Adviser numbers increase despite new regulations August 15, 2013 THE CITY regulator yesterday revealed an increase in the number of financial advisers re-entering the advisory market, knocking back suggestions adviser numbers would contract following the introduction of tougher rules. The Financial Conduct Authority said there were 32,690 retail investment advisers working in the UK at the end of July, up from 31,132 at the [...]
BT Sport strikes Virgin deal for new channels August 15, 2013 VIRGIN Media customers will now be offered access to BT’s new sports channels, after the network providers struck a deal just days ahead of the start of the Premier League season. The three-year deal – BT Sport’s first tie-up with a rival pay-TV service – will mean subscribers to Virgin’s most expensive XL package will [...]
Les Miserables and Iron Man 3 boost Cineworld first-half profits August 15, 2013 CINEMA chain Cineworld said box office hits like Les Miserables along with its growing subscriber base helped lift profits by 24 per cent to £16.5m in the first half of the year. The company became the first cinema chain to scrap online booking fees last year, also offering a 10 per cent discount to [...]
Imperial Tobacco runs out of puff in EU due to surge in smuggling August 15, 2013 IMPERIAL Tobacco yesterday said it is seeing a hefty decline in the EU cigarette market as austerity measures and illicit trade over the Spanish border hammer sales. The company – whose brands include Lambert & Butler, Gitanes and Superkings – said industry-wide European volumes fell six per cent in the nine months to the end of June. [...]
Bottom Line: Nice move needs an end result August 15, 2013 BACK of the net! Just a fortnight after the launch of BT’s new sports channels and it’s already scored millions more potential viewers. But hang on. BT may have clinched a three-year deal to share content with one of its main pay-TV rivals, but exactly what is the telecoms group getting out of it? [...]
Cobham jettisons pension costs to Goldman arm Rothesay Life August 15, 2013 DEFENCE contractor Cobham yesterday offloaded £280m worth of staff pension costs to Goldman Sachs’ insurance business Rothesay Life. Cobham’s pension plan, which has a £49m blackhole, will swap UK government bonds and cash for an insurance policy from Rothesay to cover the risk of rising pension costs. The deal means 43 per cent of the [...]
Analyst Views: Do Cineworld’s first half results make good viewing? August 15, 2013 WAYNE BROWN CANACCORD GENUITY “We expect the strong momentum from the first half to continue into the third quarter, which accounts for just over 25 per cent of full year sales…We are keeping forecasts ahead of fourth quarter where the comparatives are more challenging but after such a strong first half, confidence in estimates is [...]
US hedge funds lift lid on top stock holdings August 15, 2013 BILLIONAIRE hedge fund managers including Warren Buffett revealed a raft of big stock trades yesterday amid a resurgence in investors backing top US brand names. Buffett, who this year snapped up ketchup maker Heinz in a £18bn (£11.5bn) deal, said his Berkshire Hathaway outfit had upped stakes in General Motors and US Bancorp while keeping [...]
Zurich whacked by poor returns on investments August 15, 2013 INSURANCE giant Zurich is likely to miss some of its long-term performance targets, its chief executive admitted yesterday, after being hammered by weak investment returns. Shares in the Swiss company closed down 3.6 per cent after it announced claims from floods in central Europe and tornadoes in the US had cut second quarter profits by a quarter. [...]
First charges brought under UK Bribery Act August 15, 2013 THE UK’S fraud squad has brought its first charges under the Bribery Act since it was introduced in 2011, charging four individuals over an alleged conspiracy to commit a £23m fraud. The Serious Fraud Office (SFO) charged four men connected to Sustainable AgroEnergy with conspiracy to commit fraud by false representation and conspiracy to furnish [...]
