News
Consumer Confidence raises hopes....
Britain's consumer confidence rose in August for the first time in six months, bolstering the incipient economic recovery and raising hopes that the country will not fall into a double-dip recession, economists said.The GfK NOP consumer confidence index increased by four points in August to -18, seven points higher than this time last year and the first overall increase since February.
Based on 2,000 interviews with Britons over 16, the index showed consumers feel more positive about the economy and their personal financial situation over the past and next 12 months.
UK economy grew at fastest rate last quarter
Q2 GDP growth has actually been revised upwards, to 1.2%. Do the latest data suggest we can keep it up?The Office for National Statistics said today that the UK economy grew even faster than initially thought in the second quarter of this year: it's revised its GDP growth figure up from the (already surprising) 1.1% to 1.2%. That's the fastest growth rate for almost a decade.
Given the slew of positive results from the City this week, and the continued surge in high street spending, we could almost be excused for feeling rather more cheerful about our economic prospects today
New UK passport design unveiled
The redesigned UK passport has been unveiled, which will see the holder’s personal details moved to the second page, and double-page images of well-known UK scenes such as the White Cliffs of Dover used throughout.The new passports were designed in-house by the Identity and Passport Service and currency and security document supplier De La Rue, according to a spokeswoman for the Home Office.
The new design, which the Home Office says will increase security, will see the chip which stores the holder’s details moved to the inside of the passport cover, where it will no longer be visible. In addition, a secondary image of the holder will be printed on to the observations page, and a new transparent covering will be introduced, featuring holograms to protect the holder’s personal details.
Tesco Drive Through Launched
Tesco has launched the first drive-through facility at a UK supermarket, letting customers pick up pre-ordered shopping without leaving their car.The trial begins at the Tesco Extra in Baldock, Herts, this evening.
Customers ordering their shopping online now have a ‘Click and Collect’ option to book a two-hour collection during which they can collect their shopping.
“This will be especially popular with busy mums that have the school run and children’s activities to manage,” said Laura Wade-Gery, chief executive of Tesco’s online business.
"It offers a solution to parents that want to avoid shopping in a busy store with children in tow but can’t afford the time to stay in for the shop to arrive to their door.”
She added: "We also expect it to help young professionals who want the convenience of a pre-picked and packed shop but who cannot commit to waiting at home for delivery.
They can collect their shop on their way home from work or any other time that suits them during our extensive collection hours."
The trial comes after Tesco opened its latest dotcom store in Greenford, West London, introducing an earlier 7am delivery time for local customers. Its fleet of delivery vans will run on landfill gas.
High street bounces back in July, borrowing falls
Some positive economic news for once, with an upturn in retail sales and the public finances...There’s been a lot of doom and gloom on the economy lately, so we’re delighted to report two positive snippets of news today. Retail sales jumped 1.1% last month, much more than the City was expecting – suggesting consumer confidence isn’t quite as bad as previously thought. And the ONS reported that the Government ‘only’ borrowed £3.8bn, much less than the same month last year – suggesting the public finances aren’t quite as bad as previously thought. But are these signs of light at the end of the tunnel, or is it just a temporary blip?
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Paper problem costs De La Rue boss Hussey his job
James Hussey, boss of banknote printer De La Rue, quit this morning over paper quality issues.His departure, which takes place with immediate effect, comes after Hussey warned a few weeks ago that De La Rue’s sales for the rest of this year and in 2011 would be ‘materially lower’ as a result of the difficulties over paper specifications at the firm’s main Hampshire banknote production facility.
De La Rue, which is one of the world’s leading high security printing firms, produces currency for over 150 countries around the world – including our very own sterling notes. Unsurprisingly its shares, already pretty low, plunged a further 15% on the news – no chief exec and 18 months of lost sales is a hard pill for investors to swallow over breakfast.
UK unemployment falls for second consecutive month
Unemployment in the UK fell by 49,000 between April and June 2010 to 2.46 million, according to official figures.The Office for National Statistics said the unemployment rate for the three months to June 2010 was 7.8%, down 0.2 percentage points on the quarter.
This is the second month in a row that the jobless number has fallen, with analysts describing the figures as positive news for the UK jobs market.
The number of people unemployed for up to twelve months fell by 82,000, to reach 1.66 million…The number of people claiming Jobseeker's Allowance (the claimant count) fell by 3,800 between June and July 2010 to reach 1.46 million.
New Apple store set to become world's largest
Britain is set to become the iPad, iPod and iPhone capital of the world following the opening of Apple’s largest store on the planet in Covent Garden.Tens of thousands of people are expected to descend on Covent Garden in central London for a look at the computer giant’s shop.
The outlet features a number of firsts such as a ‘start-up room’, where customers can get their gadgets up and running before leaving, and a ‘genius bar’ for technical help. The new store also has specialist rooms for gadgets and will include workshops and presentations.
‘Our store on Regent Street is one of the most popular and successful Apple stores in the world. We think the people of London will love the new Apple store,’ said Ron Johnson, senior vice-president of retail.
It is the computer company’s 300th store and forms part of a list of new outlets, which includes those in Shanghai, Chicago and Paris.
Apple’s outlet in Regent Street is its most successful globally, with more customers and profits than its shop on Fifth Avenue in Manhattan.
Exhibitions ‘Key to Recovery’...
The British Chambers of Commerce’s (BCC) latest Economic Survey suggests the UK economy saw further growth in the second quarter of 2010, building on three months of improvement at the beginning of the year.The BCC, which called the result “encouraging”, said sectors such as exhibitions are crucial to ensuring the economy’s continued growth.
“Rebalancing our economy away from debt and the public sector is essential, and this means a much greater role for British businesses and exporters in the future,” a spokesman for the BCC told Exhibition News.
“Companies will need to get around the world on a regular basis to meet new contacts and show off their various goods and services. Exhibitions and trade shows will play a key part in making this a reality,” he said.
The survey showed that key indicators on business conditions, including employment expectations, investment plans, export orders, and domestic sales made gains in Q2….
British brand power still has strength in depth
Vodafone tops this year’s Brand Finance list of the 50 most valuable brands of British origin, which paints a generally positive picture for the telecoms, retail and banking sectors.This year’s Brand Finance list of the 50 most valuable brands of British origin reveals the value of the brand name to the companies’ bottom lines. The list spells out which brands are still suffering from the recession and which brands have been potent enough to ensure their owners’ rude health.
The fact the list’s combined brand value is up to £199bn from £166bn last year, shows that British business is generally in a good state of health.
