Ex-policymaker wants Bank to plan for interest rate hike November 7, 2012 THE BANK of England should abandon quantitative easing (QE) for the time being, and plan on bringing the base interest rate back up towards “sustainable” levels by mid-2015, ex-ratesetter Andrew Sentance said today. The risks of the bank’s “very loose” monetary policy are beginning to outweigh the benefits, Sentance argued, especially when the economy is [...]
Bailey says his judgement is best chance for banking sector November 7, 2012 TOP banking official Andrew Bailey yesterday denied claims that judgement-based regulation will lead to uncertainty and arbitrary controls in the banking sector, instead arguing it represents the best way to reduce complexity in regulations. Regulators have faced criticism for promoting a “shoot first, ask questions later” model, as it could give excessive powers to the [...]
Revenues rise at Aer Lingus November 7, 2012 IRISH airline Aer Lingus said yesterday its operating profits slipped in the third quarter, but that year to date earnings remain almost 30 per cent ahead of last year. Operating profits fell 2.9 per cent to €90.9m (£72.6m), the carrier said, while revenues rose 5.7 per cent to €460.8m. Aer Lingus also posted strong yield [...]
Stobart eyes £25m bond November 7, 2012 STOBART, the transport and infrastructure group, is considering the launch of a retail bond to raise around £25m. The terms of the issue have yet to be finalised and, according to informed market sources, the issue might yet be pulled over a disagreement over the rate of interest Canaccord is suggesting the group pays for [...]
Upgrade delay and regulation hit O2 revenue November 7, 2012 BRITAIN’S second-largest mobile network O2 saw revenue fall more than five per cent in the third quarter as customers held off on renewing contracts ahead of the launch of the iPhone 5, it said yesterday. Regulation on roaming charges and mobile termination rates – the amount networks can charge for calls to other operators – [...]
Betfair pulls out of Germany as tax on sports bets is introduced November 7, 2012 ONLINE betting exchange operator Betfair yesterday announced it had pulled the plug on the majority of its German business after a tax hike made the operation unworkable. Due to the way Betfair’s model works, with users staking money against each other rather than against the bookie, Germany’s recently-introduced five per cent tax on sports betting [...]
Playtech hits the jackpot in third quarter due to casino gambling November 7, 2012 PLAYTECH, the company that provides gambling software to the likes of bet365 and PaddyPower, yesterday said gross income was up 32 per cent on last year in the third quarter, thanks to a strong showing in its casino gaming products and its stake in William Hill. Shares in the London-listed company, which bases itself in [...]
Profits up 30 per cent at Fenner as it raises dividend by a third November 7, 2012 INDUSTRIAL conveyor belt maker Fenner yesterday posted a spike in full-year profit, as it bucked the trend of a spate of bad news from the engineering sector. Underlying pre-tax profit rose 30 per cent to £103.9m over the year to August, boosted by demand in its core engineered conveyor solutions division. The industrial division – [...]
Carlsberg’s bottom line hit by weather but Russia improves November 7, 2012 THE WORLD’S fourth-largest brewer Carlsberg reported a slight drop in profits yesterday, but said it stood by its full-year outlook after gaining in Russia. The company said it was particularly pleased that efforts to drive its international brands were improving its market share in key growth regions. “Our performance was in line with our expectation [...]
Hargreaves Services mothballs Maltby coal mine in Yorkshire November 7, 2012 FUEL logistics supplier Hargreaves Services is to mothball the Maltby mine in Yorkshire, it said yesterday. In August Hargreaves warned that Maltby, which supplies Drax Group’s power station in North Yorkshire – Europe’s largest coal-fired plant – was at risk of being mothballed because of worsening geological problems. A report subsequently commissioned by Hargreaves said [...]
