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.

Pages

Advertisements

NEWS IN FOCUS

Volvo Cars and Geely Holding create joint venture Aurobay for powertrain operations

Gothenburg, Sweden-headquartered Volvo Cars Group and its China-based parent firm Geely Holdings Group have announced the signing of an agreement to create a joint venture (JV) for its powertrain o

European Commission proposes complete ban for ICE cars from 2035

Proposing stricter carbon emission requirements for the automotive industry, the European Commission (EC) has suggested that no car with an internal combustion engine (ICE) should be allowed to get

Upcoming 2022 Audi Q5 PHEV will get bigger battery to offer longer range

Audi, a luxury car brand owned by German automobile giant Volkswagen Group, has announced that the upcoming 2022 Audi Q5 55 TFSI e quattro plug-in hybrid electric vehicle (PHEV) will offer a longer

Audi Q4 e-tron available in UK with prices starting just over £40,000

German luxury car brand Audi has announced that its all-electric Q4 e-tron is finally available to order in the United Kingdom (UK) in both SUV and ‘Sportback’ coupe versions, with prices starting

Brussels to ban L1 and L2-classed scooters in 2028 to pave for EVs

Following the footsteps of many other European cities on the path to achieve zero emissions, Belgium’s capital city Brussels has announced plans to put a ban on fossil fuel-powered scooters in 2028

What Happens When Your Flight Gets Cancelled in the UK?

Flight cancellation happens more often than you think, due to several reasons.

Hyundai IONIQ 5 named ‘Car of the Year’ at Auto Express New Car Awards 2021

South Korean automotive manufacturer Hyundai Motors got one more feather added to its cap when its fully electric IONIQ 5 compact crossover SUV was named ‘Car of the Year’ at the recently held Auto