Heavy Congestion in Store
Shoppers flocked to supermarkets amid signs the bad weather earlier in the week forced them to postpone buying food for the festive period.
Tesco, Britian’s biggest retailer, said stores were very busy and fully stocked. Tesco said that some online orders had to be rescheduled, but the great majority were being delivered. J Sainsbury said it had been working to tackled the weather conditions and its stores had been busy all week.
West End Disposal
Legal & General has bought a £120 million chunk of Covent Garden in London from ING Covent Garden Limited Partnership, a Rugby Estates investment fund. The 11 offices, shops and restaurants on The Strand, Southampton Street and Bedford Street include TGI Friday’s and Garfunkel’s.
L&G plans refurbishment works. The Covent Garden fund will be wound up after completion of the sale in a move that will net £2.8 million for Rugby Estates.
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Powabyke £1m Sale
Powabyke, one of Britain’s biggest makers of electric bicycles, has been bought by Metroelectric, an investment company specializing in electric cars, vans and scooters for urban use, for about £1 million.
Metroelectric said that the deal would “substantially broaden” its product offering in a fast-growing market. Powabykes take about five hours to charge and cover up to 15 miles, although this will increase by pedaling. The company was set up in 1999.
Copenhagen Puts Nuclear Options at Risk
The failure of the UN summit in Copenhagen to produce a firm agreement on climate change has jeopardized plans to build a new generation of nuclear power stations in Britain.
Energy industry figures say the meeting’s failure to help to establish a strong international price for carbon-dioxide emissions has undermined the economic rationale for developing the plants.
Volcker’s Broadside
Paul Volcker, the former US Federal Reserve chairman, surprised a conference of high-level bankers when he criticized them for failing to grasp the scale of the financial crisis.
He berated the bankers for their failure to acknowledge a problem with pay deals and questioned their claims for financial innovation.
Bargains on Property Earlier This Year
The darkest and coldest days of the year often offer the best home-purchase opportunities, especially for first-time buyers. Whatever house-value experts say, whether the long-term graph is rising, falling or standing still, home prices nearly always rise around Easter, so there are bargains early on in the year. Few people want to move in winter, so those who put their homes on the market at this time are generally keen to sell.
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