Credit crunch diary: Beales swoop for former Arsenal MD

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The Independent Online

What a signing! Even in these crunched times, some deals can still go through. The mini department store chain Beales, struggling and trying to escape the clutches of the predatory property tycoon Andrew Perloff, has swooped into the transfer market to recruit former Arsenal managing director Keith Edelman as a non-executive director. It is his first job since quitting his £1m-a-year job in May after nine years, having masterminded the move to the new £400m Emirates Stadium. Both Mr Edelman and Tony Brown, the present chief executive of Beales, are ex-BHS executives. Beales is based in Bournemouth, whose club lie bottom of the Football League and are favourites for relegation – perhaps Mr Edelman might also find time to lend his magic there?

Protection from short selling? No thank you!

The US campaign against short sellers has put the regulators over this side of the Atlantic in the shade. While the Financial Services Authority has placed 32 financial stocks on its shorting "banned list," its counterpart over the Atlantic, the Securities & Exchange Commission, has a temporary exemption on close to 900. Many companies have begged for protection, from financial stocks to automobile companies, but not everyone is so worried. Surprisingly, Diamond Hill Investment Group, an Ohio fund manager, has actually asked to be taken off the list. It put out a statement saying it had "voluntarily opted-out" and will not be subject to the restrictions. While trusting in the strength of the company's balance sheet and belief that sound businesses will not be destroyed by shorting is commendable, in these markets it is a very brave move.

Worry about the crunch no more with RoC

Today's award for the most tenuous link between a PR's press release and the credit crunch goes to the Red Consultancy for the RoC brand of beauty products. "The country is in the grip of a beauty credit crunch with over two thirds of women tightening the purse strings, not only due to the current economic climate, but also in a bid to reduce the £400m- plus being wasted on unsuitable beauty products in the last year."

If the worry lines are getting to you, you should know that they offering a money back guarantee on RoC® Retin-Ox™, CompleteLift and Retin-Ox Multi-Correxion™ ranges. Right, girls?

Sainsbury reveals how to get extras for free

Sainsbury's banking arm says hard-pressed shoppers can save up to £1,468 on a new car by haggling over the price. Head of loans Steven Baillie offers advice to get extras thrown in and says "make the dealer think you are prepared to walk away". Useful advice. Perhaps Sainsbury shoppers should try bartering at the checkout.

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