EXPORTS FROM the UK to the eurozone dropped by 13% in April and slipped 5% during the latest quarter...
EXPORTS FROM the UK to the eurozone dropped by 13% in April and slipped 5% during the latest quarter - shattering optimism of an increase in sales amid the recent slide of sterling against the euro, writes The Scotsman.
National Statistics figures show that in April this year, the UK made sales to the eurozone of just £8.05bn compared to £9.25bn in the same month last year. The decrease came despite a falling sterling rate that should have made UK exports considerably more attractive.
Analysts say that the figures emphasise the gap between the UK and continental economies - a key reason for Gordon Brown's rejection of the single currency earlier this week.
THE EUROZONE might be reluctant to import goods from the UK, but Asian markets appear to be more open to the British industry, as indicated by Tesco's £173m deal to buy local convenience store operator C Two-Network in Japan, reports the Financial Times.
Tesco's deputy chairman and head of overseas division David Reid says the purchase followed a thorough investigation of the Japanese market lasting nearly three years.
IN THE US, Sam Waksal yesterday became the first chief executive to be jailed for an insider trading scam after receiving a seven-year sentence, writes the Telegraph.
Waksal – who pleaded guilty to six charges related to insider trading becuase he advised relatives to sell shares in his company ImClone Systems ahead of a government decision against its cancer drug Erbitux – received the maximum prison term and fines of more than $4m.
Also caught up in the scandal is American home-making icon Martha Stewart, a close friend of Waksal, who also sold shares in ImClone before they dropped.
Stewart was charged last week with five offences, but she denies the charges.
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