SUPERMARKET PRICES COULD DROP

Good news for Hackney’s shoppers – a flurry of speculation on the takeovers at Sainsbury’s and Morrisons may mean better prices at the checkout, writes Pamela Welsh.

A private equity consortium has admitted that it may make a bid for Sainsbury’s and has until the 13th April to submit a formal bid. Analysts estimate a deal for the UK's fourth largest supermarket could be worth as much as £10bn.

The supermarket is close to completing a three-year turnaround that has gone a long way towards reviving its fortunes. Under chief executive Justin King, Sainsbury's has cut jobs, closed underperforming stores and improved the supply and distribution chain.

Bid speculation has also boosted shares in Morrison Supermarkets by over two percent. Rumours that the retailer could be a bid target has heightened interest in the food sector.

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MARKETS LEVEL AFTER TUMULT

Shareholders in Hackney are breathing a sigh of relief after the markets levelled out, following a tumultuous week of trading.

Fears of an economic slowdown in the US and China, the world’s fastest growing economy, sparked one of the worst downturns in the world stock markets for years, with many shareholders losing thousands of pounds on the trading floor.
The UK FTSE 100 index has enjoyed a rally, and has begun to claw back the 5% drop it suffered last week, amid a sell off of global equities.

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MINIMUM WAGE TO RISE TO £5.52

The minimum wage is to rise by 17p - about 3% - from £5.35 to £5.52 an hour from October 2007.

The increases will affect over 1.3 million workers in the UK, and are in line with inflation.

The move was recommended by the government’s think tank on wages, and accepted by Trade and Industry Secretary Alistair Darling. He said, “Just 10 years ago home workers could be paid as little as 35p an hour, cleaners £1.30 an hour and security guards £2.25 an hour, which was bad for families and just plain wrong," he said.

"I am proud of the minimum wage, proud of how it is helping families and proud of the role it plays in the modern economy we are delivering."

The rate for workers aged 18-21 will rise by 15p to £4.60 an hour, while workers aged 16 and 17 will get a 10p rise to £3.40 an hour.

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