IN THE NEWS TODAY: HIGH TIMES AS MARKETS RALLY. LOW TIMES AS SCOTTISH RETAIL SALES FALL AND TESCO WORKERS HAVE TO RETIRE LATER. EXPENSIVE TIMES AS WATER BILLS RISE AND KEVIN SPACEY COMPLAINS ABOUT COST OF TICKETS. FINALLY THE TOWN OF JUST ONE PERSON GOES UP FOR SALE
HIGH TIMES ……
GUARDIAN
WALL STREET HITS POST-CRISIS HIGH ON EUROZONE AND US OPTIMISM
Larry Elliott and Helena Smith
Dow Jones industrial average soars through 13,000 points as Fitch upgrades Greece's credit rating from junk to B. Shares on Wall Street reached a post financial crisis high on Tuesday night amid growing optimism about the state of the eurozone and the US economy. As Greece finally had the terms of its second bailout agreed by its European partners and the country was upgraded by ratings agency Fitch, the Dow Jones industrial average soared through the 13,000 point barrier to hit its highest point since June 2008. In London the FTSE 100 index closed at 5956
FINANCIAL TIMES
BANKS SHORED UP BY STRESS TEST SUCCESS
By Tom Braithwaite and Tracy Alloway
Big US banks are set to return money to shareholders after the Federal Reserve released the results of “stress tests” on 19 financial groups showing that all but four – including Citigroup – had passed the exercise. Results of the test, which were rushed out two days early after the Fed said it was concerned about information leaking, sparked a rally in US bank stocks.
THE SUN
CAR EXPORTS RACE TO RECORD
By Steve Hawkes, Business Editor
UK car exports have leapt by the biggest amount on record as the world snaps up British-made motors.And yesterday's bumper boost came as JAGUAR LAND ROVER confirmed it plans to create 1,000 more jobs at its Halewood factory in Merseyside.
LOW TIMES …..
THE SCOTSMAN
HIGH STREET ECONOMY: HOPES FOR RETAIL REVIVAL DASHED BY SALES SLUMP
By Jane Bradley
Hopes that the first signs of green shoots in the economy had filtered down to Scotland’s high streets have been dashed by latest figures showing February’s retail sales north of the Border were the worst for the month since records began. Sales in stores open for more than a year dropped by 1.7 per cent last month compared with the same period in 2011 – when they had slumped 1.3 per cent – according to the Scottish Retail Consortium’s (SRC) latest Retail Sales Monitor.
DAILY TELEGRAPH
TESCO BECOMES FIRST MAJOR FIRM TO MOVE PENSION AGE FROM 65 TO 67
By Harry Wallop, Retail Editor
Tesco, the country’s largest private sector employer, is to raise its pension age from 65 to 67 in a move which could be followed by other major companies. The supermarket group told its 200,000 workers yesterday that it wants to raise by two years the age at which they can claim their full pension. The company, Britain’s biggest supermarket, also announced that it intends to move the inflation index it uses to calculate annual payment increases from the retail prices index (RPI) to the “cheaper” consumer prices index (CPI), which excludes mortgage payments, council tax and house price depreciation.
EXPENSIVE TIMES ….
DAILY EXPRESS
WATER BILLS TO SOAR IN HOSEPIPE SCANDAL
By Nathan Rao
Water firms are set to send bills soaring – just days before householders face a hosepipe ban. Customers were furious last night to discover that prices will rise by up to eight per cent – double the rate of inflation – from April 1. Four days later, 22 million households will have curbs imposed on their supplies.
DAILY TELEGRAPH
KEVIN SPACEY: 'RISING THEATRE TICKET PRICES DRIVING YOUNG PEOPLE AWAY FROM WEST END'
By Murray Wardrop
Rising ticket prices at West End theatres risk alienating an entire generation of future audiences, Kevin Spacey, the actor and director, has claimed. The Oscar-winning Hollywood star said London theatres are becoming an “exclusive club” because young people cannot afford to attend shows. Spacey, who is artistic director of London’s Old Vic theatre, said he was “embarrassed” that the cost was driving youngsters away from theatre. With the average ticket price now around £50, young people would sooner spend the money on iPads than on one night of entertainment, he said.
DEBT TIMES ……
FINANCIAL TIMES
UK CHANCELLOR LOOKS AT 100-YEAR GILT
By George Parker and David Oakley
The UK chancellor aims to launch an “Osborne bond” – a 100-year debt issue or even a perpetual gilt that never matures – to take advantage of the country’s historically low interest rates. The plan echoes similar bonds issued to finance debts after the 18th century South Sea Bubble and the first world war.
OTHER NEWS ….
GUARDIAN
CBI ATTACKS VINCE CABLE'S PLAN TO GIVE INVESTORS CONTROL OF EXECUTIVE PAY
By Richard Wachman and Jill Treanor
Employers' body warns business secretary that his proposal risks turning shareholders into 'micro-managers'. Vince Cable will be warned on Wednesday that he risks turning shareholders into "micro-managers" when he launches a consultation on handing investors extra powers to clamp down on executive pay. The business secretary is being urged by the CBI, the employers' body, not to press on with his plans to give shareholders a "binding" vote on remuneration.
DAILY MAIL
ENERGY GIANTS POCKET £168 A SECOND
By Lauren Thompson
A forensic probe into the complex accounts of energy firms has uncovered the true scale of the profit they make from UK customers — a whopping £168 a second. Analysis of the four big firms which have so far reported their results show how they made £5.3billion in 2011. While this was a fall on the previous year, it came as wholesale prices tumbled, firms were hit with big fines, and homeowners used less energy.
- AND FINALLY ….
METRO
ONE-MAN WYOMING TOWN GOES UP FOR SALE FOR £64,000 IN US AUCTION
Bidders will get the chance to possess a town of their very own next month when a little-known place called Buford in Wyoming goes up for auction - population: 1. Residents won't have any problem with noisy neighbours or overcrowding in this town, as the total population consists of just petrol station owner Don Sammons. Mr Sammons, also the town's mayor, plans to retire from running his gas station and convenience store next month and move away - presumably to somewhere with a bit more buzz.
