BSkyB profit up as customers hit 9.6m October 22, 2010 BSkyB has posted strong first quarter profits after adding a better-than-expected 96,000 customers, due to strong demand for its broadband and telephone services. The strong operating performance, which took the total customer base to 9.96m, helped the firm to post revenues up 15 per cent to £1.5bn, in line with forecasts, and adjusted operating profit [...]
Provident Financial bounces back October 22, 2010 Subprime lender Provident Financial said it was expecting a “good result” for the year, since its core credit division had managed to shrug off the effects of the economic slump and was still growing. Provident Financial was founded in 1880 to provide small cash loans to people on low incomes. The company specialises in loans [...]
Sentance: Raise interest rates now October 22, 2010 The Bank of England should start to raise interest rates from a record low of 0.5 per cent because Britain’s economy and global conditions have improved, Bank policymaker Andrew Sentance has said. Sentance, who has been voting for a quarter-point rate rise since June, said the economic turnaround means the UK economy needs less stimulus [...]
AIA to raise $17.9bn with IPO October 22, 2010 AIA, the Asian life insurance arm of American International Group Inc, raised $17.9 billion (£11.4bn) by pricing its Hong Kong IPO at the top of an indicated range, sources said, due to heavy demand for one of Asia’s best known industry brands. The pricing of the IPO, set to be the world’s third biggest, puts [...]
Government to raise £2.5bn through bank levy October 21, 2010 The Governmnet said it expected to generate around £2.5bn of annual revenues by 2012-13 via a permanent levy on banks’ balance sheets. The figure was in line with a forecast made when the levy was announced in the budget in June. The government has now published draft legislation on a levy which will take effect [...]
Retail sales down again October 21, 2010 Retail sales unexpectedly fell for a second month in a row in September, driven lower by weak clothing and fuel sales, official figures showed. The Office for National Statistics said sales volumes including automotive fuel fell 0.2 per cent last month after a downwardly revised drop of 0.7 per cent in August. Analysts had forecast [...]
Arbuthnot down after tough third quarter October 21, 2010 Banking group Arbuthnot said investment banking conditions deteriorated during the third quarter, sending its shares down sharply. Arbuthnot, which also runs wealth management and financial planning services, said its investment banking arm had nonetheless managed to remained profitable for the past year. “Investment banking market conditions deteriorated sharply in the third quarter, leading to difficult [...]
TUI CFO quits after black hole found in finances October 21, 2010 TUI Travel, Europe’s largest travel company, restated 2009 results and said its finance chief will go after stumbling across £117m ($185m) owed by customers that will now have to be written off. TUI Travel, controlled by Germany’s TUI AG , said that having written off £29m at the time of its third quarter results in [...]
William Hill tops forecasts thanks to World Cup October 21, 2010 Bookmaker William Hill said it expected to report operating profit at the top-end of analysts’ expectations after a strong third-quarter helped by favourable football results and the later stages of the World Cup. The company, which has a high-street and an online presence, said net revenue grew 22 per cent, with Internet revenue up 35 [...]
BAE growth hit after defence budget cuts October 21, 2010 Defence group BAE Systems said changes from the armed forces review would hit growth this year and reduce earnings per share next year. “Changes from the Strategic Defence and Security Review (SDSR) are expected to result in some reduction in growth for 2010,” BAE said in a statement. The company said that a reduction in [...]
