BBC media dominance may be curbed in government review July 30, 2013 THE BBC could see its powers curbed as part of a review of the rules on media plurality, the government announced yesterday. Investigations into excessive dominance of the media market do not currently look at the role of the public broadcaster. But the review, unveiled by culture secretary Maria Miller, will consider changing this on the [...]
Tullett Prebon says trading still challenging as revenues decline July 30, 2013 TULLETT Prebon reported a three per cent drop in first-half revenue yesterday, as challenging market conditions and subdued trading weighed on the interdealer broker’s business. The brokerage said revenue reached £439.8m in the six months through June, down from £455.1m a year earlier. The fall came despite a late surge in trading volumes in May [...]
Automatic shares for Royal Mail workers infuriates postal unions July 30, 2013 ROYAL Mail’s 150,000 British employees will be automatically handed free shares worth around £2,000 when the company is privatised, the government announced yesterday. The move was timed to infuriate the Communication and Workers Union (CWU), which will tomorrow decide whether to ballot its members on strike action in an attempt to stop the £3bn sell-off. Postal [...]
ITV shares soar as advertising spend picks up July 30, 2013 BROADCASTING group ITV yesterday it expected demand for advertising to bounce back strongly this summer, recovering after it suffered from having no Olympics coverage a year ago. The firm’s chief executive Adam Crozier said his talks with advertisers indicated that they were becoming more confident about spending. “While that sentiment has shifted I don’t think [...]
Hargreaves hits out at auditors July 30, 2013 FINANCIAL services firm Hargreaves Lansdown has dropped Deloitte as its auditor, appointing PwC for the 2014 financial year. The group also criticised the closeness of firms with their auditors. CEO Ian Gorham said: “Failing to seek fresh expert challenge should be a source of embarrassment.” Hargreaves Lansdown has used Deloitte’s services since 2006, and the [...]
JLT eyes targets in the Middle East July 30, 2013 INSURANCE broker Jardine Lloyd Thompson (JLT) is looking at potential acquisitions to grow its business in developing markets, one of its top executives said yesterday. “We are actively looking to build our geographical reach,” Mark Drummond Brady told City A.M., highlighting the Middle East, Indian subcontinent and sub-Saharan Africa as growth areas. “We have a pipeline of [...]
Potash company breaks up cartel July 30, 2013 URALKALI has dismantled the world’s largest potash cartel in a move that it expects to slash prices by 25 per cent, heralding a reshaped industry and pummelling shares of companies that produce the key fertiliser ingredient. The break-up of the Belarus Potash Company (BPC), a joint venture with Belarussian partner Belaruskali, could cause a price [...]
Vodafone launches Kabel bid July 30, 2013 Vodafone officially launched its takeover of German cable firm Kabel Deutschland yesterday after getting the go-ahead from its target’s home regulators to publish details of the €7.7bn (£6.7bn) bid. Kabel’s shareholders have until 11 September to make a decision on the offer, which is worth €87 per share, and which the board has said it [...]
Thomson Reuters stays steady July 30, 2013 Financial news provider Thomson Reuters yesterday said revenues ticked up two per cent to $3.1bn (£2bn) in the second quarter. The Anglo-Canadian outfit, listed in New York, said earnings per share were constant at $0.48. “I am pleased with the progress we continue to make despite challenging market conditions, particularly in the banking and legal [...]
Warhammer enjoys record year July 30, 2013 The company behind the Warhammer model range yesterday announced a record pre-tax profit of £21.4m for the year ending 3 June. Tom Kirby, chairman and acting CEO of Games Workshop, said it had been “a mixed year” with a nine per cent increase in profit followed by a sales slump in the second half. Kirby said [...]
