The City roundup video: Philip Green expects lots of Christmas discounts; Nationwide sees a cooling housing market

Video: Toby Green provides a run-down of the day's major news from the City

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The Independent Online

Don't miss out on the goings on in the business world, with our daily round-up of the biggest news from the City.

It's a tough time of year for us Christmas grinches - the tinsel and lights have been up in the shops for what seems like ages, and somehow there's still a month to go until the day itself.

Today, Philip Green - the tycoon behind a number of big names including Topshop, Miss Selfridge and BHS - said he expects there will be a lot of discounts available this Christmas, telling us that this festive season for the shops will be “very promotional.”

His Arcadia empire today announced pre-tax profits last year dipped £5m to £143.1m, although like-for-like sales rose 1.6%. However, like many on the High Street, the very mild autumn hasn't helped - sales since the end of August dropped 1.2%, as shoppers shunned buying warm winter clothing.

Elsewhere in the City, Nationwide said it was seeing evidence of a cooling housing market.

And hashtag fail at Twitter. Anthony Noto, one of the top bosses at the social media giant, needs a bit of training in how to use it. Instead of sending a private message, he today mistakenly publicly tweeted about plans to buy an anonymous company, before the message was swiftly deleted.

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