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UK retailer Tesco has urged the banks to help ease credit conditions for companies as the interest cuts from the European Central Bank were not sufficient to revive the real economy. CEO Sir Terry Leahy said at the Retail Round Table Conference in Brussels: "The big rapid move down in interest rates is a good move. But you have got to combine it with better liquidity in the banking system. The issue now is availability of credit.” Leahy also said that the European Union and British ...

Russian mobile phone retailer Euroset has promised high rewards to staff selling contracts for Vimpel Communications (VimpelCom), possibly infringing a ruling by the antitrust service, business daily Vedomosti has reported. Ex-owner Yevgeny Chichvarkin, who still works at the retailer, promised staff bigger rewards if they sell the contracts in a letter sent Friday that Vedomosti claims to have seen. VimpelCom bought half of Euroset in October, and won approval for the deal from Russia's ...

According to reports in the Financial Times, Tesco is urging the government to waive the annual inflationary increase in business rates for 2009 and save retailers GBP300 million (USD540.6 million) in additional taxes. The retailer told the FT that the increase scheduled for April and calculated according to the inflation data for September would be too heavy for the troubled industry as it tries to resist the weak markets. Tesco is also urging for the omission or at least postponement of the ...