Argos sales dive

RETAILING group GUS announced that sales at Argos have gone into reverse after shoppers turned their backs on goods such as garden furniture and jewellery.

Like-for-like sales at Argos fell four per cent in the three months to Thursday, June 30, as the catalogue retailer was hit by the slowdown in spending by UK consumers, while DIY chain Homebase suffered a two per cent sales fall.

Clinton warning

CLINTON Cards became the latest retailer to warn on profits after sales fell and efforts to rejuvenate the group's Birthdays chain ran into trouble.

The company said sales at its core Clinton brand had fallen by 1.9 per cent during the 24 weeks to Sunday, July 17, and it no longer expected to meet market expectations for operating profits.The news sent shares down more than 11 per cent.

New Shell stock

OIL giant Royal Dutch Shell made a lacklustre debut on the stock market following its historic unification.

Trading was light this morning compared with a hectic session yesterday when four times as many shares in the company were bought and sold than usual.

Rate cut looms

THE prospect of a cut in interest rates loomed larger today as it emerged that four members of a key Bank of England committee voted for a reduction this month.

Monetary Policy Committee members voted for a quarter percentage point cut to 4.5 per cent.