In the News...

Bank nationalisation 'not needed'


Business Secretary, Lord Mandelson, has reiterated that the government has no plans to nationalise the banking sector.
His comments come two days after the government increased its stake in Lloyd Banking Group to 65% from 43%.


Principles' 2,300 staff face axe

A significant number of the 2,300 staff at the Principles high street fashion chain are to go, administrators said.
Lee Manning from Deloitte blamed "current market conditions" for the failure to sell the brand.
Sixty-six shops will close and department store Debenhams will acquire most of the stock.
Mr Manning said staff will be put on a "fast track" for redundancy payouts. More than 100 head office staff were made redundant on Friday.
Principles was owned by parent company Mosaic, which collapsed earlier this week with debts of about £400m.



Sir Jackie waives fee to help RBS

Sir Jackie Stewart has agreed to waive any fees he would have earned this year from the Royal Bank of Scotland.
The former world motor racing champion works for RBS representing the company at events across the world.
The bank, which lost £24bn last year, said that Sir Jackie offered to fulfil his obligations in 2009 without pay.
Last month, tennis star Andy Murray offered to renegotiate his deal with the troubled bank which has supported him since he was 13.
RBS said that Sir Jackie wanted to help the bank with its new strategic objective of rebuilding standalone strength by serving its customers well, in the UK and globally, in the next three years.

Credit Crunch Success Stories....

And read here http://news.bbc.co.uk/1/hi/business/7920836.stm about Nespresso, the George Clooney endorsed coffee that is reversing the trend of the credit crunch. The whole thing really is based on once you have bought the equipment to make the espresso you have to use the capsules made by Nestle or else it doesn't work. This obviously means repeat purchases. Genuis!

Source: BBC Business News