PRESS DIGEST - British business - July 24

The Times

M&S CLAIMS PLASTIC BAG VICTORY DESPITE COST FEARS

Marks & Spencer (MKS.L: Quote, Profile, Research, Stock Buzz) believes that the use of plastic bags in stores fell by 80 percent after it introduced a five pence charge for bags -- despite warnings that the move could deter customers. The retailer will announce on Thursday that 70 million fewer bags have been used during the ten weeks since the charge has been in place. Ten million bags have been sold, with the 1.85 pence profit on each donated to the environmental charity, Groundwork.

SHARE SLUMP SPARKS ONE BILLION POUND BUYBACK

Just a day after Vodafone (VOD.L: Quote, Profile, Research, Stock Buzz) suffered the biggest one-day drop in share value in its history, the mobile group has announced surprise plans to buy back one billion pounds worth of its own shares. On Tuesday, the shares tumbled nearly 14 percent, closing down 20pence at 129pence, after Vodafone scaled back its revenue forecast. But the group responded robustly, saying the buyback scheme reflected the board's belief that the current share price significantly undervalued Vodafone.

MONEYSUPERMARKET.COM BID BREATHES FRESH LIFE INTO BRITISH FINANCIAL SERVICES