News round up: HMV, SABMiller, US long-term deficit, OECD, Obama, Coca-Cola, Jean-Claude Trichet and bank balances.

Struggling retailer HMV Group plc (LON:HMV) released their interim statement, ahead of today's annual meeting, stating that the Group's total sales, including HMV Live, in the Group's first quarter declined by 19.4%.

Like for like sales in HMV retail declined by 15.1%. Total HMV Retail sales, including the impact of 29 store closures, were down 21.8%.

However, Chief Executive Simon Fox said in the statement, in technology like for like sales in the initial six ‘Fast Forward’ stores have continued to grow by over 100%, the benefit of which is not included in the first quarter.

The roll-out of these space changes to the majority of the 150 stores takes place during September, and is on track to be completed at the beginning of October.

During the period the Group completed the disposals of HMV Canada and Waterstone’s and announced that it had entered into revised term and revolving credit facilities of £220 million with its lending banks.

HMV Group’s Chief Executive, Simon Fox, will at today’s Annual General Meeting issue the trading update for the 18 weeks ended 3 September 2011.

SABMiller

Grolsch and Peroni beer giant SABMiller is set to launch a formal £6.2billion takeover bid for Foster’s after regulators rejected its claim that the Australian brewer had made “misleading and deceptive” statements over its future earnings and debt levels.

The FTSE 100 firm had turned more aggressive in its determination not to overpay for Foster’s but suffered a setback as Australia’s Takeovers Panel ruled it would not investigate as “there was no reasonable prospect it would make a declaration of unacceptable circumstances," writes the Daily Express.

US long-term deficit

The US economy's long-term potential will be damaged unless policy-makers take steps now to address the country's challenges, Federal Reserve chairman Ben Bernanke has warned. Politicians on Capitol Hill must lay out a plan to tackle America's long-term deficit without jeopardising the fragile recovery, Mr Bernanke told the Economic Club of Minnesota on Thursday, according to the Telegraph.

OECD

The OECD yesterday urged developed nations to be prepared to do more to support the global economy. Revealing a sharply downgraded international growth outlook for the second half of 2011, the Paris-based economic organisation said that countries that have "credible fiscal frameworks" should enact "short-term fiscal stimulus" if there is a prolonged slowdown in economic activity, the Independent reports.

Obama

Barack Obama used a televised address to the nation to unveil a $447bn package aimed at bringing down the country's high jobless total, the issue that could determine whether he wins re-election next year. In a rare joint session of Congress on Thursday night, the president challenged the Republicans to end the "political circus" in Washington by approving legislation he is to send them next week, the American Jobs Act, says the Guardian.

Coca-Cola

Coca-Cola has become embroiled in a dispute with the French government over a new tax on fizzy drinks, leading the company to threaten to cut its investment in the country, before making an abrupt U-turn after drawing criticism.

In the latest outbreak of hostilities in the long-running Franco-US culture wars, the US drinks maker’s bottling affiliate said early on Thursday in a statement that it had suspended €17m ($24m) of investment in its historic Pennes-Mirabeau plant near Marseilles. The move was in retaliation for measures in the French prime minister’s austerity budget, which target “sugary beverages” for extra revenues, according to the Financial Times.

Jean-Claude Trichet

The president of the European Central Bank lashed out yesterday at German critics of its support to beleaguered eurozone economies. In a rare display of emotion, the nornally unflappable Jean-Claude Trichet launched into a six-minute tirade defending the central bank’s “impeccable” record.

He said: “We have delivered price stability over the first 12 years and 13 years of the euro. Impeccably. Impeccably. I would like very much to hear the congratulations for an institution which has delivered price stability in Germany over 13 years of the euro at 1.55 per cent approximately, the Times writes.

Britons' bank balances

Record low interest rates have boosted Britons' bank balances to the tune of £8billion, new statistics from the Bank of England indicate. While savers are estimated to have lost out on £43billion in interest earnings since the bank rate hit 0.5 per cent two-and-a-half years ago, mortgage borrowers have saved £51billion in payments, reports the Daily Mail.