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Scottish Sun
a day ago
- Business
- Scottish Sun
Supermarket chain with 300 stores launching closing down sale ahead of shutting popular site this weekend
A POPULAR supermarket chain is launching a huge closing-down sale this weekend, as it shuts one of its 300 high street stores. The budget foodstore has been providing shoppers with bargains in the busy shopping precinct for over two decades. Advertisement 2 A budget foodstore is closing the doors to one of its stores this weekend Credit: Getty 2 Farmfoods in Ilkeston is set to close after two decades Credit: Alamy Farmfoods, in Ilkeston, Derbyshire, is closing its doors for the final time this Sunday, June 22, with the remaining stock being sold off at a reduced price. Shoppers have been left devastated by the news, which marks another blow for the high street. Posting in the Ilkeston Life Facebook group, one person said of the Scottish store, which was founded in 1954. "A blow for savvy Ilkeston shoppers - Farmfoods in the precinct is closing. Advertisement "It will be missed by many people, and the pleasant, helpful staff will be out of a job. "Shops like this are a lifeline to many folk." The post was flooded with comments from locals, sharing their sadness at the loss. One person said: "Soon the precinct will be empty...." Advertisement A second person said: "It will be a sad day to see another shop closing. "It always seems to be busy though so it makes no sense." NatWest to close 53 bank branches in fresh blow to UK high street – see if your local is affected A third person added: "Oh what a shame, it will be sorely missed." This follows the news that Poundland has confirmed plans to shut 68 stores, with up to 150 at risk of closure. Advertisement The struggling discount chain was sold for just £1 last week and it was expected a major shake-up would be needed to rescue it. Poundland has now announced a huge series of changes aimed at keeping itself afloat - although these will need to be approved by the High Court in August. Why are retailers closing stores? RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis. High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going. However, additional costs have added further pain to an already struggling sector. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." It comes after almost 170,000 retail workers lost their jobs in 2024. End-of-year figures compiled by the Centre for Retail Research showed the number of job losses spiked amid the collapse of major chains such as Homebase and Ted Baker. It said its latest analysis showed that a total of 169,395 retail jobs were lost in the 2024 calendar year to date. This was up 49,990 – an increase of 41.9% – compared with 2023. It is the highest annual reading since more than 200,000 jobs were lost in 2020 in the aftermath of the COVID-19 pandemic, which forced retailers to shut their stores during lockdowns. The centre said 38 major retailers went into administration in 2024, including household names such as Lloyds Pharmacy, Homebase, The Body Shop, Carpetright and Ted Baker. Around a third of all retail job losses in 2024, 33% or 55,914 in total, resulted from administrations. Experts have said small high street shops could face a particularly challenging 2025 because of Budget tax and wage changes. Professor Bamfield has warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020." They include ditching its frozen food items, getting rid of its loyalty scheme app and no longer selling products online. The Original Factory Shop has also recently launched another closing-down sale as the brand pulls the shutters on another store. Advertisement The discount department store has slashed the prices on everything, from clothing to gardening tools to toys. Clothing rails have been tagged with percentage-off signs as high as 30 per cent off. And a major DIY retailer has launched a huge closing-down sale as it prepares to close one of its branches in weeks. The Hobbycraft store in Imperial Park, Bristol, has confirmed that it will close its doors for good on June 21.
