Poverty increased before the recession, says study

Author: By Andrew Grice, Political Editor

An audit carried out by social research charity, the Joseph Rowntree Foundation, says the country needs to recover from “deep-seated” problems which were emerging before the economic downturn.

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Morrisons reveals growth ‘well ahead’ of rivals

Author: By Kelly Macnamara, Press Association

The supermarket chain said like-for-like sales, excluding fuel and VAT, were
up 4.3 per cent in the 13 weeks to 1 November, a slowdown from the previous
period as falling food inflation took its toll.

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Rank shares fall as Xerox chief joins Gestetner

Author: TOM STEVENSON

Gestetner and Inchcape both benefited, up 7p to 146p and 9.5p to 554p respectively.

A spokesman for Rank said he was surprised by the market’s reaction. David Thompson, who had been chairman of Rank Xerox UK, was not a member of Rank Xerox’s main board and headed only the company’s third-biggest European division.

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Profits down 65% at easyJet

Author: By Kelly Macnamara, Press Association

EasyJet posted underlying pre-tax profits of £43.7 million for the year to 30
September, compared with £123.1 million in 2008.

The firm said it was an “extremely resilient” performance in the
circumstances, but predicted a “tough winter” as rising
unemployment takes its toll on demand.

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JP Morgan on the verge of acquiring Cazenove

Author: By James Thompson

JP Morgan, which bought 50 per cent of 186-year-old Cazenove in 2004, has until February to exercise an option to buy out its investment banking partner under the joint venture’s terms, but negotiations are thought to be at an advanced stage and a deal could be concluded as early as this week.

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In a recession, they shoot horses, don’t they?

Author: By Jonathan Owen

With the annual average cost of keeping a single horse running at around £5,000, animal charities have reported a surge in people asking for help. Shelters around the country are filling up and having to turn horses away. The cost of hay and feed through the winter is expected to be the breaking point for many owners already under financial strain.

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STV and ITV on a ‘Collision’ course to the High Court

Author: By Matthew Bell

Midsomer Murders, The Bill, Doc Martin ? nearly all ITV’s mainstream dramas
have been pulled by STV in recent months, to be replaced by more
Scottish-specific content. So instead of Collision, Scotland was given The
Greatest Scot. While this may seem unfair to viewers, it has also enraged
ITV, which is suing STV for breach of contract. STV, it says, as the
network’s licence-fee holder, is obliged to air its programmes. Last month
it began legal proceedings to recover £38m, a debt it claims has accumulated
as a result of STV not honouring its contribution to the network programme
budget.

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US drugs board approves GSK’s swine flu vaccine

Author: By Alistair Dawber

The nod paves the way for GSK to ship the 7.6 million doses of vaccine the US government has ordered.

The approval is subject to GSK providing further information about an outside contractor that fills the vials for the company, but GSK confirmed yesterday that it expects to provide the vaccine to the US by the end of the year.

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Greggs looks at Threshers’ stores to drive expansion

Author: By James Thompson

Ken McMeikan, the chief executive of Greggs, said: “Our property team is looking at the Thresher [and FQR] estate. We look at every chain that goes into administration. It would probably be in the region of less than 10 per cent of the estate.” He added that the figure was a “starting point” for the property team and that a number of shops may not be suitable due to unfavourable leases, overlap with existing Greggs’ shops and refit costs.

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Aer Lingus reports new drop in revenues

Author: By Holly Williams, Press Association

The Dublin-based carrier, which last month unveiled plans to cut a fifth of
its workforce, announced it was stripping out another plane from its
long-haul service, to trim winter and summer 2010 capacity further.

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