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What the weekend newspapers said November 8-9

The best of the fashion business related headlines from the weekend's newspapers...

On Saturday, The Daily Mail reported that high street prices would be slashed by up to 75% as retailers prepared for a "bargain basement" Christmas.

The newspaper also said that stores were distributing hundreds of thousands of discount vouchers to shoppers to try to kick-start Christmas spending.

The Guardian said on Saturday that Tesco chief executive Terry Leahy had put pressure on the monetary policy committee to slash interest rates in a private meeting with the Bank of England's governor Mervyn King. Leahy outlined concerns about the economy and asked for big cut to help boost consumer confidence in a meeting which took place before interest rates were cut last week.

The Sunday Express reported that property company Land Securities will say that £1.5 billion has been wiped off the value of its £13bn property portfolio. Land Securities owns Bristol's Cabot Circus shopping centre and the White Rose shopping centre in Leeds.

The Mail on Sunday reported that JJB Sports chief executive Chris Ronnie had been spotted in Lillywhites in London's Piccadilly Circus, which is owned by rival and former colleague Mike Ashley. Last month, Ashley's Sports Direct business bought £3.4 million worth of shares in JJB Sports. However the newspaper said that a buyout of JJB Sports by Sports Direct was unlikely.

The Mail on Sunday also reported that Jon Asgeir Johannesson, chairman of Baugur, which has stakes in House of Fraser and Mosaic Fashions, has injected £30 million into Icelandic media firm, 365, to save it from collapse. The newspaper said that the deal would come as a surprise because Baugur was thought to be reeling from the Icelandic banking crisis.

The Independent on Sunday reported that Woolworths' biggest shareholder had appointed property consultants CB Richard Ellis to make an independent valuation of the company's property portfolio. Iranian property tycoon Ardeshir Naghshineh, who has a 10% stake in Woolworths, said that the property portfolio was worth much more than City analysts claim, according to the newspaper.

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