Time of India
5 days ago
- Business
- Time of India
Banks may go for short-term G-Secs with CRR cut in Sept
ET Intelligence Group: Short-term government securities (G-Secs) are likely to report an uptick in demand with banks expected to park a chunk of their excess funds in these papers soon after the cash reserve ratio (CRR) rate cut, which will be implemented from September, injecting additional liquidity into the system. Muted credit demand and volatile bond yields may prompt banks to favour safer, short-duration instruments such as treasury bills (with maturities of less than a year) and G-Secs in the one and three-year range. "Banks are unlikely to channel the entire surplus liquidity arising from the CRR cut into the credit market immediately," said V Ramachandra Reddy, head of treasury at Karur Vysya Bank . "In the interim, to manage credit risk prudently, banks are expected to deploy a part of excess liquidity into government securities." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Elegant New Scooters For Seniors In 2024: The Prices May Surprise You Mobility Scooter | Search Ads Learn More Undo On June 6, the RBI announced to reduce the CRR by 100 bps, releasing nearly ₹2.5 lakh crore to banks in a phased manner. This move aims to accelerate the transmission of repo rate cuts, making loans more affordable and reviving sluggish credit demand. However, bankers note that credit demand typically responds with a lag, with the full impact of a policy rate cut taking anywhere from six months to a year to materialise. Agencies Bonds Corner Powered By Banks may go for short-term G-Secs with CRR cut in Sept Following the anticipated CRR rate cut in September, banks are expected to increase their investments in short-term government securities due to muted credit demand and volatile bond yields. Banks will likely allocate a portion of the surplus liquidity into safer, short-duration instruments like treasury bills and short-term G-Secs to manage credit risk prudently. RBI accepts bids worth Rs 9,296 crore in switch auction India bond yields in narrow range as traders eye cues from oil, Fed How will RBI's STRIPS facility impact insurance companies? RBI cancels 30-year green bond auction amid high bids Browse all Bonds News with Credit growth has slowed, falling to 11% in FY25 from 20% in FY24, according to the RBI data. The trend has continued this year, with credit growth dropping to 8.9% in May from 11.4% in January. "To manage excess liquidity, banks may choose to park some funds in short-term papers until credit demand picks up," said the head of treasury at a private bank. "Once loan demand revives, these investments can be liquidated and redeployed into advances." Live Events The recent hardening of bond yields-following the RBI's shift in monetary policy stance from accommodative to neutral-has made the case stronger for short-duration securities. The yield on the 10-year benchmark government bond rose to 6.37% on June 12 from 6.25% on June 5. To mitigate potential price risk from rising yields, banks are expected to favour treasury bills and other short-term instruments. If market believes bond yields have bottomed out, banks will remain cautious about duration risks and prefer low-duration instruments. "At this juncture, staying at the shorter end of the yield curve appears to be a more prudent strategy," said Reddy. Alternatively, some funds may be parked in the RBI's standing deposit facility, which currently offers a risk-free return of 5.25%. According to experts, the release of liquidity is strategically timed with the festive season, a period marked by increased credit demand. "The funds will be released in phases starting from September. This is the time when credit demand increases due to festive demand," explained Madan Sabnavis, chief economist at Bank of Baroda .
Miami Herald
13-06-2025
- Business
- Miami Herald
Tony Robbins sends strong message to Americans on 401(k)s, IRAs
As life expectancy increases, many American workers are rethinking their approach to saving and investing for retirement. Finance expert and motivational speaker Tony Robbins acknowledges this reality and emphasizes a key strategy involving 401(k) plans and Individual Retirement Accounts (IRAs) to make the prospect of longer lives something to celebrate rather than fear. Don't miss the move: Subscribe to TheStreet's free daily newsletter Relying solely on Social Security for financial security in retirement is not a wise course of action - especially considering how extended lifespans are lengthening the amount of time people spend on this planet beyond their working careers. According to Robbins, an average retirement lasted near 12 years, half a century ago. Today, it is common for it to stretch beyond 20 years. Related: Jean Chatzky sends strong message to Americans on Social Security Importantly, the Center for Retirement Research (CRR) has found that about half of U.S. households risk falling short on funds needed to sustain their current standard of living in retirement. Robbins encourages Americans to assess their 401(k) and IRA options early in their careers and make informed financial choices that can support a stable future. He offers some key thoughts on this subject for the many workers trying to find a way to sort it all out. Getty Robbins advises workers to take full advantage of any 401(k) contribution matching offered by their employers, as it's essentially free money that can significantly boost retirement savings. For those with the option to choose a Roth 401(k) - which allows people to pay taxes up front so they can withdraw funds tax-free in retirement - he strongly recommends doing so. His reasoning is simple: Robbins believes one's taxes are likely to be higher during retirement. If that assumption holds true, then it would be smarter to pay them at today's lower rates rather than later. More on retirement: Jean Chatzky shares