“THIS IS the room from which I will direct the war,” declared Winston Churchill shortly after becoming prime minister in 1940, as he toured the warren of underground rooms built to endure the German air raids on London.

Further signs of life from the UK high street helped retail stocks surge up the FTSE 100 Index risers board today.

WH SMITH, the British high-street news, book and stationery retailer, is to formalise its expansion into the Republic, with the opening of two stores at Shannon Airport before the end of the year.

The London market took a late dive into the red today as opening nerves on Wall Street undermined blue-chip stocks.

British retailer WH Smith said today it was on track to deliver profits in line with expectations, despite a 6% fall in like-for-like sales in the past 20 weeks.

Retail stocks littered the Footsie fallers board today following a fresh forecast of a gloomy Christmas on the UK high street.

WH Smith boss Kate Swann today said the revival of the British retailer was marginally ahead of schedule, despite the impact of “subdued” trading conditions.

The latest round of takeover interest in London failed to inspire the market today as it slipped just off yesterday’s recent high.

British retailer Woolworths revealed today that its wholesale distribution arm had lost a contract to supply Tesco with DVDs, music and games products.

Losses by major oil stocks weighed on investors in London today as the FTSE 100 Index fell back to the 5300 level.

Woolworths unveiled a trio of senior appointments today as part of moves by the retailer to bring “added strength and expertise” to its boardroom.

Hopes of a sustained rally by London shares disappeared today as concerns over the strength of the United States economy returned to haunt investors.

British high street retailer WH Smith was today reported to be on the brink of unveiling Severn Trent boss Robert Walker as its new chairman.

A hectic session for corporate news failed to keep the minds of investors off oil prices today as the FTSE 100 Index continued to come under pressure.

Ailing British retailer WH Smith today unveiled annual losses of £135m (€196.5m) following an “unacceptable performance” by its high street business.

WH Smith is to add coffee shops and mobile phone outlets to its stores as part of a drive to revive its fortunes.

British womenswear retailer Hobbs is to put itself up for sale after management turned their back on a stock market listing, it was reported today.

UK retailer WH Smith announced an “important milestone” in its revival today after agreeing to sell its Hodder Headline book publishing arm for £223m (€337.6m).

Private equity firm Permira was today understood to be planning to offer a reduced £850m (€1.2bn) for British retailer WH Smith.

Tobacco stocks provided the spark for the FTSE Index 100 Index to press back towards the 4500 barrier today.

Shares in WH Smith slumped 4% today following the suspension of talks about a takeover by private equity group Permira.

Speculation that British home furnishings retailer MFI could be taken over and broken up swirled around the City today as shares leapt 4%.

UK stationary group WH Smith has been criticised for awarding its new chief executive £1.2m (€1.7m) in one-off payments not linked to performance, following a poor Christmas performance for the company.

Cardholders of the Ryanair.com credit card will now be able to earn up to 10% cash back discounts in participating retail outlets and at the Ryanair.com online shop.

The FTSE 100 Index is again testing the 4300 support level despite a lacklustre overnight performance on Wall Street.

Mining companies were the biggest winners on the FTSE 100 Index today, escaping a disappointing finish for blue chip shares as a whole.

The latest Harry Potter novel has become the first book in English ever to be number one on France’s best seller list.

Companies reporting this weekin Britain include:

Harry Potter fever swept across the UK today as parents and children flocked to buy copies of Harry Potter and the Philosopher’s Stone on video and DVD which were on sale for the first time.

Former comedienne Pamela Stephenson and husband Billy Connolly are celebrating today after she won the Book Of The Year prize for her work about his life.