively to Channel 4 News, Jim Rogers says politicians could be leading us into another Great Depression.
One of the world's leading financiers has called the economic rescue plans being put forward by Gordon Brown and President Obama ludicrous and insane.
He has been called a Wall Street legend for his investment nous. Now he sees a fundamental shift of power from the west to east. Our economics correspondent Faisal Islam reports.
Who is Jim Rogers?
Jim Rogers is an American investor and financial commentator.
After studying at Yale and Oxford, Rogers joined Arnhold & S. Bleichroeder in 1970. There he met George Soros with whom he co-founded the hugely successful Quantum hedge fund.
Ten years later Rogers decided to retire at the age of 37. Soros was estimated to have made £1bn betting against the British pound on Black Wednesday when the pound crashed out of the ERM in 1992.
Rogers has also featured in the Guinness Book of World Records twice - motorcycling 100,000 across six continents from 1990-1992 and later visiting 116 countries on a round-the-world trip with his wife.
Rogers continues to invest, but is now also an author, lecturer and regular international financial commentator. In 2006 he sold his $16m home in New York and moved to Singapore as a result of his conviction about the economic rise of Asia and his desire for his two young daughters to learn Mandarin.
Watch the full interview
Watch the complete interview with Jim Rogers on his analysis of the current world economic climate and the longer-term effects of the downturn on the US and the UK.
Monday, 2 March 2009
Scots tackle alcohol pricing
Link to the article: Channel 4
Last Modified: 02 Mar 2009
By: Emily Reuben
The Scottish government is cracking down on cut-price booze, but is price the best way to tackle alcohol misuse?
The Scottish Government has said it will crack down on cut-price deals in a bid to cut the level of alcohol consumption north of the border.
A minimum price per unit of alcohol, a ban on offers encouraging bulk buying and a curb on "irresponsible" promotions are all part of a package unveiled by Scottish National Party Ministers this morning.
Last Modified: 02 Mar 2009
By: Emily Reuben
The Scottish government is cracking down on cut-price booze, but is price the best way to tackle alcohol misuse?
The Scottish Government has said it will crack down on cut-price deals in a bid to cut the level of alcohol consumption north of the border.
A minimum price per unit of alcohol, a ban on offers encouraging bulk buying and a curb on "irresponsible" promotions are all part of a package unveiled by Scottish National Party Ministers this morning.
The people's march for jobs
Link to the article: Channel 4
Last Modified: 02 Mar 2009
By: Faisal Islam
With exports dropping and unemployment rising, China is faced with a massive task: how to reshape its economy and stave off recession.
Today's fresh collapse in share prices shows that the credit crunch is still eating away at western economies.
For a while, it seemed China would ride out the economic crisis - its booming industries helping to steer the world away from depression.
But now the Chinese authorities are faced with a massive task in reshaping their entire economy.
Faisal Islam reports from Guangdong and Shanghai - China's industrial and financial heartlands - on a massive upheaval that could shape the future of the world economy.
Last Modified: 02 Mar 2009
By: Faisal Islam
With exports dropping and unemployment rising, China is faced with a massive task: how to reshape its economy and stave off recession.
Today's fresh collapse in share prices shows that the credit crunch is still eating away at western economies.
For a while, it seemed China would ride out the economic crisis - its booming industries helping to steer the world away from depression.
But now the Chinese authorities are faced with a massive task in reshaping their entire economy.
Faisal Islam reports from Guangdong and Shanghai - China's industrial and financial heartlands - on a massive upheaval that could shape the future of the world economy.
HSBC turns to shareholders
Link to the article: Channel 4
Last Modified: 02 Mar 2009
By: Bridgid Nzekwu
HSBC, one of the few banks to survive the credit crunch intact, turns to its shareholders for an extra £12.5bn.
Unlike most of its competitors, the bank made a profit last year - and with its relatively strong balance sheet, it's been able to take over a big chunk of Britain's mortgage market.
Interview: stockbroker
Last Modified: 02 Mar 2009
By: Bridgid Nzekwu
HSBC, one of the few banks to survive the credit crunch intact, turns to its shareholders for an extra £12.5bn.
Unlike most of its competitors, the bank made a profit last year - and with its relatively strong balance sheet, it's been able to take over a big chunk of Britain's mortgage market.
Interview: stockbroker
Soros Says Financial Crisis Marks End of a Free-Market Model
Link to the full article: Bloomberg
By Walid el-Gabry
Feb. 21 (Bloomberg) -- Billionaire investor George Soros said the current economic crisis has its roots in the financial deregulation of the 1980s and marks the end of a free-market model that has since dominated capitalist countries.
Liberalization of the financial industry begun by the Reagan administration has led to a series of breakdowns forcing government intervention, Soros told economists and bankers last night at a private dinner at Columbia University in New York. The global recession, triggered by the collapse of the U.S. housing market, has “damaged the financial system itself,” he said.
Regulators are in part to blame because they “abrogated” their responsibilities, Soros, 78, said. The philosophy of “market-fundamentalism” was now under question as financial markets have proved to be inefficient and affected by biases rather than driven by all the available information, he said.
“We’re in a crisis I think that’s really the most serious since the 1930s and is different from all the other crises we have experienced in our lifetime,” Soros said.
Soros, founder of New York-based hedge-fund firm Soros Fund Management LLC, said last month at the World Economic Forum in Davos, Switzerland, that the Obama administration’s plan to buy toxic assets from U.S. banks won’t be enough to get financial institutions to start lending again.
A more effective approach for restarting the economy would be to inject capital directly into the banks and cut minimum capital requirements, Soros, whose firm oversees $21 billion, has said.
Soros’s Quantum Endowment Fund returned 8 percent last year. That compared with an average loss of 18 percent by hedge funds, according to data compiled by Hedge Fund Research Inc. of Chicago.
To contact the reporter on this story: Walid el-Gabry in New York at welgabry@bloomberg.net
Last Updated: February 21, 2009 16:52 EST
By Walid el-Gabry
Feb. 21 (Bloomberg) -- Billionaire investor George Soros said the current economic crisis has its roots in the financial deregulation of the 1980s and marks the end of a free-market model that has since dominated capitalist countries.
Liberalization of the financial industry begun by the Reagan administration has led to a series of breakdowns forcing government intervention, Soros told economists and bankers last night at a private dinner at Columbia University in New York. The global recession, triggered by the collapse of the U.S. housing market, has “damaged the financial system itself,” he said.
Regulators are in part to blame because they “abrogated” their responsibilities, Soros, 78, said. The philosophy of “market-fundamentalism” was now under question as financial markets have proved to be inefficient and affected by biases rather than driven by all the available information, he said.
“We’re in a crisis I think that’s really the most serious since the 1930s and is different from all the other crises we have experienced in our lifetime,” Soros said.
Soros, founder of New York-based hedge-fund firm Soros Fund Management LLC, said last month at the World Economic Forum in Davos, Switzerland, that the Obama administration’s plan to buy toxic assets from U.S. banks won’t be enough to get financial institutions to start lending again.
A more effective approach for restarting the economy would be to inject capital directly into the banks and cut minimum capital requirements, Soros, whose firm oversees $21 billion, has said.
Soros’s Quantum Endowment Fund returned 8 percent last year. That compared with an average loss of 18 percent by hedge funds, according to data compiled by Hedge Fund Research Inc. of Chicago.
To contact the reporter on this story: Walid el-Gabry in New York at welgabry@bloomberg.net
Last Updated: February 21, 2009 16:52 EST
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