William Hill reports rising profits October 19, 2012 Bookmaker William Hill this morning posted group operating profit up 26 per cent over the three months to September, helped by good sporting results. Year on year, profit was 17 per cent up. The online business grew strongly over the quarter, with online revenue up by 18 per cent over the period, and 26 per [...]
Misselling set to cost banks £12bn October 18, 2012 BARCLAYS put aside another £700m yesterday to deal with soaring payment protection insurance (PPI) misselling claims, as analysts warned that other banks would also have to increase their provisions. Analysts expect the four biggest banks to have set aside an additional £2.2bn over the last quarter to cover PPI misselling, taking the total for the [...]
Google halts trades as its profits drop October 18, 2012 GOOGLE suspended trading last night after its disappointing results were accidentally released before they were due. Wall Street was shocked when the company’s third-quarter earnings were released by RR Donnelley, the company that publishes Google’s results, at around 6pm GMT – more than two hours earlier than scheduled. Google said it had suspended shares while [...]
MPs say watchdog should have prevented RBS bailout October 18, 2012 POLITICIANS have slammed the Financial Services Authority (FSA) for doing nothing during RBS’s disastrous takeover of ABN Amro, and are calling for tougher rules to prevent similar failures. The Treasury Select Committee (TSC) said in a report today that the FSA “should and could have intervened” to block the 2007 deal that led to RBS [...]
Google’s awful day reminds us it is becoming less special October 18, 2012 YESTERDAY was a terrible day for Google, a firm used to success. Its slump in profits came as a shock to the markets. It shouldn’t have: the company is merely becoming more normal, especially following its decision to overpay for Motorola, and normal firms don’t do as well as revolutionary, super-smart start-ups. As proof of [...]
Planning laws reformed in quest to boost growth October 18, 2012 BUSINESS groups yesterday welcomed the publication of the government’s Growth and Infrastructure Bill, which aims to kick-start economic growth by making it easier to build new houses and invest in infrastructure. One of the changes will enable energy generation firms to improve their plans by incorporating new technology without having to re-apply for full planning [...]
Cameron vows no U-turn on energy prices October 18, 2012 DAVID Cameron yesterday indicated that he would stick to his pledge and legislate to bring down energy bills, despite a day of chaos that followed the apparently unplanned policy announcement. On Wednesday the Prime Minister told the House of Commons that his government “will be legislating so that energy companies have to give the lowest tariff [...]
What the other papers say this Morning October 18, 2012 FINANCIAL TIMES ArcelorMittal explores iron ore sale ArcelorMittal is exploring the sale of a stake in its $10bn Canadian iron ore business, as the world’s biggest steel company struggles to cope with the downturn in its key commodity. People familiar with the matter said ArcelorMittal had appointed advisers and had been sounding out potential buyers [...]
Banking union plan agreed by Eurozone chiefs October 18, 2012 EUROZONE leaders thrashed out a deal over the timing of a new banking union last night, after a day of fierce protests in Greece marred negotiations taking place in Brussels. Senior politicians from euro area states agreed on “the objective of completing the legal framework by the end of the year” with implementation “in the course [...]
Comet owner Opcapita in talks to sell the electronics retailer October 18, 2012 OPCAPITA is in talks with three potential suitors over the sale of electronics retailer Comet, which it acquired less than nine months ago. The turnaround specialist is exploring a sale after receiving several unsolicited approaches. A person close to the deal told City A.M. the group is now holding talks with three interested parties including [...]
