Turner wants to take Bank job July 24, 2012 TOP regulator Lord Turner yesterday said he would consider running for governor at the Bank of England, confirming his position as one of the favourites to take the role when Sir Mervyn King’s term ends at the end of June next year. In a wide ranging speech and interview the Financial Services Authority (FSA) boss [...]
Firms’ demand for credit fell again in June July 24, 2012 BUSINESS borrowing slumped again in June according to industry figures released yesterday, raising more fears that there is little demand for credit and so the government’s “funding for lending” scheme, which starts next month, may not work. Net lending to non-financial businesses fell £3.2bn in June, reversing May’s £1.3bn rise, British Banking Association data showed. [...]
Imperial grows despite drop in cigarette sales July 24, 2012 IMPERIAL Tobacco yesterday announced improved revenues, despite sales volumes falling as recession-hit Europeans reduce their tobacco consumption. Price rises for its premium brands enabled net revenue to increase by three per cent for the nine months to the end of June, even though the amount of tobacco it sold fell by three per cent during [...]
Bookmakers win big as MPs call for gambling laws to be relaxed July 24, 2012 SHARES in leading gambling firms rose yesterday after MPs said strict restrictions on casinos and high-street betting operations should be watered down. Ladbrokes, Rank Group and William Hill all received a boost following the publication of the culture, media and sport select committee’s report, which recommended allowing more high-stakes gambling machines into shops and giving local [...]
Croda ups divi as profits rise July 24, 2012 CHEMICALS firm Croda reported a six per cent increase in first-half profit yesterday as the company sold more higher-margin products and strong demand in North America offset softness in Europe. The company, which counts Procter & Gamble, Unilever, L’Oreal and Estee Lauder among its customers, said adjusted pre-tax profit rose to £132.6m from £124.8m a [...]
ANALYST VIEWS | DID IMPERIAL’S RESULTS PROVIDE SHAREHOLDERS WITH A QUICK HIT? July 24, 2012 MARTIN DEBOO INVESTEC The third quarter has come in below our expectations with an implied volume decline in the quarter of around one per cent. We are disappointed: there should have been decent share momentum out of the second quarter, and the third quarter presented the weakest volume comparative of the year. JONATHAN JACKSON KILLIK [...]
Broadband and TiVo lift Virgin Media revenue July 24, 2012 VIRGIN Media reported better than expected sales yesterday, driven by strong demand for the cable operator’s internet-connected television and high-speed broadband services. The popularity of Virgin’s TiVo equipment, which offers on-demand internet services as well as traditional channels, offset a seasonal fall in the number of cable TV subscribers. Virgin signed up its one millionth [...]
Vodafone’s shareholder spring fizzles out as CEO’s pay backed July 24, 2012 SHAREHOLDERS in Vodafone overwhelmingly voted to back chief executive Vittorio Colao’s pay package at yesterday’s annual meeting, despite warnings of an investor rebellion. Colao’s remuneration package, which has more than doubled in the last year to £14m, was supported by 96 per cent of investors, despite advisory body Pirc urging them to oppose it. Vodafone’s shareholders, [...]
4G high-speed mobile data to hit UK in 2013 July 24, 2012 TELECOMS regulator Ofcom yesterday said that the auction of licences to run fast 4G mobile networks will be held before the end of this year, enabling services to be rolled out by the middle of 2013. Countries such as the United States already have 4G networks offering high-speed mobile broadband connections capable of data-hungry tasks such [...]
Audio and cars boost for CSR July 24, 2012 CSR, the British chipmaker that sold its mobile phone technology to Samsung last week, posted better-than-expected second-quarter results helped by demand for its platforms in audio and automotive. The Cambridge-based company posted a 37 per cent rise in second-quarter revenue to $266.5m (£172m), just exceeding its own guidance, while underlying earnings per share of $0.09, [...]
