Retail round up - The Sunday Papers
Fashion chains far from cheerful about future of cheap chic, Parents won't have wealth to pass on, report, Village life dying out as country pubs close, AA warns of hike in fuel prices,Bank could shift to credit easing,Nando's to buy Real Greek chain for £30m.
Primark is not alone among high street chains in warning that clothing prices will have to go up in real terms.It was a sign of the times: fashion so cheap it became "disposable" as globalisation brought containerloads of low-cost clothes to the UK. But the days of the £4 jeans and £2 T-shirt could be numbered, with analysts and retailers now warning that the era of constantly reducing prices is coming to an end.Full article here.
The Sunday Telegraph
Traditional village life is "dying out" according to campaigners after it was revealed almost 900 country pubs were forced to close last year.The statistics show that key services are disappearing from village life "at an alarming rate", according to the National Housing Federation.About 400 village shops closed in 2008 while rural schools shut down at the rate of one a month in England between 1997 and 2008, said the organisation - which represents England's housing associations. Full article here.
Future generations should not expect to inherit wealth from their parents following the ravages of the worst financial crisis since the 1930s, a new report has warned.Of 6,010 Europeans questioned, just 10pc said they were actively intending to pass on "significant wealth" to their children, according to a survey of consumer finances by Janus Capital Group.A further 42pc said they had no intention of doing so, while the remaining 48pc said they were unsure.The survey claimed the financial crisis has produced a generation of under-saving, risk-averse Europeans, which will challenge the future of "inter-generational wealth transfer". Full article here.
The Independent on Sunday
The AA has urged the Government to shelve next month's hike in fuel duty after warning that motorists face a new upswing in pump prices.The motoring organisation said plans to add 1p to petrol and diesel prices from 1 October would come at a time when the cost of crude oil and a weaker pound threaten to put additional upward pressure on motoring costs. January's increase in VAT to 20 per cent is set to compound the misery for motorists.While the AA said average UK pump prices fell for the fourth month in a row during the last month, the wholesale cost of petrol was up 2p a litre since August and drivers were still paying £4.36 more per tank compared to a year ago. Across the UK, London remains the most expensive area for petrol at an average of 116.2p a litre
The Bank of England might aim to cut borrowing costs in specific areas of the economy should its program of buying government securities prove ineffective in stimulating economic growth, according to Adam Posen, a member of the Bank's rate-setting Monetary Policy Committee.The Bank's next step, if necessary, would be to shift into "heavy-duty credit easing", Mr Posen said, which he defined as targeting specific sectors, in the same way as the US did with housing markets. Full article.
Clapham House Group, the company that owns the Gourmet Burger Kitchen and Real Greek restaurant chains, is set to be bought by its high-street rival Nando's for £30.4m.The UK arm of the South African group Nando's said yesterday that it was making a 74p-a-share offer for Clapham House, an 8 per cent premium on Thursday's closing share price.Nando's is owned by private equity group Capricorn Ventures International, which already holds a 27 per cent stake in Clapham House. In July, the group confirmed in a statement to the Stock Exchange that it was in takeover talks after its shares jumped from 56.5p on 23 July to 75.5p a week later. Full article
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