major statement about Social SecurityShark Tank's Kevin O'Leary has blunt words on 401(k) plansDave Ramsey strongly cautions U.S. workers on Social Security Making proactive decisions about investing in defined contribution (DC) plans - such as 401(k)s - is especially important given the long-term impact of financial hardships Americans have experienced going back to the financial crisis of 2008. "Households' retirement preparedness in all income groups was heavily affected by the Great Recession," the CRR found. "The middle and the highest thirds saw significant improvement from 2010-2019 due to rebounding housing and equity prices. In contrast, households in the bottom third saw virtually no improvement as they are less likely to own a house and participate in DC plans, and have few financial assets." Related: Shark Tank's Kevin O'Leary warns Americans on Social Security problem In his book, "Money: Master the Game," Robbins wrote that he frequently receives questions about whether setting up a Roth IRA is a smart move for retirement planning. His stance is clear - it's a resounding yes. A Roth IRA, much like a Roth 401(k), requires individuals to pay taxes on their contributions up front. The benefit? Again, once retirement arrives, withdrawals come free of tax burdens, offering financial flexibility in later years. In 2025, contribution limits for Roth IRAs are set at $7,000 for those under 50 years old. Those aged 50 and above can make an additional $1,000 catch-up contribution to bolster their retirement savings. However, income eligibility plays a role in determining how much one can contribute. To contribute the full amount, an individual's modified adjusted gross income (MAGI) must be below $150,000. For married couples filing jointly, the threshold is $236,000. Robbins emphasizes that taking advantage of these accounts is a strategic move, helping investors secure their financial future while making tax-efficient decisions. As mentioned above, with lifespans growing longer, preparing for retirement with the right tools - especially tax-advantaged accounts such as Roth IRAs - can turn financial uncertainty into a well-planned, secure future. Those who are eligible should strongly consider leveraging these opportunities as they strive to build a rewarding retirement. Related: Dave Ramsey warns Americans on Social Security The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Time of India
12-06-2025
- General
- Time of India
102 special teachers in govt schools lack certification
New Delhi: Delhi Directorate of Education has flagged 102 special educators teaching children with disabilities in govt schools who do not have valid or active registration with the Rehabilitation Council of India (RCI), which is a mandatory requirement to work in such roles. The revelation comes following a Supreme Court directive. DoE has ordered heads of all schools to ensure that these teachers immediately apply for renewal of their RCI certification. A compliance report is to be submitted by June 6, the order says. The teachers are working on contract or on a daily-wage basis and have been teaching children with disabilities in govt schools across Delhi. However, their Central Rehabilitation Register (CRR) numbers — a unique RCI registration number — were found to be "not active" by the council, the directorate has said. In some cases, the certifications had lapsed years ago, dating as far back as 2013, 2016 and 2019, raising serious concerns about the quality of the education imparted to children with special needs. The official order, dated June 5, was issued in compliance with Supreme Court's March 7 directive. The apex court had stressed on strict adherence to RCI qualification norms. Acting on this, Delhi govt set up a screening committee to verify the RCI credentials of special educators. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like I Tried the $0.87 Generic Viagra and Here's What Happened! fridayplans Learn More Undo The committee, in coordination with RCI, identified that over a hundred educators do not hold valid or active registration, a clear breach of the statutory requirement. RCI had on Jan 6 issued a statutory warning stating that "all professionals/personnel must have RCI valid and active registration certificates to serve persons with disabilities". The directorate has now directed all heads of schools to ensure these educators apply for renewal of their certification without delay. "All concerned heads of schools to ensure that concerned special educators /special education teachers... must submit online application for renewal in RCI without any fail... and submit a compliance report to Inclusive Education Branch HQ latest by 6th June, 2pm." TOI reached out to DoE director Veditha Reddy to seek information on the compliance of the order but did not receive any response. Follow more information on Air India plane crash in Ahmedabad here . Get real-time live updates on rescue operations and check full list of passengers onboard AI 171 .
Reuters
11-06-2025
- Business
- Reuters
Exclusive: India's central bank to use cash reserve ratio more actively to manage liquidity, says source
MUMBAI, June 11 (Reuters) - India's central bank plans to use cash reserve ratio "more often" as a tool to manage liquidity and speed up monetary policy transmission, moving away from the practice of deploying it only in times of extreme cash swings, a source told Reuters on Wednesday. The person aware of the Reserve Bank of India's thinking declined to be identified because they are not authorised to speak to the media. The RBI did not reply to an email seeking comment. In a surprise move on Friday, the Reserve Bank of India announced a 100-basis-points reduction in the CRR to 3%, to be implemented in four equal tranches between September and November, releasing 2.5 trillion rupees ($29.25 billion) into the banking system. ($1 = 85.4790 Indian rupees)
