City&FinanceBriefing London Lite Wednesday, 19 August 2009 31 Just 13 mins to earn a Big Mac... On a roll: capital fast-tracks to fast food PhotograPhy chain Jessops today reported a further deterioration in sales and confirmed it is on course to post yet another loss. the debt-ridden high Street firm said sales were down 4.7% in the past 12 weeks, worse than the 3.6% decline seen in the eight weeks to 24 May and the 4.5% slump of the previous six months. it blamed the continuing difficult retail environment as the recession wreaks havoc. the board continues to expect the business to report a loss for the year, it added. Jessops racked up losses of 50 million in 2008 and 60 million in 2007. it has been hit by competition from online and the camera phone. Picture looks bleak for Jessops BY lucY toBin Australia Dollars 1.8811 Canada Dollars 1.7209 Denmark Kroner 8.2129 Eurozone Euro 1.1068 Hong Kong Dollars 12.0500 Japan Yen 148.0800 New Zealand Dollars 2.2707 South Africa Rand 12.4100 Sweden Kronor 11.3900 Switzerland Francs 1.6790 UAE Dirham 5.6456 United States Dollars 1.5643 TourisT raTes British American Tobacco today confirmed Richard Burrows, former Bank of Ireland governor, as its new chairman. Burrows takes over from Jan du Plessis, who is leaving the cigarettes giant after five years to take over mining giant Rio Tinto. Burrows was previously head of drinks group Pernod Ricard. China slashed its holdings of US government securities by the equivalent of 15 billion or 3.1% in June -- the largest cut since October 2000. China is the biggest holder of US Treasuries, and is now seeking to diversify because of concerns over the growing budget deficit in the US, and inflation fears following the countrys giant stimulus package. down 39.72 at 4646.06 fTse 100 dow Jones nikkei -$ UP 82.60 at 9217.94 down 80.96 at 10,204.00 down 0.94c at $1.6465 It takes the average Londoner only 13 minutes to earn enough money to buy a Big Mac, while workers in Nairobi would have to put in a staggering two hours and 38 minutes of labour to afford the same burger. But London does not come out top of swiss banking giant UBss annual index, which calculates the relative pricing and wage power in more than 70 cities around the world. that distinction is shared by Chicago, toronto and tokyo, where workers need to work for 12 min- utes to earn a Big Mac. today for the first time the bank has enhanced its burger index with an iPod Nano index. It shows that a worker in Zurich or New York City needs to work for nine hours to afford a Nano, while in London buying the same piece of kit requires 11 hours of work. But in Mumbai a worker would have to put in almost 20 nine-hour days (177 hours), or a months wages, to afford an iPod Nano. London, the second-most expen- sive city to live in in the 2006 sur- vey, fell to 21st place this year, when the pound collapsed against the dollar. It dropped as low as $1.40 in March and april, when the research was carried out. at todays $1.6465 level, London jumps up to fifth place. fancy a Quick BiTe? The time it takes to pay for burger treat: Chicago, 12 minutes London, 13 minutes Sydney, 14 minutes Singapore, 36 minutes ...and Nairobi, 2hr 38 mins >>for all the latest city share prices, call 0905 817 1694* or visit thisismoney.co.uk * calls cost 75p/min from a BT landline & last approx 1 min per quote. not all stocks are available index.html2.html3.html4.html5.html6.html7.html8.html9.html10.html11.html12.html13.html14.html15.html16.html17.html18.html19.html20.html21.html22.html23.html24.html25.html26.html27.html28.html29.html30.html31.html32.html33.html34.html35.html