Economy

Spending Still Remains Sluggish In Spite of the Recovering Economy

A warning was issued yesterday by SRC, the Scottish Retail Consortium following a drop in spending and a rise seen in unemployment. The percentage of shoppers going to the stores has decreased by 2. 1% if compared to last year.

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Co-op expected to report loss of up to £2.5 billion

Following a series of "catastrophically inept decisions," Britain's Co-operative Group is now expected to report a loss of more than £2 billion on Thursday.

A source, familiar with the matter, said that the 170-year-old Co-operative group will report a loss of around £2.5 billion ($4.2 billion) for 2013. The group's activities range from supermarkets all the way to funeral services.

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PayPal not worried about Facebook’s potential entry into financial-services field

PayPal, the eBay-owned dominant player in the online financial-services arena, has claimed that it is not worried about the possibility of social-networking giant Facebook's entry into the field.

A recent report suggested that Facebook was apparently intending to enter the field of financial-services to provide remittances and electronic money through the internet.

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Tesco reports over 6% fall in annual profits

Tesco Plc, the UK's biggest retailer, on Wednesday reported a fall of more than 6 per cent in its annual profits even as its total global sales reported a marginal increase.

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U.K. unemployment rate slips to lowest level in 5 years

Rate of unemployment in the U. K. tumbled to its lowest for five years, triggering speculation that the country's central bank could soon hike interest rates.

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