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According to the British Chamber of Commerce, or the BCC, engineering plants have been busy once again in the West Midlands. The plants will be providing specialized parts to the German car industry. David Kern is the chief economist with the BCC. He says that manufacturing in Britain has been more successful than services [...] China became the second largest economy during last quarter finally overtaking Japan putting an end to the nation’s rise over the last three decades as they fought to overcome the isolation of Communism and become a superpower. Japan’s GDP for the second quarter of 2010 came up to $1.288 trillion which China toppled with a GDP [...] B&Q owner Kingfisher stated this week that the quarterly sales at the chain store focused on DIY repairs are still under pressure since many shoppers are waiting on large purchases. Also contributing to the downturn for B&Q is likely their decision to run less promotions compared during the period with their sales dropping by 4.3% in [...] The BBC has announced plans to change its pension scheme after the deficit rose from the 2008 figure of £270m up to £2b .The new scheme which is not open to new joiners, will be called the final salary scheme, and will adjust its terms so that staff pension salaries will increase by less than [...] Britain put an additional two billion pound yearly tax on its banks Tuesday, with France and Germany stating that they will soon follow suit as an effort to tell the banking industry it must take responsibility for its role in the financial crisis. The tax was still less harsh however than predictions, which adds to the [...] Inflation decreased a bit in May to just 3.4% after reaching a 17 month high, which was aided by the weak rise in the price of petrol and food. The figure, which comes from the Office for National Statistics, makes May the seventh month in a row in which the CPI (consumer prices inflation) has been [...] Lloyd’s of London’s has estimated that the Deepwater Horizon explosion in the Gulf of Mexico has net claims that will cost somewhere between £210m and £420. The update from the insurance market came at the same time it became known that over half of Lloyd’s market syndicates had taken legal action against BP, which was the [...] Marks & Spencer staff are expected to receive an overall bonus share that will total up to £81m after the largest clothing retailer in Britain reported a 4.6% increase in year on year profits stating that trading is satisfactory. However, chairman for M&S, Sir Stuart Rose, stated that any consumers that are worried about the Budget [...] J Sainsbury is set to put property assets valued at £750m towards its pension scheme in an effort to fill a £1.2b hole in funding for retired workers. The supermarket giant announced the plan after it was reported that pre-tax profits increased to £610m up 17.5% as of March 20 with sales that were up 4.3%. [...] |
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