Feb. 10--PRICE CUTTING HANDS HIGH STREET A LIFT: Price-cutting on the High Street spurred a surge in retail activity last month, it emerged yesterday.

Shops enjoyed the best sales performance since May last year.

The value of sales rose 1.1pc on a like-for-like basis in January, compared to a year ago. It was the first rise for three months, said the British Retail Consortium.

Its BRC/KPMG Retail Sales Monitor showed comparable food sales surged 5.1pc and while non-food slipped 1.6pc.

CHAUCER INTEREST: Shares in the insurance firm Chaucer shot up 12pc after it revealed it had received a number bid approaches.

The company, which already has one offer on the table from Lloyd's of London operator Novae Group, is thought to have piqued the interest of FTSE 100 rival Amlin and Bermuda-based Ariel Re.

The Chaucer board was due to meet last night to discuss the interest in the firm. Analysts reckon offers could be pitched as high as 60p a share.

The stock closed up 4.75p at 45p, valuing the company at £155m.

TESCO STAFF WINDFALL: More than 52,000 Tesco staff are sharing a £126m windfall after two of the group's Save As You Earn schemes matured.

Around 8,000 workers who saved the maximum £50 a month each during the past five years will receive payouts of £5,638 -- an 88pc return.

Staff of Tesco (down 7p at 366.2p) who joined the scheme five years ago can buy shares at the 2003 option price of 195p each, while those who joined the scheme three years ago can buy then at the 2005 price of 248p.

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