TNM

Housing market records largest fall this year

British housing market has recorded a 2.2% drop in average asking prices in the past one month as compared with the previous month’s figures.

Data compiled by Rightmove, a property website, revealed that the average asking price for a home in England and Wales was £222,762, about £5,102 as compared with the last month.

However, the market is still optimistic regarding approaching time. It should be noted here that summer is usually a sleeping time for the housing market.

Tesco to offer double points on Clubcards

UK retailer Tesco PLC has plans to make its sales better by re-launching its Clubcard, its loyalty scheme next week and offering card- holders double points on all spending at its store.

Tesco's new as well as existing Clubcard holders will get two points for every £1 they spend at any Tesco store or online, starting from Monday.

The points will finally be converted into vouchers which can be spent at cinemas, restaurants and attractions which have agreements Tesco.

Allied Carpets closes 142 stores, hacks 850 jobs

Retailer Allied Carpets has slashed as many as 850 jobs and locked 142 stores, citing weak demand for its products.

However, BDO Stoy Hayward's business restructuring partner, Dermot Power said, "Although the stores are closed, we are still in negotiations with a number of interested parties."

BDO Stoy Hayward, the administrator said that it had 55 stores to Clive Hutchings, former CEO of Allied Carpets. The company is further looking to offload twenty outlets, which remained operational.

UK offers £340m loan to Airbus; US objects

Business secretary, Lord Mandelson's promise to provide European plane-manufacturer, Airbus with a loan worth £340 million to develop its new wide body A350 XWB plane, has raised the hackles of America.

However, the promised amount is just the half of what the Airbus had asked for. Airbus' sites in England specialize in wing-manufacturing.

Lord Mandelson said the financial assistance would safeguard as many as 1,200 jobs at Airbus' plants in Filton and Broughton. It will also protect additional 5,000 at Airbus suppliers.

Boeing finds new flaws in 787 Dreamliner

The Boeing Company has encountered new technical problems in the production of its 787 Dreamliner plane, raising fresh concerns regarding the future of the fuel-efficient aircraft.

The company found a structural flaw where the plane's wings meet the body. Another flaw was discovered in the 787 Dreamliner's composite fuselage.

Although Boeing knew about the problem at fuselage plant as earlier as on June 23, when the company ordered Alenia Aeronautica, Italian subcontractor to stop the work, yet the company officials never made it public.

Volkswagen inks deal to acquire Porsche

Volkswagen, Europe's biggest carmaker, and luxury auto manufacturer Porsche have finally approved a plan to merge by 2011.

The move will create an automotive giant, which includes ten major brands - including Volkswagen, Porsche, Audi and Skoda.

Under the terms of the agreement, Volkswagen will pay up to 3.3 billion euros for the stake by the end of 2009 and issue new preferred shares sometime in the first half of
2010 to finance the deal.

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